SUBSCRIPTION
AGREEMENT


 


Document
Security Systems, Inc.


200
Canal View Blvd, Suite 300


Rochester,
New York 14623


 


Ladies
and Gentlemen:


 


1.
Subscription. The undersigned (the “Purchaser”) by execution of this Subscription Agreement (“Subscription
Agreement”), intending to be legally bound, hereby irrevocably agrees to purchase from Document Security Systems, Inc.,
a New York corporation (the “Company”) the number of shares (the “Shares”) of the Company’s common
stock, par value $0.02 per share (“Common Stock”), set forth on the signature page hereto at a purchase price equal
to $0.3037 per Share, for the aggregate subscription price set forth on the signature page hereto (the “Purchase Price”).


 


If
this subscription is accepted, the Company will signify such acceptance by executing counterparts of this Subscription Agreement
and causing one such mutually executed counterpart to be returned to the undersigned. This subscription is submitted to you in
accordance with and subject to the terms and conditions described in this Subscription Agreement and all attachments, schedules
and exhibits hereto (collectively, the “Subscription Agreement”), including but not limited to the risk factors (“Risk
Factors”) set forth on Schedule I hereto, relating to the offering (the “Offering”) by the Company of
a minimum of 3,000,000 Shares (the “Minimum Offering Amount”) and up to a maximum of 6,000,000 Shares (the “Maximum
Offering Amount”). Aegis Capital Corp has been engaged as the exclusive placement agent in connection with the Offering
(the “Placement Agent”) and the Placement Agent is entitled to receive commissions of 8.0% of the total proceeds raised
in the Offering, a non-accountable expense allowance equal to 1.00% of the total proceeds raised in the Offering, and a reimbursement
of up to $40,000 of accountable expenses.


 


The
Company’s directors and executive officers, as well as affiliates of the Company, are approved to purchase Shares in this
Offering; provided, however, that Mr. Fai Heng Chan, the current Chairman of the Board of Directors of the Company, shall be limited
to purchase up to the Maximum Offering Amount, provided that (i) the purchase price paid by Mr. Chan for the Shares is equal to
or greater than the closing price of the Company’s Common Stock immediately preceding the date Mr. Chan executes this Subscription
Agreement; and (ii) that such purchase does not result in Mr. Fai Heng Chan’s total beneficial ownership in the Company
exceeding 33.3% of the Company’s total issued and outstanding shares of the Company.


 


The
offering price of the Shares has been unilaterally determined by the Company and is not based on its assets or earnings.


 


By
execution hereof, Purchaser acknowledges that this is an unregistered offering of restricted securities, which securities, subject
to the satisfaction of certain requirements, may be sold in accordance with Rule 144. Rule 144 requires at least a six month holding
period before shares can be publicly traded. Although the Company is currently a reporting issuer in the United States, there
is no assurance that it will remain a reporting issuer and/or remain in compliance with all requirements, including without limitation
the timely filing of its periodic reports, that allow for Purchasers to transfer restricted securities of the Company in reliance
upon Rule 144 or any other exemption to the registration requirement of the Securities Act of 1933, as amended (the “Securities
Act”).


 




    	 	 	 



    	 



    

 


Furthermore,
Purchaser acknowledges that a significant portion of the net proceeds of this Offering will be applied to working capital and
other general corporate purposes, including but not limited to research and development, capital expenditures, sales and marketing
costs and compensation (in the form of salary and bonuses) to officers and directors. Accordingly, the Company’s management
will have broad discretion as to the application of such proceeds. There can be no assurance that management’s use of proceeds
generated through this Offering will prove optimal or translate into revenue or profitability for the Company. Purchasers are
urged to consult with their attorneys, accountants and personal investment advisors prior to making any decision to invest in
the Company and to carefully review, with the assistance of their attorneys, accountants and personal investment advisors, the
Risk Factors set forth on Schedule I hereto, and all of the Company’s public filings. 


 


2.
Payment. The undersigned shall cause the Purchase Price to be deposited pursuant to the instruction of the Company or the
Placement Agent. Any Purchase Price deposited prior to a Closing shall be non-interest-bearing. Funds deposited will be held for
the Purchaser’s benefit, and will be returned promptly, without interest or offset, if (i) this Subscription Agreement is
not accepted by the Company, or (ii) the Offering is terminated.


 


Together
with the undersigned’s payment of the Purchase Price, the undersigned is delivering a properly completed and executed investor
questionnaire (“Accredited Investor Certification”), a form of which is attached as Exhibit A hereto.


 


3.
Closing.


 


(a)
First Closing. Following the Company’s receipt of subscriptions for the Shares worth at least the Minimum Offering
Amount, and the Company’s acceptance of such subscriptions, a closing will occur to effect the purchase and sale of such
Shares (the “First Closing”).


 


(b)
Subsequent Closings. The Company and the Placement Agent may continue to offer and accept subscriptions for the Shares
and conduct additional closings (each, a “Subsequent Closing”) for the sale of such Shares after the First Closing
and until the termination of the Offering. Unless earlier terminated, this Offering will continue until November
4, 2019 unless the Company, in its sole discretion and without notice to Purchasers, extends
the offering termination date to November 19, 2019. There may be more than one Subsequent Closing; provided, however,
that the final Subsequent Closing shall take place no later than November 4, 2019 (or November 19, 2019 if the Company extends
the termination date). The date of any subsequent closing is referred to as a “Subsequent Closing Date.” Notwithstanding
the foregoing, no more than the Maximum Offering Amount will be sold at the First Closing and all Subsequent Closings.


 


The
First Closing and any applicable Subsequent Closings are each referred to in this Subscription Agreement as a “Closing.”
The First Closing Date and any Subsequent Closing Dates are sometimes referred to herein as a “Closing Date.” 


 


(c)
Closing Deliveries. At or within 10 business days of each Closing, the Company shall deliver to the Purchaser duly executed
certificates or evidence of book-entry recordations representing the Shares due to such Purchaser against the Purchaser’s
Purchase Price.


 




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4.
Acceptance of Subscription. The
Purchaser understands and agrees that the Company, in its sole discretion, reserves the right to accept or reject this or any
other subscription for the Shares, in whole or in part. The Company shall have no obligation hereunder until the Company shall
execute and deliver to the Purchaser an executed copy of this Subscription Agreement. If this subscription is rejected in whole
or the Offering of Shares is terminated, all funds received from the Purchaser will be returned without interest or offset, and
this Subscription Agreement shall thereafter be of no further force or effect. If this subscription is rejected in part, the funds
for the rejected portion of this subscription will be returned without interest or offset, and this Subscription Agreement will
continue in full force and effect to the extent this subscription was accepted.


 


5.
Representations and Warranties of the Purchaser.


 


The
Purchaser hereby acknowledges, represents, warrants, and agrees as follows:


 


(a)
None of the Shares offered pursuant to this Subscription Agreement are registered under the Securities Act, or any state securities
laws. The Purchaser understands that the offering and sale of the Shares is intended to be exempt from registration under the
Securities Act, by virtue of Section 4(a)(2) thereof and the provisions of Regulation D (“Regulation D”) or Regulation
S (“Regulation S”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
thereunder, based, in part, upon the representations, warranties and agreements of the Purchaser contained in this Subscription
Agreement. Notwithstanding the foregoing, if the Purchaser is a Non-U.S. Person (a “Reg S Person”) and intends to
rely upon Regulation S, such Purchaser hereby represents that the representations contained in paragraphs (i) through (viii) of
this Section 5(a) are true and correct with respect to such Purchaser:


 


(i)
(A) the issuance and sale to such Reg S Person of the Shares is intended to be exempt from the registration requirements of the
Securities Act, pursuant to the provisions of Regulation S; (B) it is not a “U.S. Person,” as such term is defined
in Regulation S, and is not acquiring the Shares for the account or benefit of any U.S. Person; and (C) the offer and sale of
the Shares has not taken place, and is not taking place, within the United States of America or its territories or possessions.
Such Reg S Person acknowledges that the offer and sale of the Shares has taken place, and is taking place in an “offshore
transaction,” as such term is defined in Regulation S.


 


(ii)
Such Reg S Person acknowledges and agrees that, pursuant to the provisions of Regulation S, the Shares cannot be sold, assigned,
transferred, conveyed, pledged or otherwise disposed of to any U.S. Person or within the United States of America or its territories
or possessions for a period of six months from and after the closing date of the Offering, unless such securities are registered
for sale in the United States pursuant to an effective registration statement under the Securities Act or another exemption from
such registration is available. Such Reg S Person acknowledges that it has not engaged in any hedging transactions with regard
to the Shares.


 


(iii)
Such Reg S Person consents to the placement of a legend on any certificate or other document evidencing the Shares and understands
that the Company shall be required to refuse to register any transfer of securities not made in accordance with applicable U.S.
securities laws.


 




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(iv)
Such Reg S Person is not a “distributor” of securities, as that term is defined in Regulation S, nor a dealer in securities.


 


(v)
Such Reg S Person understands that the Shares have not been registered under the Securities Act, or the securities laws of any
state and are subject to substantial restrictions on resale or transfer. The Shares are “restricted securities” within
the meaning of Regulation S and Rule 144, promulgated under the Securities Act.


 


(vi)
Such Reg S Person acknowledges that the Shares may only be sold offshore in compliance with Regulation S or pursuant to an effective
registration statement under the Securities Act or another exemption from such registration, if available. In connection with
any resale of the Shares pursuant to Regulation S, the Company will not register a transfer not made in accordance with Regulation
S, pursuant to an effective registration statement under the Securities Act or in accordance with another exemption from the Securities
Act.


 


(vii)
The Purchaser has not acquired the Shares as a result of, and will not itself engage in, any “directed selling efforts”
(as defined in Regulation S under the Securities Act) in the United States in respect of the Shares which would include any activities
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of the Shares; provided, however, that the Purchaser may sell or otherwise dispose of the Shares pursuant
to registration thereof under the Securities Act and any applicable state and provincial securities laws or under an exemption
from such registration requirements;


 


(viii)
Such Reg S Person makes the representations, declarations and warranties as contained in this Section 5(a)(i)-(viii) with the
intent that the same shall be relied upon by the Company in determining its suitability as a purchaser of such Securities.


 


(b)
Prior to the execution of this Subscription Agreement, the Purchaser and the Purchaser’s attorney, accountant, purchaser
representative and/or tax adviser, if any (collectively, the “Advisers”), have received or accessed and actually reviewed
this Subscription Agreement, including the Risk Factors contained in Schedule I hereof, all the Company’s public
filings filed with the SEC (the “SEC Reports”), and all other documents requested by the Purchaser, have carefully
reviewed them and understand the information contained therein;


 


(c)
All documents, records, and books pertaining to the investment in the Shares (including, without limitation, this Subscription
Agreement) have been made available for inspection by such Purchaser and its Advisers, if any;


 


(d)
In making an investment decision Purchasers must rely on their own examination of the Company and the terms of the Offering, including
the merits and risks involved. The Purchaser should be aware that it will be required to bear the financial risks of this investment
for an indefinite period of time;


 


(e)
The Purchaser and its Advisers, if any, have had a reasonable opportunity to ask questions of and receive answers from a person
or persons acting on behalf of the Company concerning the offering of the Securities and the business, financial condition and
results of operations of the Company, and all such questions have been answered to the full satisfaction of the Purchaser and
its Advisers, if any;


 




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(f)
In evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or information
(oral or written) other than as stated in this Subscription Agreement;


 


(g)
The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering of the Shares through or as a result
of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement
or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or the Internet
(including, without limitation, internet “blogs,” bulletin boards, discussion groups and social networking sites)
in connection with the Offering and sale of the Shares and is not subscribing for the Shares and did not become aware of the Offering
of the Shares through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a
subscription by, a person not previously known to the Purchaser in connection with investments in securities generally;


 


(h)
The Purchaser has taken no action that would give rise to any claim by any person for brokerage commissions, finders’ fees
or the like relating to this Subscription Agreement or the transactions contemplated hereby, except to the extent the Purchaser
learned of the Offering through a Placement Agent, if any;


 


(i)
The Purchaser, together with its Advisers, if any, has such knowledge and experience in financial, tax, and business matters,
and, in particular, investments in securities, so as to enable it to utilize the information made available to it in connection
with the Offering to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment
decision with respect thereto;


 


(j)
The Purchaser is not relying on the Company or the Placement Agent any of its employees or agents with respect to the legal, tax,
economic and related considerations of an investment in the Shares, and the Purchaser has relied on the advice of, or has consulted
with, only its own Advisers;


 


(k)
The Purchaser is acquiring the Shares solely for such Purchaser’s own account for investment purposes only and not with
a view to or intent of resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal
or informal, with any person to sell or transfer all or any part of the Shares, and the Purchaser has no plans to enter into any
such agreement or arrangement;


 


(l)
The Purchaser must bear the substantial economic risks of the investment in the Shares indefinitely because none of the Shares
may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available. Legends shall be placed on the Shares to the effect that
they have not been registered under the Securities Act or applicable state securities laws and appropriate notations thereof will
be made in the Company’s stock books. Appropriate notations will be made in the Company’s stock books to the effect
that the Shares have not been registered under the Securities Act or applicable state securities laws. Stop transfer instructions
will be placed with the transfer agent of the Shares. There can be no assurance that there will be any market for resale of the
Shares, nor can there be any assurance that the Shares will be freely transferable at any time in the foreseeable future;


 




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(m)
The Purchaser understands the substance of and acknowledges the legend that will be placed on the Shares in substantially the
following form:


 


For
Non-U.S. Purchasers:


 


THESE
SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). ACCORDINGLY, NONE OF THE
SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS,
AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY OR INDIRECTLY, TO
U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH
THE SECURITIES ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES
ACT.


 


For
U.S. Purchasers:


 


THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID
ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN RECOMMENDED, APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF
THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION
AGREEMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL


 


(n)
The Purchaser is aware that an investment in the Shares is high risk, involving a number of very significant risks;


 


(o)
The Purchaser meets the requirements of at least one of the suitability standards for an “accredited investor” as
that term is defined in Regulation D and as set forth on the Accredited Investor Certification attached hereto;


 




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(p)
The Purchaser (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority
to execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof; (ii) if a corporation, partnership, or limited liability company or partnership, or association, joint stock
company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific purpose
of acquiring the Shares, such entity is duly organized, validly existing and in good standing under the laws of the state of its
organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of
state law or its charter or other organizational documents, such entity has full power and authority to execute and deliver this
Subscription Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and
to purchase and hold the Shares, the execution and delivery of this Subscription Agreement has been duly authorized by all necessary
action, this Subscription Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding
obligation of such entity; or (iii) if executing this Subscription Agreement in a representative or fiduciary capacity, represents
that it has full power and authority to execute and deliver this Subscription Agreement in such capacity and on behalf of the
subscribing individual, ward, partnership, trust, estate, corporation, or limited liability company or partnership, or other entity
for whom the Purchaser is executing this Subscription Agreement, and such individual, partnership, ward, trust, estate, corporation,
or limited liability company or partnership, or other entity has full right and power to perform pursuant to this Subscription
Agreement and make an investment in the Company, and represents that this Subscription Agreement constitutes a legal, valid and
binding obligation of such entity. The execution and delivery of this Subscription Agreement will not violate or be in conflict
with any order, judgment, injunction, agreement or controlling document to which the Purchaser is a party or by which it is bound;


 


(q)
The Purchaser and the Advisers, if any, have had the opportunity to obtain any additional information, to the extent the Company
has such information in its possession or could acquire it without unreasonable effort or expense, necessary to verify the accuracy
of the information contained in this Subscription Agreement and all documents received or reviewed in connection with the purchase
of the Shares and have had the opportunity to have representatives of the Company provide them with such additional information
regarding the terms and conditions of this particular investment and the financial condition, results of operations, business
of the Company deemed relevant by the Purchaser or the Advisers, if any, and all such requested information, to the extent the
Company had such information in its possession or could acquire it without unreasonable effort or expense, has been provided to
the full satisfaction of the Purchaser and the Advisers, if any;


 


(r)
Any information which the Purchaser has heretofore furnished or is furnishing herewith to the Company or the Placement Agent is
complete and accurate and may be relied upon by the Company and the Placement Agent in determining the availability of an exemption
from registration under federal and state securities laws in connection with the offering of securities as described in this Subscription
Agreement. The Purchaser further represents and warrants that it will notify and supply corrective information to the Company
and the Placement Agent immediately upon the occurrence of any change therein occurring prior to the Company’s issuance
of the Shares;


 


(s)
The Purchaser has significant prior investment experience, including investment in non-listed and non-registered securities. The
Purchaser is knowledgeable about investment considerations in companies with limited operating histories. The Purchaser has a
sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The Purchaser’s
overall commitment to investments which are not readily marketable is not excessive in view of the Purchaser’s net worth
and financial circumstances and the purchase of the Shares will not cause such commitment to become excessive. The investment
is a suitable one for the Purchaser;


 




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(t)
The Purchaser is satisfied that the Purchaser has received adequate information with respect to all matters which it or the Advisers,
if any, consider material to its decision to make this investment;


 


(u)
The Purchaser acknowledges that any estimates or forward-looking statements or projections included in this Subscription Agreement
were prepared by the Company in good faith but that the attainment of any such projections, estimates or forward-looking statements
cannot be guaranteed by the Company and should not be relied upon;


 


(v)
No oral or written representations have been made, or oral or written information furnished, to the Purchaser or the Advisers,
if any, in connection with the Offering which are in any way inconsistent with the information contained in SEC Reports;


 


(w)
Within five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such
documents as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject;


 


(x)
The Purchaser’s substantive relationship with the Company or the Placement Agent (if applicable) predates the Company’s
or the Placement Agent’s contact with the Purchaser regarding an investment in the Shares;


 


(y)
(For ERISA plans only) The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary has been
informed of and understands the Company’s investment objectives, policies and strategies, and that the decision to invest
“plan assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA that require
diversification of plan assets and impose other fiduciary responsibilities. The Purchaser fiduciary or Plan (a) is responsible
for the decision to invest in the Company; (b) is independent of the Company or any of its affiliates; (c) is qualified to make
such investment decision; and (d) in making such decision, the Purchaser fiduciary or Plan has not relied primarily on any advice
or recommendation of the Company or any of its affiliates;


 


(z)
The Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac>
before making the following representations. The Purchaser represents that the amounts invested by it in the Company in the
Offering were not and are not directly or indirectly derived from activities that contravene federal, state or international laws
and regulations, including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by
OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries,
territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found
on the OFAC website at <http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (the “OFAC Programs”)
prohibit dealing with individuals1 or entities in certain countries regardless of whether such individuals or entities
appear on the OFAC lists;





 


 






1
These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs


 




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(aa)
To the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a country, territory, individual or entity
named on an OFAC list, or a person or entity prohibited under the OFAC Programs. The Purchaser acknowledges that the Company may
not accept any amounts from a prospective investor if such prospective investor cannot make the representation set forth in the
preceding paragraph. The Purchaser agrees to promptly notify the Company and the Placement Agent should the Purchaser become aware
of any change in the information set forth in these representations. The Purchaser understands and acknowledges that, by law,
the Company may be obligated to “freeze the account” of the Purchaser, either by prohibiting additional subscriptions
from the Purchaser, declining any redemption requests and/or segregating the assets in the account in compliance with governmental
regulations, and may also be required to report such action and to disclose the Purchaser’s identity to OFAC. The Purchaser
further acknowledges that the Company may, by written notice to the Purchaser, suspend the redemption rights, if any, of the Purchaser
if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company
and the Placement Agent or any of the Company’s service providers. These individuals include specially designated nationals,
specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs;


 


(bb)
To the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a senior foreign political figure,[2]
or any immediate family[3] member or close associate[4] of a senior foreign political figure, as such
terms are defined in the footnotes below; and


 


(cc)
If the Purchaser is affiliated with a non-U.S. banking institution (a “Foreign Bank”), or if the Purchaser receives
deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Purchaser represents
and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country
in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related
to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank
to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does
not have a physical presence in any country and that is not a regulated affiliate.


 


 






2 A
“senior foreign political figure” is defined as a senior official in the executive, legislative,
administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major
foreign political party, or a senior executive of a foreign government- owned corporation. In addition, a “senior
foreign political figure” includes any corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure.


3
“Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings,
spouse, children and in-laws.


4
A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain
an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct
substantial domestic and international financial transactions on behalf of the senior foreign political figure.


 





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6.
Representations by the Company.


 


The
Company hereby represents and warrants to the Purchaser as follows:


 


(a)
Organization. The Company is a company duly organized and validly existing under the Laws of the State of New York and
has the requisite corporate power and authority to carry on its business as it is now being conducted. The Company is in good
standing under the Laws of New York.


 


(b)
Due Authorization; Enforceability. The Company has all right, corporate power and authority to enter into, execute and
deliver this Subscription Agreement. The execution and delivery by the Company of this Subscription Agreement and the compliance
by the Company with each of the provisions of this Subscription Agreement are within the corporate power and authority of the
Company and have been duly authorized by all requisite corporate and other action of the Company. This Subscription Agreement
has been duly and validly executed and delivered by the Company, and this Subscription Agreement constitutes a legal, valid and
binding agreement of the Company, enforceable against the Company in accordance with their respective terms, except as such enforcement
is limited by bankruptcy, insolvency and other similar Laws affecting the enforcement of creditors’ rights generally and
for limitation imposed by general principles of equity, regardless of whether enforcement is sought at law or in equity and insofar
as indemnification and contribution provisions may be limited by applicable Law.


 


(c)
Subsidiaries. Except as set forth in the SEC Reports, the Company does not own any securities or other interests in any
corporation or other Person having the power to elect a majority of that corporation’s or other Person’s board of
directors or similar governing body, or otherwise having the power to direct the business and policies of that corporation or
other Person. “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.


 


(d)
Capitalization.


 


(i)
The SEC Reports contain information about the authorized capital of the Company and the issued and outstanding shares of each
class of authorized capital. All of the outstanding equity securities of the Company have been duly authorized and validly issued
and are fully paid and non-assessable.


 


(ii)
Except as set forth in the SEC Reports, as defined below, there are no (i) outstanding subscriptions, warrants, options, calls,
rights of first offer, rights of first refusal, tag along rights, drag along rights, subscription rights, conversion rights, exchange
rights, or commitments or rights of any character relating to or entitling any Person to purchase or otherwise acquire any equity
securities of the Company or requiring the Company to issue or sell any equity securities, (ii) obligations or securities convertible
into or exchangeable for shares of any equity securities of the Company or any commitments of any character relating to or entitling
any Person to purchase or otherwise acquire any such obligations or securities, (iii) statutory preemptive rights or preemptive
rights granted under the organizational documents of the Company, (iv) stock appreciation rights, phantom stock, profit participation,
or other similar rights with respect to the Company, or (v) there are no securities or instruments containing anti-dilution or
similar provisions that will be triggered by the issuance of the Shares. There are no stockholder agreements, voting trusts, proxies
or other agreements, instruments or understandings with respect to the purchase, sale, transfer or voting of the outstanding shares
of equity securities of the Company. There are no commitments under which the Company is obligated to repurchase, redeem, retire
or otherwise acquire any equity securities of the Company.


 




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(iii)
The Shares have been duly authorized and when issued and delivered in accordance with the terms of this Subscription Agreement,
will be validly issued and outstanding, fully paid and non-assessable (in jurisdictions where such concept is recognized), free
and clear of any and all encumbrances and not subject to the preemptive or other similar rights of any shareholders of the Company,
other than restrictions imposed by applicable securities Laws, including, but not limited to the statutes of the State of New
York.


 


(e)
SEC Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by
the Company under the Securities Act and the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein
as the “SEC Reports”) and when filed, each SEC Report was in compliance in all material respects with the requirements
of its report form, the Exchange Act and the Securities Act. All proxy statements, reports, registration statements, schedules,
forms and other documents required to be filed with the SEC by the Company under the Exchange Act and the Securities Act after
the date hereof through the relevant Closing Date will, if and when filed, be in compliance in all material respects with the
requirements of its respective report form, the Exchange Act and the Securities Act and will not, at the time they are filed or
declared effective, 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, in light of the circumstances under which they are made, not misleading; provided,
however, that any failure by the Company to file any proxy statement, report, registration statement, schedule, form and other
documents shall not constitute a breach of this Section 6.


 


(f)
Litigation. Except as set forth in the SEC Reports, there is no claim, action, suit, investigation or proceeding pending
or, to the Company’s knowledge, threatened before any court, arbitrator or other governmental entity. Except as disclosed
in the SEC Reports, the Company is not in default under or in breach of any order, judgment, injunction or decree of any court,
arbitrator or other governmental entity.


 


(g)
No Conflicts or Violation; Consents and Approvals. Neither the execution, delivery or performance by the Company of this
Subscription Agreement, nor the consummation of the transactions contemplated hereby will:


 


(i)
conflict with, or result in a breach or a violation of, any provision of the organizational documents of the Company or (ii) constitute
a breach, violation or default, or give rise to any right of termination, modification, cancellation, prepayment, suspension,
limitation, revocation or acceleration, under any (1) law applicable to or binding on the Company or (2) provision of any commitment
to which the Company is a party, except in the case of clause (a)(ii)(2), where such conflict, breach, violation or default would
not result in a Material Adverse Change. “Material Adverse Change” means any material adverse change on the business,
properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the
Company and its subsidiaries, taken as a whole; and


 




    	 	A-11	 



    	 



    

 


(ii)
apart from the filing of a Form D with the SEC after the issuance of the Shares, if applicable, require the Company to make or
obtain the consent, waiver, agreement, approval, permit or authorization of, or declaration, filing, notice or registration to
or with, or assignment by, any governmental entity or any Person that is not a governmental entity (including any party to any
commitment to which the Company is a party to).


 


(h)
Compliance. Except as set forth in the SEC Reports, neither the Company nor its subsidiaries (i) is 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 under), nor has the Company or its subsidiaries received written 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) is
in violation of any judgment, decree or order of any court, arbitrator or governmental authority, and (iii) is in violation of
any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state
and local laws applicable to its business, except in each case as could not have or reasonably be expected to result in a Material
Adverse Change.


 


(i)
Transactions With Affiliates and Employees. 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 its 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, providing for the borrowing
of money from or lending of money to 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 $500,000 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, restricted stock or other compensation-related agreements under any equity plan of the Company.


 


(j)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 6,
no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchasers as
contemplated hereby.


 


(k)
Investment Company. The Company is not, and immediately after receipt of payment for the Shares, and for so long as any
Purchaser holds any Shares, will not be, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended. The Company is not controlled by an “investment
company” and shall not take any actions that would cause the Company to be controlled by an “investment company”.


 


(l)
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 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.


 




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(m)
No Payment of Transfer Taxes. No transfer, documentary, stamp, sales, use and other taxes have been or will be required
or imposed by reason of, the transfer of the Shares to the Purchasers.


 


(n)
Office of Foreign Assets Control. Neither the Company nor, to the Company’s knowledge, any director, officer, agent,
employee or affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department. “Affiliate” means any Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144
under the Securities Act.


 


(o)
Money Laundering. The operations of the Company are and have been conducted at all times in compliance with applicable
financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
applicable money laundering statutes and applicable rules and regulations thereunder (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 knowledge of the Company, threatened.


 


7.
Indemnification. 


 


(a)
The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, employees, agents, control persons
and affiliates from and against all losses, liabilities, claims, damages, costs, fees and expenses whatsoever (including, but
not limited to, any and all expenses incurred in investigating, preparing or defending against any litigation commenced or threatened)
based upon or arising out of any actual or alleged false acknowledgment, representation or warranty, or misrepresentation or omission
to state a material fact, or breach by the Purchaser of any covenant or agreement made by the Purchaser herein or in any other
document delivered in connection with this Subscription Agreement.


 


(b)
The Company agrees to indemnify and hold harmless the Purchaser and its officers, directors, employees, agents, control persons
and affiliates from and against all losses, liabilities, claims, damages, costs, fees and expenses whatsoever (including, but
not limited to, any and all expenses incurred in investigating, preparing or defending against any litigation commenced or threatened)
based upon or arising out of any actual or alleged false acknowledgment, representation or warranty, or misrepresentation or omission
to state a material fact, or breach by the Company of any covenant or agreement made by the Company herein or in any other document
delivered in connection with this Subscription Agreement.


 


8.
Irrevocability; Binding Effect. The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement shall survive the death or disability
of the Purchaser and shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser
hereunder shall be joint and several and the agreements, representations, warranties, and acknowledgments herein shall be deemed
to be made by and be binding upon each such person and such person’s heirs, executors, administrators, successors, legal
representatives, and permitted assigns.


 




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9.
Modification. This Subscription Agreement shall not be modified or waived except by an instrument in writing signed by
the party against whom any such modification or waiver is sought.


 


10.
Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be
mailed by certified mail, return receipt requested, or delivered against receipt to the party to whom it is to be given (a) if
to the Company, at the address set forth above, or (b) if to the Purchaser, at the address set forth on the signature page hereof
(or, in either case, to such other address as the party shall have furnished in writing in accordance with the provisions of this
Section 10). Any notice or other communication given by certified mail shall be deemed given at the time of certification thereof,
except for a notice changing a party’s address which shall be deemed given at the time of receipt thereof.


 


11.
Assignability. This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or
assignable by the Purchaser and the transfer or assignment of the Shares shall be made only in accordance with all applicable
laws.


 


12.
Applicable Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts to be wholly- performed within said State.


 


13.
Arbitration. The parties agree to submit all controversies to arbitration in accordance with the provisions set forth below
and understand that:


 


(a)
Arbitration is final and binding on the parties.


 


(b)
The parties are waiving their right to seek remedies in court, including the right to a jury trial.


 


(c)
Pre-arbitration discovery is generally more limited and different from court proceedings.


 


(d)
The arbitrator’s award is not required to include factual findings or legal reasoning and any party’s right to appeal
or to seek modification of rulings by arbitrators is strictly limited.


 


(e)
The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.


 


(f)
All controversies which may arise between the parties concerning this Subscription Agreement shall be determined by arbitration
pursuant to the rules then pertaining to the Financial Industry Regulatory Authority, Inc. (“FINRA”) in New York City,
New York. Judgment on any award of any such arbitration may be entered in the Supreme Court of the State of New York or in any
other court having jurisdiction of the person or persons against whom such award is rendered. Any notice of such arbitration
or for the confirmation of any award in any arbitration shall be sufficient if given in accordance with the provisions of this
Agreement. The parties agree that the determination of the arbitrators shall be binding and conclusive upon them.


 


14.
Blue Sky Qualification. The purchase of Shares under this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Shares from applicable federal and state securities laws. The Company shall file
such notices and related documents as necessary to permit the Shares to be sold without registration under applicable securities
or “Blue Sky” laws of the states of the United States (or to obtain an exemption from such qualification).


 




    	 	A-14	 



    	 



    

 


15.
Use of Pronouns. All pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the person or persons referred to may require.


 


16.
Confidentiality. The Purchaser acknowledges and agrees that any information or data the Purchaser has acquired from or
about the Company, not otherwise properly in the public domain, was received in confidence. The Purchaser agrees not to divulge,
communicate or disclose, except as may be required by law or for the performance of this Agreement, or use to the detriment of
the Company or The Company or for the benefit of any other person or persons, or misuse in any way, any confidential information
of the Company or The Company, including any scientific, technical, trade or business secrets of the Company or The Company and
any scientific, technical, trade or business materials that are treated by the Company or The Company as confidential or proprietary,
including, but not limited to, ideas, discoveries, inventions, developments and improvements belonging to the Company or The Company
and confidential information obtained by or given to the Company or The Company about or belonging to third parties.


 


17.
Miscellaneous.


 


(a)
This Subscription Agreement, together with all attachments, schedules and exhibits hereto, and the Accredited Investor Certification,
constitute the entire agreement between the Purchaser and the Company with respect to the subject matter hereof and supersede
all prior oral or written agreements and understandings, if any, relating to the subject matter hereof. The terms and provisions
of this Subscription Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed
by the party entitled to the benefits of such terms or provisions.


 


(b)
The representations and warranties of the Purchaser made in this Subscription Agreement shall survive the execution and delivery
hereof and delivery of the Shares.


 


(c)
Each of the parties hereto shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or
others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.


 


(d)
This Subscription Agreement may be executed in one or more counterparts each of which shall be deemed an original, but all of
which shall together constitute one and the same instrument.


 


(e)
Each provision of this Subscription Agreement shall be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality shall not impair the operation
of or affect the remaining portions of this Subscription Agreement.


 


(f)
Paragraph titles are for descriptive purposes only and shall not control or alter the meaning of this Subscription Agreement as
set forth in the text.


 


(g)
The Purchaser understands and acknowledges that there may be multiple closings for this Offering.


 


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Schedule
I


 


Risk
Factors


 


An
investment in the Shares involves a high degree of risk and is subject to many uncertainties. In addition to the risk factors
specific to this offering set forth below, the risk factors set forth in Item 1A, “Risk Factors,” in the Company’s
Annual Report on Form 10-K, and any other SEC Report, are incorporated herein by reference. These risks and uncertainties
may adversely affect the Company’s business, operating results and financial condition. In such an event, the trading price,
if one were to exist after the Company is approved to have a trading symbol assigned to it, for Common Stock could decline substantially,
and you could lose all or part of your investment. In order to attain an appreciation for these risks and uncertainties, you should
read all risk factors in their entirety and consider all of the information and advisements contained in the Subscription Agreement
and all other related agreements or certificates and all other documents requested by the Purchaser, including the following risk
factors and uncertainties and the SEC Reports.


 


RISKS
RELATED TO THIS OFFERING


 


There
will be restrictions on resale of the Shares and there is no assurance of the registration of the Shares.


 


None
of the Shares may be sold unless, at the time of such intended sale, there is a current registration statement covering the resale
of the Shares or there exists an exemption from registration under the Securities Act, and such Securities have been registered,
qualified, or deemed to be exempt under applicable securities or “blue sky” laws in the state of residence of the
seller or in the state where sales are being effected. The Company has no current intention of filing a registration statement
covering the resale of the Shares. If no registration statement is filed and declared effective covering the resale of any of
the Shares sold pursuant to this Subscription Agreement, Purchasers will be precluded from disposing of such Securities unless
such Securities may become eligible to be disposed of under the exemptions provided by Rule 144 under the Securities Act without
restriction. If the Shares are not registered for resale under the Securities Act, or exempt therefrom, and registered or qualified
under applicable securities or “blue sky” laws, or deemed exempt therefrom, the value of such securities will be greatly
reduced.


 


Furthermore,
Purchasers investing in the Shares being offered in reliance upon Regulation S may only be able to sell the Shares in offshore
transactions in compliance with Regulation S or pursuant to an effective registration statement under the Securities Act or another
exemption from such registration, if available. In connection with any resale of the Shares pursuant to Regulation S, the Company
will not register a transfer not made in accordance with Regulation S, pursuant to an effective registration statement under the
Securities Act or in accordance with another exemption from the Securities Act.


 




    	 	 	 



    	 



    

 


We
have significant discretion over the use of certain of the net proceeds.


 


A
significant portion of the net proceeds of this Offering will be applied to working capital and other general corporate purposes,
including but not limited to research and development, capital expenditures, sales and marketing costs and compensation (in the
form of salary and bonuses) to officers and directors. Accordingly, our management will have broad discretion as to the application
of such proceeds. There can be no assurance that management’s use of proceeds generated through this Offering will prove
optimal or translate into revenue or profitability for the Company. Purchasers are urged to consult with their attorneys, accountants
and personal investment advisors prior to making any decision to invest in the Company.


 


Greater
risk of loss to the early investors than to later investors.


 


There
is no minimum offering amount. Consequently, the Company can close on any sum raised, and do so on a rolling basis. As a result,
there can be no assurance that the Company will raise a minimally sufficient amount of capital enabling it to continue operations.
If the Company fails to raise a sufficient amount of capital to continue its business, such failure may lead to investors losing
their entire investment. In addition, if the Company raises an appreciable sum that is nevertheless substantially less than the
amount equivalent of a sale of the Maximum Offering Amount, the Company is likely to have insufficient funds to fully implement
its current business strategy. Therefore, the sale of a minimal number of Shares could have material, adverse consequences on
the Company’s business, financial condition and future outlook.


 


The
offering price for the Shares has been arbitrarily determined by us.


 


The
offering price of the Shares was arbitrarily determined by us. The price of the Shares does not necessarily bear any relationship
to established valuation criteria such as earnings, book value or assets. Rather, the price of the Shares may be derived as a
result of our negotiations with investors based upon various factors including prevailing market conditions, our future prospects
and our capital structure. These prices do not necessarily accurately reflect the actual value of the Shares or the price that
may be realized upon disposition of the Shares.


 


An
investment in our securities is speculative and there can be no assurance of any return on any such investment.


 


An
investment in the Shares is speculative and there is no assurance that Purchasers will obtain any return on their investment.
Purchasers will be subject to substantial risks involved in an investment in the Company, including the risk of losing their entire
investment.


 


We
do not intend to pay dividends for the foreseeable future.


 


We
have paid no dividends to date and it is not anticipated that any dividends will be paid to holders of our securities in the foreseeable
future. While our future dividend policy will be based on the operating results and capital needs of the business, it is currently
anticipated that any earnings will be retained to finance our future expansion and for the implementation of our business plan.
You should take note of the fact that a lack of a dividend can further affect the market value, if any, of our stock, and could
significantly affect the value of any investment in us.


 




    	 	 	 



    	 



    

 


Your
ownership interest is subject to dilution. 


 


Each
Purchaser’s proportionate ownership interest may be diluted when we issue additional shares of our common stock. We may
raise additional capital in the future through additional sales of shares of our common stock or other securities convertible
or exercisable into shares of our common stock, and your percentage interest in our common stock would be diluted if you do not
participate in such additional sales.


 


*****The
foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment
in the Shares. Purchaser should read this entire Subscription Agreement, including Schedule I that is made an integral part hereof
and all SEC Reports, and consult with its own advisors before deciding to purchase the Shares.*****


 


FORWARD-LOOKING
STATEMENTS


 


We
have included in this Subscription Agreement certain forward-looking statements. Such statements can be identified by the use
of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “seek,”
“on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,”
or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook, including statements related
to revenues and profitability, pricing and competition, the continued viability of our technology, our growth and expansion plans,
including retaining new employees, compliance with governmental regulations, our intellectual property protection strategies,
payment of dividends, the volatility and the market, if any, of and for our common stock, dilution, trading restrictions, use
of proceeds and the need for additional debt or equity funding. You are cautioned that our business and operations are subject
to a variety of risks and uncertainties, many of which are beyond our control and, consequently, our actual results may differ
materially from those projected by any forward-looking statements. See the section titled “Risk Factors” on Schedule
I and those described under the heading “Risk Factors” contained in the Company’s Annual Report on Form
10-K, and any other SEC Report, are incorporated herein by reference, for information regarding certain important factors that
could cause our actual results to differ materially from those projected in our forward-looking statements. Our forward-looking
statements contained herein speak only as of the date of this Agreement. We make no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances after the date any such statements are made.