Exhibit 10.2


 


REGISTRATION
RIGHTS AGREEMENT


 


THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 17, 2020, by and among DRAGON
VICTORY INTERNATIONAL LIMITED, a company formed and existing under the laws of Cayman Islands (the
“Company”), and YA II PN, Ltd., a Cayman Islands exempt limited partnership (the
“Investor”).


 


WHEREAS:


 


A.
In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to the Investor up to $1,500,000 of convertible debentures (the “Convertible Debentures”),
which shall be convertible into the Company’s Ordinary Shares, par value $0.0001 per share (the “Ordinary Shares”)
(as converted, the “Conversion Shares”). Capitalized terms not defined herein shall have the meaning ascribed
to them in the Securities Purchase Agreement.


 


B.
To induce the Investors to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “Securities Act”), and applicable state securities laws and other rights as provided for
herein.


 


NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investors hereby agree as follows:


 


1.
DEFINITIONS.


 


As
used in this Agreement, the following terms shall have the following meanings:


 


(a)
“Effectiveness Deadline” means, with respect to a Registration Statement filed hereunder, the 90th calendar
day following the filing thereof, provided, however, in the event the Company is notified by the U.S. Securities and Exchange
Commission (“SEC”) that one of the Registration Statements, as defined below, will not be reviewed or is no
longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth
calendar day following the date on which the Company is so notified if such date precedes the date required above.


 


(b)
“Filing Deadline means, with respect to a Registration Statement required hereunder, 21 days from the date hereof.


 


(c)
“Person” means a corporation, a limited liability company, an association, a partnership, an organization,
a business, an individual, a governmental or political subdivision thereof or a governmental agency.


 






     


     


    

 


(d)
Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus
that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance
upon Rule 430A or Rule 430B promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all
other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.


 


(e)
“Registrable Securities” means all of (i) the Ordinary Shares issuable upon conversion of the Convertible Debentures,
(ii) Ordinary Shares issuable in connection with any anti-dilution provisions of the Convertible Debentures (without giving effect
to any limitations on exercise set forth in the Convertible Debentures), (iii) any Ordinary Shares issued or issuable with respect
to the Conversion Shares as a result of any stock split, dividend or other distribution, recapitalization or similar event or
otherwise (in each case without giving effect to any limitations on exercise set forth in the Convertible Debentures), and (iv)
the Commitment Shares (as defined in the Securities Purchase Agreement).


 


(f)
“Registration Statement” means a registration statement required to be filed hereunder, including (in each
case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such
registration statement.


 


(g)
“Required Registration Amount” means (i) with respect to the initial Registration Statement at least 1,050,000
Ordinary Shares issued or to be issued upon conversion of the Convertible Debentures and the Commitment Shares, and (ii) with
respect to subsequent Registration Statements at least such number of Ordinary Shares as the number of Registrable Securities
not covered under the initial Registration Statement), in each case subject to any cutback set forth in Section 2(d).


 


(h)
“Rule 415” means Rule 415 promulgated by the U.S. Securities and Exchange Commission (“SEC”)
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted
by the SEC having substantially the same purpose and effect as such Rule.


 


(i)
“Trading Day” shall have the meaning set forth in the Convertible Debentures.


 






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2.
REGISTRATION.


 


(a)
The Company’s registration obligations set forth in this Section 2 including its obligations to file one or more
Registration Statements, obtain effectiveness of such Registration Statements, and maintain the continuous effectiveness of
such Registration Statements that have been declared effective shall begin on the date hereof and continue until all the
Registrable Securities have been sold or may permanently be sold without any restrictions pursuant to Rule 144, as determined
by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the
Company’s transfer agent and the affected Holders (the “Registration Period”).


 


(b)
Subject to the terms and conditions of this Agreement, the Company shall, on or prior to the Filing Deadline, prepare and file
with the SEC a Registration Statement on Form F-1 or Form F-3 covering the resale by the Investor of Registrable Securities. Each
Registration Statement prepared pursuant hereto shall register for resale at least the number of Ordinary Shares equal to the
Required Registration Amount as of date the Registration Statement is initially filed with the SEC. Each Registration Statement
shall contain the “Selling Shareholders” and “Plan of Distribution”. The Company shall use
its commercially reasonable efforts to have each Registration Statement declared effective by the SEC as soon as practicable,
but in no event later than the Effectiveness Deadline. Within two days following the date of effectiveness,, the Company shall
file with the SEC in accordance with Rule 424 under the 1933 Act the final Prospectus to be used in connection with sales pursuant
to such Registration Statement. Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft
of the Registration Statement to the Investor for their review and comment in accordance with the procedures set forth in Section
3(a) hereof. The Investor shall furnish comments (if any) on the Registration Statement to the Company within twenty-four (24)
hours of the receipt thereof from the Company.


 


(c)
During the Registration Period the Company shall (i) promptly prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to each Registration Statement and Prospectus used in connection with a
Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be
necessary to keep each such Registration Statement effective at all times during the applicable times in the Registration
Period, (ii) prepare and file with the SEC additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities (to the extent not previously covered by a Registration Statement filed and
declared effective in the applicable times in the Registration Period)); (iii) cause the Prospectus for each Registration
Statement filed and declared effective in the applicable times in the Registration Period to be amended or supplemented by
any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed
pursuant to Rule 424; (iv) respond as promptly as reasonably possible to any comments received from the SEC with respect to a
Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investors true and
complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may
excise any information contained therein which would constitute material non-public information as to any Investor which has
not executed a confidentiality agreement with the Company); and (v) comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities of the Company covered by each effective Registration Statement
until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and
supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this
Section 2(c)) by reason of the Company’s filing a report on Form 20-F, or Form 6-K or any analogous report under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company shall incorporate such
report by reference into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC
on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend or
supplement the Registration Statement.


 






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(d)
Reduction of Registrable Securities Included in a Registration Statement. Notwithstanding anything contained herein, in
the event that the SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement
in order to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall be obligated
to include in such Registration Statement (which may be a subsequent Registration Statement if the Company needs to withdraw a
Registration Statement and refile a new Registration Statement in order to rely on Rule 415) only such limited portion of the
Registrable Securities as the SEC shall permit. Any Registrable Securities that are excluded in accordance with the foregoing
terms are hereinafter referred to as “Cut Back Securities.” To the extent Cut Back Securities exist, as soon
as may be permitted by the SEC, the Company shall be required to file a Registration Statement covering the resale of the Cut
Back Securities (subject also to the terms of this Section) and shall use best efforts to cause such Registration Statement to
be declared effective as promptly as practicable thereafter.


 


3.
RELATED OBLIGATIONS.


 


(a)
The Company shall, not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one
(1) Trading Day prior to the filing of any related amendments and supplements to all Registration Statements (except for annual
reports on Form 20-F), furnish to each Investor copies of all such documents proposed to be filed, which documents (other than
those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investors.
The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the
Investors shall reasonably object in good faith; provided that, the Company is notified of such objection in writing no
later than two (2) Trading Days after the Investors have been so furnished copies of such document.


 


(b)
To the extent required by applicable laws, the Company shall use its commercially reasonable efforts to (i) register and
qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue sky”
laws of such jurisdictions in the United States as any Investor reasonably requests, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications
as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as
may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and
(iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to
(w) make any change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(b), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify
each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the
suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or
“blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or
threat of any proceeding for such purpose.


 






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(c)
As promptly as practicable after becoming aware of such event or development, the Company shall notify each Investor in writing
of the happening of any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission 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 were made, not misleading (provided that in no event shall
such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to each Investor. The
Company shall also promptly notify each Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification
of such effectiveness shall be delivered to each Investor by facsimile on the same day of such effectiveness), (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of
the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.


 


(d)
The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction
within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension
at the earliest possible moment and to notify each Investor who holds Registrable Securities being sold of the issuance of such
order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.


 


(e)
If, after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall furnish to such Investor,
on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may
reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors. Upon the request
of the documents discussed above pursuant to this Section 3(e), the Investor shall provide documents to the Company typically
provided by an underwriter of its securities in form, scope and substance as is customarily given in an underwritten public offering,
including an opinion of counsel representing the Investor for purposes of such Registration Statement, addressed to the Company.


 






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(f)
If, after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall make available for
inspection by (i) any Investor and (ii) one (1) firm of accountants or other agents retained by the Investors (collectively, the
“Inspectors”) all pertinent financial and other records, and pertinent corporate documents and properties of
the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause
the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided,
however, that each Inspector shall agree, and each Investor hereby agrees, to hold in strict confidence and shall not make any
disclosure (except to an Investor) or use any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release
of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure
in violation of this or any other agreement of which the Inspector and the Investor has knowledge. Each Investor agrees that it
shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction
or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.


 


(g)
The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with U.S. federal or state securities laws, (ii) the disclosure
of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation
of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information
concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give
prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, such information.


 


(h)
The Company shall either cause all the Registrable Securities covered by a Registration Statement (i) to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange or (ii) to be included for quotation on the Nasdaq Capital
Markets for such Registrable Securities.


 






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(i)
The Company shall cooperate with each Investor who holds Registrable Securities being offered and, to the extent applicable,
to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the
Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such
denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the
Investors may request. The Company shall pay all fees and expenses in connection with satisfying its obligation under this
Section 3(i).


 


(j)
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate
the disposition of such Registrable Securities.


 


(k)
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC in connection with any registration hereunder.


 


(l)
Within two (2) business days after a Registration Statement which covers Registrable Securities is declared effective by the SEC,
the Company shall deliver to the transfer agent for such Registrable Securities (with copies to the Investor whose Registrable
Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective
by the SEC in the form attached hereto as Exhibit A.


 


(m)
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of Registrable
Securities pursuant to a Registration Statement.


 


4. OBLIGATIONS
OF THE INVESTORS.


 


(a)
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(c) such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering
such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated
by Section 3(c) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the
Company shall cause its transfer agent to deliver unlegended certificates for shares to a transferee of an Investor in accordance
with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which
an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening
of any event of the kind described in Section 3(c) and for which the Investor has not yet settled.


 


(b)
The Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.


 


5. EXPENSES
OF REGISTRATION.


 


All
expenses incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers, legal and accounting fees, except (i) legal fees of Investor’s
counsel associated with the review of the Registration Statement and any comment letters issued by the SEC relating to such Registration
Statement or (ii) fees incurred by any Inspectors associated with their review of Records as contemplated in Section 3(f), shall
be paid by the Company.


 






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6. INDEMNIFICATION.


 


With
respect to Registrable Securities which are included in a Registration Statement under this Agreement:


 


(a)
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, the
directors, officers, partners, employees, and each Person, if any, who controls any Investor within the meaning of the Securities
Act or the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or
several (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit,
inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or
other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party
thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction
in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement
or alleged untrue statement of a material fact contained in any final Prospectus (as amended or supplemented, if the Company files
any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact
necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not
misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law,
including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of
the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being,
collectively, “Violations”). The Company shall reimburse the Investors and each such controlling person promptly
as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the
Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement or Prospectus related thereto; (y) shall not be available to the extent such Claim is based on
a failure of the Investor to deliver or to cause to be delivered the Prospectus made available by the Company, if such Prospectus
was timely made available by the Company pursuant to Section 3(b); and (z) shall not apply to amounts paid in settlement of any
Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably
withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person.


 






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(b)
In connection with a Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend,
to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers,
employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act
or the Exchange Act (each an “Indemnified Party”), against any Claim or Indemnified Damages to which any of
them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection
with such Registration Statement; and, subject to Section 6(d), such Investor will reimburse any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement
contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent
shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for
only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale
of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(b) with respect to any prospectus shall not inure to the benefit of
any Indemnified Party if the untrue statement or omission of material fact contained in the prospectus was corrected and such
new prospectus was delivered to each Investor prior to such Investor’s use of the prospectus to which the Claim relates.


 


(c)
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the reasonable fees and expenses of not more than one (1) counsel for such Indemnified Person or Indemnified
Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation
by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual
or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such
counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection
with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party
all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The
indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action,
claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party
or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a
release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability
to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced
in its ability to defend such action.


 






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(d)
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages are incurred.


 


(e)
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.


 


7. CONTRIBUTION.


 


To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.


 


8. REPORTS
UNDER THE EXCHANGE ACT.


 


With
a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities Act or any similar rule
or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration
(“Rule 144”), and as a material inducement to the Investor’s purchase of the Convertible Debentures,
the Company represents, warrants, and covenants to the following:


(a)
The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports
under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the
issuer was required to file such reports), other than Form 6-K reports.


 



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(b)
During the Registration Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or
15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations under the Securities
Purchase Agreement) and such reports shall conform to the requirements of the Exchange Act and the SEC for filing thereunder.


 


(c)
The Company shall furnish to the Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual
report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be
reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.


 


9. AMENDMENT
OF REGISTRATION RIGHTS.


 


Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and Investors who then hold at least two-thirds
(2/3) of the Registrable Securities. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon
each Investor and the Company. No such amendment shall be effective to the extent that it applies to fewer than all of the holders
of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification
of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.


 


10. MISCELLANEOUS.


 


(a)
A Person is deemed to be a holder of Registrable Securities whenever such Person owns such Registrable Securities. If the Company
receives conflicting instructions, notices or elections from two (2) or more Persons with respect to the same Registrable Securities,
the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable
Securities.


 


(b) Piggy-Back
Registrations. If at any time there is not an effective Registration Statement covering all of the Registrable Securities
and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own
account or the account of others under the Securities Act of its Ordinary Shares, other than on Form S-4 or Form S-8 (each as
promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in
connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or
other employee benefit plans, then the Company shall send to each Investor a written notice of such determination and, if
within fifteen (15) days after the date of such notice, any such Investor shall so request in writing, the Company shall
include in such registration statement all or any part of such Registrable Securities such Investor requests to be
registered; provided, however, that, the Company shall not be required to register any Registrable Securities
pursuant to this Section 10(b) that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that
are the subject of a then effective Registration Statement.


 






    - 11 -


     


    

 


(c)
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by email (provided confirmation of transmission is electronically generated and kept on file by the sending party); or (iii)
one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to
the party to receive the same. The addresses and email for such communications shall be:


 


	If
    to the Company, to:	DRAGON
    VICTORY INTERNATIONAL LIMITED
	 	Hanshi
                                         Tower 22nd Floor, No. 1786 Binsheng Road, Binjiang

                                                                                                                                        District,
                                         Hangzhou, Zhejiang Province

        Peoples
        Republic of China

        Telephone:
        +86 137-3814-6896

        Attention:
        Amanda Yang

        E-Mail:
        yangy@dvintinc.com

	 

        With
        Copy to:
	 

        Hunter
        Taubman Fisher & Li LLC

        800
        Third Avenue, Suite 2800

        New
        York NY 10022

        Attention:
        Ying Li, Esq.

        Telephone:
        (202) 347-9090

        Email:
        yli@htflawyers.com

	 

        If
        to the Investor(s):
	 

        YA
        II PN, Ltd.

	 	1012
    Springfield Avenue
	 	Mountainside,
    NJ 07092
	 	Attention:	Mark
    Angelo
	 	 	Portfolio
    Manager
	 	Telephone:	(201)
    985-8300
	 	Email:
    mangelo@yorkvilleadvisors.com
	 

        With
        a Copy (which shall not Constitute notice or delivery of process) to:
	
David
                                         Fine, Esq.
	 	

        1012
        Springfield Avenue

	 	Mountainside,
    NJ 07092
	 	Telephone:	(201)
    985-8300
	 	Email:	legal@yorkvilleadvisors.com


 


or
to such other address and/or email and/or to the attention of such other person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A)
given by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender’s
email service provider containing the time, date, and recipient email or (C) provided by a courier or overnight courier service
shall be rebuttable evidence of personal service, receipt by e-mail or receipt from a nationally recognized overnight delivery
service in accordance with clause (i), (ii) or (iii) above, respectively.


 






    - 12 -


     


    

 


(d)
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof.


 


(e)
The laws of New York shall govern all issues concerning the relative rights of the Company and the Investors as its shareholders.
All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the Supreme Court
of the State of New York, sitting in New York County, New York and federal courts for the Southern District of New York sitting
in New York, New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.


 


(f)
This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.


 


(g)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.


 






    - 13 -


     


    

 


(h)
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto as an attachment
to an email of a copy of this Agreement bearing the signature of the party so delivering this Agreement.


 


(i)
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.


 


(j)
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.


 


(k)
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.


 


[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]


 



    - 14 -


     


    

 


IN WITNESS WHEREOF, the Investor and the
Company have caused their signature page to this Registration Rights Agreement to be duly executed as of the date first above written.


 


	 	COMPANY:
	 	 
	 	Dragon
Victory International Limited
	 	 
	 	By:	/s/ Liu Limin
	 	Name: 	Liu Limin
	 	Title:	CEO & Chairman of the Board
	 	 
	 	INVESTOR:
	 	 
	 	YA II PN, Ltd.
	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/ David Gonzalez
	 	 	Name: 	David Gonzalez
	 	 	Title:	Managing Member & 

General  Counsel



 






    - 15 -


     


    

 


EXHIBIT A


 


FORM OF NOTICE OF
EFFECTIVENESS

 OF REGISTRATION STATEMENT


  


Attention:


 


		Re:	DRAGON VICTORY INTERNATIONAL LIMITED



 


Ladies and Gentlemen:


 


We
are U.S. securities counsel to DRAGON VICTORY INTERNATIONAL LIMITED, a Cayman Islands company (the
“Company”), and have represented the Company in connection with that certain Securities Purchase Agreement
(the “Securities Purchase Agreement”) entered into by and between the Company and the Investor named
therein (the “Investor”) pursuant to which the Company issued to the Investor up to $1,500,000 of
convertible debentures (the “Convertible Debentures”), which are convertible into the Company’s
ordinary shares, par value $0.0001 per share (the “Ordinary Shares”) (as converted, the
“Conversion Shares”). Pursuant to the Securities Purchase Agreement, the Company also has entered into a
Registration Rights Agreement with the Investor (the “Registration Rights Agreement”) pursuant to which
the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights
Agreement) under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the
Company’s obligations under the Registration Rights Agreement, on
                         ,
the Company filed a Registration Statement on Form                          (File
No. 333-                                 )
(the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”)
relating to the Registrable Securities which names each of the Investors as a selling shareholder thereunder.


 


In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has
entered an order declaring the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on
[ENTER DATE OF EFFECTIVENESS] and to our knowledge based solely on a review of the portion of the SEC website pertaining
to stop orders available at http://www.sec.gov/litigation/stoporders.shtml, no stop order suspending its effectiveness has been
issued and the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement.


 


	 	Very truly yours,
	 	 
	 	[Law Firm]
	 	 
	 	By:	                  


 


		cc:	[LIST NAMES OF INVESTORS]