# EDGAR Filing Document

**Accession Number:** 0001066764
**File Stem:** 0001493152-25-018935
**Filing Date:** 2025-10
**Character Count:** 1304887
**Document Hash:** a35d98c7fa4de38f84ce9f46a4d7ce20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-018935.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001493152-25-018935

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 83

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bimergen Energy Corp
- **CENTRAL INDEX KEY:** 0001066764
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980187705
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280668
- **FILM NUMBER:** 251410835

**BUSINESS ADDRESS:**
- **STREET 1:** 895 DOVE STREET
- **STREET 2:** SUITE 300
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** (855) 777-0888

**MAIL ADDRESS:**
- **STREET 1:** 895 DOVE STREET
- **STREET 2:** SUITE 300
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitech Technologies Corp
- **DATE OF NAME CHANGE:** 20220505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spine Injury Solutions, Inc
- **DATE OF NAME CHANGE:** 20151007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spine Pain Management, Inc
- **DATE OF NAME CHANGE:** 20091201

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on October 22, 2025**

**Registration No. 333-280668**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 9**

**to**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**BIMERGEN ENERGY CORPORATION**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **3690** | **93-3419812** |
| (State or Other Jurisdiction of <br> Incorporation or Organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**895 Dove Street, Suite 300**

**Newport Beach, CA 92660**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Telephone: (855) 777-0888**

(Registrant's telephone number, including area code)

**The Company Corporation** 

**251 Little Falls Drive**

**Wilmington, Delaware 19808**

**Telephone: (302) 636-5440**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***With a Copy to:***

---

| | |
|:---|:---|
| **Peter Campitiello, Esq.**<br> **Lucosky Brookman LLP**<br> **101 Wood Avenue South**<br> **Woodbridge,** **New Jersey 08830**<br>**(732) 395-4400** | **Gregory Sichenzia, Esq.**<br> **Marcelle S. Balcombe, Esq.**<br> **Sichenzia Ross Ference Carmel LLP**<br> **1185 Avenue of the Americas, 31<sup>st</sup> Floor**<br> **New York, NY 10036**<br> **(212) 930-9700** |

---

**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This registration statement shall hereafter become effective in accordance with the provisions of section 8(a) of the Securities Act of 1933.**

The information contained in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

---

| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED OCTOBER 22, 2025** |

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**2,000,000** **Shares of Common Stock** 

**Pre-Funded Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Common Stock**

![](logo_002.jpg)

**Bimergen Energy** **Corporation**

We are offering 2,000,000 shares of common stock, par value $0.001 per share, at an aggregate assumed offering price of $6.00 per share of common stock. The assumed offering price is based on the last reported closing trading price of our common stock on the OTC Markets on September 9, 2025.

We are also offering to each purchaser whose purchase of common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding common stock immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, pre-funded warrants to purchase common shares (the "Pre-Funded Warrants"), in lieu of common stock. The purchase price of each Pre-Funded Warrant is equal to the price per common stock being sold to the public in this offering, minus $0.0001. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. For each Pre-Funded Warrant we sell, the number of common stock that we are offering will be decreased on a one-for-one basis.

Our common stock is traded on the OTC Markets under the symbol "BESS". We have applied for the listing of our common stock on The NYSE American ("NYSE"), under the symbol "BESS." We believe that upon the completion of this offering, we will meet the standards for listing on NYSE, and the closing of this offering is contingent upon such listing. We do not intend to apply to list the Pre-Funded Warrants on any securities exchange or nationally recognized trading system.

**Investing in our securities involves a high degree of risks, including the risk of losing your entire investment. See "*Risk Factors*" beginning on page 16 to read about factors you should consider before buying our securities.**

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share of Common Stock** | **Per Pre-Funded Warrant** | **Total** |
| Price to the public | $| $| $|
| Underwriting discounts and commissions<sup>(1)</sup> | $| $| $|
| Proceeds to us before expenses | $| $| $|

---

(1) Underwriting
 discounts and commissions do not include a non-accountable expense allowance equal to 1.0% of the initial public offering price
 payable to the underwriters. We refer you to "Underwriting" beginning on page 71 for additional information regarding
 underwriters' compensation.

The offering is being underwritten on a firm commitment basis. We have granted a 45-day option to the representative of the underwriters to purchase up to 300,000 additional shares of common stock and/or Pre-Funded Warrants solely to cover over-allotments, if any.

The underwriters expect to deliver the securities to purchasers on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.

**ThinkEquity**

The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025

![](chart_006.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#ku_005) | 1 |
| [PROSPECTUS SUMMARY](#ku_001) | 2 |
| [THE OFFERING](#ku_002) | 13 |
| [SELECTED FINANCIAL DATA](#ku_003) | 15 |
| [RISK FACTORS](#ku_004) | 16 |
| [USE OF PROCEEDS](#SSS_001) | 31 |
| [DIVIDEND POLICY](#SSS_002) | 32 |
| [CAPITALIZATION](#SSS_004) | 33 |
| [DILUTION](#SSS_005) | 34 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#SSS_006) | 35 |
| [BUSINESS](#SSS_007) | 47 |
| [MANAGEMENT](#SSS_008) | 54 |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#SSS_009) | 57 |
| [PRINCIPAL STOCKHOLDERS](#SSS_010) | 60 |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY](#SSS_011) | 61 |
| [DESCRIPTION OF SECURITIES WE ARE OFFERING](#SSS_012) | 64 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#SSS_013) | 66 |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS](#SSS_014) | 67 |
| [UNDERWRITING](#SSS_015) | 71 |
| [LEGAL MATTERS](#SSS_016) | 75 |
| [EXPERTS](#SSS_017) | 75 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#SSS_018) | 76 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#Su_010) | F-1 |
| [OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION](#SSS_020) | II-1 |

---

**You should rely only on the information contained in this prospectus. We and the underwriter(s) have not authorized anyone to provide you with any information other than that contained in this prospectus, and neither we, nor the underwriter(s) take responsibility for any other information others may give you. We are offering to sell, and seeking offers to buy, common stock and Pre-Funded warrants only in jurisdictions where such offers and sales are permitted.** 

i

**About this Prospectus**

Neither nor the Underwriter have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you and which we have filed with the U.S. Securities and Exchange Commission (the "SEC"). We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the common stock and Pre-Funded warrants shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.

**Market and Industry Data**. This prospectus contains estimates and other statistical data made by independent parties relating to our industry and the markets in which we operate, including estimates and statistical data about our market position, market opportunity, and other industry data. These data, to the extent they contain estimates or projections, involve a number of assumptions and limitations and are inherently imprecise, and you are cautioned not to give undue weight to such estimates or projections. Based on our industry experience, we believe that such data is reliable, the conclusions contained in the publications and reports are reasonable and the third-party information included in this prospectus and in our estimates is accurate and complete.

**For investors outside the United States:** Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside the United States.

**SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS**

This Prospectus contains forward looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this Form S-1, including statements regarding future events, our future financial performance, business strategy, and plans and objectives for future operations, are forward-looking statements. In many cases, you can identify forward-looking statements by terminology such as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Although we do not make forward looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the risks outlined under "Risk Factors", "Liquidity and Capital Resources" with respect to our ability to continue to generate cash from operations or new investment, or elsewhere in this prospectus or discussed in our audited consolidated financial statements for the years ended December 31, 2023 and 2024, which may cause our or our industry's actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements.

We describe material risks, uncertainties and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

**PROSPECTUS SUMMARY**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements and the related notes appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our common stock discussed under "Risk Factors," "Business," and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy the common stock and Pre-Funded Warrants.*

**Overview**

We are a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. In April 2024, we acquired a portfolio of development-stage BESS and solar energy projects from Emergen Energy LLC ("Emergen"), making us the project owner of 23 development stage utility-scale BESS projects with an estimated cumulative storage capacity of 1.965 gigawatts (GW) and 13 development stage solar energy projects with an anticipated cumulative generation capacity of 1.640 GW (collectively, the "Development Projects") once constructed and operational. We intend to initially focus on the development of our BESS portfolio due to the expanding market demand for additional energy storage capacity to ease strain on outdated energy grid infrastructure, simpler development process and reduced regulatory hurdles compared to solar, and regulatory tailwinds providing availability to attractive project-level financing and tax credit opportunities for BESS projects.

Our primary business objective is to become a grid-balancing operator by developing, commercializing, and operating a diversified portfolio of BESS and solar energy projects. We intend to partner with advanced BESS technology suppliers and Energy Management Systems (EMS) to address the critical challenges associated with the integration of renewable energy into the electrical grid, particularly the imbalance between energy supply and demand caused by the intermittent nature of solar and wind resources. This approach aligns with the increasing demand for grid stability in regions with high penetration of renewable energy, where imbalances between peak solar generation and peak energy demand create revenue opportunities through energy storage and dispatch. We plan to store excess energy generated during periods of low demand and dispatch it during peak demand periods, thereby enhancing grid stability and efficiency. Upon reaching commercial operation, we hope to play a key role in stabilizing grid demand and supporting renewable energy integration through energy arbitrage and ancillary services.

We are a development-stage company with the strategic objective of developing, commercializing, and operating a diversified portfolio of battery energy storage systems ("BESS") and solar energy projects across the United States.

As of the date of this prospectus, we have not commenced commercial operations and have not generated revenue. We are currently in the mid-stage of our development lifecycle and are actively advancing approximately a 2 GW pipeline of BESS projects. Our BESS near-term operational strategy is to bring approximately 200 MW of new projects online each year, while selectively pursuing strategic acquisitions to supplement our internal pipeline.

To support this growth, we have secured a $50 million mezzanine financing facility from a battery supplier partner. This facility enables us to fund early-stage development activities—including engineering, permitting, and interconnection—as well as to procure long-lead equipment in preparation for construction.

Over the next twelve months, we intend to progress a portion of our development pipeline to construction-ready status, initiate procurement and site preparation on priority projects, and expand internal capabilities across development, engineering, and execution which will be funded by the executed mezzanine financing, tax equity financing up to 50% of capital expenditures and long-term debt financing partners in negotiation with multiple alternatives. Concurrently, we will work to secure interconnection agreements, finalize site control and permitting, and engage prospective offtakers.

We anticipate corporate overhead cash expenditures to be approximately $3 million over the next 12 months of project level construction and capital expenditures of approximately $240 million to be funded by mezzanine financing and long-term debt financing. Pre-construction activities during the next 12 months such as interconnection studies, permitting, and engineering will require approximately $2 million. These expenditures are expected to be funded through a combination of proceeds from this offering, development fee revenues related to JV accepted projects, and third-party development partnerships.

**Core Business in Battery Energy Storage Systems (BESS)**

Our core business is anchored in the development and operation of BESS projects, which are strategically designed to mitigate the energy imbalances and power deficits observed in markets with substantial solar and wind energy generation. This event, often depicted by the grid balancing, highlights the timing mismatch between peak renewable energy generation and peak electricity demand. As renewable energy production peaks during daylight hours and declines in the evening when energy demand is highest, supplemental energy supply sources become increasingly critical. Our BESS projects are positioned to address this imbalance by storing surplus energy during periods of low demand and releasing it during high-demand periods, capturing value from daily price fluctuations. By purchasing and storing energy during low-cost, high-supply hours and selling it during high-demand periods when prices are at their peak, known as energy arbitrage trading, our BESS systems will provide critical support to compensate for the lack of supply from the current outdated energy grid infrastructure.

In addition to energy arbitrage, our BESS assets are positioned to provide essential grid services, including frequency regulation, voltage support, and emergency backup during grid outages. Frequency regulation refers to the rapid response to changes in grid frequency, maintaining stability and preventing potential grid failures. Voltage control enhances the quality and reliability of power supplied to consumers. The rapid response capabilities also maintain stability for key infrastructure during outages via immediate response to fluctuations in voltage and frequency. By reducing supply-demand imbalances at peak times, known as peak shaving, we hope to flatten the energy demand and lower electricity costs for consumers. By integrating advanced EMS controls, we aim to optimize the dispatch timing and increase the overall economic value of stored energy, delivering both reliable performance and efficient operation in dynamic market conditions. Our systems will enable more flexible and adaptive grid operations, accommodating dynamic energy flows and diverse generation sources. These ancillary services both relieve grid stress, offer additional potential revenue streams, and maximize likelihood of punctual project development within budget and ensure product quality standards. We believe we are well- positioned to leverage our existing relationships to secure multi-year customer contracts prior to project construction and integrate cutting-edge battery technologies as they are developed into future developments. Our systems will also be capable of deferred infrastructure upgrades, which reduce the need for expensive grid infrastructure upgrades by efficiently managing local supply and demand. We expect our customers will include traditional trading houses (e.g., Goldman Sachs, BP, Shell), commercial and industrial (C&I) entities, and utilities. The terms of our agreements with customers will be defined by tolling agreements, financial hedges, or power purchase agreements (PPAs), which serve as financial instruments to guarantee all or a portion of future revenues.

Bimergen Energy's business model as a BESS project owner and developer will leverage long-term contracted tolling agreements to generate stable revenue with upside potential. While Bimergen owns and plans to develop a portfolio of BESS projects, tolling agreements with major energy trading entities or institutional financial firms will provide a dual revenue model including guaranteed floor payments and upside profit sharing. The floor payment could be a fixed or minimum revenue guarantee to cover operational costs and provide downside protection against low market prices or volatility. Upside sharing is a profit-sharing mechanism where revenues above the floor would be split between Bimergen and the offtaker, incentivizing optimization of energy trading.

While these contracts have not yet been finalized, institutional traders will manage daily operations and energy trading under the agreements once signed. They will monitor market prices and advise Bimergen to charge the batteries during off-peak hours using low-cost grid energy, then discharge the batteries during peak hours, selling high-priced power back to the grid. Under the prospective agreements, institutional offtakers would buy the discharged power wholesale, resell it at market prices for profit, guarantee the floor payment, and share upside revenue with Bimergen. Beyond arbitrage, tolling agreements may include provisions for ancillary services like frequency regulation, voltage support, or capacity payments, where the BESS helps stabilize the grid for additional revenue streams. The offtaker would assume market price risk, while the BESS owner would be responsible for system maintenance and performance, ensuring the assets meet contractual obligations. The floor payment would ensure predictable cash flows, making projects bankable by institutional investors or lenders to provide project financing. Upside sharing would allow developers to benefit from high market prices without direct exposure to trading risks. Partnering with experienced traders leverages their market knowledge, reducing the need for in-house trading capabilities. Offtakers benefit from access to infrastructure by gaining control over a BESS without owning or maintaining it, and capture margins by reselling power at market prices, especially during peak demand. Offtake agreements are long-term contracts, often spanning 10–20 years, to align with the lifecycle of BESS projects and provide revenue certainty for financing.

As renewable energy penetration increases, BESS tolling agreements are becoming more common to manage intermittency (e.g., storing solar/wind energy for peak times). The global BESS market is projected to grow significantly, with tolling agreements facilitating project financing. The structure of tolling agreements vary on a case-by-case basis. While the floor payment mitigates downside, low market prices can limit upside potential, affecting overall returns. BESS performance declines over time, which may impact revenue if not accounted for in the agreement. The financial stability of the offtaker is critical, as their ability to meet floor payments or share upside depends on their market success. Shifts in energy market policies or grid incentives can affect the profitability of tolling agreements.

We are in talks with a number of investment banks to secure offtake agreements for our projects. However, to date, we have not entered into any offtake agreements and there can be no assurance that we will be able to do so on terms favorable to the Company. If we are not successful in obtaining favorable terms, we will operate these projects by selling merchant power and use a third-party scheduling entity to assist us in scheduling the power. This exposes the BESS to market volatility, where prices fluctuate based on supply, demand, fuel costs, and other dynamics. Without guaranteed revenue streams, the BESS owner assumes financial risk, as electricity prices can vary significantly. However, during periods of high demand or grid stress, the system can capitalize on higher prices. The BESS can also provide services like energy arbitrage, storing low-cost electricity and selling it when prices rise, or ancillary services like frequency regulation and reserves, which can be more profitable during grid instability. The key advantage of this model is the potential for higher returns in favorable market conditions, but it also carries the risk of lower profits or losses when market prices drop or when demand for storage services is insufficient. Like traditional merchant power plants, a BESS in this model faces financial uncertainty but has the flexibility to adjust based on real-time market conditions.

We anticipate management will be active in identifying, negotiating and establishing the financing relationships required for our projects. Since the Company and its subsidiaries do not have the in-house personnel to construct these projects, we also anticipate management will hire third parties to manage the construction of the project facilities and we will manage and negotiate the purchase of the key components of the facility (most importantly being the batteries). The Development Projects purchased are at various stages and we executed an agreement with Energy Independent Partners ("EIP") (a Delaware limited liability company controlled by Cole Johnson, our President and Director commencing as of the date of acquisition of Emergen) for services to include: pre-construction and pre-operational activities such as assisting with qualifying the Development Projects for financing; assisting with achieving RTB Status for Development Projects; and assisting with marketing the Development Project to a third party, if desired. The relevant fees for these services are $0.035 per watt of capacity and are included in the Development Fees column of the table below.

BESS project locations are selected to be located alongside traditional power transmission lines or near large offtakers (our expected customers) with high energy demands, enhancing grid stability and reducing energy costs. These locations are suitable for battery storage facilities of approximately thirty acres and undergo environmental studies and assessments to ensure feasibility. While the letters of intent the Company has entered into or negotiated for these projects are for specific locations, the Company's development plans are not dependent on the landowner or address, but, rather, are county based. The Company believes it could adjust its plans to find a similar, suitable location if it is unable to negotiate a definitive agreement to develop a project with the landowner.

Location is a key consideration when selecting a site to develop a project. All projects are chosen in rural areas, outside high electricity demand zones, and on existing transmission lines. Transmission lines are then measured for available capacity and evaluated for potential BESS projects. After confirming that the site is suitable for BESS, we contact the landowner and conduct environmental studies to ensure it is viable for construction and operation. Most of our projects are in non-regulated markets, which allow us to sell power into the merchant markets using a scheduling entity.

Another key component of site qualification is identification of the potential energy customers and markets we can serve, either by rights acquired in the development process, those which can be secured via competitive utility procurements and those which can be secured under direct bilateral agreements

The revenue opportunities relating to our primary energy purchase customers – the regulated utilities and regulated wholesale energy markets operating where each of our projects are located, are quantified at the earliest stages of project qualification and the commercial relationship with these customers is fully established at the time we anticipate executing our interconnection agreement, typically prior to commencement of construction. These utility energy purchase mechanisms generally preclude any direct participation by these customers in asset ownership or profit distributions.

Additionally, at each site location, screening is conducted to identify and qualify potential industrial, commercial and municipal customers. Those which meet our criteria for potentially enhancing our revenues and profits are contacted to determine their interest in purchasing energy services at or after the point in time when our projects enter revenue operations. It is not our normal practice, and these energy purchase agreements do not typically include participation in equity ownership or profit distributions from the projects, but these options are not precluded legally or regulatorily.

The physical quality of our sites in terms of their development is valued against industry comparables. The energy and revenue generation potential of our sites and projects and the number and credit quality of our established and potential utility and non-utility customers are also key factors in the valuation of our projects, their ability to attract investors and the ultimate cost of that capital. This is true for the majority of projects in our industry.

Our projects may include multiple classes of equity investors. Project level preferred equity investors enjoy returns which include one or more fixed components plus a participation component in which they share in the net free cash flows of our combined arbitration and contracted energy revenue operations; common equity investors participate directly in ownership of the project assets and receive distributions of net free cash flows from our energy trading (arbitrage) revenues and those from contracted energy services. We also have tax equity investors who participate in a transaction to acquire these tax benefits outright and may also enjoy a nominal carried interest in our net distributions.

Our pro forma models and financial practices meet customary industry standards to estimate, calculate and project these revenues both for institutional financing purposes as well as regulatory requirements.

It is our intent to own and operate our projects in most cases, but in others we may deem it financially beneficial to the company and our equity investors to partly or fully monetize our project assets.

We maintain strong relationships with tier-one battery and equipment suppliers, utilities, and power purchasers to optimize transmission efficiency and lower consumer costs. These partnerships may also help us secure regulatory support, ensure timely project development within budget, and uphold high product quality standards. Our strategic position allows us to secure multi-year customer contracts before project construction and integrate emerging battery technologies into future developments. Additionally, our systems are designed to enable deferred infrastructure upgrades, reducing the need for costly grid enhancements by efficiently managing local supply and demand.

**Development Projects and Operational Progress**

Our portfolio of Development Projects includes approximately 3.6 GW of alternating current (GWAC) power capacity across various regions served by Independent System Operators (ISOs) such as ERCOT, WECC, PJM, and MISO. These regions have been selected strategically based on favorable market conditions, grid infrastructure, and regulatory environments conducive to renewable energy integration. In connection with the Emergen transaction, we currently have no proprietary rights but have secured rights to comprehensive "Work Product" intangible assets essential for project development, including but not limited to: feasibility studies determining capacity and compatibility, establishing a production model of the project parameters, identifying any curtailment for the project, power flow site verification and substation identification, permitting and regulatory compliance documentation, engineering designs, equipment procurement plans, site preparation guidelines, and noting project specific challenges.

Subsequent to positive feasibility studies is the process of legal formation, analyzing and negotiating site control/surface and materials, and identifying engineering requirements for construction, identifying and negotiating interconnection to the grid, identifying tax abatements, and identifying permitting and study requirements, and noting additional project specific challenges. These assets provide a robust foundation for advancing our projects through the development lifecycle efficiently and effectively. We are in the process of negotiating grid interconnection agreements, ensuring compliance with applicable grid codes and standards, registering our projects for market participation, and coordinating with ISOs to align dispatch and grid service requirements. In addition, we are actively engaging with these ISOs to address cybersecurity compliance and to develop comprehensive monitoring and reporting frameworks, which are essential for maintaining operational integrity and grid support.

Our Redbird and Wildfire projects are currently the most advanced within our portfolio and are ready to proceed to the financing and construction phases. We are actively pursuing project-level debt and equity financing to fund the construction and/or operationalization of these projects. Upon securing financing, of which there can be no assurance we will be able to do so or do so on terms favorable to us, we intend to execute binding agreements with key counterparties, initiate site preparation activities, and commence construction in accordance with our development timelines. As part of the rights to the Work Product and continued development, we identify and negotiate with the appropriate counterparts in the specific project, but do not enter into binding contracts until specific project financing is obtained so as to not create liabilities before project financing is secured. We recognize the importance of managing risks associated with project development, including regulatory, technical, financial, and market risks. Our approach involves conducting thorough feasibility studies, engaging in proactive stakeholder consultations, and maintaining flexibility in project planning. We do not enter into binding contracts related to site control, equipment procurement, or construction until project-specific financing is secured, mitigating financial exposure. The next steps for these projects will include executing contracts with key counterparties, purchasing equipment, and initiating the construction process. Our current project pipeline consists of multiple BESS initiatives, with an estimated development timeline spanning eight to nine years. The Redbird and Wildfire projects are prioritized, as they are closest to a ready-to-build status. The current progress of our portfolio of 23 BESS projects and 13 Solar Projects are included in the table below:

**Emergen Energy LLC BESS Projects:**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Projects (2) (3) (4) <br> (5) (6) (10)** | **County** | **State** | **Zone** | **BESS<br> (MWac)** | **BESS<br> (MWhr)** | **Site<br> Control** | **Estimated<br> Permitting<br> Complete (8)** | **Estimated <br> Cost of <br> Project (9)** | **Development<br> Fees** |
| Redbird BESS **(1)** | Fort Bend | TX | ERCOT-Houston | 100 | 400 | **(7)** | &nbsp;&nbsp;&nbsp;&nbsp;65% | $160000000 | $3500000 |
| Wildfire BESS **(1)** | Caldwell | TX | ERCOT-South | 100 | 400 | **(7)** | 45% | $160000000 | $3500000 |
| Friendship | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Lady Bird | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Longhorn | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Pecan | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Prickly Pear | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Yellow Rose | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Bright Light | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| TPLT 1-10 BESS | El Paso | TX | ERCOT/West | 100 | 400 | **(7)** | 25% | $160000000 | $2100000 |
| WR Ranch TX BESS 1 | El Paso | TX | ERCOT/North | 120 | 480 | **(7)** | 25% | $185000000 | $2100000 |
| **TOTAL** |  |  |  | **840** | **3360** |  |  |  |  |
| TPL EPE | El Paso | TX | WECC | 25 | 100 | **(7)** | 25% | $55000000 | $875000 |
| X-One Solar Ranch 1 | Mohave | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Dunton Ranch 1 | Mohave | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Aldahra Farm 1 | Maricopa | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Aldahra Farm 2 | Maricopa | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| **TOTAL** |  |  |  | **425** | **1700** |  |  |  |  |
| BL PJM BESS 1 | Smyth | VA | PJM | 50 | 200 | **(7)** | 25% | $90000000 | $1750000 |
| BL PJM BESS 2 | Huntingdon | PA | PJM | 50 | 200 | **(7)** | 25% | $90000000 | $1750000 |
| **TOTAL** |  |  |  | **100** | **400** |  |  |  |  |
| Gibbs Ranch BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| Gibbs Ranch BESS 2 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| TG BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| TG BESS 2 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| Neighbors BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| **TOTAL** |  |  |  | **600** | **2400** |  |  |  |  |
| **TOTAL MWac** |  |  |  | **1965** | **7860** |  |  | $**3165000000** | $**68775000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) At 15% Engineering complete with 30% attainable
 in 45 days. At Project Financing, Engineering will be with third party contractor.

(2) Battery and connection component procurement
 is expected to be 6 to 9 months after funding has been secured

(3) Project Construction is expected to be 2-3
 months, after funding is secured and battery and connection procurement arrives on site.

(4) No Project Financing is currently secured
 for these projects and no milestone will be achieved until financing is secured.

(5) No contractual arrangements have been executed
 with third parties to construct.

(6) No contractual arrangements have been executed
 with customers.

(7) No land lease Letter of Intent (LOI) executed.

(8) Permitting and/or no permit required letter
 is estimated to be complete 90 - 150 days after funding is secured for the project. This includes This includes Jurisdictional Waters
 of U.S. Delineation, Protected Species Habitat Assessment, Cultural Resources Review & Consultation, FAA Filing, Approved Jurisdictional
 Determination Request, Wildlife Agency Consultation, Bird and Wildlife Conservation Strategy, Unanticipated Discovery Plan (UDP),
 Final Interconnection Permit.

(9) The main components of the Estimated cost
 of the Project are (a) 75% Purchased Equipment including but not limited to batteries and electrical interconnections, (b) 17% construction
 costs and labor for system set up, (c) 6% project financing costs and fees and (d) 2% milestone development fees.

(10) We are targeting obtaining financing for
 2 to 3 projects each fiscal year depending on respective project capital needs. Redbird and Wildfire projects are anticipated to
 be the first to be financed given they are closest to a ready to build status. We will be maintaining and moving forward the development
 status of the projects not yet funded by managing the various aspects of the project as required. Funding is initially being sought
 from tier one lenders and alternative financing institutions currently funding renewable energy projects. Funding equity partners are expected to require return on equity investments
of 10 -15% annual rate of return and our tier-one debt facilities are expected to carry 6 – 8% annual interest rates. We have modeled
retaining ownership of the operating projects using the factors presented in the above tables and taking advantage of the energy arbitrage
opportunities in the market. We currently are focusing
 our efforts on the BESS projects for financing and operations and with the current project profile expect to have an 8 to 9 year
 pipeline of existing BESS projects. If for any reason a project is not developed or constructed due to lack of funding we will either
 sell the project in its current development stage, partner with another group on that specific BESS project or close down the project
 if it is no longer seen to be a viable project.

**Emergen Energy LLC Solar Projects:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Solar Projects (1) (2) (3) (4) (5) (6) (10)** | **County** | **State** | **Zone** | **Solar<br> Mwac** | **Site<br> Control** | **Estimated<br> Permitting<br> Complete (8)** | **Estimated <br> Cost of <br> Project (9)** | **Development<br> Fees** |
| Redbird Solar | Fort Bend | TX | ERCOT-Houston | 100 | **(7)** | &nbsp;&nbsp;&nbsp;&nbsp;10% | $125000000 | $3500000 |
| Friendship | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Lady Bird | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Longhorn | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Pecan | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Prickly Pear | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Yellow Rose | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Bright Light | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| TPL EPE Solar | El Paso | TX | WECC | 50 | **(7)** | 10% | $63000000 | $1750000 |
| X-One Solar Ranch 3 | Mohave | AZ | WECC | 75 | **(7)** | 10% | $94000000 | $2625000 |
| X-One Solar Ranch 4 | Mohave | AZ | WECC | 75 | **(7)** | 10% | $94000000 | $2625000 |
| Aldahra Farm 1 Solar | Maricopa | AZ | WECC | 250 | **(7)** | 10% | $315000000 | $8750000 |
| Aldahra Farm 2 Solar | Maricopa | AZ | WECC | 250 | **(7)** | 10% | $315000000 | $8750000 |
| **TOTAL MWac** |  |  |  | **1640** |  |  | $**2056000000** | $**57400000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Minimal Engineering complete with 30% attainable
 in 180 days. At Project Financing, Engineering would be with third party contractor.

(2) Battery and connection component procurement
 is expected to be 6 to 9 months after funding has been secured

(3) Project Construction is expected to be 2-3
 months, after funding is secured and battery and connection procurement arrives on site.

(4) No Project Financing is currently secured
 for these projects and no milestone will be achieved until financing is secured.

(5) No contractual arrangements have been executed
 with third parties to construct.

(6) No contractual arrangements have been executed
 with customers.

(7) No land lease Letter of Intent (LOI) executed.

(8) Permitting and/or no permit required letter
 is estimated to be complete 90 - 150 days after funding is secured for the project. This includes This includes Jurisdictional Waters
 of U.S. Delineation, Protected Species Habitat Assessment, Cultural Resources Review & Consultation, FAA Filing, Approved Jurisdictional
 Determination Request, Wildlife Agency Consultation, Bird and Wildlife Conservation Strategy, Unanticipated Discovery Plan (UDP),
 Final Interconnection Permit.

(9) The main components of the Estimated cost
 of the Project are (a) 60% Purchased Equipment including but not limited to solar panels and electrical interconnections, (b) 32%
 construction costs and labor for system set up, (c) 6% project financing costs and fees and (d) 2% milestone development fees.

(10) We are focusing our project financing efforts
 on our BESS projects. We will be maintaining and moving forward the development status of the Solar projects by managing the various
 aspects of the project as required with minimal capital requirement. If for any reason a project is not developed or constructed
 due to lack of funding we will either sell the project in its current development stage, partner with another group on that specific
 solar project or close down the project if no longer seen to be a viable project.

**Project Management Services Agreement**

At the closing of the acquisition of Emergen, the Company and Emergen entered into a Project Management Services Agreement (the "PMSA") with Energy Independent Partners LLC ("Energy Independent Partners"), an entity owned or controlled by Mr. Johnson. The PMSA was amended on August 24, 2024 and again on April 24, 2025 to clarify the payments of certain fees to Emergen under the PMSA. Pursuant to the terms of the PMSA, Energy Independent Partners is obligated to provide the following project management services in connection with the development and operation of each of the Development Projects (collectively, the "Services"): (i) assist as needed with qualifying the Development Projects for financing; (ii) assist as needed with obtaining all permits required for development of the Development Projects which have sufficient rights to use all necessary real property, and for which the applicable draft interconnection agreement has been received for the Development Projects ("RTB Status"); and (iii) if Emergen foregoes the development of a Development Project, Energy Independent Partners will assist the Company as needed with marketing the Development Project to a third party.

*Payment for Service.* The Company agreed to pay Energy Independent Partners the following fees for providing the Services:

● *BESS Development Fees*. In consideration of the provision of the Services related to the BESS Development Projects, and subject to the terms and conditions herein, during the Term, The Company shall pay EIP the following amounts per BESS Development Project: $0.035 per W for each applicable BESS Development Project, subject to such BESS Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("BESS Development Fees"). Currently, the Company is focusing on developing the BESS projects and the total fees related to all 23 of the BESS projects would be the $0.035 per watt multiplied by the estimated capacity 1.965 GW (1,965,000,000 watts) or approximately $69 million.

● *Solar Development Fees*. In consideration of the provision of the Services related to the Solar Development Projects, and subject to the terms and conditions herein, during the Term, The Company shall pay EIP the following amounts per Solar Development Project: $0.035 per W for each applicable Solar Development Project, subject to such Solar Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("Solar Development Fees"). The Solar projects still in the Emergen portfolio have an estimated capacity of 1.640 GW and would have Solar Development Fees of approximately $57 million if developed.

● If any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then EIP would be due the greater of: (i) any unpaid project's specific BESS Development Fees or Solar Development Fees defined in the PMSA agreement; or (ii) 62.5% of the proceeds less any project specific BESS Development Fees or Solar Development Fees paid previously.

● *Other Development Fees*. For each other renewable energy development asset held by the Company, which are neither BESS Development Projects nor Solar Development Projects, located in the United States in which the Company engages during the term of the PMSA (the "Other Development Projects"), the Company shall pay Energy Independent Partners the higher of either (a) fifty percent (50%) of the gross margin or (b) $0.02 per watt in cash, subject to such Other Development Project achieving RTB Status (the "Other Development Fees").

● *Timing of Payment of Fees* The BESS Development Fees shall be due and payable upon (i) The Company, or any of its Affiliates, receiving project financing directly related to and collateralized by BESS Projects, this specifically excludes any general public or private offerings by the Company not directly related to financing a BESS Project, and (ii) when a BESS Project's financing funding terms is sufficient to pay the project specific Development Fees. EIP will be paid on the same timing as the funding terms. For example: if the terms for development fees are 50% at acceptance, 40% RTB and 10% at COD then EIP will be paid as the project development fees are funded.

For a more detailed description of the PMSA, please see "Project Management Services Agreement" on page 41.

**<u>Project Sale Agreement</u>**

On May 30, 2024, Emergen entered into a Project Sale Agreement ("Agreement") with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. Bridgelink has sold these greenfield projects, along with projects in its own portfolio, to an unrelated third party ("Purchaser") which also executed that agreement on May 30, 2024. The total amount to be received by Emergen for the projects sold to Bridgelink is $19,400,000, provided the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights. Bridgelink retains the option to transfer or return certain or all projects within ten (10) days written notice to Emergen. A deposit from Bridgelink will be received within five business days of the execution of the agreement for $943,500 and Emergen will pay 62.5% ($589,687.50) to Energy Independent Partners LLC, a Delaware limited liability company, ("EIP") in accordance with the Project Management Services Agreement by and between (i) Bimergen Energy; (ii) Emergen; and (iii) EIP and the remaining 37.5% (353,812.50) of the proceeds shall remain with Emergen. The remaining proceeds of $18,456,500 shall be received within five business days of when Bridgelink receives milestone payments from the Purchaser for these projects. This Agreement is still in effect and there have been no changes to the Agreement. The $943,500 deposit was paid to Emergen in June 2024.

In the event that Purchaser, under the purchase agreement decides to transfer any Project along with its interests to Bridgelink or any creditworthy entity designated by Bridgelink ("Returned Project"), Bridgelink shall provide written notice to Emergen within ten (10) business days of receipt of such notice from the Purchaser and Bridgelink shall convey, transfer, assign, deliver, and contribute over certain rights and interests to the Returned Project to Emergen within ten (10) business days of receipt of such Returned Project, unless otherwise agreed upon by Emergen in writing. For clarity, any creditworthy entity designated by Bridgelink shall be confirmed in writing by Emergen. Bridgelink is to receive payment from the Purchaser no later than March 31 of the year following each calendar year end for any milestones that have been achieved during that calendar year. Emergen is to receive payment within five days from Bridgelink receiving payment from the Purchaser. Effective December 31, 2024, Emergen and Bridgelink amended the Agreement to provide that Bridgelink could only return a Project if it has not yet made a milestone payment to Emergen on prior to the seventh (7th) anniversary of the Effective Date of the Agreement. The Purchaser has the right but not the obligation to return any or all of these Greenfield Projects before and after it has made milestone payments. The Purchaser has no economic incentive to return projects that it choses not to move forward on per the agreement nor does the company have any obligation to take these back with any liabilities or refunds of milestone payments. The locations have been identified in the Solar Development Projects even though not secured. The Company would not be able to develop at these locations until accepting the return of the Solar Development Projects.

The Projects sold by Emergen to Bridgelink are in what are termed as "Greenfield Projects." With respect to each Greenfield Project, Emergen will be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $5,000 per megawatt (in alternating current) measured at the Point of Interconnection after such Greenfield Project has secured all necessary land rights as determined in good faith ($12,125,000 for the estimated 2,425 megawatts sold); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $3,000 per megawatt (in alternating current) measured at the Point of Interconnection when the relevant Greenfield Project has achieved ready-to-build (RTB) status as determined in good faith ($7,275,000 for the estimated 2,435 megawatts sold.

There is no specified timeframe for the milestones to be achieved. There is no obligation for the Purchaser to develop any of the purchased projects and if the Purchaser elects to develop any of the projects, the Company does not have the ability to oversee or control the projects. Accordingly, there can be no assurance that the Company will receive any of these fees.

The Company received and recorded as deferred revenue a $943,500 deposit payment from the Project Sale Agreement with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. The total amount to be received by Emergen for the projects sold to Bridgelink is expected to be $19,400,000 unless certain of the projects are returned without development to the payment milestones. We have paid EIP $250,000 during 2024 related to the $943,500 deposit and owe an additional $339,688 currently recorded in due to related party. EIP will be due 62.5% of the proceeds received related to the Project Sale Agreement. If the remaining $18.5 million is received from the ultimate purchaser via Bridgelink we will owe EIP $11.5 million for their portion per the agreement.

**Key Partnerships**

Our key partnerships involve a diverse range of collaborators, including equipment suppliers, utility companies, and direct enterprise-level power purchasers. These partnerships enable us to acquire power for storage and sell it back to utilities or contracted revenue partners, ensuring a flexible and reliable energy supply.

Through partnerships with utility companies, developers, and C&I customers, we provide customized storage solutions tailored to each customer's specific energy needs. Our goal is to offer power at more affordable prices while enabling a cleaner and more efficient energy infrastructure.

Our solutions are designed to help these stakeholders meet their energy demands while contributing to a stronger, more resilient grid—helping the U.S. transition to a more sustainable energy future.

*Equipment Suppliers*

We have engaged in discussions with multiple advanced Tier 1 battery energy storage system (BESS) suppliers under nondisclosure agreements. These potential suppliers are at the forefront of advanced battery technology development and bring several benefits to the table, including a strong emphasis on safety, cost-effectiveness, and a long lifespan for their products. Additionally, many of these suppliers offer product warranties, providing added assurance to our potential customers. While we focus on project development, our BESS suppliers will continue to develop the next generation of advanced battery technology making improvements on efficient power conversion, energy density, thermal management, lifespan, and safety. Based on these existing relationships, we have the ability to install the newest battery technology at the time of all future project developments, reducing obsolescence risk and allowing us to leverage the rapid rate of battery technology development. At this time, no definitive supplier agreements have been executed.

*Utility Suppliers & ISOs* 

We are currently engaged with multiple large utility and transmission companies across major U.S. grids, including ERCOT (Electric Reliability Council of Texas), CAISO (California Independent System Operator), PJM (Pennsylvania-New Jersey-Maryland Interconnection), and WECC (Western Electricity Coordinating Council), all of which are in various stages of the interconnection process. These utilities are well-established players in their respective regions and have decades of experience in energy transmission and infrastructure development. Their extensive networks and deep understanding of regional grid dynamics provide a solid foundation for BESS projects.

Our collaboration with these utilities spans a range of activities, from early-stage feasibility studies and system impact assessments to finalizing interconnection agreements and coordinating with transmission operators for grid integration. These relationships enable us to navigate the complex regulatory and technical requirements associated with large-scale energy storage deployments, ensuring that our projects are aligned with grid reliability standards and regional energy policies.

Moreover, the established presence of these utilities in their service areas helps streamline the permitting and approval process, significantly reducing the time to market. Their experience with both conventional and renewable energy generation, along with familiarity in managing the evolving energy landscape, ensures that our projects are designed to meet the future needs of a dynamic power grid. By working alongside these experienced utilities, we are able to leverage their infrastructure to ensure seamless integration of energy storage systems, enhance grid stability, and maximize the potential of renewable energy resources within the region of the BESS project.

*Energy Sales*

During the Notice to Proceed phase, we would enter into an agreement for sale of energy which grants exclusive rights to all physical and financial products associated with the operation of the BESS Project Facility ("Facility") within the energy market. These rights cover the sale of energy, capacity (if applicable), and ancillary services that the BESS facility is capable of producing, receiving, or delivering at the delivery point during the term of the agreement. The agreement also includes any new products the BESS facility may qualify for in the future, such as new capacity-based products or ancillary services.

The Facility may provide various ancillary services, including primary frequency response, fast frequency response, contingency reserve service, non-spinning reserve service, and regulation services (both up and down). We will be required to make the Facility available to the offtaker within the Facility's physical and operational limitations, as specified in the agreement.

We would also agree to make commercially reasonable efforts to qualify the Facility for any future products, including energy, ancillary services, and capacity products, as long as they align with the Facility's original design specifications. If qualifying the Facility for these new products requires modifications or incurs additional costs, the parties will discuss adjustments to the cost and revenue sharing arrangements.

During the term of these agreements, the offtaker has exclusive rights to bid, charge, and dispatch the Facility, including submitting bids into the ERCOT day-ahead and real-time energy markets, as well as any new markets that may be established. In return, we would guarantee the Facility will meet the operating capabilities outlined in the agreement, ensuring it can deliver the agreed-upon products.

We will use our best efforts to derisk both assets and revenues by contracting with tier one companies and/or requiring the companies to post cash, but the following risk may occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to pay amounts due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● bankruptcy proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to provide certain credit support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to hold necessary licenses or permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● breach of material obligations.

**Project Financing and Investment Tax Credits (ITCs)**

Our company employs a structured project financing approach to fund the development and construction of energy storage projects. This strategy involves securing project-level debt, and in some cases, equity financing, to cover the capital expenditures required for each project. By financing on a per-project basis, we ensure that each initiative remains financially self-sustaining, with risks and returns contained within the specific project. We are in ongoing negotiations with investors to secure the necessary capital, and while no binding agreements have been finalized, we aim to finance multiple projects each fiscal year, based on their capital requirements.

The initial project is expected to require financing of up to $160 million, with financing likely secured against the project's equipment and construction assets. The typical cost structure for an energy storage project includes several major components: (i) Equipment and Materials (75%) – including batteries, electrical interconnections, and other major components; (ii) Construction Costs and Labor (17%) – covering site preparation, installation, and integration of project elements; (iii) Project Financing Costs and Fees (6%) – expenses related to securing capital, including interest, lender fees, and other costs; and (iv) Development Fees (2%) – for project milestones such as permitting, engineering, and pre-construction activities.

For projects not yet fully funded, we will continue advancing their development, managing the necessary steps to maintain project viability and appeal to potential investors. We are targeting reputable lenders and financing institutions with a proven track record in renewable energy and energy storage, with a focus on aligning the financing strategy with our strategic goals and operational strengths.

Additionally, we plan to capitalize on any available tax incentives or credits, such as those provided under recent government legislation. These incentives, such as tax credits for renewable energy projects or for projects located in certain designated areas, can significantly improve the economic feasibility of our projects. These credits can equal up to fifty percent (50%) of the expenditures of the project. We may also explore opportunities to monetize these credits by pre-selling them to third-party investors. Through this structured financing approach, we aim to mitigate financial risks, optimize capital deployment, enhance cash flow, and ensure the successful development and operation of our energy storage projects.

In August 2024, our operating subsidiary Emergen Energy, LLC signed a non-binding term sheet for a tax credit transfer agreement with a leading renewable energy investment firm for Project Redbird, the Company's flagship 100 Megawatt (MW) capacity Battery Energy Storage System ("BESS") project in Fort Bend County, Texas. The investment firm will attempt to arrange for the transfer of up to $80 million of federal investment tax credits (ITCs) derived from Project Redbird from the Company to one or more purchasers pursuant to Internal Revenue Code Section 6418. Project Redbird is anticipated to generate approximately $78 million of investment tax credits based on an up to 50% investment tax credit as the result of the Inflation Reduction Act of 2022 (IRA). The underwriting of the ITCs is conditioned upon sufficient seller and project document diligence and the transfer will be subject to one or more definitive transfer agreements with a prospective buyer or buyers. There can be no assurance that the Company will be successful in finding a purchaser for such credits.

**Market Opportunity and Industry Dynamics**

The U.S. Battery Energy Storage Systems (BESS) market is expanding rapidly, driven by growing demands for grid stability, a rising influx of renewable energy sources, and increased power needs from high-energy sectors such as AI and data centers, which are expected to cause US power demand to double by 2030. Renewable energy, with its intermittent generation challenges, is expected to provide more than one-third of total electricity generation globally by 2025. BESS serves a critical role in balancing power by capturing excess renewable energy during low-demand hours and dispatching it when demand spikes. For this reason, it is estimated that 62 GW of grid-scale BESS projects will come online by 2028. California's experience underscores this trend: according to the California Independent System Operator (CAISO), the state reached 13.391 GW of storage capacity in late 2024, a 30% increase from earlier in the year (World Hydrogen Leaders, 2024)<sup>1</sup>. BESS enables California to mitigate the "duck curve" effect—where midday renewable generation peaks create excess supply, while evening demand surges strain the grid—by storing surplus solar energy and releasing it during peak hours. Similarly, Texas has rapidly expanded its battery storage infrastructure to meet grid needs, saving over $750 million in energy costs during the severe winter freeze of early 2024 by providing backup power during peak demand (Aurora Energy Research, 2024)<sup>2</sup>.

Rising power demands from sectors like AI and data centers are further pressuring the aging U.S. grid and amplifying the importance of BESS. Data centers, in particular, require continuous, high-capacity power well beyond traditional commercial energy loads. Major technology companies, including Google, Microsoft, and Amazon, are increasingly investing in advanced energy solutions such as BESS and nuclear power to reliably meet these demands (Investor's Business Daily, 2024)<sup>3</sup>. BESS offers these firms a stable, on-demand power solution that helps avoid costly grid interruptions and supports around-the-clock operations essential for AI and data-heavy applications (MSN, 2024)<sup>4</sup>. This trend highlights BESS as a valuable tool for not only grid operators but also for high-demand industries that prioritize reliability, especially as the grid faces increasing challenges.

Looking ahead, industry forecasts project strong growth for BESS as the technology becomes indispensable to U.S. grid operations. The U.S. Energy Information Administration (EIA) anticipates national battery storage capacity could exceed 30 GW by the end of 2024, driven by heightened demand for flexible, reliable energy solutions and escalating infrastructure needs (EIA, 2024)<sup>5</sup>. While recent regulatory support has bolstered the industry, current growth is increasingly propelled by market-driven forces. States like Texas, which anticipates adding over 6.4 GW of battery capacity by year's end (Canary Media, 2024)<sup>6</sup>, are utilizing BESS to enhance grid resilience and lower costs in deregulated energy markets (Latitude Media, 2024)<sup>7</sup>. With these drivers in place, BESS is poised to become a fundamental component of the U.S. energy landscape, providing cost-effective solutions for grid operators, utilities, and high-demand sectors to manage dynamic power requirements, stabilize the grid, and address potential energy deficits.

***Our Future Growth Plan***

We are committed to leveraging our renewable energy platform, technology, and leadership to enable growth of the clean energy sector for a sustainable future. Our growth strategy is multi-faceted, focusing on key initiatives designed to achieve a market presence, drive innovation, and deliver long-term value to our shareholders. The Company will rely on management to sequence the BESS projects as project financing permits and taking into account the potential revenue stream related to economic factors in the area where the specific projects are located. Our initial strategy is to develop between 200-500 MWac annually which would take 7 - 8 years to have all current BESS projects operational. All projects are capital dependent resulting in the acceleration of the development portfolio or, alternatively, delays in project timelines if funding is not secured on schedule. The Company and management have determined the Solar projects will have a lesser priority than the BESS projects at this time.

<sup>1</sup> World Hydrogen Leaders, *California's battery storage capacity climbs 30% since April,* https://worldhydrogenleaders.com/californias-battery-storage-capacity-climbs-30-since-april (last visited, Nov. 19, 2024).

<sup>2</sup> Aurora Energy Research*, New Report From Aurora Energy Research Finds that Battery Storage Facilities Saved Texas Grid Over $750 Million During Peak Demand Days in Winter 2024*, (May 23, 2024), https://auroraer.com/media/new-report-from-aurora-energy-research-finds-that-battery-storage-facilities-saved-texas-grid-over-750-million-during-peak-demand-days-in-winter-2024/.

<sup>3</sup> Investor's Business Daily, *Nuclear Company Reports Earnings; 'Moving Ahead' With Amazon Despite Regulatory Decision*, (Nov. 14, 2024), https://www.investors.com/news/nuclear-talen-energy-earnings-regulators-amazon-deal/.

<sup>4</sup> **MSN** – U.S. grid strain and BESS's role in meeting power needs for data centers, 2024. Reuters

<sup>5</sup> U.S. Energy Information Administration (EIA), *U.S. battery storage capacity expected to nearly double in 2024*, (Jan. 9, 2024), https://www.eia.gov/todayinenergy/detail.php?id=61202.

<sup>6</sup> Canary Media, Texas will add more grid batteries than any other state in 2024, (Feb. 26, 2024), https://www.canarymedia.com/articles/energy-storage/texas-will-add-more-grid-batteries-than-any-other-state-in-2024.

<sup>7</sup> Latitude Media, *Why battery storage is key for energy independence in Texas*, (Feb. 16, 2024), https://www.latitudemedia.com/news/why-battery-storage-is-key-for-energy-independence-in-texas.

*Expansion of Battery Energy Storage Systems (BESS)*

We will continue to seek to expand our current development pipeline of approximately 2 gigawatts (GW) of BESS in strategically selected regions of the U.S. in key ISO's. We expect to expand this pipeline to over 5GW over the next 3-5 years. We believe this expansion will enhance grid stability and facilitate the integration of renewable energy sources, addressing the increasing demand for sustainable energy solutions.

*Grid Management Enhancement*

By concentrating on specific areas requiring additional support, we aim to enhance grid management capabilities. We believe this effort will ensure a more reliable and efficient energy distribution network, minimizing disruptions and optimizing energy flow.

*Technological Innovation*

We will actively pursue partnerships and acquisitions of cutting-edge technology solutions. We believe these initiatives will support grid balancing and green energy projects, allowing us to stay at the forefront of technological advancements in the energy sector. Our commitment to innovation is expected to drive the development of new technologies that support sustainable energy infrastructure.

*Expansion of Service Offerings*

We plan to broaden our portfolio of value-add services to meet the diverse needs of our global customer base. Our planned expanded service offerings will include product upgrades, performance analysis, risk management products, and software support. By leveraging data-driven insights from our extensive installation base, we believe these service offerings will provide tailored solutions that enhance operational efficiency and performance assurance for our customers.

*Strategic Partnerships*

Forming strategic alliances with leading technology groups and other investment companies is a cornerstone of our growth strategy. We believe these partnerships will enable us to maximize the output and efficiency of our BESS assets. Collaborative efforts in these partnerships will also facilitate the development and deployment of innovative solutions, enhancing the overall performance of our energy storage systems and driving mutual growth.

*Acquisition of Proven Technologies*

We will continue to seek out and acquire proven technologies that complement our existing offerings. This approach is expected to ensure that we deliver state-of-the-art solutions to our customers, maintaining our competitive edge and reinforcing our commitment to technological excellence. Through these strategic initiatives, we believe we are well-positioned to lead the energy industry's transition to sustainable practices. Our comprehensive growth strategy is designed to drive innovation, achieve market presence, and create long-term value for our stakeholders.

**Recent Developments**

On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation. The reverse split and name change took effect on the OTC Markets on February 7, 2025 and the Company's symbol change to "BESS" took effect on March 3, 2025.

On April 20, 2025 the Company's wholly owned subsidiary, Emergen Energy, LLC, executed a definitive agreement with RelyEZ Energy Group to form a joint venture to develop, construct, and operate up to 2 GW of utility-scale battery-energy-storage projects (2- to 4-hour BESS) in the United States through 2027.

*Capital commitments.* RelyEZ has committed up to $50 million, including an initial $10 million funding within 10 days of closing. The Company will contribute up to $12.5 million on a pro-rata basis after the first $10 million from RelyEZ. All capital and loans will be provided through a joint venture structure known as Grid Span

*Ownership and economics.* Until project refinancing, each project SPV will be owned 80 % by RelyEZ and 20 % by Emergen. After refinancing, the Company may repurchase RelyEZ's interest at cost plus a 12 % annual return.

On August 11, 2025, the Company's wholly-owned subsidiary, Emergen Energy, LLC, executed a letter of agreement (LOA) with Cox Energy Group (operating from Madrid, Spain) to form a joint venture to develop, construct and operate up to 1 GW of utility-scale battery-energy-storage projects in the United States to reach ready-to-build status during calendar years 2025 and 2026.

*Ownership and economics.* Until project refinancing, it is anticipated that each project entity will be owned 75 percent by Cox and 25 percent by Emergen. After refinancing, it is expected that Cox will maintain at least 51% equity ownership.

*Capital commitments.* Cox has agreed to an initial capital commitment of $10 million to fund pre-construction and early-stage construction activities. The Cox JV agreement allows for a total of up to $200 million of equity financing if the parties mutually agree on project-acceptance terms. This capital will serve as the equity component (typically 10 - 20%) required for permanent debt financing.

**Corporate Information**

Our principal executive offices are located at 895 Dove Street, Suite 300, Newport Beach, CA 92660. We occupy this location pursuant to a lease that may be terminated by us on 90 days prior notice. Our registered agent is The Company Corporation, 251 Little Falls Drive, Wilmington, Delaware 19808. Information contained on our website on that can be accessed through our website is not incorporated by reference in this prospectus.

**Summary of Risk Factors**

Investing in our securities involves risks. You should carefully consider the risks described in "Risk Factors" beginning on page 16 before making a decision to invest in our Common Stock. If any of these risks actually occurs, our business, financial condition and results of operations would likely be materially adversely affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. Set forth below is a summary of some of the principal risks we face:

● We have incurred significant net losses since our inception and may not be able to achieve or maintain profitability on an annual basis in the future.

● We depend on certain key personnel.

● We may experience exposure to risks associated with construction, utility interconnection, cost overruns, and delays, including those related to obtaining government permits and other contingencies that may arise in the course of completing equipment installations.

● We may not achieve the intended benefits of our recent acquisition of Emergen Energy LLC, and the acquisition may disrupt our current plans or operations.

● Compromises, interruptions, or shutdowns of our systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations.

● We have acquired, and may in the future acquire, assets, businesses and technologies as part of our business strategy. If we acquire companies or technologies in the future, they could prove difficult to integrate, disrupt our business, dilute stockholder value, and adversely affect our operating results and the value of our common stock.

● Existing electric utility industry policies and regulations, and any subsequent changes, may present technical, regulatory, and economic barriers to the use of energy storage products that may significantly harm our ability to compete.

● An increase in interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a renewable energy system and could reduce the demand for our solutions.

● Changes in tax laws or regulations that are applied adversely to us or our customers could materially adversely affect our business, financial condition, results of operations, and prospects.

● We may incur obligations, liabilities, or costs under environmental, health, and safety laws, which could have an adverse impact on our business, financial condition, and results of operations.

● Our common stock may be considered a "penny stock" and may be difficult to sell.

● Future sales of our common stock in the public market by our existing stockholders, or the perception that such sales might occur, could depress the market price of our common stock.

● Future sales and issuances of our common stock or rights to purchase Common Stock by us, including pursuant to acquisitions, investments, financings or our equity incentive plans, could result in additional dilution of percentage ownership of our stockholders and could cause our stock price to fall.

● Certain provisions of Delaware law could delay or prevent a change of control.

● Because we have no current plans to pay regular cash dividends on our common stock following this offering, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.

● There is a limited market for our common stock.

● Our reporting obligations as a public company are costly.

● Future changes in financial accounting standards or practices may cause adverse unexpected financial reporting fluctuations and affect reported results of operations.

● Certain of our executive officers also serve as executive officers in other companies and such other positions may create conflicts of interest in the future.

● If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud and our business may be harmed and our stock price may be adversely impacted.

● Our financial controls and procedures may not be sufficient to ensure timely and reliable reporting of financial information, which, as a public company, could materially harm our stock price.

● Our common stock is subject to price volatility unrelated to our operations.

● A large, active trading market for our securities may not develop and the trading price for our securities may fluctuate significantly.

● Our stock price may be volatile as the initial public offering price of common stock in certain recent small-cap and micro-cap initial public offerings have experienced substantially higher volatility in a very short period of time following such offerings, with the market price of our Common Stock potentially subject to similar volatility and wide fluctuations.

● Our failure to obtain the listing of our common stock on a national securities exchange could seriously harm the liquidity of our stock and our ability to raise capital, potentially making it more difficult for our stockholders to sell their securities.

● The trading price of the common stock is likely to be volatile, which could result in substantial losses to investors.

● If we are not able to comply with the applicable continued listing requirements or standards of the The NYSE American ("NYSE"), NYSE could delist our securities.

● If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for the common stock and trading volume could decline.

● Our management will have broad discretion over the use of any net proceeds from this offering and you may not agree with how we use the proceeds, and the proceeds may not be invested successfully.

● Holders of the Pre-Funded Warrants will have no rights as shareholders until such holders exercise their Pre-Funded Warrants and acquire our common stock.

● Our certificate of incorporation contains anti-takeover provisions that could materially adversely affect the rights of holders of our common stock.

**THE OFFERING**

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| | |
|:---|:---|
| Common Stock offered by us | 2,000,000 shares of our common stock, par value $0.001 per share (or "Common Stock") (and up to 300,000 shares if the underwriter exercises its option to purchase additional shares of common stock in full). See "Capitalization". |

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| | |
|:---|:---|
| Pre-Funded Warrants offered by us | Pre-Funded Warrants to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Common Stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Pre-Funded Warrants to purchase Common Stock if the underwriter exercises its option to purchase such additional Pre-Funded Warrants in full). Each Pre-Funded warrant will have an exercise price of $0.0001 per share, is exercisable commencing on the date of issuance and will expire five years from the date thereof. The terms of the Pre-Funded Warrants will be governed by a warrant agent agreement, dated as of the closing date of this offering, that we expect to be entered into among us and Legacy Stock Transfer & Trust Company LLC, or the Warrant Agent. This prospectus also relates to the offering of the shares of common stock issuable upon exercise of the Pre-Funded Warrants. For additional information regarding the Pre-Funded Warrants, see "Description of Securities We Are Offering." |
|  | The Common Stock and Pre-Funded Warrants will be separately issued. |
| Common Stock outstanding immediately prior to this offering | 3,857,906 shares |
| Common Stock outstanding immediately after this offering | 5,857,906 shares (or 6,157,906 shares if the underwriter(s) exercise their option to purchase additional shares common stock in full). |
| Over-allotment Option | We have granted to the underwriter(s) an option, which is exercisable within 45 days from the date of this prospectus, to purchase up to an additional 300,000 shares of Common Stock at an assumed price of $6.00 per share or up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Funded Warrants at an assumed price of US$5.9999 per Pre-Funded Warrant to cover over-allotments. |
| Use of proceeds | We expect to receive net proceeds of approximately $10.6 million from this offering, based on an assumed public offering price of $6.00 per share (or approximately $12.3 million if the underwriter(s) exercise their option to purchase additional shares of Common Stock and Pre-Funded Warrants in full), after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use proceeds for BESS Project Asset Development, Development of BESS Projects, & Working Capital. See "Use of Proceeds" |

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|:---|:---|
| Proposed NYSE trading symbol | We have applied for listing of our common stock on The NYSE American ("NYSE") under the symbol "BESS," subject to official notice of issuance, and we expect that our common stock will begin trading on NYSE immediately following the completion of this offering. We believe that upon the completion of this offering, we will meet the standards for listing on NYSE, and the closing of this offering is contingent upon such listing. Our common stock is currently listed on the OTC Markets under the symbol "BESS." There can be no assurance that this offering will be completed, or as to the terms of this offering. |
| Risk factors | See "Risk Factors" and other information included in this prospectus for discussions of the risks relating to investing in our securities. You should carefully consider these risks before deciding to invest in our securities. |

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The number of shares of common stock to be outstanding after this offering is based on 3,857,906 shares of common stock outstanding as of June 30, 2025; and 2,000,000 common shares issuable in this offering; and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock issuable upon the exercise of the Pre-Funded Warrants offered hereby; and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,414,286 shares of common stock issuable upon the exercise of outstanding options with an average exercise price $4.53 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100,000 shares of common stock issuable upon exercise of warrants to be issued to the underwriter in connection with this offering, which have an exercise price of $7.50 per share.

Unless otherwise stated, all information in this prospectus assumes no exercise of the underwriter's option to purchase additional securities and no sale of any Pre-Funded Warrants in this offering.

**SELECTED FINANCIAL DATA**

The following tables set forth selected historical statements of operations and balance sheet data for the fiscal years ended December 31, 2024 and 2023, and for the six months ended June 30, 2025 and 2024, which have been derived from our audited financial statements for those periods. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Six Months ended<br> June 30, | For the Six Months ended<br> June 30, | For the Year Ended<br> December 31, | For the Year Ended<br> December 31, |
|  | 2025 | 2024 | 2024 | 2023 |
|  | (UNAUDITED) | (UNAUDITED) | | |
| **Statement of Operation Data:** |  |  |  |  |
| Revenue |  |  |  |  |
| Cost of Revenue |  |  |  |  |
| Gross Profit |  |  |  |  |
| General And Administrative | 1673106 | 1136735 | 2758731 | 927726 |
| Benefit (Provision) For Income Taxes |  |  |  |  |
| Net Loss | 1679053 | (1136407) | (2757687) | (920418) |
| Basic And Diluted Loss Per Share | (0.33) | (0.28) | (0.54) | (0.20) |
| Weighted Average Shares | 5094472 | 4075975 | 5144443 | 4603066 |

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| | | |
|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 |
|  | (Actual) | (Pro forma)(1) |
| **Balance Sheet data:** |  |  |
| Current Assets | 934269 | 11534269 |
| Total Assets | 23156469 | 33756469 |
| Total Liabilities | 2621818 | 2621819 |
| Total Shareholders' Equity | 20534650 | 31134650 |

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(1) The pro forma column gives effect to reflect the receipt of approximately $10.6 million of net proceeds from this offering after underwriting discounts and fees and estimated offering expenses, and issuance of 2,000,000 shares of our Common Stock and Pre-Funded Warrants to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Common Stock (assuming no exercise of the over-allotment option).

**RISK FACTORS**

*An investment in our common stock involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected, which could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. The risks described below and in the documents referenced above are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our securities if you can bear the risk of loss of your entire investment.*

***As a result of the shutdown of the federal government, we have determined to rely on Section 8(a) of the Securities Act to cause the registration statement of which this prospectus forms a part to become effective automatically. Our reliance on Section 8(a) could result in a number of adverse consequences, including the potential for a need for us to file a post-effective amendment and distribute an updated prospectus to investors, or a stop order issued preventing use of the registration statement, and a corresponding stock price decline, litigation, reputational harm or other negative results.***

The registration statement of which this prospectus forms a part is expected to become automatically effective by operation of Section 8(a) of the Securities Act on the 20th calendar day after the dated is filed with the Commission, in lieu of the Commission declaring the registration statement effective following the completion of its review. Although our reliance on Section 8(a) does not relieve us and other parties from the responsibility for the adequacy and accuracy of the disclosure set forth in the registration statement and for ensuring that the registration statement complies with applicable requirements, use of Section 8(a) poses a risk that, after the date of this prospectus, we may be required to file a post-effective amendment to the registration statement and distribute an updated prospectus to investors, or otherwise abandon this offering, if changes to the information in this prospectus are required, or if a stop order under Section 8(d) of the Securities Act prevents continued use of the registration statement.

Based upon our correspondence with the Commission, in which we were advised we could request effectiveness of this registration statement, we believe this risk is minimal. However, these or similar events could cause the trading price of our common stock to decline, result in securities class action or other litigation, and subject us to significant monetary damages, reputational harm and other negative results.

**Risks Related to Our Company and Business**

***Our financial statements contain a going concern opinion.***

The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We generated accumulated losses of approximately $4.8 million from January 2021 through December 31, 2024 and may not have sufficient working capital and cash flows to support operations. These factors raise substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from this uncertainty.

***We have incurred significant net losses since our inception and may not be able to achieve or maintain profitability on an annual basis in the future.***

We have incurred significant net losses since our inception. For the years ended December 31, 2024 and 2023, we incurred net losses of approximately $2.8 million and $0.9 million, respectively, and had accumulated losses of approximately $4.8 million through December 31, 2024. We cannot predict if we will achieve or maintain annual profitability in the near future or at all. The expected growth due to the recent change in our revenue model may not be sustainable or may decrease, and we may not generate sufficient revenue to achieve or maintain annual profitability. Our ability to achieve and maintain annual profitability depends on a number of factors, including our ability to attract and service customers on a profitable basis and the growth of the renewable energy industry. If we are unable to achieve or maintain annual profitability, we may not be able to execute our business plan, our prospects may be harmed, and our stock price could be materially and adversely affected.

***We depend on certain key personnel.***

Our future success is dependent on the efforts of key management personnel, particularly Benjamin Tran, our Executive Chairman, Cole Johnson, our Co-CEO and President, Robert J. Brilon, our Co-CEO and Chief Financial Officer. The loss of one or more of our other key employees could also have a material adverse effect on our business, financial condition, and results of operations.

We also believe that our future success will be largely dependent on our ability to attract and retain highly qualified management, sales, and marketing personnel. We cannot assure investors that we will be able to attract and retain such personnel and our inability to retain such personnel or to train them rapidly enough to meet our expanding needs could cause a decrease in the overall quality and efficiency of our staff, which could have a material adverse effect on our business, financial condition, and results of operations.

***We may experience exposure to risks associated with construction, utility interconnection, cost overruns, and delays, including those related to obtaining government permits and other contingencies that may arise in the course of completing equipment installations.***

Although we generally are not regulated as a utility, federal, state, and local government statutes and regulations concerning electricity heavily influence the market for our product and services. These statutes and regulations often relate to electricity pricing, net metering, incentives, taxation, and the rules surrounding the interconnection of customer-owned electricity generation for specific technologies. In the U.S., governments frequently modify these statutes and regulations. Governments, often acting through state utility or public service commissions, change and adopt different requirements for utilities and rates for commercial customers on a regular basis. Changes, or in some cases a lack of change, in any of the laws, regulations, ordinances, or other rules that apply to customer installations and new technology could make it more costly for our customers to install and operate our energy storage products on particular sites, and in turn could negatively affect our ability to deliver cost savings to customers for the purchase of electricity.

The installation and operation of our energy storage products at a particular site are also generally subject to oversight and regulation in accordance with national, state, and local laws and ordinances relating to building codes, safety, environmental protection, and related matters, and may require obtaining and keeping in good standing various local and other governmental approvals and permits, including environmental approvals and permits, that vary by jurisdiction. In some cases, these approvals and permits require periodic renewal. It is difficult and costly to track the requirements of every individual authority having jurisdiction over energy storage product installations, to design our energy storage products to comply with these varying standards, and for our customers to obtain all applicable approvals and permits. We cannot predict whether or when all permits required for a given customer's project will be granted or whether the conditions associated with the permits will be achievable. The denial of a permit or utility connection essential to a project or the imposition of impractical conditions would impair our customer's ability to develop the project. In addition, we cannot predict whether the permitting process will be lengthened due to complexities and appeals. Delay in the review and permitting process for a project can impair or delay our customers' abilities to develop that project or increase the cost so substantially that the project is no longer attractive to our customers. Furthermore, unforeseen delays in the review and permitting process could delay the timing of the installation of our energy storage products and could therefore adversely affect the timing of the recognition of revenue related to hardware acceptance by our customer, which could adversely affect our operating results in a particular period.

The production and installation of our energy storage products also involves the incurrence of various project costs and can entail project modifications. We have policies and procedures regarding the approval of project costs and modifications. In connection with our limited operating history and our recent acquisition of development projects, we may in the future experience incurrence of project costs without proper documentation or adhering to our policies and procedures. We have implemented additional training on our policies and procedures in this regard. In addition, disagreements with our customers and suppliers have arisen and may in the future arise with respect to project schedules, work and modifications, which can result in the need to find different suppliers, loss of future business, additional costs to us and not realizing the anticipated profit from the project.

In addition, the successful installation of our energy storage products is dependent upon the availability of and timely connection to the local electric grid. Our customers may be unable to obtain the required consent and authorization of local utilities to ensure successful interconnection to energy grids to enable the successful discharge of renewable energy. Any delays in our customers' ability to connect with utilities, delays in the performance of installation-related services, or poor performance of installation-related services will have an adverse effect on our results and could cause operating results to vary materially from period to period.

***We may not achieve the intended benefits of our recent acquisition of Emergen Energy LLC and the acquisition may disrupt our current plans or operations.***

On April 24, 2024, we acquired Emergen Energy LLC. We may not be able to successfully integrate Emergen's business and rights to develop renewable energy projects or otherwise realize the expected benefits of the transaction, including anticipated annual operating cost and capital synergies to the extent currently anticipated, or at all. To realize these anticipated benefits, our business and Emergen's business must be successfully combined, which is subject to our ability to consolidate operations, corporate cultures and systems and our ability to eliminate redundancies and costs. Difficulties in integrating Emergen's rights into our operations may result in the combined company performing differently than expected, in operational challenges or in the failure to realize anticipated synergies and efficiencies in the expected time frame or at all. The integration of the two companies may result in material challenges, including the diversion of management's attention from ongoing business concerns; retaining key management and other employees; retaining existing business and operational relationships, including customers and other counterparties, and attracting new business and operational relationships; the possibility of faulty assumptions underlying expectations regarding the integration process and associated expenses; consolidating corporate and administrative infrastructures and eliminating duplicative operations; coordinating geographically separate organizations; difficulties in the assimilation of employees and corporate cultures; unanticipated issues in integrating information technology, communications and other systems; as well as unforeseen expenses or delays associated with the acquisition. If we are not successful in integrating the project development rights we acquired from Emergen or otherwise fail to realize the expected operating efficiencies, cost savings and other benefits currently anticipated from the acquisition of Emergen's rights, our results of operations, cash flows and financial condition may be materially adversely affected.

***The reduction or elimination of Investment Tax Credits ("ITCs") related to renewable energy solutions could adversely affect our business and reduce the demand for our technologies.***

Our business model and financial performance are significantly dependent on the availability of ITCs. A reduction in the availability of ITCs, whether due to changes in federal, state, or local government regulations, will likely reduce the demand for Battery Energy Storage System (BESS) and solar energy solutions in general, which would have a material and adverse impact on our business, financial condition, and results of operation, and cash flow. As a result, we could face less sales opportunities, and our results of operations, cash flows and financial condition would likely be materially adversely affected.

***If we fail to manage our recent and future growth effectively, we may be unable to execute our business plan, maintain high levels of customer service, or adequately address competitive challenges.***

We have experienced significant growth related to our acquisition of BESS and solar development projects in recent periods. We intend to develop and operate in the energy market segment. This growth has placed some, and any future growth may place significant, strain on our management, operational, and financial infrastructure. In particular, we will be required to expand, train, and manage our growing employee base and scale and otherwise improve our IT infrastructure in tandem with headcount growth. Our management will also be required to maintain and expand our relationships with customers, suppliers, channel partners, and other third parties and attract new customers and suppliers, as well as manage multiple geographic locations. Our current and planned operations, personnel, IT, and other systems and procedures might be inadequate to support our future growth and may require us to make additional unanticipated investment in our infrastructure. Our success and ability to further scale our business will depend, in part, on our ability to manage these changes in a cost-effective and efficient manner. If we cannot manage our growth, we may be unable to take advantage of market opportunities, execute our business strategies, or respond to competitive pressures. This could also result in declines in quality or customer satisfaction, increased costs, difficulties in introducing new offerings, or other operational difficulties. Any failure to effectively manage growth could adversely impact our business and reputation.

***Our growth depends in part on the success of our relationships with third parties.***

We expect to rely on third-party general contractors to install energy storage products at our sites. We currently have identified a limited number of general contractors who are capable of installing BESS systems, which may impact our ability to facilitate installations as planned. Our future work with contractors or their subcontractors may have the effect of our being required to comply with additional rules, working conditions, site remediation, and other union requirements, which could add costs and complexity to an installation project. The timeliness, thoroughness, and quality of the installation-related services performed by general contractors and their subcontractors may not meet our expectations and standards, and it may be difficult to find and train third-party general contractors that meet our standards at a competitive cost.

***Compromises, interruptions, or shutdowns of our systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations.***

From time to time, our systems require modifications and updates, including by adding new hardware, software, and applications; maintaining, updating, or replacing legacy programs; and integrating new service providers and adding enhanced or new functionality. Although we are actively selecting systems and vendors and implementing procedures to enable us to maintain the integrity of our systems when we modify them, there are inherent risks associated with modifying or replacing systems, and with new or changed relationships, including accurately capturing and maintaining data, realizing the expected benefit of the change, and managing the potential disruption of the operation of the systems as the changes are implemented. Potential issues associated with implementation of these technology initiatives could reduce the efficiency of our operations in the short term. The efficient operation and successful growth of our business depends upon our information technology systems. The failure of our information technology systems and the third-party systems we rely on to perform as designed, or our failure to implement and operate them effectively, could disrupt our business or subject us to liability and thereby have a material adverse effect on our business, financial condition, results of operations, and prospects.

 ****

***Our property and business interruption insurance coverage is limited and may not compensate us fully for losses that may occur as a result of a disruption to our business.***

Our property and business interruption insurance coverage is limited and is subject to deductibles and coverage limits. In the event that we experience a disruption to our business, our insurance coverage may not compensate us fully for losses that may occur. Any damage or failure that causes interruptions to our business could have a material adverse effect on our business, financial condition, and results of operations.

***Our business activities may be subject to the U.S. Foreign Corrupt Practices Act, or the FCPA, and similar anti-bribery and anti-corruption laws of other countries in which we operate, as well as U.S. and certain foreign export controls, trade sanctions, and import laws and regulations. Compliance with these legal requirements could limit our ability to compete in foreign markets and subject us to liability if we violate them.***

If we expand our operations outside of the United States, we must dedicate additional resources to comply with numerous laws and regulations in each jurisdiction in which we plan to operate. Our business activities may be subject to the FCPA and similar anti-bribery or anti-corruption laws, regulations or rules of other countries in which we operate. The FCPA generally prohibits companies and their employees and third party intermediaries from offering, promising, giving or authorizing the provision of anything of value, either directly or indirectly, to a non-U.S. government official in order to influence official action or otherwise obtain or retain business. The FCPA also requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. Our business is heavily regulated and therefore involves significant interaction with public officials, including officials of non-U.S. governments. Additionally, in many other countries, hospitals owned and operated by the government, and doctors and other hospital employees would be considered foreign officials under the FCPA. Recently the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) have increased their FCPA enforcement activities with respect to biotechnology and pharmaceutical companies. There is no certainty that all of our employees, agents or contractors, or those of our affiliates, will comply with all applicable laws and regulations, particularly given the high level of complexity of these laws. Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers or our employees, disgorgement, and other sanctions and remedial measures, and prohibitions on the conduct of our business. Any such violations could include prohibitions on our ability to offer our services in one or more countries and could materially damage our reputation, our brand, our international activities, our ability to attract and retain employees and our business, prospects, operating results and financial condition.

***We have acquired, and may in the future acquire, assets, businesses and technologies as part of our business strategy. If we acquire companies or technologies in the future, they could prove difficult to integrate, disrupt our business, dilute stockholder value, and adversely affect our operating results and the value of our common stock.***

As part of our business strategy, we may acquire, enter into joint ventures with, or make investments in complementary or synergistic companies, services, and technologies in the future. Acquisitions and investments involve numerous risks, including without limitation:

● difficulties in identifying and acquiring products, technologies, proprietary rights or businesses that will help our business;

● difficulties in integrating operations, technologies, services, and personnel;

● diversion of financial and managerial resources from existing operations;

● the risk of entering new development activities and markets in which we have little to no experience;

● risks related to the assumption of known and unknown liabilities;

● risks related to our ability to raise sufficient capital to fund additional operating activities; and

● the issuance of our securities as partial or full payment for any acquisitions and investments could result in material dilution to our existing stockholders.

If we fail to integrate any acquired business into our operations, or if we fail to properly evaluate acquisitions or investments, we may not achieve the anticipated benefits of any such acquisitions, we may incur costs in excess of what we anticipate, and management resources and attention may be diverted from other necessary or valuable activities.

***Any acquisitions we make could disrupt our business and seriously harm our financial condition.***

We have in the past made (and may, from time to time, consider) acquisitions of complementary companies, products or technologies. Acquisitions involve numerous risks, including difficulties in the assimilation of the acquired businesses, the diversion of our management's attention from other business concerns and potential adverse effects on existing business relationships. In addition, any acquisitions could involve the incurrence of substantial additional indebtedness. We cannot assure you that we will be able to successfully integrate any acquisitions that we pursue or that such acquisitions will perform as planned or prove to be beneficial to our operations and cash flow. Any such failure could seriously harm our business, financial condition and results of operations.

***Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited, which could potentially result in increased tax liabilities to us in the future.***

In prior years, we have suffered losses, for tax and financial statement purposes that generated federal and state net operating loss carryforwards. As of December 31, 2024, we had approximately $2.8 million of federal and $2.8 million of state net operating loss carryforwards, which we believe could offset otherwise taxable income in the United States and California. Although these net operating loss carryforwards may be used against taxable income in future periods, we will not receive any tax benefits from the losses we incurred unless, and only to the extent that, we have taxable income during the period prior to their expiration. In addition, our ability to use the net operating loss carryforwards would be severely limited in the event we complete a transaction that results in an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended.

***Existing electric utility industry policies and regulations, and any subsequent changes, may present technical, regulatory, and economic barriers to the use of energy storage products that may significantly harm our ability to compete.***

Federal, state, local, and foreign government regulations and policies concerning the broader electric utility industry, as well as internal policies and regulations promulgated by electric utilities and organized electric markets with respect to fees, practices, and rate design, heavily influence the market for electricity generation products and services. These regulations and policies often affect electricity pricing and the interconnection of generation facilities, and can be subject to frequent modifications by governments, regulatory bodies, utilities, and market operators. For example, changes in fee structures, electricity pricing structures, and system permitting, interconnection, and operating requirements can deter purchases of renewable energy products by reducing anticipated revenues or increasing costs or regulatory burdens for would-be system purchasers. The resulting reductions in demand for energy products could harm our business, prospects, financial condition, and results of operations.

A significant development in renewable-energy pricing policies in the U.S. occurred on July 16, 2020, when the Federal Energy Regulatory Commission ("FERC") issued a final rule amending regulations that implement the Public Utility Regulatory Policies Act ("PURPA"). Among other requirements, PURPA mandates that electric utilities buy the output of certain renewable generators below established capacity thresholds. PURPA also requires that such sales occur at a utility's "avoided cost" rate. FERC's PURPA reforms include modifications (1) to how regulators and electric utilities may establish avoided cost rates for new contracts; (2) that reduce from 20 MW to 5 MW the capacity threshold above which a renewable-energy qualifying facility is rebuttably presumed to have nondiscriminatory market access, thereby removing the requirement for utilities to purchase its output; (3) that require regulators to establish criteria for determining when an electric utility incurs a legally enforceable obligation to purchase from a PURPA facility; and (4) that reduce barriers for third parties to challenge PURPA eligibility. The net effect of these changes is uncertain, as FERC's final rules do not become effective until 120 days after publication in the Federal Register, and some changes will not become fully effective until states and other jurisdictions implement the new authorities provided by FERC. In general, however, FERC's PURPA reforms have the potential to reduce prices for the output from certain new renewable generation projects while also narrowing the scope of PURPA eligibility for new projects. These effects could reduce demand for PURPA-eligible battery energy storage products and could harm our business, prospects, financial condition, and results of operations.

Changes in other current laws or regulations applicable to us or the imposition of new laws, regulations, or policies in the U.S., Europe, or other jurisdictions in which we do business could have a material adverse effect on our business, financial condition, and results of operations. Any changes to government, utility, or electric market regulations or policies that favor electric utilities or other market participants could reduce the competitiveness of battery energy storage and adversely impact our growth.

***An increase in interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a renewable energy system and could reduce the demand for our solutions.***

We depend on financing to fund the initial capital expenditure required to purchase products and services. As a result, an increase in interest rates or a reduction in the supply of project debt or tax equity financing could reduce the number of customer projects that receive financing or otherwise make it difficult for our customers or their customers to secure the financing necessary to construct a renewable energy system on favorable terms, or at all, and thus lower demand for our products, which could limit our growth or reduce our net sales. In addition, we believe that a significant percentage of end-users construct renewable energy systems as an investment, funding a significant portion of the initial capital expenditure with financing from third parties. An increase in interest rates could lower an investor's return on investment, increase equity requirements, or make alternative investments more attractive relative to our services and, in each case, could cause these end users to seek alternative investments.

***Changes in tax laws or regulations that are applied adversely to us or our customers could materially adversely affect our business, financial condition, results of operations, and prospects.***

Changes in corporate tax rates, tax incentives for renewable energy projects, the realization of net deferred tax assets relating to our U.S. operations, the taxation of foreign earnings, and the deductibility of expenses under future tax reform legislation could have a material impact on the value of our deferred tax assets, could result in significant one-time charges in the current or future taxable years, and could increase our future U.S. tax expense, which could have a material adverse effect on our business, financial condition, results of operations, and prospects.

Governmental agencies in the jurisdictions in which we and our affiliates do business, as well as the Organization for Economic Cooperation and Development (the "OECD"), have recently focused on issues related to the taxation of multinational business, including issues relating to "base erosion and profit shifting," where profits are reported as earned for tax purposes in relatively low-tax jurisdictions or payments are made between affiliates in jurisdictions with different tax rates. The OECD has released several components of its comprehensive plan to create an agreed set of international rules for addressing base erosion and profit shifting, and governmental authorities from various jurisdictions (including the United States) continue to discuss potential legislation and other reforms, including proposals for global minimum tax rates.

As we operate in numerous jurisdictions, the application of tax laws can be subject to diverging and sometimes conflicting interpretations by tax authorities of these jurisdictions. It is not uncommon for taxing authorities in different countries to have conflicting views, for instance with respect to whether a permanent establishment exists in a particular jurisdiction, the manner in which an arm's length standard is applied for transfer pricing purposes, or with respect to the valuations of intellectual property. For example, if a taxing authority in one country where we operate were to reallocate income from another country where we operate, and if the taxing authority in the second country did not agree with the reallocation asserted by the first country, then we could be subject to tax on the same income in both countries, resulting in double taxation. If taxing authorities were to allocate income to a higher tax jurisdiction, subject our income to double taxation or assess interest and penalties, our tax liabilities could increase, which could adversely affect our business, financial condition, and results of operations.

Due to the potential for changes to tax laws and regulations or changes to the interpretation thereof (including regulations and interpretations pertaining to recent and proposed potential tax reforms in the United States), the ambiguity of tax laws and regulations, the subjectivity of factual interpretations, the complexity of our intercompany arrangements, uncertainties regarding the geographic mix of earnings in any particular period, and other factors, our estimates of effective tax rate and income tax assets and liabilities may be incorrect and our financial statements could be adversely affected, and the resulting impacts may vary substantially from period to period.

In particular, in the United States, there have been multiple significant changes recently proposed (including by the Biden administration and by members of Congress) to the taxation of business entities, including, among other things, an increase in the U.S. federal corporate income tax rate, a transition to graduated rates, an increase in the tax rate applicable to global intangible low-taxed income and elimination of certain exemptions, and various other changes to the U.S. international tax regime. These and other proposals are currently being discussed, but the likelihood of these changes being enacted or implemented is not yet clear. We are currently unable to predict whether such changes will occur and, if so, when they would be effective or the ultimate impact on us or our business. To the extent that such changes have a negative impact on us or our business, these changes may materially and adversely impact our business, financial condition, and results of operations.

In addition, the amounts of taxes we pay are subject to current or future audits by taxing authorities in the United States and all other jurisdictions in which we operate. If audits result in additional payments or assessments different from our reserves, our future results may include unfavorable adjustments to our tax liabilities, and our financial statements could be adversely affected.

***We may incur obligations, liabilities, or costs under environmental, health, and safety laws, which could have an adverse impact on our business, financial condition, and results of operations.***

We are required to comply with national, state, local, and foreign laws and regulations regarding the protection of the environment, health, and safety. We may incur expenses, or be subject to liability, related to the transportation, storage, or disposal of lithium-ion batteries. Adoption of more stringent laws and regulations in the future could require us to incur substantial costs to come into compliance with these laws and regulations. In addition, violations of, or liabilities under, these laws and regulations may result in restrictions being imposed on our operating activities or in our being subject to adverse publicity, substantial fines, penalties, criminal proceedings, third-party property damage or personal injury claims, cleanup costs, or other costs. Liability under these laws and regulations can be imposed on a joint and several basis and without regard to fault or the legality of the activities giving rise to the claim. In addition, future developments such as more aggressive enforcement policies or the discovery of presently unknown environmental conditions may require expenditures that could have an adverse effect on our business, financial condition, and results of operations.

***Severe weather events, including the effects of climate change, are inherently unpredictable and may have a material adverse effect on our financial results and financial condition.***

Our business, including our customers and suppliers, may be exposed to severe weather events and natural disasters, such as tornadoes, tsunamis, tropical storms (including hurricanes), earthquakes, windstorms, hailstorms, severe thunderstorms, wildfires, and other fires, which could cause operating results to vary significantly from one period to the next. We may incur losses in our business in excess of: (1) those experienced in prior years, (2) the average expected level used in pricing, or (3) current insurance coverage limits. The incidence and severity of severe weather conditions and other natural disasters are inherently unpredictable. Climate change may affect the occurrence of certain natural events, such as an increase in the frequency or severity of wind and thunderstorm events, and tornado or hailstorm events due to increased convection in the atmosphere; more frequent wildfires and subsequent landslides in certain geographies; higher incidence of deluge flooding; and the potential for an increase in severity of the hurricane events due to higher sea surface temperatures. Additionally, climate change may adversely impact the demand, price, and availability of insurance. Due to significant variability associated with future changing climate conditions, we are unable to predict the impact climate change will have on our business.

**Risk Related to Ownership of Our Securities**

***Our common stock may be considered a "penny stock" and may be difficult to sell.***

The Commission has adopted regulations which generally define "penny stock" to be an equity security that has a market price of less than $5.00 per share or an exercise price of less than $5.00 per share, subject to specific exemptions. Historically, the price of our common stock has fluctuated greatly. If, the market price of the common stock is less than $5.00 per share and the common stock does not fall within any exemption, it therefore may be designated as a "penny stock" according to SEC rules. The "penny stock" rules impose additional sales practice requirements on broker-dealers who sell securities to persons other than established customers and accredited investors (generally those with assets in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 together with their spouse). For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of securities and have received the purchaser's written consent to the transaction before the purchase. Additionally, for any transaction involving a penny stock, unless exempt, the broker-dealer must deliver, before the transaction, a disclosure schedule prescribed by the SEC relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative and current quotations for the securities. Finally, monthly statements must be sent disclosing recent price information on the limited market in penny stocks. These additional burdens imposed on broker-dealers may restrict the ability or decrease the willingness of broker-dealers to sell our common shares, and may result in decreased liquidity for our common shares and increased transaction costs for sales and purchases of our common shares as compared to other securities.

***We may not be able to access the equity or credit markets.***

We face the risk that we may not be able to access various capital sources, including investors, lenders, or suppliers. Failure to access the equity or credit markets from any of these sources could have a material adverse effect on our business, financial condition, results of operations, and future prospects.

***Future sales of our common stock in the public market by our existing stockholders, or the perception that such sales might occur, could depress the market price of our common stock.***

The market price of our common stock could decline as a result of the sales of a large number of shares of our common stock in the market by the selling stockholders, and even the perception that these sales could occur may depress the market price of our common stock.

***Future sales and issuances of our common stock or rights to purchase common stock by us, including pursuant to acquisitions, investments, financings or our equity incentive plans, could result in additional dilution of percentage ownership of our stockholders and could cause our stock price to fall.***

We intend to issue additional securities pursuant to our equity incentive plans and may issue equity or convertible securities in the future in connection with acquisitions, investments and/or additional financings. To the extent we do so, our stockholders may experience substantial dilution. We may sell common stock, convertible securities, or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible securities, or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales and new investors could gain rights superior to our existing stockholders.

**Risks related to the Offering and Ownership of our Common Stock**

***Certain provisions of Delaware law could delay or prevent a change of control.***

Certain provisions of Delaware law may have an antitakeover effect and may delay, defer, or prevent a merger, acquisition, tender offer, takeover attempt, or other change of control transaction that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. These provisions provide for, among other things:

● the
 ability of our board of directors to issue one or more series of preferred stock;

● advance
 notice for nominations of directors by stockholders and for stockholders to include matters to be considered at our annual meetings;

● certain
 limitations on convening special stockholder meetings; and

● prohibit
 cumulative voting in the election of directors.

These antitakeover provisions could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many of our stockholders. As a result, our stockholders may be limited in their ability to obtain a premium for their shares.

***Our governing documents designate certain courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.***

Our amended and restated bylaws provide, unless we consent in writing to the selection of an alternative forum, that a state court with appropriate jurisdiction, or if a state court does not have jurisdiction, then a federal court located within the State of Delaware shall be the sole and exclusive forum for (i) any derivative claim or cause of action brought on our behalf, including those arising under the Securities Act or Securities Exchange Act; (ii) any claim or cause of action for breach of fiduciary duty owed by any of our current or former directors, officers or other employees, agents or stockholders to us or to our stockholders; (iii) any claim or cause of action against us or any of our current or former directors, officers or other employees, arising out of or pursuant to any provision of the Delaware General Corporation Law ("DGCL"), our amended and restated certificate of incorporation or our amended and restated bylaws (as each may be amended from time to time); and (iv) any claim or cause of action against us or any of our current or former directors, officers or other employees, governed by the internal affairs doctrine, in all cases to the fullest extent permitted by law and subject to the court having personal jurisdiction over the indispensable parties named as defendants.

Additionally, our amended and restated bylaws provide that any person or entity holding, owning, or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to the provisions described above.

These provisions may increase costs associated with, and/or limit a stockholder's ability to bring, a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

***Because we have no current plans to pay regular cash dividends on our common stock following this offering, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.***

We have not paid and we do not anticipate paying any regular cash dividends on our common stock following this offering. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, general and economic conditions, our results of operations and financial condition, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, and such other factors that our board of directors may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of any future outstanding indebtedness we or our subsidiaries incur. Therefore, any return on investment in our common stock is solely dependent upon the appreciation of the price of our common stock on the open market, which may not occur. See "Dividend Policy" for more detail.

***There is a limited market for our common stock.***

Our common stock is quoted on OTC Markets under the symbol "BESS". We intend to apply to list our common stock on NYSE. No assurance can be given that our application will be approved or that, if approved an active trading market for our shares will develop which could put downward pressure on the market price of our common stock and thereby affect the ability of our stockholders to sell their shares. An established trading market for our common stock may never develop or be maintained. Active trading markets generally result in lower price volatility and more efficient execution of buy and sell orders. Absence of an active trading market reduces the liquidity of the shares traded.

The trading volume of our common stock may be limited and sporadic. This situation is attributable to a number of factors, including the fact that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume, and that even if we came to the attention of such persons, they may tend to be risk-averse and would be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned and viable. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal, as compared to a seasoned issuer that has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. We cannot give any assurance that a broader or more active public trading market for our common stock will develop or be sustained, or that current trading levels will be sustained. As a result, any broker-dealer that makes a market in our common stock or other person that buys or sells our common stock could have a significant influence over its price at any given time. We cannot assure our stockholders that a market for our common stock will be sustained. There is no assurance that our common stock will have any greater liquidity than common stock that does not trade on a public market.

***Our reporting obligations as a public company are costly.***

As a public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the Securities Act. These rules, regulations and requirements are extensive. We may incur significant costs associated with our public company corporate governance and reporting requirements. This may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition and results of operations. We also expect that these applicable rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as executive officers.

***Future changes in financial accounting standards or practices may cause adverse unexpected financial reporting fluctuations and affect reported results of operations.***

A change in accounting standards or practices can have a significant effect on our reported results and may even affect our reporting of transactions completed before the change is effective. New accounting pronouncements and varying interpretations of accounting pronouncements have occurred and may occur in the future. Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct business.

***We will be subject to certain requirements of Section 404 of the Sarbanes-Oxley Act. If we are unable to timely comply with such requirements or if the costs related to compliance are significant, our profitability, stock price, results of operations and financial condition could be materially adversely affected.***

We are subject to Section 404 and the related rules of the SEC, which generally require our management and independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting. Section 404 requires an annual management assessment of the effectiveness of our internal control over financial reporting.

During the course of our review and testing, we may identify deficiencies and be unable to remediate them before we must provide the required reports. Furthermore, if we identify any material weaknesses, we may not detect errors on a timely basis and our financial statements may be materially misstated. We or our independent registered public accounting firm may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting, which could materially and adversely affect our business, financial condition, results of operations and prospects, cause investors to lose confidence in our reported financial information and cause the trading price of our common stock to fall.

***If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud and our business may be harmed and our stock price may be adversely impacted.***

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and to effectively prevent fraud. Any inability to provide reliable financial reports or to prevent fraud could harm our business. The Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") requires management to evaluate and assess the effectiveness of our internal control over financial reporting. In order to continue to comply with the requirements of the Sarbanes-Oxley Act, we are required to continuously evaluate and, where appropriate, enhance our policies, procedures and internal controls. We have in the past failed, and may in the future fail, to maintain the adequacy of our internal controls over financial reporting. Such failure could subject us to litigation or regulatory scrutiny and investors could lose confidence in the accuracy and completeness of our financial reports. We cannot provide any assurance that in the future we will be able to fully comply with the requirements of the Sarbanes-Oxley Act or that management will conclude that our internal control over financial reporting is effective. If we fail to fully comply with the requirements of the Sarbanes-Oxley Act, our business may be harmed and our stock price may decline. For example, our assessment, testing and evaluation of the design and operating effectiveness of our internal control over financial reporting resulted in our conclusion that as of December 31, 2023 our internal control over financial reporting was not effective, due to the Company not having adequate controls related to change management within the technology that support the Company's financial reporting function.

***Our financial controls and procedures may not be sufficient to ensure timely and reliable reporting of financial information, which, as a public company, could materially harm our stock price.***

We require significant financial resources to maintain our public reporting status. We cannot assure you we will be able to maintain adequate resources to ensure that we will not have any future material weakness in our system of internal controls. The effectiveness of our controls and procedures may in the future be limited by a variety of factors including:

● faulty human judgment and simple errors, omissions or mistakes;

● fraudulent action of an individual or collusion of two or more people;

● inappropriate management override of procedures; and

● the possibility that any enhancements to controls and procedures may still not be adequate to assure timely and accurate financial information.

Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.

Despite these controls, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Furthermore, smaller reporting companies like us face additional limitations. Smaller reporting companies employ fewer individuals and can find it difficult to employ resources for complicated transactions and effective risk management. Additionally, smaller reporting companies tend to utilize general accounting software packages that lack a rigorous set of software controls.

If we fail to have effective controls and procedures for financial reporting in place, we could be unable to provide timely and accurate financial information and be subject to investigation by the Securities and Exchange Commission and civil or criminal sanctions.

***Certain of our directors and senior management have limited experience managing public companies, which could adversely affect our financial position.***

Certain members of our senior management and certain of our directors have not previously managed a publicly traded company and may be unsuccessful in doing so. The demands of managing a publicly traded company are significant, and some members of our senior management and some of our directors may not be able to meet these increased demands. Failure to effectively manage our business could adversely affect our overall financial position.

***Our common stock is subject to price volatility unrelated to our operations.***

The market price of our common stock could fluctuate substantially due to a variety of factors, including market perception of our ability to achieve our planned growth, quarterly operating results of other companies in the same industry, trading volume in our common stock, changes in general conditions in the economy and the financial markets or other developments affecting the Company's competitors or the Company itself.

***Our stock price may be volatile, and purchasers of our Common Stock could incur substantial losses, as the initial public offering price of common stock in certain recent small-cap and micro-cap initial public offerings have experienced substantially higher volatility in a very short period of time following the effective date of such offerings, with the market price of our Common Stock potentially subject to similar volatility and wide fluctuations.***

The stock market in general has experienced significant price and volume fluctuations that have often been unrelated or disproportionate to operating performance of individual companies, particularly following a public offering of a company with a small public float. We note recent instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company performance following a number of recent public offerings, particularly small-cap and micro-cap initial public offerings of companies with relatively smaller public floats. There is the potential for rapid and substantial price volatility risks to investors when investing in stock prices changing rapidly, including the potential for such volatility of our Common Stock following this offering. Higher volatility may also mean higher risk to investors. For example, such volatility may be problematic for investors who need to sell their shares at short notice, as a reversal from an extreme stock price run-up can come very quickly, and the subsequent price decline may be more severe than in a quieter market. The broad market factors may seriously harm the market price of our Common Stock, regardless of our actual or expected operating performance and financial condition or prospects. In addition, such volatility, including any stock price run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our stock. There can be no assurance that the market price of our Common Stock will not be subject to similar volatility and wide fluctuations.

***Failure to obtain a listing of our common stock on a national securities exchange, like NYSE, could seriously harm the liquidity of our stock and our ability to raise capital, potentially making it more difficult for our stockholders to sell their securities.***

If we are unable to obtain listing on NYSE or another national securities exchange, a reduction in some or all of the following may occur, each of which could materially adversely affect our stockholders.

● the liquidity of our Common Stock;

● the market price of our Common Stock;

● our ability to obtain financing for the continuation of our operations;

● the number of institutional and general investors that will consider investing in our Common Stock;

● the number of investors in general that will consider investing in our Common Stock;

● the number of market makers in our Common Stock;

● the availability of information concerning the trading prices and volume of our Common Stock; and

● the number of broker-dealers willing to execute trades in shares of our Common Stock.

***A decline in the price of our common stock could affect our ability to raise working capital and adversely impact our ability to continue operations.***

A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital. A decline in the price of our common stock could be especially detrimental to our liquidity, our operations and strategic plans. Such reductions may force us to reallocate funds from other planned uses and may have a significant negative effect on our business plan and operations, including our ability to develop new services and continue our current operations. If our common stock price declines, we can offer no assurance that we will be able to raise additional capital or generate funds from operations sufficient to meet our obligations. If we are unable to raise sufficient capital in the future, we may not be able to have the resources to continue our normal operations.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.***

We are subject to taxes by the U.S. federal, state, local, and foreign tax authorities. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

● allocation
 of expenses to and among different jurisdictions;

● changes
 in the valuation of our deferred tax assets and liabilities;

● expected
 timing and amount of the release of any tax valuation allowances;

● tax
 effects of stock-based compensation;

● costs
 related to intercompany restructurings;

● changes
 in tax laws, tax treaties, regulations or interpretations thereof; or

● lower
 than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings
 in jurisdictions where we have higher statutory tax rates.

In addition, we may be subject to audits of our income, sales and other taxes by U.S. federal, state, and local, and foreign taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

***Certain of our executive officers also serve as executive officers in other companies and such other positions may create conflicts of interest in the future.***

Robert Brilon, our Co-CEO and Chief Financisl Officer, works part-time for us, devoting approximately 30 hours per week to our business, but as much time as necessary. Mr. Brilon also works part-time for Iveda Solutions, Inc. as their Chief Financial Officer for a similar amount of hours per week. While we have not encountered any issue as a result of Mr. Brilon's dual roles, the duties to this businesses may compete for his full attention to our business; accordingly, he may have conflicts of interest in allocating time between the separate business activities.

Cole Johnson, our Co-CEO and President and Director, is a Principal and Chief Executive Officer of C&C Johnson Holdings LLC, a family office, Mr. Johnson dedicates himself to the Company on a full-time basis and to C&C Johnson Holdings LLC on a limited, as-needed basis. The Company does not believe such services will create a conflict of interest to his duties to the Company.

**Risks Relating to this Offering**

***A large, active trading market for our securities may not develop and the trading price for our securities may fluctuate significantly.***

We cannot assure you that a liquid public market for the common stock will develop. If a large, active public market for the common stock does not develop following the completion of this offering, the market price and liquidity of the common stock may be materially adversely affected. The public offering price for the common stock will be determined by negotiation between us and the underwriters based upon several factors, and the trading price of the common stock after this offering could decline below the public offering price. As a result, investors in our securities may experience a significant decrease in the value of the common stock.

***The trading price of the common stock is likely to be volatile, which could result in substantial losses to investors.***

The trading price of the common stock is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors. In addition to market and industry factors, the price and trading volume for the common stock and/or Pre-Funded Warrants may be highly volatile for factors specific to our own operations, including the following:

● variations in our net revenue, earnings and cash flows;

● announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

● announcements of new offerings and expansions by us or our competitors;

● changes in financial estimates by securities analysts;

● detrimental adverse publicity about us, our shareholders, affiliates, directors, officers or employees, our business model, our services or our industry;

● announcements of new regulations, rules or policies relevant for our business;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which the common stock will trade.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and require us to incur significant expenses to defend the suit, which could harm our results of operations.

Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could materially adversely affect our financial condition and results of operations.

***The sale or availability for sale of substantial amounts of common stock could adversely affect their market price.***

Sales of substantial amounts of the common stock in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of the common stock and could materially impair our ability to raise capital through equity offerings in the future. The common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lockup agreements.

There will be 5,857,906 shares of common stock outstanding immediately after this offering, or 6,157,906 shares of common stock if the underwriters exercise their option to purchase our shares in full. In connection with this offering, we, our directors and executive officers and the holders of 5% or more of our outstanding common stock have agreed with the underwriter, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of common stock or securities convertible into or exercisable or exchangeable for the common stock for a period of 180 days after the date of this prospectus. However, the underwriters may release these securities from these restrictions at any time.

We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other holders or the availability of these securities for future sale will have on the market price of the common stock. See "Underwriting" and "Shares Eligible for Future Sale" for a more detailed description of the restrictions on selling our securities after this offering.

***The underwriters of this offering may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our common stock.***

We, our directors, executive officers and holders of 5% or more of our common stock have entered into lock-up agreements with respect to our and their respective shares of common stock. As restrictions on resale end, the market price of our common stock could decline if the holders of restricted shares sell them or are perceived by the market as intending to sell them. ThinkEquity, at any time and without notice, may release all or any portion of the shares of common stock subject to the foregoing lock-up agreements entered into in connection with this offering. If the restrictions under the lock-up agreements are waived, approximately 300 million shares of common stock will be available for sale into the market, which could reduce the market value for our common stock.

***If we are not able to comply with the applicable continued listing requirements or standards of NYSE, could delist our securities.***

We have applied to have our common stock listed on NYSE under the symbol "BESS" and we anticipate that our common stock will begin trading on NYSE immediately following the completion of this offering. Although, after giving effect to this offering we expect to meet the minimum initial listing standards set forth in the NYSE Listing Standards, we cannot assure you that our securities will be, or will continue to be, listed on the NYSE in the future. In order to maintain that listing, we must satisfy minimum financial and other continued listing requirements and standards, including those regarding director independence and independent committee requirements, minimum stockholders' equity, minimum share price, and certain corporate governance requirements. We may not be able to comply with the applicable listing standards and the NYSE could delist our securities as a result.

We cannot assure you that our common stock, if delisted from NYSE, will be listed on another national securities exchange. If our common stock is delisted by NYSE, our common stock would likely trade on the OTC Markets where an investor may find it more difficult to sell our shares or obtain accurate quotations as to the market value of our common stock.

***Techniques employed by short sellers may drive down the market price of the common stock.***

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale.

As it is in the short seller's interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and our prospects to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

It is not clear what effect such negative publicity could have on us. If we were to become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we could have to expend significant resources to investigate such allegations and/or defend ourselves.

While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact our business, and any investment in the common stock could be greatly reduced or even rendered worthless.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for the common stock and trading volume could decline.***

The trading market for the common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades the common stock or publishes inaccurate or unfavorable research about our business, the market price for the common stock would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the common stock to decline.

***Our management will have broad discretion over the use of any net proceeds from this offering and you may not agree with how we use the proceeds, and the proceeds may not be invested successfully.***

Our management will have broad discretion as to the use of any net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering and in ways that do not necessarily improve our results of operations or enhance the value of our common stock. Accordingly, you will be relying on the judgment of our management with regard to the use of any proceeds from the exercise of warrants on a cash basis in this offering and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. The proceeds could be invested in a way that does not yield a favorable, or any, return for you.

***Holders of the Pre-Funded Warrants will have no rights as shareholders until such holders exercise their Pre-Funded Warrants and acquire our Common Stock.***

Until holders of the Pre-Funded Warrants acquire our common stock upon exercise of the Pre-Funded Warrants, holders of the Pre-Funded Warrants will have no rights with respect to the common stock underlying the Pre-Funded Warrants. Upon exercise of the Pre-Funded Warrants, the holders thereof will be entitled to exercise the rights of a holder of common stock only as to matters for which the record date occurs after the exercise date.

***We may be subject to securities litigation, which is expensive and could divert our management's attention.***

The market price of our securities may be volatile, and in the past companies that have experienced volatility in the market price of their securities have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business.

***If you purchase shares in this offering, you will suffer immediate dilution of your investment.***

The public offering price of the shares of common stock offered hereby will be substantially higher than the net tangible book value per share of our common stock. Therefore, if you purchase shares in this offering, you will pay a price per share that substantially exceeds our net tangible book value per share after this offering. Based on an assumed initial public offering price of $6.00 per share, you will experience immediate dilution of $4.48 per share, representing the difference between our net tangible book value per share, after giving effect to this offering, and the assumed initial public offering price. In addition, purchasers of common stock in this offering will have contributed approximately 29% of the aggregate price paid by all purchasers of our stock but will own only approximately 34% of our common stock outstanding after this offering.

***Our Certificate of Incorporation contains anti-takeover provisions that could materially adversely affect the rights of holders of our common stock.***

We have adopted an amended certificate of incorporation that contains provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These provisions could deprive our shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our company in a tender offer or similar transaction.

Our board of directors has the authority, subject to any resolution of the shareholders to the contrary, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our common stock. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of our common stock may fall and the voting and other rights of the holders of our common stock may be materially adversely affected.

***We may issue preferred stock with terms that could adversely affect the voting power or value of our common stock.***

Our amended certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock with respect to dividends and distributions, as our board of directors may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or upon the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of our common stock.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately $10.6 million, (or approximately $12.3 million if the underwriters exercise their option to purchase additional shares of common stock in full, based on an assumed public offering price of $6.00 per share of common stock or Pre-Funded Warrant) (the last reported closing trading price of our common stock on the OTC Markets on September 9, 2025), after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. These estimates exclude the proceeds, if any, from the exercise of the Warrants sold in this offering. If all of the Warrants sold in this offering were to be exercised in cash at an exercise price of $7.50 per share, we would receive additional net proceeds of approximately $0.7 million. We cannot predict when or if these Warrants will be exercised.

We plan to use the net proceeds of this offering primarily for the following purpose:

---

| | |
|:---|:---|
| **Description of Use of Proceeds** | **Estimated<br> Amount of<br> Net<br> Proceeds** |
| BESS Project Asset Development (Contractors and Hired Personnel) | $2500000 |
| Development of BESS Projects (Pre-Construction Costs – Engineering, Permits, etc.) | 2500000 |
| Working Capital | 5600000 |
| **Total** | $10600000 |

---

This expected use of the net proceeds from this offering represents our intentions based upon our current plans and prevailing business conditions, which could change in the future as our plans and prevailing business conditions evolve. The Company currently plans to use a portion of the proceeds for development of BESS projects as management deems appropriate. The Company anticipates it will attempt to raise project specific financing where the financing will likely be collateralized by the equipment and construction for those specific projects in the future. Moreover, none of the proceeds of this offering will be used to pay any fees to EIP under the Project Management Services Agreement. See – "Project Management Services Agreement." Predicting the cost necessary to develop product candidates can be difficult and the amounts and timing of our actual expenditures may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering. We may also use the proceeds for potential acquisitions; however, our management has not yet determined the types of businesses that we will target or the terms of any potential acquisitions.

**DIVIDEND POLICY**

We have never declared any dividends on our common stock and we do not anticipate paying any dividends on our common stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. Any future determination to declare dividends will be subject to the discretion of our Board of Directors and will depend on various factors, including applicable Delaware law, future earnings, capital requirements, results of operations and any other relevant factors. In general, as a Delaware corporation, we may pay dividends out of surplus capital or, if there is no surplus capital, out of net profits for the fiscal year in which a dividend is declared and/or the preceding fiscal year.

**MARKET FOR COMMON EQUITY AND PRICE RANGE OF COMMON STOCK**

Our common stock is quoted on the OTC Markets under the symbol, "BESS." The OTC Market is a network of security dealers who buy and sell stock. The dealers are connected by a computer network that provides information on current "bids" and "asks", as well as volume information.

The following table sets forth trading information for our common stock for the periods indicated, as quoted on the OTC Markets. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

---

| | | |
|:---|:---|:---|
| <br>**Period** | **Low Trading Price**<br>**($)** | **High Trading Price**<br>**($)** |
| **Quarter Ended June 30, 2025** | 5.04 | 10.00 |
| **Quarter Ended March 31, 2025** | 4.00 | 11.27 |
| **Year Ended December 31, 2024** |  |  |
| Fourth Quarter (December 31, 2024) | 8.40 | 11.20 |
| Third Quarter (September 30, 2024) | 7.00 | 11.20 |
| Second Quarter (June 30, 2024) | 11.20 | 15.40 |
| First Quarter (March 31, 2024) | 8.40 | 15.40 |
| **Year Ended December 31, 2023** |  |  |
| Fourth Quarter (December 31, 2023) | 2.80 | 9.80 |
| Third Quarter (September 30, 2023) | 4.20 | 7.00 |
| Second Quarter (June 30, 2023) | 2.80 | 7.00 |
| First Quarter (March 31, 2023) | 2.80 | 9.80 |
| **Year Ended December 31, 2022** |  |  |
| Fourth Quarter (December 31, 2022) | 2.80 | 19.60 |
| Third Quarter (September 30, 2022) | 14.00 | 26.60 |
| Second Quarter (June 30, 2022) | 12.60 | 63.00 |
| First Quarter (March 31, 2022) | 9.80 | 2520 |

---

\* The over-the-counter market quotations of the bid prices reflect inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions.

**CAPITALIZATION**

The following table sets forth our cash, cash equivalents, short-term investments, and capitalization as of June 30, 2025:

● on an actual basis;

● on a pro forma basis to further reflect the issuance and sale of 2,000,000 shares of common stock or Pre-Funded Warrants offered in this offering at an assumed public offering price of $6.00 per share or Pre-Funded warrant, which was the last reported closing trading price of our common stock on the OTC Markets on September 9, 2025, resulting in estimated proceeds of $10.6 million after deducting underwriting discounts, commissions and estimated offering expenses.

You should read this information together with our audited consolidated financial statements appearing elsewhere in this prospectus and the information set forth under the sections titled "Selected Consolidated Financial Data," "Use of Proceeds" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

---

| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Pro Forma** |
|  | **$** | **$** |
| Total assets |  |  |
| Total Liabilities |  |  |
| Common stock: $0.001 par value, 1,000,000,000 shares authorized, 3,857,906 shares issued and outstanding at June 30, 2025 |  |  |
| Additional Paid in Capital |  |  |
| Accumulated Deficit) |  |  |
| Total Shareholders' Equity |  |  |
| **Total Equity** |  |  |
| **Total Capitalization** |  |  |

---

Each $1.00 increase (decrease) in the assumed public offering price of $6.00 per share would increase (decrease) the as adjusted amount of each of cash and cash equivalents, working capital, total assets and total stockholders' equity by approximately $1.8 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 100,000 shares in the number of shares offered by us at the assumed public offering price of $6.00 per share would increase (decrease) the as adjusted amount of each of cash and cash equivalents, working capital, total assets and total stockholders' equity by approximately $0.5 million.

Each $1.00 increase (decrease) in the assumed public offering price would increase (decrease) our as adjusted net tangible book value per share by approximately $0.31 and increase (decrease) the dilution per share to new investors by approximately $0.69, assuming no change in the number of shares offered.

The number of shares of common stock to be outstanding after this offering is based on 3,857,906 shares of common stock outstanding as of the date of this prospectus and 2,000,000 common shares issuable in this offering; and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock issuable upon the exercise of the Pre-Funded Warrants offered hereby; and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,414,286 shares of common stock issuable upon the exercise of outstanding options at June 30, 2025 with an average exercise price $4.53 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100,000 shares of common stock issuable upon exercise of warrants to be issued to the underwriter in connection with this offering, which have an exercise price of $7.50 per share.

For purposes of this table, Pre-Funded Warrants are treated as the economic equivalent of common stock. The Company expects to classify the Pre-Funded Warrants and the Representative's Warrants as equity instruments under ASC 815-40, with the fair value of the Representative's Warrants recorded as a contra-equity issuance cost.

**DILUTION**

If you invest in the common stock or Pre-Funded Warrants, your interest will be diluted to the extent of the difference between the public offering price per share and our pro forma net tangible book value of the common stock after this offering. Dilution results from the fact that the public offering price per share of common stock is substantially in excess of the book value per share of common stock attributable to the existing shareholders for our presently outstanding common stock.

Our net tangible book value as of June 30, 2025, was ($1,687,550), or approximately ($0.44) per share. Net tangible book value per share represents the amount of total tangible assets, minus the amount of total liabilities, divided by the total number of shares of common stock outstanding.

Our pro forma net tangible book value as of June 30, 2025 was $8,912,450 or approximately $1.52 per share giving effect to the pro forma adjustments to further reflect the issuance and sale of 2,000,000 shares of common stock or Pre-Funded Warrants offered in this offering at an assumed public offering price of $6.00 per share or Pre-Funded warrant, which was the last reported closing trading price of our common stock on the OTC Markets on September 9, 2025, resulting in estimated proceeds of $10.6 million after deducting underwriting discounts, commissions and estimated offering expenses.

---

| | |
|:---|:---|
|  | **As of June 30, 2025** |
|  | **Pro Forma** |
|  | **$** |
| Total Tangible Assets | 11534269 |
| Total Liabilities | 2621819 |
| Net Tangible Book Value) | 8912450 |
| Common Shares Outstanding | 5857906 |
| Net Tangible Book Value per common share) | $1.52 |

---

After giving further effect to our issuance and sale of 2,000,000 shares of common stock or Pre-Funded Warrants offered in this offering at the assumed public offering price of $6.00 per share or Pre-Funded warrant after deduction of the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma net tangible book value as of June 30, 2025 would have been approximately $8.8 million, or $1.52 per share, to existing shareholders and an immediate dilution in net tangible book value of $4.48 per share, to purchasers of common stock in this offering.

The following table illustrates the dilution on a per share basis at the assumed public offering price per share or Pre-Funded warrant of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; :

---

| | |
|:---|:---|
|  | **Offering without**<br> **Over-allotment**<br> **Option** |
| Assumed public offering price per share | $6.00 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per share as of June 30, 2025 | $(0.44) |
| &nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of June 30, 2025 | $1.52 |
| &nbsp;&nbsp;&nbsp;Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering | $1.96 |
| Dilution per share to new investors in this offering | $4.48 |

---

The pro forma information as discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual public offering price of our common stock in this offering.

The number of shares of common stock to be outstanding after this offering is based on 3,857,906 shares of common stock outstanding as of June 30, 2025; and 2,000,000 common shares issuable in this offering; and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock issuable upon the exercise of the Pre-Funded Warrants offered hereby; and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,414,286 shares of common stock issuable upon the exercise of outstanding options at June 30, 2025 with an average exercise price $4.53 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100,000 shares of common stock issuable upon exercise of warrants to be issued to the underwriter in connection with this offering, which have an exercise price of $7.50 per share.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This management discussion and analysis ("MD&A") of the financial condition and results of operations of Bimergen Energy Corporation (the "Company," "Bimergen Energy," "Bitech" "our" or "we") is for the years ended December 31, 2024 and 2023 and our unaudited financial statements for the three and six months ended June 30, 2025 included elsewhere in this prospectus. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Financial information presented in this MD&A is presented in United States dollars ("$" or "US$"), unless otherwise indicated. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

*The information about us provided in this MD&A, including information incorporated by reference, may contain "forward-looking statements" and certain "forward-looking information" as defined under applicable United States securities laws. All statements, other than statements of historical fact, made by us that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words and includes, among others, information regarding: our future business activities; our ability to generate revenues; our need for substantial additional financing to operate our current and future business and difficulties we may face acquiring additional financing on terms acceptable to us or at all; risks related to competition; risks related to our lack of internal controls over financial reporting and their effectiveness; increased costs we are subject to as a result of being a public company in the United States; and other events or conditions that may occur in the future.*

*Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations of the party making the statement and assumptions concerning future events, which are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from that which was expressed or implied by such forward-looking statements.*

*Although we believe that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements, because no assurance can be given that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed above.*

*Consequently, all forward-looking statements made in this MD&A and other documents, as applicable, are qualified by such cautionary statements, and there can be no assurance that the anticipated results or developments will actually be realized or, even if realized, that they will have the expected consequences to or effects on us. The cautionary statements contained or referred to in this section should be considered in connection with any subsequent written or oral forward-looking statements that we and/or persons acting on our behalf may issue. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required under securities legislation.*

***Overview of the Business***

We are a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. In April 2024, we acquired a portfolio of development-stage BESS and solar energy projects from Emergen Energy LLC ("Emergen"), making us the project owner of 23 development stage utility-scale BESS projects with an estimated cumulative storage capacity of 1.965 gigawatts (GW) and 13 development stage solar energy projects with an anticipated cumulative generation capacity of 1.640 GW (collectively, the "Development Projects") once constructed and operational.

Our primary business objective is to become a grid-balancing operator by developing, commercializing, and operating a diversified portfolio of BESS and solar energy projects. We aim to leverage by partnering with advanced BESS technology suppliers and Energy Management Systems (EMS) to address the critical challenges associated with the integration of renewable energy into the electrical grid, particularly the imbalance between energy supply and demand caused by the intermittent nature of solar and wind resources. This approach aligns with the increasing demand for grid stability in regions with high penetration of renewable energy, where imbalances between peak solar generation and peak energy demand create revenue opportunities through energy storage and dispatch. We plan to store excess energy generated during periods of low demand and dispatch it during peak demand periods, thereby enhancing grid stability and efficiency. Upon reaching commercial operation, we hope to play a key role in stabilizing grid demand and supporting renewable energy integration through energy arbitrage and ancillary services.

We are a development-stage company with the strategic objective of developing, commercializing, and operating a diversified portfolio of battery energy storage systems ("BESS") and solar energy projects across the United States.

**Core Business in Battery Energy Storage Systems (BESS)**

Our core business is anchored in the development and operation of BESS projects, which are strategically designed to mitigate the energy imbalances and power deficits observed in markets with substantial solar and wind energy generation. This event, often depicted by the grid balancing, highlights the timing mismatch between peak renewable energy generation and peak electricity demand. As renewable energy production peaks during daylight hours and declines in the evening when energy demand is highest, supplemental energy supply sources become increasingly critical. Our BESS projects are positioned to address this imbalance by storing surplus energy during periods of low demand and releasing it during high-demand periods, capturing value from daily price fluctuations. By purchasing and storing energy during low-cost, high-supply hours and selling it during high-demand periods when prices are at their peak, known as energy arbitrage trading, our BESS systems will provide critical support to compensate for the lack of supply from the current outdated energy grid infrastructure.

In addition to energy arbitrage, our BESS assets are positioned to provide essential grid services, including frequency regulation, voltage support, and emergency backup during grid outages. Frequency regulation refers to the rapid response to changes in grid frequency, maintaining stability and preventing potential grid failures. Voltage control enhances the quality and reliability of power supplied to consumers. The rapid response capabilities also maintain stability for key infrastructure during outages via immediate response to fluctuations in voltage and frequency. By reducing supply-demand imbalances at peak times, known as peak shaving, we hope to flatten the energy demand and lower electricity costs for consumers. By integrating advanced EMS controls, we aim to optimize the dispatch timing and increase the overall economic value of stored energy, delivering both reliable performance and efficient operation in dynamic market conditions. Our systems will enable more flexible and adaptive grid operations, accommodating dynamic energy flows and diverse generation sources. These ancillary services both relieve grid stress, offer additional potential revenue streams, and maximize likelihood of punctual project development within budget and ensure product quality standards. We believe we are well- positioned to leverage our existing relationships to secure multi-year customer contracts prior to project construction and integrate cutting-edge battery technologies as they are developed into future developments. Our systems will also be capable of deferred infrastructure upgrades, which reduce the need for expensive grid infrastructure upgrades by efficiently managing local supply and demand. We expect our customers will include traditional trading houses (e.g., Goldman Sachs, BP, Shell), commercial and industrial (C&I) entities, and utilities. The terms of our agreements with customers will be defined by tolling agreements, financial hedges, or power purchase agreements (PPAs), which serve as financial instruments to guarantee all or a portion of future revenues.

Bimergen Energy's business model as a BESS project owner and developer will leverage long-term contracted tolling agreements to generate stable revenue with upside potential. While Bimergen owns and plans to develop a portfolio of BESS projects, tolling agreements with major energy trading entities or institutional financial firms will provide a dual revenue model including guaranteed floor payments and upside profit sharing. The floor payment could be a fixed or minimum revenue guarantee to cover operational costs and provide downside protection against low market prices or volatility. Upside sharing is a profit-sharing mechanism where revenues above the floor would be split between Bimergen and the offtaker, incentivizing optimization of energy trading.

While these contracts have not yet been finalized, institutional traders will manage daily operations and energy trading under the agreements once signed. They will monitor market prices and advise Bimergen to charge the batteries during off-peak hours using low-cost grid energy, then discharge the batteries during peak hours, selling high-priced power back to the grid. Under the prospective agreements, institutional offtakers would buy the discharged power wholesale, resell it at market prices for profit, guarantee the floor payment, and share upside revenue with Bimergen. Beyond arbitrage, tolling agreements may include provisions for ancillary services like frequency regulation, voltage support, or capacity payments, where the BESS helps stabilize the grid for additional revenue streams. The offtaker would assume market price risk, while the BESS owner would be responsible for system maintenance and performance, ensuring the assets meet contractual obligations. The floor payment would ensure predictable cash flows, making projects bankable by institutional investors or lenders to provide project financing. Upside sharing would allow developers to benefit from high market prices without direct exposure to trading risks. Partnering with experienced traders leverages their market knowledge, reducing the need for in-house trading capabilities. Offtakers benefit from access to infrastructure by gaining control over a BESS without owning or maintaining it, and capture margins by reselling power at market prices, especially during peak demand. Offtake agreements are long-term contracts, often spanning 10–20 years, to align with the lifecycle of BESS projects and provide revenue certainty for financing.

As renewable energy penetration increases, BESS tolling agreements are becoming more common to manage intermittency (e.g., storing solar/wind energy for peak times). The global BESS market is projected to grow significantly, with tolling agreements facilitating project financing. The structure of tolling agreements vary on a case-by-case basis. While the floor payment mitigates downside, low market prices can limit upside potential, affecting overall returns. BESS performance declines over time, which may impact revenue if not accounted for in the agreement. The financial stability of the offtaker is critical, as their ability to meet floor payments or share upside depends on their market success. Shifts in energy market policies or grid incentives can affect the profitability of tolling agreements.

We are in talks with a number of investment banks to secure offtake agreements for our projects. However, to date, we have not entered into any offtake agreements and there can be no assurance that we will be able to do so on terms favorable to the Company. If we are not successful in obtaining favorable terms, we will operate these projects by selling merchant power and use a third-party scheduling entity to assist us in scheduling the power. This exposes the BESS to market volatility, where prices fluctuate based on supply, demand, fuel costs, and other dynamics. Without guaranteed revenue streams, the BESS owner assumes financial risk, as electricity prices can vary significantly. However, during periods of high demand or grid stress, the system can capitalize on higher prices. The BESS can also provide services like energy arbitrage, storing low-cost electricity and selling it when prices rise, or ancillary services like frequency regulation and reserves, which can be more profitable during grid instability. The key advantage of this model is the potential for higher returns in favorable market conditions, but it also carries the risk of lower profits or losses when market prices drop or when demand for storage services is insufficient. Like traditional merchant power plants, a BESS in this model faces financial uncertainty but has the flexibility to adjust based on real-time market conditions.

We anticipate management will be active in identifying, negotiating and establishing the financing relationships required for our projects. Since the Company and its subsidiaries do not have the in-house personnel to construct these projects, we also anticipate management will hire third parties to manage the construction of the project facilities and we will manage and negotiate the purchase of the key components of the facility (most importantly being the batteries). The Development Projects purchased are at various stages and we executed an agreement with Energy Independent Partners ("EIP") (a Delaware limited liability company controlled by Cole Johnson, our Co-CEO and President and Director commencing as of the date of acquisition of Emergen) for services to include: pre-construction and pre-operational activities such as assisting with qualifying the Development Projects for financing; assisting with achieving RTB Status for Development Projects; and assisting with marketing the Development Project to a third party, if desired. The relevant fees for these services are $0.035 per watt of capacity and are included in the Development Fees column of the table below.

BESS project locations are selected to be located alongside traditional power transmission lines or near large offtakers (our expected customers) with high energy demands, enhancing grid stability and reducing energy costs. These locations are suitable for battery storage facilities of approximately thirty acres and undergo environmental studies and assessments to ensure feasibility. While the letters of intent the Company has entered into or negotiated for these projects are for specific locations, the Company's development plans are not dependent on the landowner or address, but, rather, are county based. The Company believes it could adjust its plans to find a similar, suitable location if it is unable to negotiate a definitive agreement to develop a project with the landowner.

Location is a key consideration when selecting a site to develop a project. All projects are chosen in rural areas, outside high electricity demand zones, and on existing transmission lines. Transmission lines are then measured for available capacity and evaluated for potential BESS projects. After confirming that the site is suitable for BESS, we contact the landowner and conduct environmental studies to ensure it is viable for construction and operation. Most of our projects are in non-regulated markets, which allow us to sell power into the merchant markets using a scheduling entity.

Another key component of site qualification is identification of the potential energy customers and markets we can serve, either by rights acquired in the development process, those which can be secured via competitive utility procurements and those which can be secured under direct bilateral agreements

The revenue opportunities relating to our primary energy purchase customers – the regulated utilities and regulated wholesale energy markets operating where each of our projects are located, are quantified at the earliest stages of project qualification and the commercial relationship with these customers is fully established at the time we anticipate executing our interconnection agreement, typically prior to commencement of construction. These utility energy purchase mechanisms generally preclude any direct participation by these customers in asset ownership or profit distributions.

Additionally, at each site location, screening is conducted to identify and qualify potential industrial, commercial and municipal customers. Those which meet our criteria for potentially enhancing our revenues and profits are contacted to determine their interest in purchasing energy services at or after the point in time when our projects enter revenue operations. It is not our normal practice, and these energy purchase agreements do not typically include participation in equity ownership or profit distributions from the projects, but these options are not precluded legally or regulatorily.

The physical quality of our sites in terms of their development is valued against industry comparables. The energy and revenue generation potential of our sites and projects and the number and credit quality of our established and potential utility and non-utility customers are also key factors in the valuation of our projects, their ability to attract investors and the ultimate cost of that capital. This is true for the majority of projects in our industry.

Our projects may include multiple classes of equity investors. Project level preferred equity investors enjoy returns which include one or more fixed components plus a participation component in which they share in the net free cash flows of our combined arbitration and contracted energy revenue operations; common equity investors participate directly in ownership of the project assets and receive distributions of net free cash flows from our energy trading (arbitrage) revenues and those from contracted energy services. We also have tax equity investors who participate in a transaction to acquire these tax benefits outright and may also enjoy a nominal carried interest in our net distributions.

Our pro forma models and financial practices meet customary industry standards to estimate, calculate and project these revenues both for institutional financing purposes as well as regulatory requirements.

It is our intent to own and operate our projects in most cases, but in others we may deem it financially beneficial to the company and our equity investors to partly or fully monetize our project assets.

We maintain strong relationships with tier-one battery and equipment suppliers, utilities, and power purchasers to optimize transmission efficiency and lower consumer costs. These partnerships may also help us secure regulatory support, ensure timely project development within budget, and uphold high product quality standards. Our strategic position allows us to secure multi-year customer contracts before project construction and integrate emerging battery technologies into future developments. Additionally, our systems are designed to enable deferred infrastructure upgrades, reducing the need for costly grid enhancements by efficiently managing local supply and demand.

**Development Projects and Operational Progress**

Our portfolio of Development Projects includes approximately 3.6 GW of alternating current (GWAC) power capacity across various regions served by Independent System Operators (ISOs) such as ERCOT, WECC, PJM, and MISO. These regions have been selected strategically based on favorable market conditions, grid infrastructure, and regulatory environments conducive to renewable energy integration. In connection with the Emergen transaction, we currently have no proprietary rights but we have secured rights to comprehensive "Work Product" Intangible assets essential for project development, including but not limited to: feasibility studies determining capacity and compatibility, establishing a production model of the project parameters, identifying any curtailment for the project, power flow site verification and substation identification, permitting and regulatory compliance documentation, engineering designs, equipment procurement plans, site preparation guidelines, and noting project specific challenges.

Subsequent to positive feasibility studies is the process of legal formation, analyzing and negotiating site control/surface and materials, and identifying engineering requirements for construction, identifying and negotiating interconnection to the grid, identifying tax abatements, and identifying permitting and study requirements, and noting additional project specific challenges. These assets provide a robust foundation for advancing our projects through the development lifecycle efficiently and effectively. We are in the process of negotiating grid interconnection agreements, ensuring compliance with applicable grid codes and standards, registering our projects for market participation, and coordinating with ISOs to align dispatch and grid service requirements. In addition, we are actively engaging with these ISOs to address cybersecurity compliance and to develop comprehensive monitoring and reporting frameworks, which are essential for maintaining operational integrity and grid support.

Our Redbird and Wildfire projects are currently the most advanced within our portfolio and are ready to proceed to the financing and construction phases. We are actively pursuing project-level debt and equity financing to fund the construction and/or operationalization of these projects. Upon securing financing, of which there can be no assurance we will be able to do so or do so on terms favorable to us, we intend to execute binding agreements with key counterparties, initiate site preparation activities, and commence construction in accordance with our development timelines. As part of the rights to the Work Product and continued development, we identify and negotiate with the appropriate counterparts in the specific project, but do not enter into binding contracts until specific project financing is obtained so as to not create liabilities before project financing is secured. We recognize the importance of managing risks associated with project development, including regulatory, technical, financial, and market risks. Our approach involves conducting thorough feasibility studies, engaging in proactive stakeholder consultations, and maintaining flexibility in project planning. We do not enter into binding contracts related to site control, equipment procurement, or construction until project-specific financing is secured, mitigating financial exposure. The next steps for these projects will include executing contracts with key counterparties, purchasing equipment, and initiating the construction process. Our current project pipeline consists of multiple BESS initiatives, with an estimated development timeline spanning eight to nine years. The Redbird and Wildfire projects are prioritized, as they are closest to a ready-to-build status. The current progress of our portfolio of 23 BESS projects and 13 Solar Projects are included in the table below:

**Emergen Energy LLC BESS Projects:**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Projects (2) (3) (4) <br> (5) (6) (10)** | **County** | **State** | **Zone** | **BESS<br> (MWac)** | **BESS<br> (MWhr)** | **Site<br> Control** | **Estimated<br> Permitting<br> Complete (8)** | **Estimated <br> Cost of <br> Project (9)** | **Development<br> Fees** |
| Redbird BESS **(1)** | Fort Bend | TX | ERCOT-Houston | 100 | 400 | **(7)** | 65% | $160000000 | $3500000 |
| Wildfire BESS **(1)** | Caldwell | TX | ERCOT-South | 100 | 400 | **(7)** | 45% | $160000000 | $3500000 |
| Friendship | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Lady Bird | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Longhorn | Llano | TX | ERCOT/West | 60 | 240 | **(7)** | 35% | $100000000 | $2100000 |
| Pecan | Llano | TX | ERCOT/West | 60 | 240 | (7) | 35% | $100000000 | $2100000 |
| Prickly Pear | Llano | TX | ERCOT/West | 60 | 240 | (7) | 35% | $100000000 | $2100000 |
| Yellow Rose | Llano | TX | ERCOT/West | 60 | 240 | (7) | 35% | $100000000 | $2100000 |
| Bright Light | Llano | TX | ERCOT/West | 60 | 240 | (7) | 35% | $100000000 | $2100000 |
| TPLT 1-10 BESS | El Paso | TX | ERCOT/West | 100 | 400 | **(7)** | 25% | $160000000 | $2100000 |
| WR Ranch TX BESS 1 | El Paso | TX | ERCOT/North | 120 | 480 | **(7)** | 25% | $185000000 | $2100000 |
| **TOTAL** |  |  |  | **840** | **3360** |  |  |  |  |
| TPL EPE | El Paso | TX | WECC | 25 | 100 | **(7)** | 25% | $55000000 | $875000 |
| X-One Solar Ranch 1 | Mohave | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Dunton Ranch 1 | Mohave | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Aldahra Farm 1 | Maricopa | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| Aldahra Farm 2 | Maricopa | AZ | WECC | 100 | 400 | **(7)** | 25% | $160000000 | $3500000 |
| **TOTAL** |  |  |  | **425** | **1700** |  |  |  |  |
| BL PJM BESS 1 | Smyth | VA | PJM | 50 | 200 | **(7)** | 25% | $90000000 | $1750000 |
| BL PJM BESS 2 | Huntingdon | PA | PJM | 50 | 200 | **(7)** | 25% | $90000000 | $1750000 |
| **TOTAL** |  |  |  | **100** | **400** |  |  |  |  |
| Gibbs Ranch BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| Gibbs Ranch BESS 2 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| TG BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| TG BESS 2 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| Neighbors BESS 1 | DeSoto Parish | LA | MISO | 120 | 480 | **(7)** | 25% | $185000000 | $4200000 |
| **TOTAL** |  |  |  | **600** | **2400** |  |  |  |  |
| **TOTAL MWac** |  |  |  | **1965** | **7860** |  |  | $**3165000000** | $**68775000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) At 15% Engineering complete with 30% attainable
 in 45 days. At Project Financing, Engineering will be with third party contractor.

(2) Battery and connection component procurement
 is expected to be 6 to 9 months after funding has been secured

(3) Project Construction is expected to be 2-3
 months, after funding is secured and battery and connection procurement arrives on site.

(4) No Project Financing is currently secured
 for these projects and no milestone will be achieved until financing is secured.

(5) No contractual arrangements have been executed
 with third parties to construct.

(6) No contractual arrangements have been executed
 with customers.

(7) No land lease Letter of Intent (LOI) executed.

(8) Permitting and/or no permit required letter
 is estimated to be complete 90 - 150 days after funding is secured for the project. This includes This includes Jurisdictional Waters
 of U.S. Delineation, Protected Species Habitat Assessment, Cultural Resources Review & Consultation, FAA Filing, Approved Jurisdictional
 Determination Request, Wildlife Agency Consultation, Bird and Wildlife Conservation Strategy, Unanticipated Discovery Plan (UDP),
 Final Interconnection Permit.

(9) The main components of the Estimated cost
 of the Project are (a) 75% Purchased Equipment including but not limited to batteries and electrical interconnections, (b) 17% construction
 costs and labor for system set up, (c) 6% project financing costs and fees and (d) 2% milestone development fees.

(10) We are targeting obtaining financing for
 2 to 3 projects each fiscal year depending on respective project capital needs. Redbird and Wildfire projects are anticipated to
 be the first to be financed given they are closest to a ready to build status. We will be maintaining and moving forward the development
 status of the projects not yet funded by managing the various aspects of the project as required. Funding is initially being sought
 from tier one lenders and alternative financing institutions currently funding renewable energy projects. Funding equity partners
 are expected to require return on equity investments of 10 -15% annual rate of return and our tier-one debt facilities are expected
 to carry 6 – 8% annual interest rates. We have modeled retaining ownership of the operating projects using the factors presented
 in the above tables and taking advantage of the energy arbitrage opportunities in the market. We currently are focusing our efforts
 on the BESS projects for financing and operations and with the current project profile expect to have an 8 to 9 year pipeline of
 existing BESS projects. If for any reason a project is not developed or constructed due to lack of funding we will either sell the
 project in its current development stage, partner with another group on that specific BESS project or close down the project if it
 is no longer seen to be a viable project.

**Emergen Energy LLC Solar Projects:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Solar Projects (1) (2) (3) (4) (5) (6) (10)** | **County** | **State** | **Zone** | **Solar<br> Mwac** | **Site<br> Control** | **Estimated<br> Permitting<br> Complete (8)** | **Estimated <br> Cost of <br> Project (9)** | **Development<br> Fees** |
| Redbird Solar | Fort Bend | TX | ERCOT-Houston | 100 | **(7)** | 10% | $125000000 | $3500000 |
| Friendship | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Lady Bird | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Longhorn | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Pecan | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Prickly Pear | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Yellow Rose | Llano | TX | ERCOT/ West | 120 | **(7)** | 15% | $150000000 | $4200000 |
| Bright Light | Llano | TX | ERCOT/ West | 120 | (7) | 15% | $150000000 | $4200000 |
| TPL EPE Solar | El Paso | TX | WECC | 50 | **(7)** | 10% | $63000000 | $1750000 |
| X-One Solar Ranch 3 | Mohave | AZ | WECC | 75 | **(7)** | 10% | $94000000 | $2625000 |
| X-One Solar Ranch 4 | Mohave | AZ | WECC | 75 | **(78)** | 10% | $94000000 | $2625000 |
| Aldahra Farm 1 Solar | Maricopa | AZ | WECC | 250 | **(7)** | 10% | $315000000 | $8750000 |
| Aldahra Farm 2 Solar | Maricopa | AZ | WECC | 250 | **(7)** | 10% | $315000000 | $8750000 |
| **TOTAL MWac** |  |  |  | **1640** |  |  | $**2056000000** | $**57400000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Minimal Engineering complete with 30% attainable
 in 180 days. At Project Financing, Engineering would be with third party contractor.

(2) Battery and connection component procurement
 is expected to be 6 to 9 months after funding has been secured

(3) Project Construction is expected to be 2-3
 months, after funding is secured and battery and connection procurement arrives on site.

(4) No Project Financing is currently secured
 for these projects and no milestone will be achieved until financing is secured.

(5) No contractual arrangements have been executed
 with third parties to construct.

(6) No contractual arrangements have been executed
 with customers.

(7) No land lease Letter of Intent (LOI) executed.

(8) Permitting and/or no permit required letter
 is estimated to be complete 90 - 150 days after funding is secured for the project. This includes This includes Jurisdictional Waters
 of U.S. Delineation, Protected Species Habitat Assessment, Cultural Resources Review & Consultation, FAA Filing, Approved Jurisdictional
 Determination Request, Wildlife Agency Consultation, Bird and Wildlife Conservation Strategy, Unanticipated Discovery Plan (UDP),
 Final Interconnection Permit.

(9) The main components of the Estimated cost
 of the Project are (a) 60% Purchased Equipment including but not limited to solar panels and electrical interconnections, (b) 32%
 construction costs and labor for system set up, (c) 6% project financing costs and fees and (d) 2% milestone development fees.

(10) We are focusing our project financing efforts
 on our BESS projects. We will be maintaining and moving forward the development status of the Solar projects by managing the various
 aspects of the project as required with minimal capital requirement. If for any reason a project is not developed or constructed
 due to lack of funding we will either sell the project in its current development stage, partner with another group on that specific
 solar project or close down the project if no longer seen to be a viable project.

***Corporate History***

Bimergen Energy Corporation was incorporated under the laws of Delaware on March 4, 1998. The Company acquired Bitech Mining Corporation on March 31, 2022 pursuant to a Share Exchange Agreement. Pursuant to the Share Exchange Agreement we acquired an aggregate of 673,659 shares of Bitech Mining's common stock representing 100% of the issued and outstanding shares of Bitech Mining in exchange for an aggregate of 9,000,000 shares of the Company's newly authorized Series A Convertible Preferred Stock. Effective June 27, 2022, each share of Series A Preferred Stock automatically converted into 0.3855406071 shares (an aggregate of 3,469,865 shares) of the Company's Common Stock upon filing of an amendment to its Certificate of Incorporation increasing the number of the Company's authorized common stock to 1,000,000,000. Upon conversion of the Series A Preferred Stock, the former share owners of Bitech Mining held, in the aggregate, approximately 96% of the issued and outstanding shares of the Company's capital stock on a fully diluted basis.

The Share Exchange was treated as a recapitalization and reverse acquisition for financial reporting purposes, and Bitech Mining is considered the acquirer for accounting purposes. As a result of the Share Exchange and the change in our business and operations, a discussion of the past financial results of our predecessor, Spine Injury Solutions Inc., is not pertinent, and under applicable accounting principles, the historical financial results of Bitech Mining, the accounting acquirer, prior to the Share Exchange are considered our historical financial results. The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware on April 29, 2022 to change its name to Bitech Technologies Corporation. On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation. The reverse split and name change took effect on the OTC Markets on February 7, 2025 and the Company's symbol change to "BESS" took effect on March 3, 2025.

On April 24, 2024 (the "Closing") the Company completed the acquisition of Emergen in accordance with the MIPA whereby the Company issued 1,578,300 unregistered shares of its common stock to Emergen's sole member, C&C Johnson Holdings LLC ("C&C") in exchange for 100% of Emergen's equity interests. C&C is controlled by Cole Johnson who became our President and a director following the Closing as well as the President of the Company's BESS and Solar Divisions. In addition, Emergen became a wholly-owned subsidiary of the Company with C&C's owning approximately 31.3% of the Company's issued and outstanding shares of the Company's capital stock.

Emergen holds a portfolio of battery energy storage system ("BESS") projects identified in the MIPA with a cumulative storage capacity estimated at 1.965 gigawatts (GW) upon completion of the construction of such project (the "BESS Development Projects") and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 1.640 GW upon completion of construction of such project (the "Solar Development Projects," together with the BESS Development Projects, collectively, the "Development Projects"). The Company agreed that following the Closing, the Company would take all commercially reasonable steps necessary to uplist the Company to the NYSE stock exchange. The Company's uplist to NYSE in connection with the consummation of the offering contemplated in this prospectus will satisfy the terms set forth in the Closing.

In December 2023, prior to its acquisition, Emergen received an initial purchase order from a strategic customer to implement a Building Energy Management System (BEMS) Virtual Power Plant (VPP) Program designed to save electricity for approximately 4,000 multi-dwelling units (MDUs). This customer is working with PJM, a Regional Transmission Organization (RTO) that coordinates the movement of wholesale electricity in the District of Columbia in the U.S. and all or parts of 13 states including Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia. We believe that our BEMS solutions can benefit building owners who get paid by RTOs for energy saving bonuses, which is in alignment with federal reward programs initiated by the U.S. Department of Energy (DoE). Our real time BEMS solutions are being designed to reduce energy consumption and enhance personalized temperature control options and comfort levels for tenants living in these MDUs. As of the date of this filing, the customer has yet to make the payment for us to commence production on this project and there has been no update since receipt of the purchase order.

On May 30, 2024, Emergen entered into a Project Sale Agreement ("Agreement") with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. Bridgelink has sold these greenfield projects, along with projects in its own portfolio, to an unrelated third party ("Purchaser") which also executed that agreement on May 30, 2024. The total amount to be received by Emergen for the projects sold to Bridgelink is $19,400,000, provided the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights. Bridgelink retains the option to transfer or return certain or all projects within ten (10) days written notice to Emergen. A deposit from Bridgelink will be received within five business days of the execution of the agreement for $943,500 and Emergen will pay 62.5% ($589,687.50) to EIP in accordance with the Project Management Services Agreement by and between (i) Bimergen Energy; (ii) Emergen; and (iii) EIP and the remaining 37.5% (353,812.50) of the proceeds shall remain with Emergen. The remaining proceeds of $18,456,500 shall be received within five business days of when Bridgelink receives milestone payments from the Purchaser for these projects. This Agreement is still in effect and there have been no changes to the Agreement. The $943,500 deposit was paid to Emergen in June 2024.

In the event that Purchaser, under the purchase agreement decides to transfer any Project along with its interests to Bridgelink or any creditworthy entity designated by Bridgelink ("Returned Project"), Bridgelink shall provide written notice to Emergen within ten (10) business days of receipt of such notice from the Purchaser and Bridgelink shall convey, transfer, assign, deliver, and contribute over certain rights and interests to the Returned Project to Emergen within ten (10) business days of receipt of such Returned Project, unless otherwise agreed upon by Emergen in writing. For clarity, any creditworthy entity designated by Bridgelink shall be confirmed in writing by Emergen. Bridgelink is to receive payment from the Purchaser no later than March 31 of the year following each calendar year end for any milestones that have been achieved during that calendar year. Emergen is to receive payment within five days from Bridgelink receiving payment from the Purchaser. Effective December 31, 2024, Emergen and Bridgelink amended the Agreement to provide that Bridgelink could only return a Project if it has not yet made a milestone payment to Emergen on prior to the seventh (7th) anniversary of the Effective Date of the Agreement. The Purchaser has the right but not the obligation to return any or all of these Greenfield Projects before and after it has made milestone payments. The Purchaser has no economic incentive to return projects that it choses not to move forward on per the agreement nor does the company have any obligation to take these back with any liabilities or refunds of milestone payments. The locations have been identified in the Solar Development Projects even though not secured. The Company would not be able to develop at these locations until accepting the return of the Solar Development Projects.

The Projects sold by Emergen to Bridgelink are in what are termed as "Greenfield Projects." With respect to each Greenfield Project, Emergen will be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $5,000 per megawatt (in alternating current) measured at the Point of Interconnection after such Greenfield Project has secured all necessary land rights as determined in good faith ($12,125,000 for the estimated 2,425 megawatts sold); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $3,000 per megawatt (in alternating current) measured at the Point of Interconnection when the relevant Greenfield Project has achieved ready-to-build (RTB) status as determined in good faith ($7,275,000 for the estimated 2,425 megawatts sold.)

There is no specified timeframe for the milestones to be achieved.

The Company received and recorded as deferred revenue a $943,500 deposit payment from the Project Sale Agreement with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. The total amount to be received by Emergen for the projects sold to Bridgelink is expected to be $19,400,000 unless certain of the projects are returned without development to the payment milestones. We have paid EIP $250,000 during 2024 related to the $943,500 deposit and owe an additional $339,688 currently recorded in due to related party. EIP will be due 62.5% of the proceeds received related to the Project Sale Agreement. If the remaining $18.5 million is received from the ultimate purchaser via Bridgelink, we will owe EIP $11.5 million for their portion per the agreement.

The following agreements were entered into on the date of Closing as provided for in the MIPA:

***Project Management Services Agreement***

At the Closing, the Company and Emergen entered into a Project Management Services Agreement (the "PMSA") with Energy Independent Partners LLC ("Energy Independent Partners"), an entity owned or controlled by Mr. Johnson. Pursuant to the terms of the PMSA, Energy Independent Partners is obligated to provide the following project management services in connection with the development and operation of each of the Development Projects (collectively, the "Services"): (i) assist as needed with qualifying the Development Projects for financing; (ii) assist as needed with obtaining all permits required for development of the Development Projects which have sufficient rights to use all necessary real property, and for which the applicable draft interconnection agreement has been received for the Development Projects ("RTB Status"); and (iii) if Emergen foregoes the development of a Development Project, Energy Independent Partners will assist the Company as needed with marketing the Development Project to a third party.

*Payment for Service.* The Issuer agreed to pay Energy Independent Partners the following fees for providing the Services:

*BESS Development Fees*. In consideration of the provision of the Services related to the BESS Development Projects, and subject to the terms and conditions herein, during the Term, Bitech shall pay EIP the following amounts per BESS Development Project: $0.035 per W for each applicable BESS Development Project, subject to such BESS Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("BESS Development Fees"). Currently, the Company is focusing on developing the BESS projects and the total fees related to all 23 of the BESS projects would be the $0.035 per watt multiplied by the estimated capacity 1.965 GW (1,965,000,000 watts) or approximately $69 million.

*Solar Development Fees*. In consideration of the provision of the Services related to the Solar Development Projects, and subject to the terms and conditions herein, during the Term, the Company shall pay EIP the following amounts per Solar Development Project: $0.035 per W for each applicable Solar Development Project, subject to such Solar Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("Solar Development Fees"). The Solar projects still in the Emergen portfolio have an estimated capacity of 1.640 GW and would have Solar Development Fees of approximately $57 million if developed.

If any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then EIP would be due the greater of: (i) any unpaid project's specific BESS Development Fees or Solar Development Fees defined in the PMSA agreement; or (ii) 62.5% of the proceeds less any project specific BESS Development Fees or Solar Development Fees paid previously.

*Other Development Fees*. For each other renewable energy development asset held by the Company, which are neither BESS Development Projects nor Solar Development Projects, located in the United States in which the Company engages during the term of the PMSA (the "Other Development Projects"), the Company shall pay Energy Independent Partners the higher of either (a) fifty percent (50%) of the gross margin or (b) $0.02 per watt in cash, subject to such Other Development Project achieving RTB Status (the "Other Development Fees").

*Timing of Payment of Fees*

The BESS Development Fees shall be due and payable upon (i) the Company, or any of its Affiliates, receiving project financing directly related to and collateralized by BESS Projects, this specifically excludes any general public or private offerings by the Company not directly related to financing a BESS Project, and (ii) when a BESS Project's financing funding terms is sufficient to pay the project specific Development Fees. EIP will be paid on the same timing as the funding terms. For example: if the terms for development fees are 50% at acceptance, 40% RTB and 10% at COD then EIP will be paid as the project development fees are funded.

These fees will be recorded as liabilities once the above contingencies and milestones are met, the most important being that of appropriate project financing enabling payment of these fees.

Acceleration of Payment Clause: Within ninety (90) days (i) of the effective date of a Change of Control or (ii) the removal of Cole W. Johnson as an employee or consultant to Emergen and/or the head of the BESS and Solar Division of Bimergen Energy, 62.5% of any remaining BESS and Solare Development Fees shall become due and payable. A "Change of Control" shall be deemed to have occurred if, after the Effective Date, (x) the beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities representing more than 50% of the combined voting power of the Company is acquired by any "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than the Company, any subsidiary of the Company, or any trustee or other fiduciary holding securities under an employee benefit plan of the Company); (y) the merger or consolidation of the Company with or into another corporation where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any) in substantially the same proportion as their ownership of the Company immediately prior to such merger or consolidation; or (z) the sale or other disposition of all or substantially all of the Company's assets to an entity, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders of the Company, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of the Company immediately prior to such sale or disposition.

If any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then EIP would be due the greater of: (i) any unpaid project's specific BESS Development Fees or Solar Development Fees defined in Section 2.06; or (ii) 62.5% of the proceeds less any project specific BESS Development Fees or Solar Development Fees paid previously.

The timing and other requirements for the payment of Other Development Fees shall be as agreed in writing by the parties to the PMSA via an addendum to the PMSA prior to the parties undertaking such Other Development Projects.

Subject to the terms and conditions of the PMSA, in addition to the other requirements therein, payment of the BESS Development Fees, the Solar Development Fees and any Other Development Fees is further contingent upon Cole W. Johnson (a) remaining an employee or consultant to Emergen and/or the head of the BESS and Solar Division of the Company and/or (b) as an interest owner in the Energy Independent Partners during the period of time in which the applicable BESS Development Fees, the Solar Development Fees or Other Development Fees are payable. Subject to the foregoing, the BESS Development Fees, the Solar Development Fees or Other Development Fees are payable within ten (10) days of satisfaction of the conditions to payment as discussed above.

*Payment for Sale of Development Projects*. In the event the Company decides not to proceed with any Development Project(s), the Company may elect to sell such Development Project(s) to one or more third parties. In such event, the Company and Energy Independent Partners agree to a sales price for the applicable Development Project being sold, and provided that the parties to the PMSA agree that any sale agreement for such Development Projects shall provide that the buyer thereof shall remain obligated to pay to Energy Independent Partners the BESS Development Fees and/or the Solar Development Fee(s), as applicable, to the extent not already paid by the Company hereunder, unless otherwise agreed upon by the Company and Energy Independent Partners.

*Termination*. The PMSA may be terminated at any time prior to the expiration of its term: (a) by the mutual written consent of the parties; (b) by the Company if Energy Independent Partners has violated or breached any of the covenants or agreements of Energy Independent Partners set forth therein, or any of the representations or warranties of Energy Independent Partners set forth in the PMSA has become inaccurate or untrue, which violation, breach, inaccuracy or untruth, if reasonable capable of cure, has not been cured by Energy Independent Partners, within 20 business days after receipt by Energy Independent Partners of written notice thereof from the Company; (c) by Energy Independent Partners if the Company or Emergen has violated or breached any of the covenants or agreements of the Company or Emergen set forth in the PMSA, or any of the representations or warranties of the Company or Emergen set forth in the PMSA has become inaccurate or untrue, which violation, breach, inaccuracy or untruth, if reasonable capable of cure, has not been cured by the Company or Emergen, within 20 business days after receipt by the Company of written notice thereof from Energy Independent Partners; or (d) by any party, if a court of competent jurisdiction or other governmental authority shall have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Combination or the transactions contemplated by the PMSA and such order or action shall have become final and nonappealable. Any of the Parties has a right to seek specific performance of the other parties' obligations under the PMSA in lieu of its right to terminate the agreement.

*Indemnification*. Subject to certain limitations provided for in the PMSA, each of the parties to the PMSA mutually agreed to indemnify and hold harmless each other and each of their affiliates and each of their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees to the fullest extent permitted by applicable law, against and in respect of any and all losses incurred or sustained by such party as a result of or in connection with (i) any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements of the other party contained in the PMSA or in any of the additional agreements or any certificate or other writing delivered pursuant hereto; or (ii) any claim for brokerage commissions in connection with the transactions contemplated hereby as a result of the actions or agreements of the other party or any of their representatives.

On June 30, 2022 (the "Effective Date"), we completed the sale of all of the assets of our wholly owned subsidiary Quad Video Halo, Inc. ("Quad Video") pursuant to the terms of an Asset Purchase Agreement entered into among Quad Video, Quad Video Holdings Corporation ("Quad Holdings") and Peter Dalrymple, a former officer, director and substantial shareholder of the Company ("Dalrymple," together with Quad Holdings, collectively, the "Buyers") dated as of the Effective Date (the "Quad Video APA"). Pursuant to the terms of the Quad Video APA, Quad Video sold all of its assets to Quad Holdings which included its accounts receivables, fixed assets, intangible assets and all customer lists associated with Quad Video's business (the "Quad Video Assets").

Prior to March 31, 2022, we were engaged in the business of owning, developing and leasing the Quad Video Halo video recording system ("QVH") used to record medical procedures including the collection of accounts receivables related to previously provided spine injury diagnostic services (collectively, the "QVH Business"). On June 30, 2022, we sold the assets related to the QVH Business.

**Description or Property**

Our principal executive offices are located at 895 Dove Street, Suite 300, Newport Beach, CA 92660. We occupy this location pursuant to a lease that may be terminated by us on 90 days prior notice.

**<u>Legal Proceedings</u>**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

Due to the misrepresentations and omissions of SuperGreen Energy Corporation ("SuperGreen"), Calvin Cao ("C. Cao") and Michael H. Cao relating to a Patent & Technology Exclusive and Non-Exclusive License Agreement entered between Bitech Mining Corporation and SuperGreen dated January 15, 2021 as amended on January 15, 2021 and on March 26, 2022 (the "License Agreement"), among other reasons, the Company filed a complaint in the U.S. District Court, Central District of California on February 2, 2023 against SuperGreen, Michael H. Cao, Linh T. Dao, C. Cao, B & B Investment Holding, LLC ("B & B Investment") and Cory Thomason alleging fraud-concealment, breach of contract, breach of fiduciary duty-duty of good faith, breach of fiduciary duty-undivided loyalty, conversion and violation of California Penal Code Sec. 496 relating to the License Agreement (the "Cao Lawsuit").

**Settled Matters**

Effective February 20, 2023, the Company, together with its wholly owned subsidiary Bitech Mining Corporation, entered into a Confidential Settlement, Mutual Release, and Share Transfer Agreement (the "C. Cao Settlement Agreement") with C. Cao and SuperGreen (collectively, the "C. Cao Parties"). The C. Cao Settlement Agreement settled the Cao Lawsuit as to the C. Cao Parties. Pursuant to the C. Cao Settlement Agreement, the C. Cao Parties terminated the License Agreement and SuperGreen canceled 367,913 shares of the Company's common stock, par value $0.001 per share issued by the Company to SuperGreen pursuant to the License Agreement. In addition, the parties to the C. Cao Settlement Agreement agreed to a mutual general release of liabilities against each other, refrain from making any disparaging remarks about each other and the Company's filing a dismissal with prejudice of the Cao Lawsuit as to the C. Cao Parties

Effective October 7, 2024, the Company entered into a Confidential Settlement, Mutual Release, and Share Transfer Agreement (the "Thomason Settlement Agreement") with Mr. Thomason. Pursuant to the Thomason Settlement Agreement, the Company canceled 18,396 shares of the Company's common stock, par value $0.001 per share previously issued by the Company to Mr. Thomason. In addition, the parties to the Thomason Settlement Agreement agreed to a mutual general release of liabilities against each other, refrain from making any disparaging remarks about each other and the Company's filing a dismissal with prejudice as to Mr. Thomason in the Cao State Court Lawsuit.

**Current Status and Resolution**

On April 18, 2025, the Court entered the Default Judgment against Mr. Cao, Ms Dao and B & B Investment Holding and demanded the return of 1,287,694 shares to the Company. On April 21, 2025, the Company filed the Notice of Entry of Judgment with the court. On June 26, 2025 the Company cancelled the remaining 1,287,694 shares of the Company's common stock through the default judgment sought against Mr. Cao, Ms. Dao and B & B Investment in the Cao State Court Lawsuit.

**Critical Accounting Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments, including, but not limited to, those related to accrued research and development costs and stock-based compensation expense. These estimates and assumptions are monitored and analyzed by us for changes in facts and circumstances, and material changes in these estimates and assumptions could occur in the future. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results may differ from these estimates under different assumptions or conditions.

**New Accounting Standards**

There were no new standards recently issued which would have an impact on our operations or disclosures.

***Results of Operations***

***Comparison of the three month period ended June 30, 2025 with the three month period ended June 30, 2024.***

The following table summarizes our results of operations for the periods presented:

The Company has generated no revenues from its primary business for the three months ended June 30, 2025 and June 30, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**<br> **June 30, 2025** | **For the Three Months Ended**<br> **June 30, 2024** | **$ Change** | **% Change** |
| **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General & Administrative | 816069 | 822900 | (6831) | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 816069 | 822900 | (6831) | (1)% |
| **LOSS FROM OPERATIONS** | (816069) | (822900) | 6831 | (1)% |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Income (Expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | (5340) |  | (5340) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income (Expense) | (5340) |  | (5340) | 100% |
| **NET LOSS** | (821409) | (822900) | 1491 | 0% |

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General and administrative expenses have been overall consistent for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. There were increases of approximately $60,000 of Emergen consulting and contractor fees related to the Emergen projects, $120,000 of audit costs and $120,000 in officer salaries. The notable decrease was $90,000 in legal fees related to a litigation that was resolved in our favor during 2025 resulting in the cancellation of the defendant's common stock.

***Comparison of the six month period ended June 30, 2025 with the six month period ended June 30, 2024.***

The following table summarizes our results of operations for the periods presented:

The Company has generated no revenues from its primary business for the six months ended June 30, 2025 and June 30, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **June 30, 2025** | **For the Six Months Ended**<br> **June 30, 2024** | **$ Change** | **% Change** |
| **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General & Administrative | 1673106 | 1136735 | 536371 | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 1673106 | 1136735 | 536371 | 47% |
| **LOSS FROM OPERATIONS** | (1673106) | (1136735) | (536371) | 47% |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Income (Expense) | 300 | 328 | (28) | (9)% |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | (6247) |  | (6247) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income (Expense) | (5947) | 328 | (6275) | 100% |
| **NET LOSS** | (1679053) | (1136407) | (542646) | 48% |

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General and administrative expenses have increased primarily related to approximately $100,000 of investor relations expense, $210,000 of Emergen consulting and contractor fees related to the Emergen projects, $140,000 of audit costs and $250,000 in officer salaries. The notable decrease was $190,000 in legal fees related to a litigation that was resolved in our favor during 2025 resulting in the cancellation of the defendant's common stock.

**Contractual Obligations and Commitments**

As of June 30, 2025 and December 31, 2024, we had total current liabilities of $2.6 million and $1.8 million, respectively, and current assets of $0.9 million and $1.0 million, respectively, to meet our current obligations. As of June 30, 2025, we had working capital of ($1.7 million) as compared to working capital of ($0.7 million) as of December 31, 2024.

For the six months ended June 30, 2025, cash used by operations was approximately ($460,000) which primarily included the net loss of approximately ($1,700,000) but adjusted for the non-cash stock based compensation of $602,000, common stock issued for legal services of $118,000, an increase in accounts payable (including related parties) of $450,000 compared to approximately $600,000 cash provided by operations which primarily included the net loss of approximately ($1,100,000) but adjusted for the non-cash stock based compensation of $588,000 and contract liability of $943,500.

For the six months ended June 30, 2025, cash provided by financing was approximately $325,000 including proceeds of $415,300 from short term loans due to a related party compared to $300,000 provided for the six months ended June 30, 2024 primarily from sale of common stock.

At June 30, 2025, the Company has $415,300 of unsecured notes to a related party with a due date of December 31, 2025.

The Company received and recorded as contract liability during 2024 a $943,500 deposit payment from the Project Sale Agreement with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. The total amount to be received by Emergen for the projects sold to Bridgelink is expected to be $19,400,000 unless certain of the projects are returned without development to the payment milestones. We have paid EIP $250,000 during 2024 related to the $943,500 deposit and owe an additional $339,688 currently recorded in due to related party. EIP will be due 62.5% of the proceeds received related to the Project Sale Agreement. If the remaining $18.5 million is received from the ultimate purchaser via Bridgelink we will owe EIP $11.5 million for their portion per the agreement.

If the RelyEZ joint-venture closing occurs as expected in Q3-2025, the Company would be required to fund up to $12.5 million of capital calls over the ensuing 24 months. Management is evaluating debt and equity alternatives to meet those obligations.

We have a history of operating losses. We have not yet achieved profitable operations and expect to incur further losses. We have funded our operations primarily from equity financing. As of June 30, 2025, cash generated from financing activities was not sufficient to fund our growth strategy in the short-term or long-term. The primary need for liquidity is to fund working capital requirements of the business, including operational and development costs to develop and construct our planned BESS and Solar projects that are part of the Development Project rights we acquired upon completion of the acquisition of Emergen. As the Development Projects are in their early phase of development, we have not determined the amount of capital needed to complete their development or operate them until sufficient cash is generated from their operations. The primary source of liquidity has primarily been private financing transactions. The ability to fund operations, to make planned capital expenditures, to execute on the development and commercialization of the Development Projects depends on our ability to raise funds from debt and/or equity financing which is subject to prevailing economic conditions and financial, business and other factors, some of which are beyond our control. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms.

***Comparison of the years ended December 31, 2024 and 2023.***

We have generated no revenues from our primary business for the year ended December 31, 2024 and 2023.

During the year ended December 31, 2024, we incurred $2,758,731 of general and administrative expenses compared to $927,726 for the same period in 2023. General and administrative expenses have increased during 2024 compared to 2023 as the Company began operations related to Emergen (acquired April 2024, it's BESS operation.)

During the year ended December 31, 2024, a significant portion of general and administrative expenses was $1,246,182 of stock compensation expenses compared to $378,559 for the same period in 2023. Stock compensation expenses are related to stock awards and stock option valuation over the life of the option.

As a result of the foregoing, we had net loss of ($2,757,687) for the year ended December 31, 2024, compared to a net loss of ($920,418) for the year ended December 31, 2023.

**Liquidity and Capital Resources**

As of December 31, 2024 and 2023, we had total current liabilities of $1,756,985 and $35,229, respectively, and current assets of $1,028,877 and $163,417, respectively, to meet our current obligations. As of December 31, 2024, we had working capital of ($728,108), a decrease of working capital of ($856,296) as compared to December 31, 2023, driven primarily by an increase contract liability, accounts payable and accrued expenses.

For the year ended December 31, 2024, cash used in operations was ($349,833) which primarily included the net loss of ($2,757,687) partially offset by $1,246,182 related to stock compensation expense, the issuance of common stock for services of $79,209 and $943,500 increase in contract liability.

The Company received and recorded as contract liability a $943,500 deposit payment from the Project Sale Agreement with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. The total amount to be received by Emergen for the projects sold to Bridgelink is expected to be $19,400,000 unless certain of the projects are returned without development to the payment milestones. We have paid EIP $250,000 during 2024 related to the $943,500 deposit and owe an additional $339,688 currently recorded in due to related party. EIP will be due 62.5% of the proceeds received related to the Project Sale Agreement. If the remaining $18.5 million is received from the ultimate purchaser via Bridgelink we will owe EIP $11.5 million for their portion per the agreement.

We have a history of operating losses. We have not yet achieved profitable operations and expect to incur further losses. We have funded our operations primarily from equity financing. As of December 31, 2024, cash generated from financing activities was not sufficient to fund our growth strategy in the short-term or long-term. The primary need for liquidity is to fund working capital requirements of the business, including operational expenses in connection with our efforts to become a provider of a suite of green energy solutions and to fund the development projects. The primary source of liquidity has primarily been private financing transactions. The ability to fund operations and pursue these opportunities and projects within the green energy industry depends on our ability to raise funds from debt and/or equity financing which is subject to prevailing economic conditions and financial, business and other factors, some of which are beyond our control. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms.

On April 20, 2025 the Company's wholly owned subsidiary, Emergen Energy, LLC, executed a definitive agreement with RelyEZ Energy Group to form a joint venture to develop, construct, and operate up to 2 GW of utility-scale battery-energy-storage projects (2- to 4-hour BESS) in the United States through 2027.

*Capital commitments.* RelyEZ has committed up to $50 million, including an initial $10 million funding within 10 days of closing. The Company will contribute up to $12.5 million on a pro-rata basis after the first $10 million from RelyEZ. All capital and loans will be provided through a joint venture structure known as Grid Span

*Ownership and economics.* Until project refinancing, each project SPV will be owned 80 % by RelyEZ and 20 % by Emergen. After refinancing, the Company may repurchase RelyEZ's interest at cost plus a 12 % annual return.

On August 11, 2025, the Company's wholly-owned subsidiary, Emergen Energy, LLC, executed a letter of agreement (LOA) with Cox Energy Group (operating from Madrid, Spain) to form a joint venture to develop, construct and operate up to 1 GW of utility-scale battery-energy-storage projects in the United States to reach ready-to-build status during calendar years 2025 and 2026.

*Ownership and economics.* Until project refinancing, it is anticipated that each project entity will be owned 75 percent by Cox and 25 percent by Emergen. After refinancing, it is expected that Cox will maintain at least 51% equity ownership.

*Capital commitments.* Cox has agreed to an initial capital commitment of $10 million to fund pre-construction and early-stage construction activities. The Cox JV agreement allows for a total of up to $200 million of equity financing if the parties mutually agree on project-acceptance terms. This capital will serve as the equity component (typically 10 - 20%) required for permanent debt financing.

***Off-Balance Sheet Arrangements***

As of the date of this Prospectus, we do not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on our results of operations or financial condition, including, and without limitation, such considerations as liquidity and capital resources.

**BUSINESS** 

**<u>Overview</u>**

Bimergen Energy Corporation (the "Company", "Bimergen," "Bitech," "we" or "us") was incorporated under the laws of Delaware on March 4, 1998. In connection with the Company's planned expansion of its business following the completion of the acquisition of Bitech Mining Corporation, a Wyoming corporation ("Bitech Mining"), it amended to its Certificate of Incorporation on April 29, 2022 to change its corporate name to Bitech Technologies Corporation. On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation. The reverse split and name change took effect on the OTC Markets on February 7, 2025 and the Company's symbol change to "BESS" took effect on March 3, 2025.

We are a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. In April 2024, we acquired a portfolio of development-stage BESS and solar energy projects from Emergen Energy LLC ("Emergen"), making us the project owner of 23 development stage utility-scale BESS projects with an estimated cumulative storage capacity of 1.965 gigawatts (GW) and 13 development stage solar energy projects with an anticipated cumulative generation capacity of 1.640 GW (collectively, the "Development Projects") once constructed and operational.

We are a development-stage company with the strategic objective of developing, commercializing, and operating a diversified portfolio of battery energy storage systems ("BESS") and solar energy projects across the United States.

As of the date of this prospectus, we have not commenced commercial operations and have not generated revenue. We are currently in the mid-stage of our development lifecycle and are actively advancing approximately a 2 GW pipeline of BESS projects. Our BESS near-term operational strategy is to bring approximately 200 MW of new projects online each year, while selectively pursuing strategic acquisitions to supplement our internal pipeline.

To support this growth, we have secured a $50 million mezzanine financing facility from a battery supplier partner. This facility enables us to fund early-stage development activities—including engineering, permitting, and interconnection—as well as to procure long-lead equipment in preparation for construction.

Over the next twelve months, we intend to progress a portion of our development pipeline to construction-ready status, initiate procurement and site preparation on priority projects, and expand internal capabilities across development, engineering, and execution which will be funded by the executed mezzanine financing, tax equity financing up to 50% of capital expenditures and long-term debt financing partners in negotiation with multiple alternatives. Concurrently, we will work to secure interconnection agreements, finalize site control and permitting, and engage prospective offtakers.

We anticipate corporate overhead cash expenditures to be approximately $3 million over the next 12 months of project level construction and capital expenditures of approximately $240 million to be funded by mezzanine financing and long-term debt financing. Pre-construction activities during the next 12 months such as interconnection studies, permitting, and engineering will require approximately $2 million. These expenditures are expected to be funded through a combination of proceeds from this offering, development fee revenues related to JV accepted projects, and third-party development partnerships.

Our primary business objective is to become a grid-balancing operator by developing, commercializing, and operating a diversified portfolio of BESS and solar energy projects. We aim to leverage by partnering with advanced BESS technology suppliers and Energy Management Systems (EMS) to address the critical challenges associated with the integration of renewable energy into the electrical grid, particularly the imbalance between energy supply and demand caused by the intermittent nature of solar and wind resources. This approach aligns with the increasing demand for grid stability in regions with high penetration of renewable energy, where imbalances between peak solar generation and peak energy demand create revenue opportunities through energy storage and dispatch. We plan to store excess energy generated during periods of low demand and dispatch it during peak demand periods, thereby enhancing grid stability and efficiency. Upon reaching commercial operation, we hope to play a key role in stabilizing grid demand and supporting renewable energy integration through energy arbitrage and ancillary services.

**Core Business in Battery Energy Storage Systems (BESS)**

Our core business is anchored in the development and operation of BESS projects, which are strategically designed to mitigate the energy imbalances and power deficits observed in markets with substantial solar and wind energy generation. This event, often depicted by the grid balancing, highlights the timing mismatch between peak renewable energy generation and peak electricity demand. As renewable energy production peaks during daylight hours and declines in the evening when energy demand is highest, supplemental energy supply sources become increasingly critical. Our BESS projects are positioned to address this imbalance by storing surplus energy during periods of low demand and releasing it during high-demand periods, capturing value from daily price fluctuations. By purchasing and storing energy during low-cost, high-supply hours and selling it during high-demand periods when prices are at their peak, known as energy arbitrage trading, our BESS systems will provide critical support to compensate for the lack of supply from the current outdated energy grid infrastructure.

In addition to energy arbitrage, our BESS assets are positioned to provide essential grid services, including frequency regulation, voltage support, and emergency backup during grid outages. Frequency regulation refers to the rapid response to changes in grid frequency, maintaining stability and preventing potential grid failures. Voltage control enhances the quality and reliability of power supplied to consumers. The rapid response capabilities also maintain stability for key infrastructure during outages via immediate response to fluctuations in voltage and frequency. By reducing supply-demand imbalances at peak times, known as peak shaving, we hope to flatten the energy demand and lower electricity costs for consumers. By integrating advanced EMS controls, we aim to optimize the dispatch timing and increase the overall economic value of stored energy, delivering both reliable performance and efficient operation in dynamic market conditions. Our systems will enable more flexible and adaptive grid operations, accommodating dynamic energy flows and diverse generation sources. These ancillary services both relieve grid stress, offer additional potential revenue streams, and maximize likelihood of punctual project development within budget and ensure product quality standards. We believe we are well- positioned to leverage our existing relationships to secure multi-year customer contracts prior to project construction and integrate cutting-edge battery technologies as they are developed into future developments. Our systems will also be capable of deferred infrastructure upgrades, which reduce the need for expensive grid infrastructure upgrades by efficiently managing local supply and demand. We expect our customers will include traditional trading houses (e.g., Goldman Sachs, BP, Shell), commercial and industrial (C&I) entities, and utilities. The terms of our agreements with customers will be defined by tolling agreements, financial hedges, or power purchase agreements (PPAs), which serve as financial instruments to guarantee all or a portion of future revenues.

Bimergen Energy's business model as a BESS project owner and developer will leverage long-term contracted tolling agreements to generate stable revenue with upside potential. While Bimergen owns and plans to develop a portfolio of BESS projects, tolling agreements with major energy trading entities or institutional financial firms will provide a dual revenue model including guaranteed floor payments and upside profit sharing. The floor payment could be a fixed or minimum revenue guarantee to cover operational costs and provide downside protection against low market prices or volatility. Upside sharing is a profit-sharing mechanism where revenues above the floor would be split between Bimergen and the offtaker, incentivizing optimization of energy trading.

While these contracts have not yet been finalized, institutional traders will manage daily operations and energy trading under the agreements once signed. They will monitor market prices and advise Bimergen to charge the batteries during off-peak hours using low-cost grid energy, then discharge the batteries during peak hours, selling high-priced power back to the grid. Under the prospective agreements, institutional offtakers would buy the discharged power wholesale, resell it at market prices for profit, guarantee the floor payment, and share upside revenue with Bimergen. Beyond arbitrage, tolling agreements may include provisions for ancillary services like frequency regulation, voltage support, or capacity payments, where the BESS helps stabilize the grid for additional revenue streams. The offtaker would assume market price risk, while the BESS owner would be responsible for system maintenance and performance, ensuring the assets meet contractual obligations. The floor payment would ensure predictable cash flows, making projects bankable by institutional investors or lenders to provide project financing. Upside sharing would allow developers to benefit from high market prices without direct exposure to trading risks. Partnering with experienced traders leverages their market knowledge, reducing the need for in-house trading capabilities. Offtakers benefit from access to infrastructure by gaining control over a BESS without owning or maintaining it, and capture margins by reselling power at market prices, especially during peak demand. Offtake agreements are long-term contracts, often spanning 10–20 years, to align with the lifecycle of BESS projects and provide revenue certainty for financing.

As renewable energy penetration increases, BESS tolling agreements are becoming more common to manage intermittency (e.g., storing solar/wind energy for peak times). The global BESS market is projected to grow significantly, with tolling agreements facilitating project financing. The structure of tolling agreements vary on a case-by-case basis. While the floor payment mitigates downside, low market prices can limit upside potential, affecting overall returns. BESS performance declines over time, which may impact revenue if not accounted for in the agreement. The financial stability of the offtaker is critical, as their ability to meet floor payments or share upside depends on their market success. Shifts in energy market policies or grid incentives can affect the profitability of tolling agreements.

We are in talks with a number of investment banks to secure offtake agreements for our projects. However, to date, we have not entered into any offtake agreements and there can be no assurance that we will be able to do so on terms favorable to the Company. If we are not successful in obtaining favorable terms, we will operate these projects by selling merchant power and use a third-party scheduling entity to assist us in scheduling the power. This exposes the BESS to market volatility, where prices fluctuate based on supply, demand, fuel costs, and other dynamics. Without guaranteed revenue streams, the BESS owner assumes financial risk, as electricity prices can vary significantly. However, during periods of high demand or grid stress, the system can capitalize on higher prices. The BESS can also provide services like energy arbitrage, storing low-cost electricity and selling it when prices rise, or ancillary services like frequency regulation and reserves, which can be more profitable during grid instability. The key advantage of this model is the potential for higher returns in favorable market conditions, but it also carries the risk of lower profits or losses when market prices drop or when demand for storage services is insufficient. Like traditional merchant power plants, a BESS in this model faces financial uncertainty but has the flexibility to adjust based on real-time market conditions.

We anticipate management will be active in identifying, negotiating and establishing the financing relationships required for our projects. Since the Company and its subsidiaries do not have the in-house personnel to construct these projects, we also anticipate management will hire third parties to manage the construction of the project facilities and we will manage and negotiate the purchase of the key components of the facility (most importantly being the batteries). The Development Projects purchased are at various stages and we executed an agreement with Energy Independent Partners ("EIP") (a Delaware limited liability company controlled by Cole Johnson, our Co-CEO and President and Director commencing as of the date of acquisition of Emergen) for services to include: pre-construction and pre-operational activities such as assisting with qualifying the Development Projects for financing; assisting with achieving RTB Status for Development Projects; and assisting with marketing the Development Project to a third party, if desired. The relevant fees for these services are $0.035 per watt of capacity and are included in the Development Fees column of the table below.

BESS project locations are selected to be located alongside traditional power transmission lines or near large offtakers (our expected customers) with high energy demands, enhancing grid stability and reducing energy costs. These locations are suitable for battery storage facilities of approximately thirty acres and undergo environmental studies and assessments to ensure feasibility. While the letters of intent the Company has entered into or negotiated for these projects are for specific locations, the Company's development plans are not dependent on the landowner or address, but, rather, are county based. The Company believes it could adjust its plans to find a similar, suitable location if it is unable to negotiate a definitive agreement to develop a project with the landowner.

Location is a key consideration when selecting a site to develop a project. All projects are chosen in rural areas, outside high electricity demand zones, and on existing transmission lines. Transmission lines are then measured for available capacity and evaluated for potential BESS projects. After confirming that the site is suitable for BESS, we contact the landowner and conduct environmental studies to ensure it is viable for construction and operation. Most of our projects are in non-regulated markets, which allow us to sell power into the merchant markets using a scheduling entity.

Another key component of site qualification is identification of the potential energy customers and markets we can serve, either by rights acquired in the development process, those which can be secured via competitive utility procurements and those which can be secured under direct bilateral agreements

The revenue opportunities relating to our primary energy purchase customers – the regulated utilities and regulated wholesale energy markets operating where each of our projects are located, are quantified at the earliest stages of project qualification and the commercial relationship with these customers is fully established at the time we anticipate executing our interconnection agreement, typically prior to commencement of construction. These utility energy purchase mechanisms generally preclude any direct participation by these customers in asset ownership or profit distributions.

Additionally, at each site location, screening is conducted to identify and qualify potential industrial, commercial and municipal customers. Those which meet our criteria for potentially enhancing our revenues and profits are contacted to determine their interest in purchasing energy services at or after the point in time when our projects enter revenue operations. It is not our normal practice, and these energy purchase agreements do not typically include participation in equity ownership or profit distributions from the projects, but these options are not precluded legally or regulatorily.

The physical quality of our sites in terms of their development is valued against industry comparables. The energy and revenue generation potential of our sites and projects and the number and credit quality of our established and potential utility and non-utility customers are also key factors in the valuation of our projects, their ability to attract investors and the ultimate cost of that capital. This is true for the majority of projects in our industry.

Our projects may include multiple classes of equity investors. Project level preferred equity investors enjoy returns which include one or more fixed components plus a participation component in which they share in the net free cash flows of our combined arbitration and contracted energy revenue operations; common equity investors participate directly in ownership of the project assets and receive distributions of net free cash flows from our energy trading (arbitrage) revenues and those from contracted energy services. We also have tax equity investors who participate in a transaction to acquire these tax benefits outright and may also enjoy a nominal carried interest in our net distributions.

Our pro forma models and financial practices meet customary industry standards to estimate, calculate and project these revenues both for institutional financing purposes as well as regulatory requirements.

It is our intent to own and operate our projects in most cases, but in others we may deem it financially beneficial to the company and our equity investors to partly or fully monetize our project assets.

We maintain strong relationships with tier-one battery and equipment suppliers, utilities, and power purchasers to optimize transmission efficiency and lower consumer costs. These partnerships may also help us secure regulatory support, ensure timely project development within budget, and uphold high product quality standards. Our strategic position allows us to secure multi-year customer contracts before project construction and integrate emerging battery technologies into future developments. Additionally, our systems are designed to enable deferred infrastructure upgrades, reducing the need for costly grid enhancements by efficiently managing local supply and demand.

**Development Projects and Operational Progress**

Our portfolio of Development Projects includes approximately 3.6 GW of alternating current (GWAC) power capacity across various regions served by Independent System Operators (ISOs) such as ERCOT, WECC, PJM, and MISO. These regions have been selected strategically based on favorable market conditions, grid infrastructure, and regulatory environments conducive to renewable energy integration. In connection with the Emergen transaction, we currently have no proprietary rights but we have secured rights to comprehensive "Work Product" Intangible assets essential for project development, including but not limited to: feasibility studies determining capacity and compatibility, establishing a production model of the project parameters, identifying any curtailment for the project, power flow site verification and substation identification, permitting and regulatory compliance documentation, engineering designs, equipment procurement plans, site preparation guidelines, and noting project specific challenges.

Subsequent to positive feasibility studies is the process of legal formation, analyzing and negotiating site control/surface and materials, and identifying engineering requirements for construction, identifying and negotiating interconnection to the grid, identifying tax abatements, and identifying permitting and study requirements, and noting additional project specific challenges. These assets provide a robust foundation for advancing our projects through the development lifecycle efficiently and effectively. We are in the process of negotiating grid interconnection agreements, ensuring compliance with applicable grid codes and standards, registering our projects for market participation, and coordinating with ISOs to align dispatch and grid service requirements. In addition, we are actively engaging with these ISOs to address cybersecurity compliance and to develop comprehensive monitoring and reporting frameworks, which are essential for maintaining operational integrity and grid support.

Our Redbird and Wildfire projects are currently the most advanced within our portfolio and are ready to proceed to the financing and construction phases. We are actively pursuing project-level debt and equity financing to fund the construction and/or operationalization of these projects. Upon securing financing, of which there can be no assurance we will be able to do so or do so on terms favorable to us, we intend to execute binding agreements with key counterparties, initiate site preparation activities, and commence construction in accordance with our development timelines. As part of the rights to the Work Product and continued development, we identify and negotiate with the appropriate counterparts in the specific project, but do not enter into binding contracts until specific project financing is obtained so as to not create liabilities before project financing is secured. We recognize the importance of managing risks associated with project development, including regulatory, technical, financial, and market risks. Our approach involves conducting thorough feasibility studies, engaging in proactive stakeholder consultations, and maintaining flexibility in project planning. We do not enter into binding contracts related to site control, equipment procurement, or construction until project-specific financing is secured, mitigating financial exposure. The next steps for these projects will include executing contracts with key counterparties, purchasing equipment, and initiating the construction process. Our current project pipeline consists of multiple BESS initiatives, with an estimated development timeline spanning eight to nine years.

***BESS Market***

The Battery Energy Storage Systems (BESS) industry is young but has experienced significant growth in the United States, driven by the integration of renewable energy, the need for grid stability, and various economic and policy incentives.

Battery storage systems are not a primary electricity source, meaning the technology does not create electricity from a fuel or natural resource. Instead, batteries store electricity that has already been created from an electricity generator or the electric power grid, which makes energy storage systems secondary sources of electricity.

The acceleration of global integration of renewable energy sources has amplified the critical need for efficient energy storage solutions, driving substantial investment into grid infrastructure, particularly BESS. Despite its emergence as a distinct sector only in the 2010s, the BESS market has since experienced exponential growth, attracting significant investor interest worldwide. According to Mercom Capital Group in October 2024, global investments in energy storage across 83 announced deals reached $17.6 billion in the first nine months of 2024, a 15% year-over-year increase.<sup>8</sup> Most corporate investments were reported to be from debt financing and public market funding. March 2025 Report from Statista revealed that significant investments are expected to fuel remarkable growth in global battery storage capacity, with forecasts projecting a rise from 52 gigawatts (GW) in 2022 to 945 gigawatts by 2050. Global investments in power grids and energy storage reached a record high of 452 billion U.S. dollars in 2024, marking a significant increase from 416 billion U.S. dollars in 2023.<sup>9</sup> As countries worldwide strive to integrate more renewable energy sources, the need for robust grids and efficient storage capabilities becomes increasingly crucial, driving up the investment in grid infrastructure. Investors' appetite for the BESS industry is a testament to the market's momentum and the essential role of energy storage in grid stability and energy management.

By 2030, McKinsey & Company has projected that the global BESS market will reach $120-130 billion in value.<sup>10</sup> The growth in market size is mirrored by a substantial increase in investment and various factors, including renewable energy integration, grid Modernization, government support, and falling battery prices. As the use of renewables becomes increasingly prevalent, the need for infrastructure flexibility, resilience, and energy storage propels demand for BESS solutions proportionately. Moreover, declining cost of lithium-ion batteries, the dominant technology in BESS, over the past decade, makes storage projects more economically viable and attractive, according to April 2025 report from Statista.<sup>11</sup> Governments worldwide are implementing policies and incentives to promote the deployment of energy storage systems, such as tax incentives, subsidies, and mandates, which increase the attractiveness of participation in these markets, serving as key drivers for BESS investment.

According to the U.S. Energy Information Administration (EIA) report in March 2025, the U.S. battery storage capacity increased 66% in 2024. In the United States, cumulative utility-scale battery storage capacity exceeded 26 gigawatts (GW) in 2024, according to January 2025 Preliminary Monthly Electric Generator Inventory. In 2025, capacity growth from battery storage could set a record as operators report plans to add 19.6 GW of utility-scale battery storage to the grid, according to our January 2025 preliminary electric generator inventory data. <sup>12</sup>

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Battery Energy Storage Systems (BESS) play a crucial role in managing the grid, and their importance is expected to increase as more electrification and AI data centers are installed across the United States and the world. In June 2024, Bloomberg data revealed electricity demands from AI data centers are outstepping the available power supply in many parts of the world as AI wreaks havoc on global power systems. The sharp increase in demand for AI clusters has resulted in a notable emphasis on data center capacity, placing significant strain on the power grid, generation capabilities, and environmental concerns. With this surge in demand for electricity, there is a corresponding need for efficient storage systems to balance supply and demand on the grid. The current benefits of BESS towards the grids are as follows:

● *Grid Stability*: BESS provides grid stabilization by balancing supply and demand, reducing the likelihood of blackouts and enhancing the reliability of the electrical grid.

● *Renewable Energy Integration*: BESS allows for the efficient integration of renewable energy sources like solar and wind by storing excess energy and releasing it when needed.

● *Peak Shaving*: BESS helps reduce peak demand charges for utilities and consumers by discharging stored energy during high-demand periods.

● *Reduction of Fossil Fuel Dependence*: By enabling more renewable energy use, BESS decreases the reliance on fossil fuel-based power generation, reducing greenhouse gas emissions.

● *Emergency Backup*: BESS provides critical backup power during emergencies and natural disasters, ensuring continuous power supply for essential services.

As we progress towards optimizing BESS operations for the future, several advantages become apparent:

● *Grid Decentralization*: Future BESS deployments will support a more decentralized grid, empowering local communities with greater energy independence and resilience.

● *Cost Reduction*: Advances in battery techs and economies of scale will continue to drive down the costs of BESS, making it more accessible and cost-effective for widespread use.

● *Enhanced Renewable Penetration*: With improved storage capabilities, BESS will support even higher levels of renewable energy penetration, facilitating the transition to a fully renewable energy grid.

● *Electric Vehicle (EV) Integration*: BESS will play a crucial role in managing the increased demand from EVs, enabling efficient charging infrastructure and energy management.

In January 2025, the White House declared a state of national emergency, underscoring the severity of the energy crisis confronting the United States.<sup>13</sup> Driven by a complex interplay of economic factors, rapid technological advancements, and evolving geopolitical dynamics, the surge in electricity demand raises concerns about the potential for systemic instability and soaring costs. Consequently, battery energy storage systems (BESS) have emerged as a critical technology and realistic solution for the US aging grids. Last year in its April Equity Research, Goldman Sachs reported that AI's footprint is skyrocketing, with U.S. data centers projected to consume 8% of national electricity by 2030.<sup>14</sup> The imperative for energy storage is further evidenced as the International Energy Agency (IEA) projects in its April 2024 Report that global energy storage deployments must increase six-fold by 2030 to adequately address growing energy reliability needs, with the U.S. positioned as a potential leader in this expansion.<sup>15</sup> In this climate, BESS is indispensable for meeting the demands of a modern, electrified economy.

In March 2025 report from Utility Dive, analysts anticipated that the renewable markets will continue to see growth and investments due to high power demand. It is no coincidence that the BESS sector is experiencing record foreign investment.<sup>16</sup> In 2024 alone, foreign direct investment into U.S. battery storage projects surpassed $12 billion, led by companies from South Korea, Germany, and China, according to August 2024 report from fDi Intelligence.<sup>17</sup> Samsung SDI and LG Energy Solution, among others, have announced significant expansions of U.S.-based battery manufacturing plants in February 2025.<sup>18</sup> This development is mirrored at state policy levels. California updated its renewable portfolio standard to require all new utility-scale solar and wind projects to include integrated BESS components to prevent grid instability according to March 2025 announcement from CPUC.<sup>19</sup> Texas regulators, facing massive strain from AI centers, are discussing the implementation of similar incentives. Globally, the BESS market is witnessing substantial growth, with newly installed global energy storage capacity expected to reach 261 GWh in 2025, a year-on-year growth of 41%.<sup>20</sup>

BESS market is projected to grow exponentially, making it a massive and lucrative market in the US market. However, despite its rapid growth, there are currently limited players involved in this sector. Management believes this situation presents an opportunity for companies with extensive development and operating experience like the Company today to enter and capitalize on this expanding market. As the US continues to transition towards cleaner energy sources, BESS systems will become even more critical in ensuring a stable and resilient power grid while reducing carbon emissions. We believe it is an exciting time for the BESS industry with immense potential for growth and innovation.

<sup>8</sup> Murray, Cameron. "Corporate Funding for Energy Storage Grows 15% to US$17.6 Billion in First Nine Months of 2024." Energy Storage, October 22, 2024. https://www.energy-storage.news/corporate-funding-for-energy-storage-grows-15-to-us17-6-billion-in-first-nine-months-of-2024/

<sup>9</sup> "Global Grids and Battery Storage Investments 2024." Statista, March 11, 2025. https://www.statista.com/statistics/1383650/grids-and-storage-investments-worldwide/

<sup>10</sup> Jarbratt, Gabriella, Sören Jautelat, Martin Linder, Erik Sparre, Alexandre van de Rijt, and Quan Han Wong. "Enabling Renewable Energy with Battery Energy Storage Systems." McKinsey & Company, August 2, 2023. https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/enabling-renewable-energy-with-battery-energy-storage-systems

<sup>11</sup> Battery Price per Kwh 2025." Statista, April 1, 2025. https://www.statista.com/statistics/883118/global-lithium-ion-battery-pack-costs/

<sup>12</sup> "U.S. Battery Capacity Increased 66% in 2024." U.S. Energy Information Administration (EIA), March 12, 2025. https://www.eia.gov/todayinenergy/detail.php?id=64705#:~:text=In%20the%20United%20States%2C%20cumulative,generating%20capacity%20addition%20after%20solar

<sup>13</sup> "Declaring a National Energy Emergency." The White House, The United States Government, 21 Jan. 2025, www.whitehouse.gov/presidential-actions/2025/01/declaring-a-national-energy-emergency/

<sup>14</sup> Davenport C, Singer B, Mehta N, Lee B, Mackay J. AI, Data Centers and the coming US Power Demand Surge. Goldman Sachs 2024. https://www.goldmansachs.com/pdfs/insights/pages/generational-growth-ai-data-centers-and-the-coming-us-power-surge/report.pdf (accessed April 11, 2025).

<sup>15</sup> IEA (2024), Batteries and Secure Energy Transitions, IEA, Paris https://www.iea.org/reports/batteries-and-secure-energy-transitions, License: CC BY 4.0.

<sup>16</sup> DiGangi D. IRA credits and energy demand continue to drive renewables investments. Utility Dive 2025. https://www.utilitydive.com/news/inflation-reduction-act-credits-energy-demand-investment-financing-trump/742485/ (accessed April 11, 2025).

<sup>17</sup> US battery energy storage investment surges. fDi Intelligence 2024. https://www.fdiintelligence.com/content/6e46dc32-8b51-5519-8439-b044a8dea215 (accessed April 11, 2025).

<sup>18</sup> Hye-jin B. LG Energy Solution Readies to start LFP battery production for ESS in US this year. The Korea Herald 2025. https://www.koreaherald.com/article/10423751?ref=naver (accessed April 11, 2025).

<sup>18</sup> Hye-jin B. LG Energy Solution Readies to start LFP battery production for ESS in US this year. The Korea Herald 2025. https://www.koreaherald.com/article/10423751?ref=naver (accessed April 11, 2025).

<sup>19</sup> CPUC sets new safety standards and enhances oversight of emergency plans for Battery Energy Storage Facilities. California Public Utilities Commission 2025. https://www.cpuc.ca.gov/news-and-updates/all-news/cpuc-sets-new-safety-standards-and-enhances-oversight-of-emergency-plans#:~:text=Over%20the%20past%20several%20years,at%2052%2C000%20MW%20by%202045.&text=Californians%20access%20to%20safe%20and,ca.gov%20for%20more%20information. (accessed April 11, 2025).

<sup>20</sup> 2025: A pivotal year for Battery Energy Storage Systems (BESS). WENERGY 2025. https://www.linkedin.com/pulse/2025-pivotal-year-battery-energy-storage-systems-bess-7cyic/ (accessed April 11, 2025).

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As a new technology enabler, we offer an array of advanced green energy technology solutions embedded with advanced BESS application for enterprises with projects applying our in-house technology innovation using system integration approach, aiming to generate scalable technology revenue.

***<u>Recent Developments</u>***

On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation. The reverse split and name change took effect on the OTC Markets on February 7, 2025 and the Company's symbol change to "BESS" took effect on March 3, 2025.

On April 20, 2025 the Company's wholly owned subsidiary, Emergen Energy, LLC, executed a definitive agreement with RelyEZ Energy Group to form a joint venture to develop, construct, and operate up to 2 GW of utility-scale battery-energy-storage projects (2- to 4-hour BESS) in the United States through 2027.

*Capital commitments.* RelyEZ has committed up to $50 million, including an initial $10 million funding within 10 days of closing. The Company will contribute up to $12.5 million on a pro-rata basis after the first $10 million from RelyEZ. All capital and loans will be provided through a joint venture structure known as Grid Span

*Ownership and economics.* Until project refinancing, each project SPV will be owned 80 % by RelyEZ and 20 % by Emergen. After refinancing, the Company may repurchase RelyEZ's interest at cost plus a 12 % annual return.

On August 11, 2025, the Company's wholly-owned subsidiary, Emergen Energy, LLC, executed a letter of agreement (LOA) with Cox Energy Group (operating from Madrid, Spain) to form a joint venture to develop, construct and operate up to 1 GW of utility-scale battery-energy-storage projects in the United States to reach ready-to-build status during calendar years 2025 and 2026.

*Ownership and economics.* Until project refinancing, it is anticipated that each project entity will be owned 75 percent by Cox and 25 percent by Emergen. After refinancing, it is expected that Cox will maintain at least 51% equity ownership.

*Capital commitments.* Cox has agreed to an initial capital commitment of $10 million to fund pre-construction and early-stage construction activities. The Cox JV agreement allows for a total of up to $200 million of equity financing if the parties mutually agree on project-acceptance terms. This capital will serve as the equity component (typically 10 - 20%) required for permanent debt financing.

Our Partners

***Equipment Suppliers***

We have engaged in discussions with multiple advanced Tier 1 battery energy storage system (BESS) suppliers and other major equipment providers. These potential suppliers bring several benefits to the table, including a strong emphasis on safety, cost-effectiveness, and a long lifespan for their products. Additionally, many of these suppliers offer product warranties, providing added assurance to our customers. At this time, no definitive supplier agreements have been executed

***Energy Purchasing Customers***

We have taken a proactive approach in expanding its energy business by engaging in thorough discussions with local utility suppliers. These suppliers are key players in the region's energy infrastructure, operating both electric transmission and distribution systems. They boast advanced grid infrastructure and provide electricity and natural gas services to millions of customers across multiple states including Texas, Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, Midwest and South regions such as Ohio and West Virginia. By building strong partnerships with these suppliers, the Company aims to achieve its presence in the energy market and provide reliable and efficient services to a wider range of customers.

***Collaboration with Independent System Operators (ISOs)***

Our potential BESS customers are key players in the energy industry, such as utility companies, who operate within regions covered by major entities like the Electric Reliability Council of Texas (ERCOT), California Independent System Operator (CAISO), Western Electricity Coordination Council (WECC), Midcontinent Independent System Operator (MISO), and PJM Interconnection (PJM). These are some of the largest and most influential organizations in the United States responsible for managing the transmission and distribution of electricity. They play a critical role in ensuring reliable access to power for millions of people. Our BESS systems can provide utility companies with valuable tools for selling and buying stored energy, improving their overall efficiency and resiliency. By partnering with these leading ISO's, we can help drive the widespread adoption of sustainable energy solutions across various regions, ultimately working towards a more sustainable future.

**<u>Our Future Growth Plan</u>**

We are committed to leveraging our renewable energy platform, technology, leadership, and strong market position to revolutionize the clean energy sector for a sustainable future. Our growth strategy is multi-faceted, focusing on key initiatives designed to achieve a market presence, drive innovation, and deliver long-term value to our shareholders.

*Expansion of Battery Energy Storage Systems (BESS)*

We will continue to expand our current development pipeline of approximately 2 gigawatts (GW) of BESS in strategically selected regions of the U.S. in key ISO's. We expect to expand this pipeline to over 5GW over the next 3-5 years Leadership may choose to accelerate this goal as we expand the business. We believe this expansion will enhance grid stability and facilitate the integration of renewable energy sources, addressing the increasing demand for sustainable energy solutions.

*Grid Management Enhancement*

By concentrating on specific areas requiring additional support, we aim to enhance grid management capabilities. We believe this effort will ensure a more reliable and efficient energy distribution network, minimizing disruptions and optimizing energy flow.

*Technological Innovation*

We will actively pursue partnerships and acquisitions of cutting-edge technology solutions. We believe these initiatives will support grid balancing and green energy projects, allowing us to stay at the forefront of technological advancements in the energy sector. Our commitment to innovation is expected to drive the development of new technologies that support sustainable energy infrastructure.

*Expansion of Service Offerings*

We plan to broaden our portfolio of value-add services to meet the diverse needs of our potential global customer base. Our planned expanded service offerings will include product upgrades, performance analysis, risk management products, and software support. By leveraging data-driven insights from our extensive installation base, we believe these service offerings will provide tailored solutions that enhance operational efficiency and performance assurance for our customers.

*Strategic Partnerships*

Forming strategic alliances with leading technology groups and other investment companies is a cornerstone of our growth strategy. We believe these partnerships will enable us to maximize the output and efficiency of our BESS assets; and collaborative efforts in these partnerships will also facilitate the development and deployment of innovative solutions, enhancing the overall performance of our energy storage systems and driving mutual growth.

*Acquisition of Proven Technologies*

We will seek out and acquire proven technologies that complement our existing offerings. This approach is expected to ensure that we deliver state-of-the-art solutions to our potential customers, maintaining our competitive edge and reinforcing our commitment to technological excellence. Through these strategic initiatives, we believe the Company is well-positioned to lead the energy industry's transition to sustainable practices. Our comprehensive growth strategy is designed to drive innovation, achieve market presence, and create long-term value for our stakeholders, ensuring a brighter and more sustainable future for the global energy sector.

**<u>Seasonality of Business</u>**

There is no significant seasonality in our business.

**<u>Government Regulation</u>**

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. On the federal level, the General Energy Regulatory Commission (FERC) regulates battery energy storage systems (BESS). FERC regulates the sale of energy, capacity, and ancillary services at wholesale and the transmission of electricity in interstate commerce pursuant to its authority under the Federal Power Act. FERC has authority over the rates, charges and other terms for the sale of electricity at wholesale by entities that own or operate projects subject to FERC jurisdiction, including both generation and battery storage projects, as well as for transmission services. In Texas, generating facilities within the footprint of the Electric Reliability Council of Texas ("ERCOT") are regulated by the Public Utility Commission of Texas (the "PUCT"). The markets covering most of Texas (ERCOT) are not overseen by FERC and are not under FERC jurisdiction. We do not believe that these regulations will have a material impact on the way we currently conduct our business.

**MANAGEMENT**

*Executive Officers and Directors*

Set forth below is information concerning our directors, director nominees, executive officers and other key employees.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) and Office(s)** |
| Benjamin B. Tran | 59 | Executive Chairman of the Board |
| Cole W. Johnson | 38 | Co-CEO and President and Director |
| Robert J. Brilon | 65 | Co-CEO and Chief Financial Officer and Director |
| Van H. Potter | 66 | Director |
| James L. Stock | 59 | Director |
| Montgomery Bannerman | 70 | Director |

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**Benjamin B. Tran, PhD** – Dr. Tran currently serves as Executive Chairman and previously as our Chief Executive Officer and Chairman of the company until October 2025. He has been the corporate strategist, investor, and financial partner in the formation and growth of several emerging growth technology companies. Dr. Tran specializes in cross-border M&A, private equity, merchant banking advisory and technology marketing. He also serves as Managing Partner of Cleantek Venture Capital, a cleantech-focused private equity advisory firm since January 2021 to present. Dr. Tran, at times, serves as senior advisor to several publicly traded companies. From February 2021 to April 2022, Dr. Tran has served as Senior Capital Market Advisor for Iveda Solutions, Inc. (NASDAQ: IVDA), an AI and IoT technology company to assist with financing and uplisting to Nasdaq. From August 2017 to January 2019, he served as Advisory Chairman of Vemanti Group, Inc. (OTCQB: VMNT), an innovative fintech company to assist in M&A and international business development. From November 2018 to April 2021, Dr. Tran also co-founded and served as chairman of CBMD, Inc., a privately held physician-based CBD science company specializing in pain management. Dr. Tran served as CFO of privately held Stock Navigators, a leading software and educational training institution for technical traders from June 2018 to June 2019. Since 2014 to present, Dr. Tran has served as managing partner of United System Capital, a private equity advisory firm in Newport Beach, California. Prior to United System Capital, Dr. Tran was managing partner of an Asia-based joint venture with Brean Murray Carret & Co., a New York-based investment bank that has transacted over 100 IPOs/APOs/SPACs and raised over $4B for the U.S. and Asian companies. Dr. Tran spearheaded the organization to formulate a multi-functional investment banking service for emerging growth companies via globalization strategies. Dr. Tran has been seasoned international consultant providing corporate development and interim senior management to small and medium sized enterprises in Silicon Valley and the Asia Pacific region. He also served as a board director, CFO, corporate strategist, and executive advisor for several distressed companies, managing turn-around situations. As a Silicon Valley high-tech veteran, Dr. Tran brings over 20 years of diversified experience including mergers and acquisitions, venture management, strategic marketing, and international business development. Prior to his investment and corporate advisory career, Benjamin worked for technology leaders including Micron Technology, Fujitsu Microelectronics, Mitsubishi Electric America, Philips Semiconductors, holding various senior technical and marketing management positions. Dr. Tran received a Ph.D. in Business Administration, an MBA from the University of Phoenix, Master of Science and Bachelor of Science degrees in Electrical Engineering from San Jose State University, California. We believe Dr. Tran's wealth of credentials and experience make him well qualified to lead our company.

**Cole W. Johnson** – Mr. Johnson was appointed Co-Chief Executive Officer October 2025 and has served as our President and Board Director since April 24, 2024 upon a business combination with Bridgelink Development LLC to acquire Emergen Energy LLC, an asset holder of an array of battery energy storage system and solar projects. Mr. Johnson is a Principal and Chief Executive Officer of C&C Johnson Holdings LLC, a family office, engaged in solar and energy storage project development, that he founded and built beginning in 2018. Mr. Johnson's role as CEO consisted of securing capital for early-stage projects, negotiating and qualifying projects for project financing, acquiring strategic projects, and developing a variety of projects promoting clean energy initiatives within strategic regions. From 2012 to 2018, Mr. Johnson was the Chief Executive Officer of multiple service companies engaged in building and developing energy assets. We believe Mr. Johnson's significant experience in the energy sector make him well-qualified to serve as an officer and director of the Company.

**Robert J. Brilon** – Mr. Brilon was appointed Co-Chief Executive Officer October 2025 and has served as our Chief Financial Officer since October 1, 2021 and was appointed as a director on April 14, 2022 and will resign his position as director effective upon the listing of the Company on a national securities exchange to ensure compliance with the requirement to have a majority of independent directors on the Board. He also has served as Chief Financial Officer for Iveda Solutions, Inc. (NASDAQ: IVDA) since December 2013. He was also Iveda's President from February 2014 to July 2018 and Treasurer from December 2013 to July 2018 and was appointed Treasurer again on December 15, 2021. Mr. Brilon served as Iveda's Executive Vice President of Business Development from December 2013 to February 2014 and as Iveda's interim Chief Financial Officer and Treasurer from December 2008 to August 2010. Mr. Brilon joined New Gen Management Services, Inc. in July 2017 as the CFO (subsequently becoming President and CFO of New Gen in July 2018). Mr. Brilon was the President, Chief Financial Officer, Corporate Secretary, and Director of both Vext Science, Inc and New Gen until he resigned in February 2020. Mr. Brilon served as Chief Financial Officer and Executive Vice President of Business Development of Brain State Technologies, a brainwave optimization software licensing and hardware company, from August 2010 to November 2013. From January 2010 to August 2010, Mr. Brilon served as Chief Financial Officer of MD Helicopters, a manufacturer of commercial and light military helicopters. Mr. Brilon also served as Chief Executive Officer, President, and Chief Financial Officer of InPlay Technologies (NASDAQ: NPLA), formerly, Duraswitch (NASDAQ: DSWT), a company that licensed patented electronic switch technology and manufactured digital pen technology, from November 1998 to June 2007. Mr. Brilon served as Chief Financial Officer of Gietz Master Builders from 1997 to 1998, Corporate Controller of Rental Service Corp. (NYSE: RRR) from 1995 to 1996, Chief Financial Officer and Vice President of Operations of DataHand Systems, Inc. from 1993 to 1995, and Chief Financial Officer of Go-Video (AMEX:VCR) from 1986 to 1993. Mr. Brilon is a certified public accountant and practiced with several leading accounting firms, including McGladrey Pullen, Ernst and Young and Deloitte and Touche. Mr. Brilon holds a Bachelor of Science degree in Business Administration from the University of Iowa. The Company believes Mr. Brilon's extensive experience in finance leadership roles with public companies makes him well-qualified to serve as an officer and director of the Company.

**Van H. Potter –** Mr. Potter has served our board as an Independent Director since October 15, 2024.Mr. Potter has over 35 years of experience as an executive in technology companies with a focus on emerging growth companies, and competencies in business development, capital formation, and marketing/digital marketing. Mr Potter is the Founder/CEO of Gainey Capital since 2022, Mr. Potter founded and was CEO of Certive Solutions Inc. (OTCQB:CTVEF) from to 2011-2023. Mr. Potter was CEO of InPlay Technologies (NASDAQ) (2008 - 2010) Mr. Potter was the VP of Business Development for Pixtronix, a Kleiner Perkins / Atlas Ventures VC backed startup (2005-2010). Mr. Potter was VP of Business Development at International DisplayWorks (NASDAQ), until it was acquired by Flextronics (NASDAQ). Mr. Potter was Senior Vice President at Three Five Systems (NYSE), prior to its sale to International DisplayWorks. Mr. Potter holds a Bachelor of Science Degree in Mechanical Engineering from Northeastern University in Boston, and an MBA from Arizona State University. The Company feels Mr. Potter's extensive managerial and other experience running public companies will make him a valuable member of the board of directors.

**James L. Stock, CPA, MBA -** Mr. Stock has served our board as an Independent Director since October 15, 2024. He is a highly experienced and strategic executive who has had a successful career spanning over 30 years. With a diverse background in both publicly traded, privately held, and family-owned businesses, he has served as a Chief Financial Officer for companies with revenues ranging from $50 million to $300 million and workforces of 225 to 1,000+ employees. His industry experience includes financial services, auto hauling, retail, construction, manufacturing, and digital marketing and advertising. Mr. Stock's expertise lies in various aspects of accounting and finance as well as operations, including financial modeling, cash flow management, administrative oversight, risk management, capital raising, banking and investor relations, and general corporate development. Since May 2023, Mr. Stock has served as the Chief Financial Officer of Hansen & Adkins Auto Transport, Inc., from January 2020 to May 2023, he served as the Chief Financial Officer of Tinco Sheet Metal. Mr. Stock was Chief Financial Officer for Howard's Appliances in Southern California from 2018 to 2019, Mr. Stock was Chief Financial Officer for Lifescript the largest women's health and digital media company from 2003 – 2017, and prior to that held the Chief Financial Officer position at HomeAcess MicroWeb [Nasdaq: GLDI] from 2001 – 2003 and prior to that was Senior Vice President and Chief Financial Officer at Consumer Portfolio Services [Nasdaq: CPSS] from 1994 - 2001. He also worked as a Senior Associate at Coopers & Lybrand (now PWC). Mr. Stock is an active CPA and holds an MBA from Pepperdine University, BS in Accounting from California Polytechnic University in Pomona, California and has completed Villanova University's Six Sigma Green Belt program. The Company believes Mr. Stock is well-qualified to serve as a director due to accounting and financial expertise and managerial experience.

**Montgomery Bannerman** – Mr. Bannerman has served our board as an Independent Director since November 1, 2024. Mr. Bannerman has over 35 years of experience as a technology executive in energy and telecommunications companies. Founding Partner, CEO, Denrgy Inc., Jan 2023 – Present, Miami, Florida, Denrgy develops district and municipal scale resilient renewable energy networks which make facilities and communities more resilient to extreme weather events and deliver economic, employment and environmental benefits to the investors and customers they serve. Founder & Director, ArcStar Energy, Jan 2007 - Mar 2023, New York, NY & Miami, FL. ArcStar Energy is a renewable energy project advisory, M&A and managed development services company. Founder & CEO, MicroGrid Networks, LLC, Jan 2018 - May 2022, New York, NY, MGN develops and operates advanced large scale renewable microgrids which integrate with and serve utility networks in New York City. Verso Technologies, CEO & President, Nov 2003 - Jun 2006, A multinational manufacturer of advanced distributed power and communications network technologies for public utilities and competitive operators. SVP & CTO, NAP of the Americas, Jan 2000 - Oct 2003, Miami, FL, Responsible for design, engineering, construction and operation of the facility, technology and services of the first privately-developed Network Access Point (NAP) one of the core hubs and exchanges for international telecommunication traffic and revenue in the global Internet, Founder and Managing Director, IXS, 1997 – 1999, China, Co-founded and led this early international Internet network operator providing services between businesses in mainland China, Taiwan, Hong Kong and USA markets. Founder and President, DSP.COM, 1993 – 1996, San Francisco Bay Area, Founded and led this early commercial Internet Service Provider serving Northern California. VP Business Development, Bell Canada International, Oct 1980 - Mar 1996, Multiple international executive leadership positions in market penetrations and first deployments of large-scale distributed communications and power networks for this global leader in management consulting, engineering and project management operating in deregulating markets worldwide. Undergraduate studies in business and finance at Mohawk College of Applied Arts & Technology in Ontario Canada. Postgraduate studies at Bell Laboratories, Ottawa Canada. We believe Mr. Bannerman's significant experience in the energy sector make him well-qualified to serve as a director of the Company

***Family Relationships***

There are no family relationships among any of our directors, director nominees or executive officers.

**Terms of Directors and Executive Officers**

The number of directors of the Company shall be not less than two nor more than seven. Each of our directors holds office until the next annual meeting of shareholders and until his or her successor shall have been elected and qualified, until his or her resignation, or until his or her office is otherwise vacated in accordance with our certificate of incorporation.

Our officers are elected by and serve at the discretion of the board of directors.

**Board of Directors and Board Committees**

Our board of directors consists of five directors, three of whom are independent as such term is defined by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We have determined that Montgomery Bannerman, Van H. Potter and James L. Stock satisfy the "independence" requirements under &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

**Board Committees**

We have established three committees under the board of directors: an audit committee, a compensation committee and a nomination and corporate governance committee, and adopted a charter for each of the three committees. Copies of our committee charters are posted on our corporate investor relations website.

Each committee's members and functions are described below.

**Audit Committee.** Our audit committee consists of Montgomery Bannerman, Van H. Potter and James L. Stock. Mr. James L. Stock is the chair of our audit committee. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**Compensation Committee.** Our compensation committee consists of Montgomery Bannerman, Van H. Potter and James L. Stock. Mr. Van H. Potter is the chair of our compensation committee. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the shareholders for determination with respect to the compensation of our directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

**Nominations and Corporate Governance Committee.** Our Nominations and Corporate Governance committee consists of Montgomery Bannerman, Van H. Potter and James L. Stock. Mr. Van H. Potter is the chair of our Nominations and Corporate Governance committee. The nominating and corporate governance committee is responsible for, among other things, (i) determining the qualifications, qualities and skills required to be a director of the Company and evaluating, selecting and approving nominees to serve as directors, (ii) periodically reviewing, assessing and making recommendations for changes to the Board of Directors and its committees and (iii) overseeing the process for evaluation of the Board of Directors. Pursuant to the nominating and corporate governance committee charter, the nominating and corporate governance committee has the authority to delegate all or a portion of its duties and responsibilities to a subcommittee of the nominating and corporate governance committee. In addition, the nominating and corporate governance committee has unrestricted access to and assistance from our officers, employees and independent auditors and the authority to employ experts, consultants and professionals to assist with performance of their duties. The nominating and corporate governance committee is also responsible for establishing procedures regarding director nominees put forward by stockholders. The committee is also responsible for establishing procedures for shareholder communications with the Board of Directors.

***Involvement in Certain Legal Proceedings***

None of our directors, executive officers, significant employees or control persons has been involved in any legal proceeding listed in Item 401(f) of Regulation S-K in the past 10 years except as follows:

**Code of Business Conduct and Ethics**

We have adopted a code of business conduct and ethics which is applicable to all of our directors, executive officers and employees. A copy of the code of business conduct and ethics will be posted on our corporate investor relations website prior to our listing on NYSE.

**EXECUTIVE AND DIRECTOR COMPENSATION**

**Summary Compensation Table**

The following table summarizes all compensation recorded by us in the past two fiscal years for:

● our principal executive officer or other individual acting in a similar capacity during the fiscal year ended December 31, 2024,

For definitional purposes, these individuals are sometimes referred to as the "named executive officers."

<u>2024 and 2023 Summary Executive Compensation Table</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock Awards<br> ($)** | **Option Awards<br> ($)** | **Non-Equity Incentive Plan Compensation<br> ($)** | **Change in Pension Value and Nonqualified Deferred Compensation<br> ($)** | **All Other Compensation<br> ($)** | **Total<br> ($)** |
| Benjamin Tran | 2024 | 206000 |  |  | 1200000 |  |  |  | 1406000 |
| CEO, and Director | 2023 | 132000 |  |  |  |  |  |  | 132000 |
| Cole W. Johnson | 2024 | 100000 |  |  | 4200000 |  |  |  | 4300000 |
| President and Director | 2023 |  |  |  |  |  |  |  |  |
| Robert J. Brilon | 2024 | 148000 |  |  | 600000 |  |  |  | 748000 |
| CFO and Director | 2023 | 19000 |  | 10000 | 98.000 |  |  |  | 127000 |

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**Employment Agreements**

On April 24, 2024, the Company entered into employment agreements ("Employment Agreements") with two of its executive officers and directors: Benjamin Tran (Executive Chairman of the Board) and Cole Johnson (Co-Chief Executive Officer and President of the Company's BESS and Solar Division and a Director) and on May 3, 2024 the Company entered into an Employment Agreement with Robert J. Brilon (Co-Chief executive Officer, Chief Financial Officer and Director).

The Employment Agreements all provide for a term of five years that may be terminated by the Company for death or disability and with or without cause, by the executive with or without good reason, or mutually terminated by the parties. If the Employment Agreements are terminated without cause by the Company or for good reason by the employee, the Company is obligated to pay the terminated person the balance of their base salary for the remainder of the term in a lump sum and any equity grant made to such person shall automatically vest. If the Employment Agreement is terminated for cause by the Company, the terminated person shall be entitled to their Base Salary through the date of termination. In the event that a change of control occurs during the term of the Employment Agreements, any unvested portion of any equity grants which includes the stock options discussed below, shall, to the extent not already vested, be deemed automatically vested without any further action of the parties to the Employment Agreements.

The Executive Agreements provide respectively for a base salary of $240,000 for Mr. Tran and an award of stock options to purchase 142,858 shares of the Company's common stock pursuant to the Option Award Agreement discussed below, and a $240,000 base salary for Mr. Brilon and an award of stock options to purchase 71,429 shares of the Company's common stock pursuant to the Option Award Agreement discussed below a $200,000 base salary for Mr. Johnson and an award of stock options to purchase 485,715 shares of the Company's common stock pursuant to the Option Award Agreement discussed below, as well as possible annual discretionary bonuses determined by the Board. The base salary for Mr. Brilon will begin upon uplisting to a national stock exchange.

On April 24, 2024, the Company entered into Option Agreements with executive officers: Benjamin Tran (Executive Chairman of the Board) and Cole Johnson (President of the BESS and Solar Division and a Director), respectively and on May 3, 2024 the Company entered into an Option Agreement with Robert J. Brilon (Chief Financial Officer and Director).

Each respective Option Agreement grants to each of the following persons options to acquire shares of the Company's common stock, to vest as set forth in the Option Agreement, as follows:

● Benjamin Tran – 142,858 options; and

● Cole W. Johnson – 485,715 options; and

● Robert J. Brilon – 71,429 options.

Exercise Prices and Vesting. The Exercise Prices for the Options are as follows: (a) for the first 1/5th of the granted Options, $70.00 per share of Common Stock which may be exercised on or after the first annual anniversary of the Award Date; (b) for the second 1/5th of the granted Options, $105.00 per share of Common Stock which may be exercised on or after the second annual anniversary of the Award Date; (c) for the third 1/5th of the granted Options, $140.00 per share of Common Stock which may be exercised on or after the third annual anniversary of the Award Date; (d) the fourth 1/5th of the granted Options, $175.00 per share of Common Stock which may be exercised on or after the fourth annual anniversary of the Award Date; and (e) for the final 1/5th of the granted Options, $210.00 per share of Common Stock which may be exercised on or after the fifth annual anniversary of the Award Date. On August 26, 2025, these Options were all repriced to $4.50 per share.

On April 19, 2022, the Company and Mr. Brilon entered into an Independent Contractor Agreement whereby Mr. Brilon (the "Independent Contractor Agreement") agreed to serve as the Chief Financial Officer of the Company and shall have such duties and authorities consistent with such position as are customary for the position of chief financial officer of a company of the size and nature of the Company, and such other duties and authorities as shall be reasonably determined from time to time by the Board of Directors of the Company consistent with such position and to serve as an officer of any subsidiary of the Company as may be reasonably requested from time to time by the Board of Directors. In addition, Mr. Brilon agreed to serve as a member of the Company's Board of Directors. The Independent Contractor Agreement may be terminated by either party on 15 days prior written notice without cause or five days after written notice in the event of a breach of the agreement by either party.

Mr. Brilon also signed a Proprietary Information and Inventions Agreement whereby he agreed that any proprietary information developed during the term of his service will be owned by the Company and that such information will be held in strict confidence and not disclosed to anyone outside the Company. In addition, Mr. Brilon agreed to, during the term of his service to the Company, refrain from engaging in or assisting anyone from engaging in any activity that is competitive with or similar to the business or proposed business of the Company and from soliciting any employees or consultants to the Company during the term of his engagement and thereafter for a period of one year from leaving or terminating their engagement with the Company.

As Compensation for Mr. Brilon's service to the Company, the Company made the following awards to him:

● On February 13, 2023 a grant of a nonstatutory stock option (the "Stock Option") to purchase 35,715 shares of the Company's Common Stock at an exercise price of $3.50 per share. The options subject to this grant vest 80% on the date of the grant, 10% on January 1, 2024 and 10% on January 1, 2025 so long as Mr. Brilon is providing services to the Company or one of its subsidiaries; provided, however, the vesting is subject to acceleration such that if Mr. Brilon is terminated from his role without cause (as defined in the Stock Option) the number of shares subject to the Stock Option in the year of termination shall vest plus the number of shares that would have vested in the following year. In the event Mr. Brilon's service is terminated with cause, the number of shares subject to the Stock Option in the year of termination shall vest. The Stock Option may be exercised for the earlier of (1) ten years from grant date or (2) five (5) years after termination as a member of the Company's board of directors.

● On April 3, 2023 a grant of a nonstatutory stock option (the "Stock Option") to purchase 35,715 shares of the Company's Common Stock at an exercise price of $4.20 per share. The Stock Option vest 50% on the date of the grant and 50% on April 3, 2024 so long as the recipient of the award is providing services to the Company or one of its subsidiaries; provided, however, the vesting is subject to acceleration such that if the recipient is terminated from his role without cause (as defined in the Stock Option) the number of shares subject to the Stock Option in the year of termination shall vest plus the number of shares that would have vested in the following year. In the event the recipient's service is terminated with cause, the number of shares subject to the Stock Option awarded to such recipient in the year of termination shall vest. The Stock Option may be exercised for the earlier of (1) ten years from grant date or (2) five (5) years after termination as a member of the Company's board of directors.

● On November 27, 2023 an award of 3,572 shares of restricted common stock, of which 100% vested on December 31, 2023.

**OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-ENDED DECEMBER 31, 2024**

The following table sets forth information with respect to the options outstanding by the Named Executive Officers held at fiscal year-end.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Option Awards | Option Awards | Option Awards | Option Awards | Stock Awards | Stock Awards |
| <br>**Name** | **Number of securities underlying unexercised options (#) exercisable** | **Number of securities underlying unexercised options (#) unexercisable** | **Option exercise price ($)** | **Option expiration date<sup>(1)</sup>** | **Number of shares that have not vested (#)** | **Market value of shares that have not vested ($)<sup>(2)</sup>** |
| Benjamin Tran. |  |  | $– |  |  | $– |
| CEO and Director | 142858 | 142858 | (5) | 4/24/2034 |  |  |
| Cole W. Johnson | 485715 | 485715 | (5) | 4/24/2034 |  |  |
| President |  |  |  |  |  |  |
| Robert J. Brilon | 32143 | 3572 | $3.50 | 2/13/2033(3) | 33113 | $324500 |
| CFO and Director | 35715 |  | $4.20 | 4/3/2033(4) |  |  |
|  | 71429 | 71429 | (5) | 4/24/2034 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The expiration date of each option occurs on the earlier of (i)
 ten years after the date of grant of each option or (ii) five years after the termination.

(2) The market value was computed by multiplying the closing market
 price of common stock on December 31, 2024 ($9.80) by the number of restricted stock awards that have not vested.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The unvested options vest on January 1,
 2025 so long as Mr. Brilon is providing services to the Company or one of its subsidiaries; provided, however, the vesting is subject
 to acceleration such that if Mr. Brilon is terminated from his role without cause (as defined in the Stock Option) the number of
 shares subject to the Stock Option in the year of termination shall vest. In the event Mr. Brilon's service is terminated with
 cause, the number of shares subject to the Stock Option in the year of termination shall vest.

(4) The unvested options vest on April 3, 2024
 so long as the recipient of the award is providing services to the Company or one of its subsidiaries; provided, however, the vesting
 is subject to acceleration such that if the recipient is terminated from his role without cause (as defined in the Stock Option).

(5) Exercise Prices and Vesting. The Exercise Prices for the Options
 are as follows: (a) for the first 1/5th of the granted Options, $70.00 per share of Common Stock which may be exercised on or after
 the first annual anniversary of the Award Date; (b) for the second 1/5th of the granted Options, $105.00 per share of Common Stock
 which may be exercised on or after the second annual anniversary of the Award Date; (c) for the third 1/5th of the granted Options,
 $140.00 per share of Common Stock which may be exercised on or after the third annual anniversary of the Award Date; (d) the fourth
 1/5th of the granted Options, $175.00 per share of Common Stock which may be exercised on or after the fourth annual anniversary
 of the Award Date; and (e) for the final 1/5th of the granted Options, $210.00 per share of Common Stock which may be exercised on
 or after the fifth annual anniversary of the Award Date.

**Compensation of Directors**

The following table sets forth all compensation paid to or earned by each of our directors during fiscal year 2024, except for compensation with respect to Messrs. Tran and Brilon. Information with respect to the compensation of these directors is included above in the "Summary Compensation Table." As our executive officers, none of these directors (other than as described above) received any compensation for service as a director during fiscal year 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees**<br> **Earned**<br> **or Paid<br> in Cash <sup>(1)</sup>**<br> **($)** | **Stock**<br> **Awards**<br> **($)** | **Option**<br> **Awards <sup>(2)</sup>**<br> **($)** | **Non-Equity**<br> **Incentive**<br> **Plan**<br> **Compensation**<br> **($)** | **Non-qualified**<br> **Deferred**<br> **Compensation**<br> **Earnings**<br> **($)** | **All Other**<br> **Compensation**<br> **($)** | **Total**<br> **($)** |
| **Greg Trimarche**<br> Former Director**<sup>(3)</sup>** |  |  |  |  |  |  |  |
| **Van H. Potter**<br> Director |  |  |  |  |  |  |  |
| **James L. Stock**<br> Director |  |  |  |  |  |  |  |
| **Montgomery Bannerman**<br> Director |  |  |  |  |  |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Director cash compensation during the fiscal year ended December
 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The amounts reported in the Stock Awards and the Option Awards columns
 reflect aggregate grant date fair value computed in accordance with ASC Topic 718, Compensation—Stock Compensation. These amounts
 reflect our calculation of the value of these awards at the grant date and do not necessarily correspond to the actual value that
 may ultimately be realized by the named executive officer. Assumptions used in the calculation of these amounts are included in the
 Notes to our audited consolidated financial statements for the fiscal year ended December 31, 2024, which are included elsewhere
 in this Annual Report.

(3) *Greg Trimarche*. On October 22, 2024, Mr. Trimarche resigned
 as a board member.

**Compensation Policies and Practices as they Relate to Risk Management**

We attempt to make our compensation programs discretionary, balanced and focused on the long term. We believe goals and objectives of our compensation programs reflect a balanced mix of quantitative and qualitative performance measures to avoid excessive weight on a single performance measure. Our approach to compensation practices and policies applicable to employees and consultants is consistent with that followed for its executives. Based on these factors, we believe that our compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on us.

**PRINCIPAL STOCKHOLDERS**

The following table sets forth information, as of the date of this prospectus, concerning, except as indicated by the footnotes below, (i) each person whom we know beneficially owns more than 5% of our common stock, (ii) each of our directors, (iii) each of our named executive officers and (iv) all of our directors and executive officers as a group. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of common stock that they beneficially own, subject to applicable community property laws. Applicable percentage ownership is based on **3,857,906** shares of common stock outstanding as of the date of this prospectus. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares of common stock subject to stock options or warrants held by that person that are currently exercisable or exercisable within 60 days as of the date of this prospectus. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. Unless otherwise noted, stock options and warrants referenced in the footnotes below are currently fully vested and exercisable.

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| | | | |
|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of**<br> **Common Shares**<br> **Beneficially Owned** |  | **Percent of Class** |
| Benjamin B. Tran (1) | 1074609 | (2) | 27.6% |
| Robert J. Brilon (1) | 194399 | (3) | 4.8% |
| Cole Johnson (1) | 1684443 | (4) | 42.6% |
| Van H. Potter (1) | 15000 | (5) | \*% |
| James L. Stock (1) | 17215 | (5) | \*% |
| Montgomery Bannerman (1) | 15000 | (5) | \*% |
| All directors and named executive officers as a group (6 persons) | 3000666 |  | 72.0% |

---

---

| | |
|:---|:---|
| \* | Less than 1%, |
| Unless otherwise indicated below, the address for each beneficial owner is c/o Bimergen Energy Corporation, 895 Dove Street, Suite 300, Newport Beach, CA 92660. | Unless otherwise indicated below, the address for each beneficial owner is c/o Bimergen Energy Corporation, 895 Dove Street, Suite 300, Newport Beach, CA 92660. |
| (1) | The named individual is one of our executive officers or directors. His address is c/o Bimergen Energy Corporation, 895 Dove Street, Suite 300, Newport Beach, California 92660. |
| (2) | Includes the following: (i) 367,984 shares of common stock held directly, (ii) 367,913 shares held by Mr. Tran's spouse and (iii) 310,140 shares owned by United System Capital LLC ("USC"), over which Mr. Tran has voting control and therefore may be deemed to have indirect beneficial ownership of all or a portion of the securities owned directly by USC. Mr. Tran disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. Also includes 28,572 shares of common stock issuable upon exercise of stock options exercisable within 60 days of the date of this table at $4.50 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes
 the following: (i) 9,198 shares of common stock (ii) 33,113 shares of restricted common stock which vest upon uplisting to a national
 stock exchange, (iii) 3,572 shares of restricted common stock issued in November 2023 which vested on December 31, 2023, (iv) 35,715
 shares of common stock issuable upon exercise of stock options exercisable within 60 days of the date of this table at $3.50 per
 share and (v) 35,715 shares of common stock issuable upon exercise of stock options exercisable within 60 days of the date of this
 table at $4.20 per share and (vi) 14,286 shares of common stock issuable upon exercise of stock options exercisable within 60 days
 of the date of this table at $4.50 per share and 70,000 shares of common stock issuable upon exercise of stock options
 exercisable within 60 days of the date of this table at $4.50 .

(4) Held
 by C&C Johnson Holdings over which Mr. Johnson holds voting and dispositive control. Also includes 97,143 shares of common stock
 issuable upon exercise of stock options exercisable within 60 days of the date of this table at $4.50 per share.

(5) Includes 15,000 shares of common stock issuable upon
 exercise of stock options exercisable within 60 days of the date of this table at $4.50 per share.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS SECTION**

The following is a description of transactions since January 1, 2022 to which we were a party in which (i) the amount involved exceeded or will exceed the lesser of $120,000 of one percent (1%) of our average total assets at year-end for the last two completed fiscal years and (ii) any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of, or person sharing the household with, any of the foregoing persons, who had or will have a direct or indirect material interest, other than equity and other compensation, termination, change in control and other similar arrangements, which are described under "Executive and Director Compensation."

**Cole Johnson**

Cole Johnson, our Co-CEO and President and Member of the Board of Directors, is the principal and sole member of C & C Johnson Holdings, LLC ("C&C"), the holder of approximately 41% of the Company's outstanding capital stock. Mr Cole is also the principal and sole owner of Energy Independent Partners LLC ("EIP") and Bridgelink Development LLC ("Bridgelink").

On April 14, 2024, the Company, Emergen Energy LLC, a Delaware limited liability company ("Emergen"), Bridgelink, C&C and Cole Johnson entered into a Membership Interest Purchase Agreement (the "MIPA") whereby the Company agreed to issue to Bridgelink, at closing, 1,587,300 shares of the Company's unregistered common stock in exchange for a 100% ownership interest in Emergen. Following the closing of the MIPA, Mr. Johnson became the President of the Company's BESS and Solar Divisions and a member of the Board. In addition, Emergen became a wholly-owned subsidiary of the Company with C&C's ownership interest in the Company being approximately 31.3% based on 5,079,219 shares of the Company's common stock outstanding after giving effect to the issuance of the shares of Common Stock pursuant to the MIPA.

At closing, the Company and Emergen entered into a Project Management Services Agreement (the "PMSA") with Energy Independent Partners LLC ("Energy Independent Partners"), an entity owned or controlled by Mr. Johnson. Pursuant to the terms of the PMSA, Energy Independent Partners is obligated to provide the following project management services in connection with the development and operation of each of the Development Projects (collectively, the "Services"): (i) assist as needed with qualifying the Development Projects for financing; (ii) assist as needed with obtaining all permits required for development of the Development Projects which have sufficient rights to use all necessary real property, and for which the applicable draft interconnection agreement has been received for the Development Projects ("RTB Status"); and (iii) if Emergen foregoes the development of a Development Project, Energy Independent Partners will assist the Company as needed with marketing the Development Project to a third party.

*Payment for Service.* The Issuer agreed to pay Energy Independent Partners the following fees for providing the Services:

*BESS Development Fees*. In consideration of the provision of the Services related to the BESS Development Projects, and subject to the terms and conditions herein, during the Term, the Company shall pay EIP the following amounts per BESS Development Project: $0.035 per W for each applicable BESS Development Project, subject to such BESS Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("BESS Development Fees"). Currently, the Company is focusing on developing the BESS projects and the total fees related to all 23 of the BESS projects would be the $0.035 per watt multiplied by the estimated capacity 1.965 GW (1,965,000,000 watts) or approximately $69 million.

*Solar Development Fees*. In consideration of the provision of the Services related to the Solar Development Projects, and subject to the terms and conditions herein, during the Term, the Company shall pay EIP the following amounts per Solar Development Project: $0.035 per W for each applicable Solar Development Project, subject to such Solar Development Project achieving sufficient project specific equity or debt financing from third parties to fund the payment of the fees ("Solar Development Fees"). The Solar projects still in the Emergen portfolio have an estimated capacity of 1.640 GW and would have Solar Development Fees of approximately $57 million if developed. In the event that all 2.425 GW sold in the Solar Projects Sale were returned Emergen would have additional Solar Development Fees of approximately $85 million if developed.

If any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then EIP would be due the greater of: (i) any unpaid project's specific BESS Development Fees or Solar Development Fees defined in the PMSA agreement; or (ii) 62.5% of the proceeds less any project specific BESS Development Fees or Solar Development Fees paid previously.

*Other Development Fees*. For each other renewable energy development asset held by the Company, which are neither BESS Development Projects nor Solar Development Projects, located in the United States in which the Company engages during the term of the PMSA (the "Other Development Projects"), the Company shall pay Energy Independent Partners the higher of either (a) fifty percent (50%) of the gross margin or (b) $0.02 per watt in cash, subject to such Other Development Project achieving RTB Status (the "Other Development Fees").

*Timing of Payment of Fees*

The BESS Development Fees shall be due and payable upon (i) the Company, or any of its Affiliates, receiving project financing directly related to and collateralized by BESS Projects, this specifically excludes any general public or private offerings by the Company not directly related to financing a BESS Project, and (ii) when a BESS Project's financing funding terms is sufficient to pay the project specific Development Fees. EIP will be paid on the same timing as the funding terms. For example: if the terms for development fees are 50% at acceptance, 40% RTB and 10% at COD then EIP will be paid as the project development fees are funded.

These fees will be recorded as liabilities once the above contingencies and milestones are met, the most important being that of appropriate project financing enabling payment of these fees.

Acceleration of Payment Clause: Within ninety (90) days (i) of the effective date of a Change of Control or (ii) the removal of Cole W. Johnson as an employee or consultant to Emergen and/or the head of the BESS and Solar Division of Bimergen Energy, 62.5% of any remaining BESS and Solare Development Fees shall become due and payable. A "Change of Control" shall be deemed to have occurred if, after the Effective Date, (x) the beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities representing more than 50% of the combined voting power of the Company is acquired by any "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than the Company, any subsidiary of the Company, or any trustee or other fiduciary holding securities under an employee benefit plan of the Company); (y) the merger or consolidation of the Company with or into another corporation where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any) in substantially the same proportion as their ownership of the Company immediately prior to such merger or consolidation; or (z) the sale or other disposition of all or substantially all of the Company's assets to an entity, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders of the Company, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of the Company immediately prior to such sale or disposition.

If any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then EIP would be due the greater of: (i) any unpaid project's specific BESS Development Fees or Solar Development Fees defined in Section 2.06; or (ii) 62.5% of the proceeds less any project specific BESS Development Fees or Solar Development Fees paid previously.

The timing and other requirements for the payment of Other Development Fees shall be as agreed in writing by the parties to the PMSA via an addendum to the PMSA prior to the parties undertaking such Other Development Projects.

Subject to the terms and conditions of the PMSA, in addition to the other requirements therein, payment of the BESS Development Fees, the Solar Development Fees and any Other Development Fees is further contingent upon Cole W. Johnson (a) remaining an employee or consultant to Emergen and/or the head of the BESS and Solar Division of the Company and/or (b) as an interest owner in the Energy Independent Partners during the period of time in which the applicable BESS Development Fees, the Solar Development Fees or Other Development Fees are payable. Subject to the foregoing, the BESS Development Fees, the Solar Development Fees or Other Development Fees are payable within ten (10) days of satisfaction of the conditions to payment as discussed above.

*Payment for Sale of Development Projects*. In the event the Company decides not to proceed with any Development Project(s), the Company may elect to sell such Development Project(s) to one or more third parties. In such event, the Company and Energy Independent Partners agree to a sales price for the applicable Development Project being sold, and provided that the parties to the PMSA agree that any sale agreement for such Development Projects shall provide that the buyer thereof shall remain obligated to pay to Energy Independent Partners the BESS Development Fees and/or the Solar Development Fee(s), as applicable, to the extent not already paid by the Company hereunder, unless otherwise agreed upon by the Company and Energy Independent Partners.

*Termination*. The PMSA may be terminated at any time prior to the expiration of its term: (a) by the mutual written consent of the parties; (b) by the Company if Energy Independent Partners has violated or breached any of the covenants or agreements of Energy Independent Partners set forth therein, or any of the representations or warranties of Energy Independent Partners set forth in the PMSA has become inaccurate or untrue, which violation, breach, inaccuracy or untruth, if reasonable capable of cure, has not been cured by Energy Independent Partners, within 20 business days after receipt by Energy Independent Partners of written notice thereof from the Company; (c) by Energy Independent Partners if the Company or Emergen has violated or breached any of the covenants or agreements of the Company or Emergen set forth in the PMSA, or any of the representations or warranties of the Company or Emergen set forth in the PMSA has become inaccurate or untrue, which violation, breach, inaccuracy or untruth, if reasonable capable of cure, has not been cured by the Company or Emergen, within 20 business days after receipt by the Company of written notice thereof from Energy Independent Partners; or (d) by any party, if a court of competent jurisdiction or other governmental authority shall have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Combination or the transactions contemplated by the PMSA and such order or action shall have become final and nonappealable. Any of the Parties has a right to seek specific performance of the other parties' obligations under the PMSA in lieu of its right to terminate the agreement.

*Indemnification*. Subject to certain limitations provided for in the PMSA, each of the parties to the PMSA mutually agreed to indemnify and hold harmless each other and each of their affiliates and each of their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees to the fullest extent permitted by applicable law, against and in respect of any and all losses incurred or sustained by such party as a result of or in connection with (i) any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements of the other party contained in the PMSA or in any of the additional agreements or any certificate or other writing delivered pursuant hereto; or (ii) any claim for brokerage commissions in connection with the transactions contemplated hereby as a result of the actions or agreements of the other party or any of their representatives.

Emergen held certain contractual and other rights to develop a portfolio of battery energy storage system ("BESS") projects identified in the MIPA with a cumulative storage capacity estimated at 1.965 gigawatts (GW) upon completion of the construction of such project (the "BESS Development Projects") and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 3.840 GW upon completion of construction of such project (the "Solar Development Projects," together with the BESS Development Projects, collectively, the "Development Projects"). The Development Projects included no tangible assets, no binding contracts that would create a liability and no binding contracts for revenue generation. The Development Projects were deemed intangible assets and we have recorded the entire value of the 1,587,300 unregistered shares valued at the closing price on April 24, 2024 of $14.00 ($22,222,200).

We are focusing our project financing efforts on our BESS projects. We will be maintaining and moving forward the development status of the Solar projects by managing the various aspects of the project as required with minimal capital requirement. If for any reason a project is not developed or constructed due to lack of funding we will either sell the project in its current development stage, partner with another group on that specific solar project or close down the project if no longer seen to be a viable project.

On May 30, 2024, Emergen entered into a Project Sale Agreement ("Agreement") with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. Bridgelink has sold these greenfield projects, along with projects in its own portfolio, to an unrelated third party ("Purchaser") which also executed that agreement on May 30, 2024. The total amount to be received by Emergen for the projects sold to Bridgelink is $19,400,000, provided the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights. Bridgelink retains the option to transfer or return certain or all projects within ten (10) days written notice to Emergen. A deposit from Bridgelink will be received within five business days of the execution of the agreement for $943,500 and Emergen will pay 62.5% ($589,687.50) to Energy Independent Partners LLC, a Delaware limited liability company, ("EIP") in accordance with the Project Management Services Agreement by and between (i) Bimergen Energy; (ii) Emergen; and (iii) EIP and the remaining 37.5% (353,812.50) of the proceeds shall remain with Emergen. The remaining proceeds of $18,456,500 shall be received within five business days of when Bridgelink receives milestone payments from the Purchaser for these projects. This Agreement is still in effect and there have been no changes to the Agreement. The $943,500 deposit was paid to Emergen in June 2024.

In the event that Purchaser, under the purchase agreement decides to transfer any Project along with its interests to Bridgelink or any creditworthy entity designated by Bridgelink ("Returned Project"), Bridgelink shall provide written notice to Emergen within ten (10) business days of receipt of such notice from the Purchaser and Bridgelink shall convey, transfer, assign, deliver, and contribute over certain rights and interests to the Returned Project to Emergen within ten (10) business days of receipt of such Returned Project, unless otherwise agreed upon by Emergen in writing. For clarity, any creditworthy entity designated by Bridgelink shall be confirmed in writing by Emergen. Bridgelink is to receive payment from the Purchaser no later than March 31 of the year following each calendar year end for any milestones that have been achieved during that calendar year. Emergen is to receive payment within five days from Bridgelink receiving payment from the Purchaser. Effective December 31, 2024, Emergen and Bridgelink amended the Agreement to provide that Bridgelink could only return a Project if it has not yet made a milestone payment to Emergen on prior to the seventh (7th) anniversary of the Effective Date of the Agreement

The Projects sold by Emergen to Bridgelink are in what are termed as "Greenfield Projects." With respect to each Greenfield Project, Emergen will be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $5,000 per megawatt (in alternating current) measured at the Point of Interconnection after such Greenfield Project has secured all necessary land rights as determined in good faith ($12,125,000 for the estimated 2,425 megawatts sold); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $3,000 per megawatt (in alternating current) measured at the Point of Interconnection when the relevant Greenfield Project has achieved ready-to-build (RTB) status as determined in good faith ($7,275,000 for the estimated 2,435 megawatts sold.

There is no specified timeframe for the milestones to be achieved.

The Company received and recorded as a contract liability a $943,500 deposit payment from the Project Sale Agreement with Bridgelink for an estimated 2.425 GW of Emergen's estimated 3.840 GW of solar energy development projects. The total amount to be received by Emergen for the projects sold to Bridgelink is expected to be $19,400,000 unless certain of the projects are returned without development to the payment milestones. We have paid EIP $250,000 during 2024 related to the $943,500 deposit and owe an additional $339,688 currently recorded in due to related party. EIP will be due 62.5% of the proceeds received related to the Project Sale Agreement. If the remaining $18.5 million is received from the ultimate purchaser via Bridgelink we will owe EIP $11.5 million for their portion per the agreement.

In the third quarter of 2024, the Company paid EIP $250,000 for its portion of the deposit under the Project Sales Agreement.

The Company was given the opportunity to sell 2.425 GW of its newly acquired Solar Development Projects through Bridgelink in May 2024 at the terms offered by the third party purchaser of $0.008 per W. The Company decided to agree to the terms from the third party purchaser given that our focus was on developing the BESS Development Projects. The Project Sale Agreement negotiated has 62.5% of proceeds to EIP ($12 million versus the $85 million if taken to RTB status). This affords the company $7 million positive cashflow if the purchaser develops all projects for $19.4 million.

Between March 3, 2025 and May 30, 2025 the Company entered into six unsecured promissory notes with Energy Independent Partners ("EIP"), an entity controlled by Cole Johnson, the Company's President and Director, aggregating $337,000 in principal. Each note bears simple interest at 9.5 % per annum, repayable in a single lump sum on December 31, 2025. The proceeds were used to fund near-term working-capital for operating expenses.

**DESCRIPTION OF SECURITIES WE ARE OFFERING**

*The following descriptions are summaries of the material terms of our amended certificate of incorporation and amended and restated bylaws, and of the DGCL. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our amended certificate of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus is part.*

**Common Stock**

*Outstanding and Authorized Shares*

The Company's outstanding shares of common stock have a par value of $0.001 per share. The Company's certificate of Incorporation authorizes 1,000,000,000 shares of Common Stock. As of the date of this prospectus, we had 3,857,906 shares of our Common Stock issued and outstanding of which approximately 1.2 million are in the public float.

*Voting*

The holders of Common Stock are entitled to one vote per share on all matters submitted to a vote of the stockholders. Holders of Common Stock do not have cumulative voting rights. Persons who hold a majority of the outstanding shares of our Common Stock entitled to vote on the election of directors can elect all of the directors who are eligible for election.

*Dividends*

Holders of our Common Stock are entitled to share equally in dividends, if any, as may be declared from time to time by our Board of Directors.

*Liquidation*

In the event of liquidation, dissolution, or winding up of our Company, subject to the preferential liquidation rights of any series of preferred stock that we may from time to time designate, the holders of our Common Stock are entitled to share ratably in all of our assets remaining after payment of all liabilities and preferential liquidation rights.

*Other Rights and Preferences*

Holders of our common stock have no conversion, exchange, sinking fund, redemption, or appraisal rights (other than such as may be determined by the Board of Directors in its sole discretion) and have no preemptive rights to subscribe for any of our securities.

**Preferred Stock**

We are currently authorized to issue up to 10,000,000 shares of preferred stock, par value $0.001 per share (the "Preferred Stock"). As of date of this prospectus, we had no shares of Preferred Stock issued and outstanding. Our Certificate of Incorporation authorizes the issuance of shares of Preferred Stock with designations, rights, and preferences determined from time to time by our Board of Directors. Accordingly, our Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the stockholders of our common stock. In the event of issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying, or preventing a change in control of our company.

***Pre-Funded Warrants to be issued as part of this offering***

The following is a brief summary of certain terms and conditions of the Pre-Funded Warrants ("Pre-Funded Warrants") and is subject in all respects to the provisions contained in the Warrants accompanying the Common Stock offered hereby and the Warrant Agent Agreement. You should review a copy of the form of Pre-Funded Warrant and Warrant Agent Agreement for a complete description of the terms and conditions applicable to the Warrants.

***Form.*** The Pre-Funded Warrants will be issued in electronic certificated form.

***Term.*** The Pre-Funded Warrants will be exercisable on the date of issuance and will not expire.

***Exercisability.*** The Pre-Funded Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and payment in full for the number of shares of common stock purchased upon such exercise, except in the case of a cashless exercise as discussed below. The number of shares of Common Stock issuable upon exercise of the Pre-Funded Warrants is subject to adjustment in certain circumstances, including a stock split of, stock dividend on, or a subdivision, combination or recapitalization of the Common Stock. If we effect a merger, consolidation, sale of substantially all of our assets, or other similar transaction, then, upon any subsequent exercise of a Pre-Funded Warrant, the Pre-Funded Warrant holder will have the right to receive any shares of the acquiring corporation or other consideration it would have been entitled to receive if it had been a holder of the number of shares of Common Stock then issuable upon exercise in full of the Pre-Funded Warrant.

Subject to limited exceptions, a holder of Pre-Funded Warrants will not have the right to exercise any portion of the Pre-Funded Warrant to the extent that, after giving effect to the exercise, the holder, together with its affiliates, and any other person acting as a group together with the holder or any of its affiliates, would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to its exercise. The holder, upon notice to the Company, may increase or decrease the beneficial ownership limitation provisions of the Pre-Funded Warrant, provided that in no event shall the limitation exceed 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise of the Pre-Funded Warrant.

Exercise Price. The exercise price of the Pre-Funded Warrants is $0.0001 per share of Common Stock. The exercise price is subject to appropriate adjustment in the event of certain stock splits, stock dividends, recapitalizations or otherwise.

***Cashless Exercise.*** If we fail to maintain the effectiveness of the registration statement and current prospectus relating to the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants, the holders of the Pre-Funded Warrants shall have the right to exercise the Pre-Funded Warrants solely via a cashless exercise feature provided for in the Pre-Funded Warrants, until such time as there is an effective registration statement and current prospectus. Upon a cashless exercise, the holder would be entitled to receive a number of shares of Common Stock in accordance with certain formula set forth in the Pre-Funded Warrant.

***Delivery of shares*.** We shall deliver the Common Stock underlying the Pre-Funded Warrants to the holders exercising such Pre-Funded Warrants by no later than 5:00 P.M. New York City time on the second trading day following the exercise date of the Pre-Funded Warrants, provided the funds in payment of the exercise price for such Pre-Funded Warrants have cleared on the trading day following the exercise date.

***No Fractional Shares.*** No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the Pre-Funded Warrants, and the number of Pre-Funded Warrants will be rounded to the nearest whole number.

***Transferability.*** Subject to applicable laws and restrictions, a holder may transfer a Warrant upon surrender of the Pre-Funded Warrant to us with a completed and signed assignment in the form attached to the Pre-Funded Warrant. The transferring holder will be responsible for any tax that liability that may arise as a result of the transfer.

***Authorized Shares.*** During the period the Pre-Funded Warrants are outstanding, we will reserve from our authorized and unissued common stock a sufficient number of shares to provide for the issuance of common stock underlying the exercise of the Pre-Funded Warrants.

***No Market.*** There is no public trading market for the Pre-Funded Warrants and we do not intend that they will be listed for trading on NYSE or any other securities exchange or market.

***Exchange Listing.*** Our common stock is currently traded on the OTC Markets under the symbol "BESS." We have applied to have our common stock listed on NYSE. We believe that upon the completion of this offering, we will meet the standards for listing on NYSE, and the closing of this offering is contingent upon such listing.

***Fundamental Transactions.*** In the event of any fundamental transaction, generally including any merger with or into another entity, sale of all or substantially all of our assets, tender offer or exchange offer, reclassification of our common stock or the consummation of a transaction whereby another entity acquires more than 50% of our outstanding voting power, then the holder shall have the right to receive for each share of common stock that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of common stock of the successor or acquiring corporation and any additional consideration receivable upon or as a result of such transaction by a holder of the number of shares of common stock for which the warrant is exercisable immediately prior to such event.

***Right as a Shareholder.*** Except as otherwise provided in the Pre-Funded Warrants or by virtue of such holder's ownership of our common stock, the holders of the Pre-Funded Warrants do not have the rights or privileges of holders of our common stock until they receive the common stock underlying the Pre-Funded Warrants.

***Waivers and Amendments.*** Any term of the Pre-Funded Warrants issued in the offering may be amended or waived with the written consent of holders of the Warrants. The Pre-Funded Warrants will be issued pursuant to a warrant agent agreement by and between us and American Stock Transfer and Trust Company, the warrant agent.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our common stock, and we cannot predict what effect, if any, market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of our common stock prevailing from time to time. Nevertheless, sales of substantial amounts of our common stock in the public market, or the perception that such sales could occur, could materially and adversely affect the market price of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors — Risks Related to this Offering and Ownership of Our Common Stock — Future sales, or the perception of future sales, by us or our existing stockholders in the public market following the completion of this offering could cause the market price for our common stock to decline."

**Sale of Restricted Shares**

Based on the number of shares of common stock outstanding as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, upon the closing of this offering, and assuming no exercise of the underwriters' option to purchase additional shares of Common Stock, we will have outstanding an aggregate of approximately 5,857,906 shares of our Common Stock.

All of the shares of common stock sold in this offering will be freely tradable unless purchased by our "affiliates" as such term is defined in Rule 144 under the Securities Act or purchased by existing stockholders and their affiliated entities that are subject to lock-up agreements.

All other shares of common stock, upon the completion of this offering, will be "restricted" securities under the meaning of Rule 144 and may not be sold in the absence of registration under the Securities Act, unless an exemption from registration is available, including the exemptions pursuant to Rule 144 and Rule 701 under the Securities Act, or Rule 701.

In addition, an aggregate of 1,414,286 shares of Common Stock issuable upon the exercise of outstanding options with an average exercise price $4.53 per share, up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants offered hereby and up to 100,000 shares of Common Stock issuable upon exercise of warrants to be issued to the underwriter in connection with this offering, will be authorized and reserved for issuance.

The 2,674,235 restricted shares of our Common Stock held by our affiliates will be available for sale in the public 181 days after the date of this prospectus, upon expiration of the lock-up agreements referred to below, subject in some cases to applicable volume, manner of sale and other limitations under Rule 144 and Rule 701.

**Rule 144**

In general, under Rule 144 as currently in effect, persons who became the beneficial owner of shares of our common stock prior to the completion of this offering may sell their shares upon the earlier of (i) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act for at least 90 days prior to the date of the sale and have filed all reports required thereunder or (ii) the expiration of a one-year holding period.

At the expiration of the six-month holding period (assuming we have been subject to the reporting requirements of the Exchange Act for at least 90 days and have filed all reports required thereunder), a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell, within any three-month period, a number of shares of our common stock that does not exceed the greater of either of the following:

● 1% of the number of shares of our common stock then outstanding, which will equal approximately 58,579 shares immediately after the completion of this offering; or

● the average weekly trading volume of our common stock on the NYSE during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock without restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

**Lock-Up Agreements**

We have agreed, subject to certain exceptions and without the approval of the representative of the underwriters, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities for a period of three months following the closing of this offering. Our directors and executive officers have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of six months. Other holders of 5% or greater of our common stock have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of three months from the date of this offering. Additionally, we agreed that for a period of 12 months after this offering, we will not directly or indirectly offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of our shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock in any "at-the-market", continuous equity or variable rate transaction, without the prior consent of ThinkEquity. See "Underwriting" for additional information.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.

This discussion is limited to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons holding our common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction, or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● partnerships, other entities, or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "qualified foreign pension funds" and entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons subject to special tax accounting rules as a result of any item of gross income with respect to our common stock being taken into account in an applicable financial statement.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships (and entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

● an individual who is a citizen or resident of the United States;

● a corporation or entity treated as a corporation that is created or organized under the laws of the United States, any state thereof, or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, if we make distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "— Sale or Other Taxable Disposition."

Subject to the discussions below on effectively connected income, backup withholding and the Foreign Account Tax Compliance Act, or FATCA, dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

Subject to the discussions below regarding backup withholding, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

● the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such gain is attributable);

● the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

● our common stock constitutes a U.S. real property interest, or USRPI, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. However, because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. If we are a USRPHC and either our common stock is not regularly traded on an established securities market or a Non-U.S. Holder holds more than 5% of our common stock, actually or constructively, during the applicable testing period, such Non-U.S. Holder will generally be taxed on any gain in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business, except that the branch profits tax generally will not apply.

Non-U.S. Holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our common stock will not be subject to backup withholding, provided the holder either certifies its non-U.S. status by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above or the holder otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS also may be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (commonly referred to as FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless such Non-U.S. Holder provides a properly completed IRS Form w-8BEN-E or w-8BEN-IMY claiming an exemption from FATCA withholding.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies currently to payments of dividends on our common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our common stock, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

**UNDERWRITING**

ThinkEquity LLC ("ThinkEquity") is acting as representative of the underwriters (the "Representative"). Subject to the terms and conditions of an underwriting agreement between us and the Representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of shares of Common Stock or Pre-Funded Warrants listed next to its name in the following table:

---

| | |
|:---|:---|
| **Name of Underwriter** | **Number of Shares of Common Stock or Pre-Funded Warrants** |
| ThinkEquity LLC |  |
| Total |  |

---

The underwriting agreement provides that the obligation of the underwriters to purchase all of the shares of Common Stock or Pre-Funded Warrants being offered to the public is subject to specific conditions, including the absence of any material adverse change in our business or in the financial markets and the receipt of certain legal opinions, certificates and letters from us, our counsel and the independent auditors. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may be increased or the offering may be terminated. Subject to the terms of the underwriting agreement, the underwriters will purchase all of the shares of Common Stock or Pre-Funded Warrants being offered to the public, other than those covered by the over-allotment option described below, if any of these shares of Common Stock or Pre-Funded Warrants are purchased.

The underwriters are offering the shares of Common Stock or Pre-Funded Warrants, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Over-Allotment Option**

We have granted to the underwriters an option, exercisable no later than 45 calendar days after the date of the underwriting agreement, to purchase, based on the assumed offering price, up to an additional 300,000 shares of Common Stock and/or up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Funded Warrants, in each case, at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option only to cover over-allotments, if any, made in connection with this offering and may exercise this option to purchase additional shares and/or Pre-Funded Warrants. To the extent the option is exercised and the conditions of the underwriting agreement are satisfied, we will be obligated to sell to the underwriters, and the underwriters will be obligated to purchase, these additional shares of Common Stock and/or Pre-Funded Warrants.

**Discounts and Commissions**

The following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the Representative of the over-allotment option.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share of Common Stock** | **Per Pre-Funded Warrant** | **Total<br> (No Exercise)** | **Total<br> (Full Exercise)** |
| Public offering price | $| $| $| $|
| Underwriting discounts and commissions (7.5%)<sup>1</sup> |  |  |  |  |
| Proceeds, before expenses, to us | $| $| $| $|

---

<sup>1</sup> The underwriting spread for investors in the offering that are introduced by the Company and do not have a prior relationship with the underwriter will be 4.0%.

The underwriters propose to offer the shares of Common Stock or Pre-Funded Warrants offered by us to the public at the public offering price per share of Common Stock or Pre-Funded Warrant set forth on the cover of this prospectus. In addition, the underwriters may offer some of the shares of Common Stock or Pre-Funded Warrants to other securities dealers at such price less a concession of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Common Stock or Pre-Funded warrant. After the initial offering, the public offering price and concession to dealers may be changed. We have agreed to pay a non-accountable expense allowance to the underwriters equal to 1.0%. of the gross proceeds received at the completion of this offering. We have paid $35,000 to the Representative as an advance to be applied towards reasonable out-of-pocket expenses (the "Advance"). Any portion of the Advance shall be returned back to us to the extent not actually incurred in accordance with Financial Industry Regulation Authority ("FINRA") Rule 5110(g)(4)(A).

We have agreed to pay the underwriters a cash fee equal to seven and one-half percent (7.5%) of the aggregate gross proceeds from the sale of the Common Stock or Pre-Funded Warrants, provided however, that the discount or spread shall be four percent (4.0%) for any investors initially introduced by us in the offering.

We have agreed to reimburse the Representative for its out-of-pocket accountable expenses, including, among other things, (a) all fees, expenses and disbursements relating to background checks of the Company's officers, directors and entities up to $5,000; (b) the costs associated with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, up to $3,000; (c) the Representative's legal fees up to $100,000;(d) cost associated with the use of Ipreo's book building, prospectus tracking and compliance software up to $29,500; (e) the Representative's actual accountable "road show" expenses up to $10,000; and (f) the Representative's market making and trading and clearing firm settlement expenses up to $10,000, in connection with the offering, provided that with respect to offering expenses paid by the Representative and for which the Company shall be responsible such reimbursement shall not exceed $157,500. We estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding underwriting discounts and commissions, will be approximately $475,000, all of which are payable by us.

**Representative's Warrants**

We have agreed to issue to the Representative (or its permitted assignees) warrants to purchase up to a total 5% of the shares of Common Stock or Pre-Funded Warrants sold in the offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at any time and from time to time, in whole or in part, during the four and one-half year period commencing 180 days from the commencement of sales of the securities in the Offering, at a price per share equal to 125.0% of the public offering price per share of Common Stock at the offering. Pursuant to FINRA Rule 5110(g), the Representative's Warrant and any shares issued upon exercise of the Representative's Warrants shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of this offering, except the transfer of any security: (i) by operation of law or by reason of our reorganization; (ii) to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period; (iii) if the aggregate amount of our securities held by the underwriter or related persons does not exceed 1% of the securities being offered; (iv) that is beneficially owned on a pro rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own more than 10% of the equity in the fund; or (v) the exercise or conversion of any security, if all securities remain subject to the lock-up restriction set forth above for the remainder of the time period.

In addition, the Representative's Warrants provide for registration rights upon request, in certain cases. The sole demand registration right provided will not be greater than five years from the date of the underwriting agreement in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration rights provided will not be greater than two years from the initial exercise date of the underwriters warrants in compliance with FINRA Rule 5110(g)(8)(D). We will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants other than underwriting commissions incurred and payable by the holders. The exercise price and number of shares issuable upon exercise of the Representative's Warrants may be adjusted in certain circumstances including in the event of a stock dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying shares will not be adjusted for issuances of shares of common stock at a price below the warrant exercise price.

**Determination of Offering Price**

The offering price has been negotiated between the representatives of the underwriter and us. In determining the offering price of the securities, the following factors were considered:

● prevailing market conditions;

● our historical performance and capital structure;

● estimates of our business potential and earnings prospects;

● an overall assessment of our management; and

● the consideration of these factors in relation to market valuation of companies in related businesses.

**Listing**

Our shares of common stock are traded on the OTC Markets under the symbol "BESS". We have applied for our Common Stock to be listed on NYSE under the symbol "BESS". The consummation of this offering is not contingent upon the approval of our listing on NYSE, however, it is unlikely we would meet the initial listing standards of NYSE unless this offering is consummated. We do not intend to apply to list the Pre-Funded Warrants on any security exchange or intend to apply to list the Warrants on NYSE. We believe that upon the completion of this offering, we will meet the standards for listing on NYSE, and the closing of this offering is contingent upon such listing.

**Lock-Up Agreements**

We have agreed that without the approval of the Representative, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities for a period of three months following the closing of this offering. Each of our officers, directors and holders of 5% of more of our outstanding Common Stock as of the effective date of this prospectus (and all holders of securities exercisable for or convertible into shares of Common Stock) have agreed to enter into customary "lock-up" agreements in favor of ThinkEquity pursuant to which such persons and entities have agreed, for a period of six months from the effective date of this prospectus in the case of our officers and directors and three months in the case of our other holders of 5% or greater shareholders of our outstanding common stock, that they shall neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without ThinkEquity's prior written consent, including the issuance of shares of Common Stock upon the exercise of currently outstanding options approved by ThinkEquity.

Additionally, we agreed that for a period of 12 months after this offering, we will not directly or indirectly offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of our shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock in any "at-the-market", continuous equity or variable rate transaction, without the prior consent of ThinkEquity.

ThinkEquity may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the representative will consider, among other factors, the security holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time.

**Right of First Refusal**

We have granted the Representative a right of first refusal, for a period of 18 months from the commencement of sales of this offering, to act as sole investment banker, back-runner and/or sole placement agent for any and all future public or private equity offering, including all equity-linked or debt offerings during such eighteen (18) month period of the Company, or any successor to or any subsidiary of the Company. We have agreed not to offer to retain any entity or person in connection with any such offering on terms more favorable than terms on which we offer to retain the Representative. Such offer shall be made in writing in order to be effective. The Representative shall notify us within ten (10) business days of its receipt of the written offer contemplated above as to whether it agrees to accept such retention. If the Representative should decline such retention, we shall have no further obligations to the Representative with respect to the offering for which it has offered to retain the Representative.

**Tail**

We have also agreed to pay the Representative a tail fee equal to the cash compensation payable to the Representative in this offering, if any investor, who was contacted or introduced to us by the Representative following the termination or expiration of the engagement by the Company prior to Closing, provides us with capital in any public or private equity offering or other financing or capital raising transaction during the twelve (12) month period following expiration or termination of our engagement of the Representative, provided, however, that we have the right to terminate its engagement of the underwriter for cause in compliance with FINRA Rule 5110(g)(5) (B)(i), which termination for cause eliminates the Company's obligations with respect to the tail.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make for these liabilities.

**Other Relationships**

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

**Price Stabilization, Short Positions, and Penalty Bids**

In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our securities. Specifically, the underwriters may over-allot in connection with this offering by selling more securities than are set forth on the cover page of this prospectus. This creates a short position in our securities for its own account. The short position may be either a covered short position or a naked short position. In a covered short position, the number of securities over-allotted by the underwriters is not greater than the number of securities that they may purchase in the over-allotment option. In a naked short position, the number of securities involved is greater than the number of shares of Common Stock in the over-allotment option. To close out a short position, the underwriters may elect to exercise all or part of the over-allotment option. The underwriters may also elect to stabilize the price of our securities or reduce any short position by bidding for, and purchasing, securities in the open market.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing a security in this offering because the underwriter repurchases that security in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, securities in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our securities at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice.

In connection with this offering, the underwriters and selling group members, if any, or their affiliates may engage in passive market making transactions in our Common Stock immediately prior to the commencement of sales in this offering, in accordance with Rule 103 of Regulation M under the Exchange Act. Rule 103 generally provides that:

● a passive market maker may not effect transactions or display bids for our securities in excess of the highest independent bid price by persons who are not passive market makers;

● net purchases by a passive market maker on each day are generally limited to 30% of the passive market maker's average daily trading volume in our securities during a specified two-month prior period or 200 shares, whichever is greater, and must be discontinued when that limit is reached; and

● passive market making bids must be identified as such.

**Electronic Distribution**

A prospectus in electronic format may be made available on a website maintained by the representatives of the underwriters and may also be made available on a website maintained by other underwriters. The underwriters may agree to allocate a number of shares to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives of the underwriters to underwriters that may make Internet distributions on the same basis as other allocations. In connection with the offering, the underwriters or syndicate members may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe® PDF will be used in connection with this offering.

The underwriters have informed us that they do not expect to confirm sales of shares offered by this prospectus to accounts over which they exercise discretionary authority.

Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**LEGAL MATTERS**

The validity of the shares of common stock and the warrants offered by this prospectus will be passed upon for us by Lucosky Brookman LLP, Woodbridge, New Jersey. Certain legal matters in connection with the offering will be passed upon for the underwriter by Sichenzia Ross Ference Carmel LLP, New York, New York.

**EXPERTS**

The financial statements of Bimergen Energy Corporation as of December 31, 2024 and 2023 and for each of the two years in the period ended December 31, 2024 included in this Registration Statement have been so included in reliance on the report of Ramirez Jimenez International CPAs ("RJI"), an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The report on the financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act that registers the securities covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information contained in the registration statement and the exhibits and schedules filed as part of the registration statement. For further information with respect to us and our securities, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copies of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.

We file our annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. You can read our SEC filings, including the registration statement, at the SEC's website at <u>w*ww.sec.gov*</u>.

The SEC maintains an internet site (*<u>http://www.sec.gov</u>*) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

Our website address is <u>www.bimergen.com</u>. The information contained in, and that can be accessed through, our website is not incorporated into and is not part of this prospectus.

**BIMERGEN ENERGY CORPORATION**

**INDEX TO FINANCIAL STATEMENTS**

**Consolidated Financial Statements**<br> **For the years ended December 31, 2024 and 2023**<br>

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#Aa_029) (PCAOB ID 6901) | F-2 |
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets at December 31, 2024 and 2023](#Aa_030) | F-4 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations for the years ended December 31, 2024 and 2023](#Aa_031) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2024 and 2023](#Aa_032) | F-6 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023](#Aa_033) | F-7 |
| [Notes to Consolidated Financial Statements](#Aa_034) | F-8 |

---

**R** **eport of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders

Bimergen Energy Corporation

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Bimergen Energy Corporation ("the Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years then ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

**The Company's Ability to Continue as a Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and negative cash flows from operating activities, therefore, the Company has stated that substantial doubt exists about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Report on Revision of Previously Issued Financial Statements**

As discussed in Note 2 and Note 13, the consolidated financial statements for the year ended December 31, 2024 have been revised to (i) clarify the Company's revenue-recognition policy under ASC 606 and (ii) disclose working-capital promissory notes obtained subsequent to December 31, 2024 and prior to May 30, 2025, the date on which the financial statements were originally available to be issued. Our opinion is not modified with respect to these matters.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Accounting for the Acquisition of Emergen and Related Project Management Services Agreement**

As described in Note 6 to the consolidated financial statements, in April 2024, the Company completed the acquisition of Emergen Energy LLC ("Emergen") pursuant to a Membership Interest Purchase Agreement ("MIPA"), and entered into a Project Management Services Agreement ("PMSA") with Energy Independent Partners LLC ("EIP"), an entity owned by a newly appointed executive of the Company. The acquisition involved the transfer of development-stage renewable energy projects, and the PMSA established a framework for future development fee payments to EIP based on project milestones and third-party financing.

The Company determined that the acquisition of Emergen did not constitute a business under ASC 805 and was accounted for as an asset acquisition. The Company further concluded that the development fee payments under the PMSA did not represent contingent consideration, but rather future compensation for services to be rendered, and were therefore excluded from the purchase price allocation.

We identified the accounting for the acquisition of Emergen and the PMSA as a critical audit matter due to the complex and judgmental nature of evaluating (i) whether the transaction met the definition of a business under ASC 805, (ii) whether the PMSA represented a separate arrangement for future services or was in-substance deferred purchase price (i.e., contingent consideration), and (iii) the implications of the Second Amendment to the PMSA executed in 2025 but made effective as of 2024. These matters required a high degree of auditor judgment and the involvement of professionals with specialized skills and knowledge in technical accounting.

**How the Critical Audit Matter Was Addressed in the Audit**

Our audit procedures related to the Company's accounting for the acquisition of Emergen and the PMSA included the following:

● We obtained and read the MIPA, the PMSA, and subsequent amendments to assess the nature of the rights transferred and the obligations created.

● We evaluated the Company's accounting policy for business combinations and asset acquisitions.

● We assessed the Company's conclusions regarding whether the development fee arrangements met the definition of contingent consideration under ASC 805 or executory service arrangements under other applicable guidance.

● We reviewed the legal opinion obtained by the Company regarding the enforceability and retroactive effect of the PMSA amendment, and confirmed the intent of the parties through direct correspondence with the counterparty to the PMSA.

● We assessed the adequacy of the Company's related disclosures in the financial statements.

---

| |
|:---|
| We have served as the Company's auditor since 2025. |
| /s/ Ramirez Jimenez International CPAs |
| Irvine, California |
| May 30, 2025, except for the matters discussed in Notes 2 and 13, as to which the date is June 24, 2025. |

---

**BIMERGEN ENERGY CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $156087 | $152417 |
| Deferred offering costs | 222497 |  |
| Prepaid expenses and other current assets | 650293 | 11000 |
| Total current assets | 1028877 | 163417 |
| Intangible assets | 22222200 | - |
| &nbsp;&nbsp;&nbsp;Total assets | $23251077 | $163417 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable and accrued liabilities | 273482 | 35229 |
| Accounts payable and accrued liabilities – related parties | 540003 |  |
| Deferred revenue | 943500 | - |
| Total current liabilities | 1756985 | 35229 |
| **Commitments and Contingencies (See Notes 7 and 12)** |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Common stock: $0.001 par value, 1,000,000,000 shares authorized, 5,121,384 and 3,460,459 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 5121 | 3460 |
| Additional paid-in capital | 26263670 | 2141740 |
| Accumulated deficit | (4774699) | (2017012) |
| Total stockholders' equity | 21494092 | 128188 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $23251077 | $163417 |

---

The accompanying notes are an integral part of the audited consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the Year ended**<br> **December 31, 2024** | **For the Year ended**<br> **December 31, 2023** |
| **REVENUE** | $- |  |
| **COST OF REVENUE** | - | - |
| **GROSS PROFIT** |  |  |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;General & Administrative | 2758731 | 927726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 2758731 | 927726 |
| **LOSS FROM OPERATIONS** | (2758731) | (927726) |
| **OTHER INCOME (EXPENSE)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest and Other Income | 1044 | 7308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income (Expense) | 1044 | 7308 |
| **LOSS BEFORE INCOME TAXES** | (2757687) | (920418) |
| **BENEFIT (PROVISION) FOR INCOME TAXES** | - | - |
| **NET LOSS** | $(2757687) | $(920418) |
| **BASIC AND DILUTED LOSS PER SHARE** | $(0.54) | $(0.20) |
| **WEIGHTED AVERAGE SHARES** | 5144443 | 4603066 |

---

The accompanying notes are an integral part of the audited consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS**' **EQUITY**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Preferred Stock** | **Preferred Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Equity** |
| **Balances, December 31, 2022** | 3682185 | $3682 |  | $- | $1292238 | $(1096594) | $&nbsp;&nbsp;&nbsp;&nbsp; 199326 |
| Common Stock for Services | 11961 | 12 |  |  | 58209 |  | 58221 |
| Stock Option Compensation |  |  |  |  | 348559 |  | 348559 |
| Restricted Stock Awards | 10715 | 11 |  |  | 29989 |  | 30000 |
| Cancelled Stock from SuperGreen | (367913) | (368) |  |  | 368 |  |  |
| Sale of Common Stock | 123512 | 124 |  |  | 412376 |  | 412500 |
| Net loss | - | - |  |  | - | (920418) | (920418) |
| **Balances, December 31, 2023** | 3460459 | $3460 |  | $- | $2141740 | $(2017012) | $128188 |
| Common Stock for Services | 6970 | 7 |  |  | 79202 |  | 79209 |
| Stock Based Compensation | 20715 | 21 |  |  | 1246161 |  | 1246182 |
| Sale of Common Stock | 64337 | 64 |  |  | 575936 |  | 576000 |
| Common Stock issued for Emergen Energy, LLC | 1587300 | 1587 |  |  | 22220613 |  | 22222200 |
| Cancelled Stock from Litigation Settlement | (18396) | (18) |  |  | 18 |  |  |
| Net loss |  |  |  |  |  | (2757687) | (2757687) |
| **Balances, December 31, 2024** | 5121384 | $5121 |  | $- | $26263670 | $(4774699) | $21494092 |

---

The accompanying notes are an integral part of the audited consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **YEAR ENDED DECEMBER 31,** | **YEAR ENDED DECEMBER 31,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2757687) | $(920418) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock issued for services | 79209 | 58221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Compensation Expense | 1246182 | 378559 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (639294) | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 943500 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 238254 | 23832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities – Related Parties | 540003 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (349833) | (457806) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash from Sale of Common Stock, net | 576000 | 412500 |
| &nbsp;&nbsp;&nbsp;Deferred Offering Costs | (222497) | - |
| Net cash provided by (used in) financing activities | 353503 | 412500 |
| **Net increase (decrease) in cash and cash equivalents** | 3670 | (45306) |
| **Cash and cash equivalents at beginning of period** | 152417 | 197723 |
| **Cash and cash equivalents at end of period** | $156087 | $152417 |
| **Supplemental disclosure of non-cash Investing and Financing Activities:** |  |  |
| Common Stock cancelled related to litigation settlement agreement – 18,396 Common Shares | 18 |  |
| Common Stock issued in exchange for 100% equity interest in Emergen Energy LLC – 1,587,300 Common Shares | 22222200 |  |

---

The accompanying notes are an integral part of the audited consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1. DESCRIPTION OF BUSINESS AND GOING CONCERN**

Bimergen Energy Corporation (the "Company", "we" or "us") was incorporated under the laws of Delaware on March 4, 1998. In connection with the Company's planned expansion of its business following the completion of the acquisition of Bitech Mining Corporation, a Wyoming corporation ("BTM"), it filed a Certificate of Amendment to its Certificate of Incorporation, as amended (the "Certificate of Amendment") with the Secretary of State of the State of Delaware on April 29, 2022 to change its corporate name to Bitech Technologies Corporation. On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation.

In April 2024, the Company acquired a portfolio of development-stage Battery Energy Storage System (BESS) and solar energy projects from Emergen Energy LLC ("Emergen"). The acquired portfolio includes 23 utility-scale BESS projects with an estimated cumulative storage capacity of 1.965 gigawatts (GW) and 13 utility-scale solar energy projects with an anticipated cumulative generation capacity of 1.640 GW (collectively, the "Development Projects"), subject to completion of development, construction, and interconnection milestones. The Company became the sole project owner upon acquisition.

As of the date of this filing, the Development Projects are in various stages of development and have not yet achieved commercial operation. The Company expects that certain BESS projects may be colocated with solar projects, depending on site configuration and permitting.

**Reverse Stock Split**

On February 3, 2025, the Company's shareholders approved and the Company effected a reverse stock split of the shares of common stock at a ratio of 1-for-140 (the "Reverse Stock Split"). The number of authorized shares and par value per share were not adjusted as a result of the Reverse Stock Split. All references to shares, restricted stock awards, and options to purchase common stock, share data, per share data, and related information contained in the financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

**Going Concern**

The Company's consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred substantial recurring losses from continuing operations, negative cash flows from operations, and is dependent on additional financing to fund operations. We incurred a net loss of approximately $2.8 million and $0.9 million for the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company had cash and cash equivalents of approximately $0.2 million and an accumulated deficit of approximately $4.8 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The Company will need additional funding to sustain operations, satisfy existing and future obligations and liabilities, and otherwise support the Company's operations and business activities and working capital needs. Management's plans include attempting to secure additional required funding through equity or debt financings if available, seeking to enter into one or more strategic agreements regarding, or sales of development rights. There is no assurance that the Company will be successful in obtaining the necessary funding to sustain its operations or meet its business objectives.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation and Consolidation**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Any references in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

The accompanying consolidated financial statements include the accounts of Bimergen Energy Corporation. and its wholly owned subsidiary, Emergen Energy, LLC. All significant intercompany transactions have been eliminated upon consolidation.

**Revenue recognition**

Revenue is recognized pursuant to ASC Topic 606, "Revenue from Contracts with Customers" (ASC 606). Accordingly, revenue is recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. This principle is applied using the following 5-step process:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identify
 the contract with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify
 the performance obligations in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;3. Determine
 the transaction price.

&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate
 the transaction price to the performance obligations in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize
 revenue when (or as) each performance obligation is satisfied.

We determined the appropriate method by which we recognize revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with its customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract's transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract and each performance obligation is valued based on its estimated relative standalone selling price.

We recognize the majority of its revenue at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The amount of revenue that is recognized is based on the transaction price, which represents the invoiced amount and includes estimates of variable consideration such as allowances for estimated customer discounts or concessions, where applicable. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to variable consideration, stock-based compensation, valuation of deferred tax assets and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amount reported as revenue and expenses that are not readily apparent from other sources. Actual results may differ materially from those estimates.

**Development Project Sale Revenue Recognition**

The Company has entered into agreements with third parties for the sale of solar development projects. These agreements may include an upfront, nonrefundable deposit and have milestone-based consideration related to the development of the project by the purchaser.

Under the Purchase and Sale Agreement ("PSA") with Bridgelink, the Company conveys control of specified solar project rights to Bridgelink. Because the Company controls these rights before transfer and bears any return risk, it is the principal and records revenue gross for the consideration it expects to receive. Bridgelink acts solely as an intermediary; accordingly, the Company recognizes as revenue only the amounts that become probable of collection, which typically occurs when each project reaches the ready-to-build milestone.

*Nonrefundable Upfront Deposits*

Upfront deposits are non-contingent and nonrefundable. These amounts are included in the transaction price and recognized as revenue when the related project reaches ready-to-build ("RTB") status. Control of the related project rights is transferred only when all contractual milestones for RTB (site control and complete queue study, title update, permits and environmental) have been satisfied. Transfer of control is determined based on the satisfaction of the RTB milestone for each project. The Company does not assess whether the contract contains a significant financing component for upfront deposits when the period between the customer's payment and the transfer of control is expected to be one year or less.

The Company has determined to recognize revenue upon the determination that the RTB milestones have been met per the project sale contract and as non-refundable. The Company will relieve and charge to cost of sales the proportionate allocation of the intangible asset and the accrual of liabilities to EIP will follow the matching principle of expenses recorded related to the timing of the revenues being recorded.

*Milestone Payments*

*Milestone Based Consideration*

Milestone payments represent variable consideration and are included in the transaction price when it becomes probable that a significant reversal of revenue will not occur. The Company evaluates each milestone against the probability and measurability criteria under ASC 606 and includes such amounts in revenue only when achievement of the RTB milestone is deemed probable and the related deliverables have been substantially satisfied.

**Fair Value of Financial Instruments**

Cash, accounts payable, and accounts payable – related parties as reflected in the consolidated financial statements, approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

**Cash and Cash Equivalents**

Cash and cash equivalents consist of liquid investments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value. We maintain cash and cash equivalents in banks which at times may exceed federally insured limits. We have not experienced any losses on these deposits.

**Deferred Offering Costs**

Deferred offering costs consist of legal, accounting, and underwriter costs incurred through the balance sheet date that are directly related to the offering and that will be charged to shareholders' equity upon the completion of the offering. As of December 31, 2024 and 2023, the Company had deferred offering costs of $222,497 and $0, respectively.

**Intangible Assets**

Development rights acquired in the Emergen transaction are classified as indefinite-lived, in-process development intangible assets and are not amortized while the related projects are under development. To the extent that an intangible asset is successfully developed into a revenue-generating asset, it will become a component of property, plant and equipment and will be depreciated based on actual energy produced over the project's estimated lifetime. To the extent that an intangible asset is not successfully developed into a revenue-generating assets, it will be considered impaired and charged to operations at that time. The estimation of the fair value of the projects requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of the fair value of the projects are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets *may* have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities *may* signal that an asset has become impaired.

**Concentrations of Credit Risk**

Cash and cash equivalents are financial instruments that potentially subject the Company to concentrations of credit risk. As of December 31, 2024, the Company also had investments in money market funds, corporate debt obligations and U.S. Treasury bills, which can be subject to certain credit risks. The Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any material losses on its financial instruments and has full access to and control over all of its cash and cash equivalents.

**Stock Based Compensation**

We account for the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values. Under authoritative guidance issued by the Financial Accounting Standards Board ("FASB"), companies are required to estimate the fair value or calculated value of share-based payment awards on the date of grant using an option-pricing model. The value of awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statements of operations. We use the Black-Scholes Option Pricing Model to determine the fair-value of stock-based awards and the market trading price for any restricted stock awards on the day of grant. We recognized $1,144,182 and $348,559 stock compensation related to stock options for the years ended December 31, 2024 and 2023, respectively. We recognized $102,000 and $30,000 stock compensation related to restricted stock awards for the years ended December 31, 2024 and 2023, respectively.

**Income Taxes**

The Company accounts for income taxes using the asset and liability method; under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain.

In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, if all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to the provision of income taxes in the period when such determination is made.

Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Tax positions that meet the more-likely-than-not threshold are measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax.

**Legal Costs and Contingencies**

In the normal course of business, we incur costs to hire and retain external legal counsel to advise us on regulatory, litigation and other matters. We expense these costs as the related services are received.

The Company recognizes a loss contingency when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. If the estimated loss is subject to potential recovery from a third party, we assess the recoverability separately and recognize the amount of recovery only when realization is probable. Loss contingencies that are reasonably possible, but not probable, are disclosed when material.

**Net Loss per Share**

Basic and diluted net loss per common share is presented in accordance with ASC Topic 260, "Earnings per Share," for all periods presented. During the years ended December 31, 2024 and 2023, common stock equivalents from outstanding stock options and warrants have been excluded from the calculation of the diluted loss per share in the consolidated statements of operations, because all such securities were anti-dilutive. The net loss per share is calculated by dividing the net loss by the weighted average number of shares outstanding during the periods. The Company had 219,643 and 123,215 options that were potentially outstanding dilutive securities during the years ended December 31, 2024 and 2023, respectively

**Recent Accounting Pronouncements Not Yet Adopted**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact from the adoption of this standard on the Company's financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

**NOTE 3. STOCKHOLDERS' EQUITY**

The total number of authorized shares of our common stock, par value $0.001 per share, was 1,000,000,000 shares. As of December 31, 2024 and 2023, there were 5,121,384 and 3,460,459 common shares issued and outstanding, respectively.

The total number of authorized shares of our preferred stock, par value $0.001 per share, was 10,000,000. There was no preferred stock outstanding as of December 31, 2024 and 2023.

The Company issued 11,961 unregistered shares of its Common Stock valued at $58,221 during the year ended December 31, 2023 as payment for services provided to the Company.

The Company issued 10,715 of restricted securities awards valued at $30,000 during the year ended December 31, 2023 as payment for director compensation services provided to the Company.

During April, May and June, 2023, the Company sold 80,358 unregistered shares of its Common Stock to six private investors in exchange for $225,000 ($2.80 per share).

During August 2023 the Company sold 4,762 unregistered shares of its Common Stock to one private investor for $20,000 ($4.20 per share)

During October, November, and December 2023 the Company sold 38,393 unregistered shares of its Common Stock to three private investor for $167,500 ($4.20-$5.60 per share)

During the year ended December 31, 2024 the Company sold 64,337 unregistered shares of its Common Stock to eight private investors for an aggregate of $576,000 ($7.00 - $11.20 per share)

**NOTE 4. STOCK OPTIONS**

As of December 31, 2024 and December 31, 2023, there were 966,072 and 300,000 options outstanding, respectively. The Company does not have an adopted option plan and can issue stock options up to the amount of authorized shares that are not issued and outstanding as of December 31, 2024.

We have granted non-qualified stock options to employees and contractors. All non-qualified options are generally issued with an exercise price no less than the fair value of the common stock on the date of the grant as determined by our Board of Directors. Options typically may be exercised up to ten years following the date of the grant, with vesting schedules determined by us upon grant. Vesting schedules vary by grant, with some fully vesting immediately upon grant to others that ratably vest over a period of time up to five years. Standard vested options may be exercised up to three months following date of termination of the relationship unless alternate terms are specified at grant. The fair values of options are determined using the Black-Scholes option-pricing model. Forfeitures are accounted for as they occur. The estimated fair value of options is recognized as expense on the straight-line basis over the options' vesting periods. At December 31, 2024, we had approximately $4.6 million unrecognized stock-based compensation related to stock options expected to be recognized over the next 2.2 years on a weighted average.

Stock option transactions during the year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | As of <br> December 31, 2024 | As of <br> December 31, 2024 |
|  | Shares | Weighted- <br> Average <br> Exercise <br> Price |
| Outstanding at Beginning of Year | 300000 | $4.32 |
| Granted | 801429 | 131.14 |
| Exercised |  |  |
| Forfeited or Cancelled | (135357) | 54.20 |
| Outstanding and Vested or Expected to Vest at End of Year | 966072 | 102.75 |
| Options Exercisable at Year-End | 219643 | 4.90 |

---

The Black-Scholes option pricing model, used to estimate fair value of the option awards, requires the use of the following assumptions:

● Fair value of common stock. The fair value of the common stock is the Company's closing price per share on the OTC listing at the grant date.

● Expected Term. The expected term of options granted represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected term of the Company's stock options has been determined by calculating the midpoint of the contractual term of the options and the weighted-average vesting period.

● Expected Volatility. The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as the Company did not have any trading history for the common stock. The Company will continue to analyze the historical stock price volatility and expected term assumption as more historical data for the common stock becomes available.

● Risk-Free Interest Rate. The risk-free interest rate assumption is based on the U.S. Treasury instrument whose term was consistent with the expected term of the Company's stock options.

● Dividends. The Company has not paid any cash dividends on common stock since inception and does not anticipate paying any dividends in the foreseeable future. Consequently, an expected dividend yield of zero was used.

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the years ended December 31, 2024 and 2023, respectively:

SCHEDULE OF FAIR VALUE OF VALUATION ASSUMPTIONS

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Expected volatility | 99% | 101% |
| Expected dividend yield | —% | —% |
| Expected term (in years) | 5.8-6.1 | 2.9 - 7.5 |
| Risk-free interest rate | 3.4% - 4.6% | 4.0% - 4.7 |

---

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the years ended December 31, 2024 and 2023, respectively:

Information with respect to stock options outstanding and exercisable at December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Options Outstanding and Vested or Expected to Vest | Options Outstanding and Vested or Expected to Vest | Options Outstanding and Vested or Expected to Vest | Options Exercisable | Options Exercisable |
| Range of <br> Exercise Prices | Number<br> Outstanding at<br> December 31, 2024 | Weighted- <br> Average<br> Remaining<br> Contractual <br> Life | Weighted- <br> Average<br> Exercise Price | Number <br> Exercisable at <br> December 31, 2024 | Weighted- <br> Average <br> Remaining Contractual Life |
| $3.50 - $210.00 | 966072 | 9.0 | $102.75 | 219643 | $8.3 |

---

Information with respect to stock options outstanding and exercisable at December 31, 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Options Outstanding | Options Outstanding | Options Outstanding |
| Range of <br> Exercise<br> Prices | Number<br> Outstanding at<br> December 31,<br> 2023 | Weighted- <br> Average<br> Remaining<br> Contractual <br> Life | Weighted- <br> Average<br> Exercise <br> Price |
| $3.50 - $9.80 | 300000 | 8.3 | $4.32 |

---

Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price. The intrinsic value of options outstanding at December 31, 2023 was $1.0 million. The intrinsic value of options outstanding and vested or expected to vest and exercisable at December 31, 2024 was $0 million and $1.0 million, respectively. The weighted-average grant date fair value of options granted for the years ended December 31, 2024 and 2023, was $6.88 and $2.18, respectively. No options were exercised during the year ended December 31, 2024 and 2023.

During preparation of the 2024 financial statements, management discovered two immaterial errors in the 2023 results: (i) stock-based compensation had been understated by $108,725, and (ii) $89,234 of costs originally shown as "common stock issued for services" should have been included in stock-based compensation. The corrections were recorded through a revision rather than a re-issuance of prior statements because the combined effect was not material to any period. After the adjustments, stock-based compensation for 2023 totals $378,559 (previously $269,834), total operating expenses are $927,726 (previously $819,001), and net loss is $920,418 instead of $811,693. Accumulated deficit at 31 December 2023 increases to $2,017,012 (from $1,908,287), and basic and diluted loss per share for 2023 changes from $0.18 to $0.20. The revisions have no impact on net cash used in operating activities; the change simply reclassifies amounts within the operating section of the statement of cash flows. All share and per-share figures give effect to the 1-for-140 reverse stock split completed on 3 February 2025.

**NOTE 5. RESTRICTED STOCK AWARDS**

Restricted Stock Award transactions during the years ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
|  | Shares | Weighted- Average Grant Date Fair Value |
| Unvested at Beginning of Period | 57027 | $39.20 |
| Granted | 31429 | 9.80 |
| Vested | (7858) | 9.93 |
| Forfeited or Cancelled RSAs | (10715) | 8.40 |
| Unvested at End of Period | 69883 | $34.05 |

---

At December 31, 2024, we had approximately $2.4 million unrecognized stock-based compensation related to restricted stock awards. The weighted average non-performance based will be recognized over the next 0.6 years.

**NOTE 6. ACQUISITION OF EMERGEN ENERGY LLC**

On April 24, 2024 (the "Closing"), Bimergen Energy Corp. (the "Company") acquired 100 % of the membership interests of Emergen Energy LLC ("Emergen") pursuant to a Membership Interest Purchase Agreement dated April 14, 2024 (as amended on April 24, 2024, the "MIPA"). At Closing the Company issued 1,587,300 unregistered shares of common stock to C & C Johnson Holdings LLC (an entity controlled by Cole Johnson) with a fair value of $22.2 million (based on the $14.00 closing price on April 24, 2024). Emergen became a wholly-owned subsidiary; Mr. Johnson simultaneously became President of the Company's BESS and Solar divisions and a director of the Company.

Emergen, formed immediately prior to the transaction, held only early-stage renewable-energy development rights and no liabilities or operating activities. Accordingly, management concluded the transaction is an asset acquisition rather than a business combination

At acquisition Emergen's assets consisted of 1.965GW and 3.840GW of BESS and Solar Projects, respectively. Because the projects lacked substantive process or outputs, the Company recorded the entire $22.2 million purchase price as indefinite-lived intangible assets ("Development Projects") and allocated the $22.2 million purchase price to the BESS and Solar portfolios based on relative fair values determined from project-level discounted-cash-flow models corroborated by observable market pricing for comparable development assets. The Company allocated $20.0 million and 2.2 million to BESS and Solar Projects respectively as of the acquisition date.

The following agreements were entered into on the date of Closing as provided for in the MIPA:

On April 24, 2024 the Company and Emergen entered into a PMSA with Energy Independent Partners LLC ("EIP"), an entity controlled by Cole Johnson, under which EIP provides development, permitting, and financing-support services for each project.

On April 24, 2025 the parties executed Amendment No. 2 to the PMSA, stated to be effective June 28, 2024 and governed by Delaware law. Amendment 2 superseded Amendment 1 and eliminated the former Initial-Fee and RTB-Fee construct, replacing it with a single "Development-Fee" model that is payable only when a project secures third-party, project-specific financing. The principal commercial terms now in effect are:

● BESS projects. For each battery-storage project, the Company will owe EIP a development fee of $0.035 per watt once that specific project secures third-party debt and/or equity financing sufficient to fund the fee. Based on the current BESS portfolio capacity (approximately 1.965 GW), the aggregate exposure, if every project achieves financing, would be about $69 million.

● Solar projects. For each solar-power project, the same rate—$0.035 per watt—applies, again only after project-specific financing is in place. Given the remaining solar capacity in the Emergen portfolio (roughly 1.640 GW), the maximum potential fees total approximately $57 million.

● Other renewable projects. For any future development projects that are neither BESS nor solar, the fee is the greater of (i) 50 percent of gross margin or (ii) $0.02 per watt, payable once the project reaches ready-to-build (RTB) status. Because the Company has no such projects in its pipeline today, no aggregate cap is presently estimable.

Based on portfolio capacities; actual fees depend on future financings and may not be incurred.

● Sale-of-Project Clause – If a project is sold, EIP is entitled to the greater of unpaid Development Fees or 62.5 % of net sale proceeds.

● Acceleration Clause – 62.5 % of unpaid fees accelerate within 90 days of (i) a change in control of the Company or (ii) removal of Mr. Johnson from his role.

● Termination & Indemnification – The PMSA may be terminated by mutual consent or for cause; customary indemnities apply.

Because payment is contingent on future project-financing milestones, no PMSA liabilities have been recognized as of December 31, 2024.

**NOTE 7. SOLAR PROJECTS SALE**

On May 30, 2024 Emergen Energy LLC ("Emergen") entered into a Project Sale Agreement ("PSA") with Bridgelink Development, LLC ("Bridgelink") covering 12 green-field solar projects totaling 2.425 GW (the "Greenfield Projects"). Bridgelink simultaneously resold the projects to an unrelated third-party purchaser ("Purchaser"). The Purchaser has the right but not the obligation to return any or all of these Greenfield Projects before and after it has made milestone payments. The Purchaser has no economic incentive to return projects that it choses not to move forward on per the agreement nor does the company have any obligation to take these back with any liabilities or refunds of milestone payments. The locations have been identified in the Solar Development Projects even though not secured. The Company would not be able to develop at these locations until accepting the return of the Solar Development Projects.

Total consideration payable to Emergen is $19.4 million, comprising:

● a non-refundable deposit of $0.9 million received in June 2024; and

● $18.5 million in milestone payments—$5,000 per MW upon securing necessary land rights and $3,000 per MW upon the project reaching ready-to-build ("RTB") status. There is no specified timetable for milestone achievement.

The deposit is recorded as contract liability (deferred revenue). Revenue (and related cost) will be recognized at a point in time when the relevant milestones are achieved by the purchaser, which management expects within twelve months of year-end. No milestone revenue was recognized in 2024 because the required conditions were not met.

Under the Project Management Services Agreement ("PMSA"), Emergen remits 62.5 % of amounts received to Energy Independent Partners LLC ("EIP"), an entity controlled by Cole Johnson, and retains 37.5 %. Accordingly, $0.6 million of the June 2024 deposit was paid to EIP and capitalized to project-related intangible assets; the remaining $0.4 million remains deferred. Additional EIP payments will be recorded only when Bridgelink remits milestone proceeds. Bridgelink may return a project, without refund, only if no milestone payment has yet been made and the return occurs within seven years of the PSA's effective date. A December 31, 2024 amendment clarified that all funds paid to Emergen are non-refundable and limited the return option as noted above; all other material terms remain unchanged.

The Purchaser provides a quarterly status report for each of the twelve projects. Because any return would forfeit the Purchaser's sunk costs and non-refundable deposit, management considers a return economically unlikely. Revenue—and the related 62.5 % share payable to EIP—will be recognized only when the milestones are achieved and the milestone payment becomes payable, in accordance with ASC 606-10-32-11.

**NOTE 8. RELATED PARTY TRANSACTIONS**

All transactions described in Notes to the Financial Statements 6 and 7 were transacted with a now related party, Cole Johnson, President and Director, as of the April 24, 2024 acquisition of Emergen Energy, LLC. All negotiations related to these transactions were prior to Cole Johnson being a related party to Bimergen.

**NOTE 9 INCOME TAX**

**<u>U.S. Federal Corporate Income Tax</u>**

The Company's effective income tax rate differs from the amount computed by applying the federal statutory income tax rate to loss before income taxes as follows:

SCHEDULE OF RECONCILIATION OF STATUTORY INCOME TAX RATES AND EFFECTIVE TAX RATE

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2023 |
| Income tax benefit at federal statutory rate | (21.0)% | (21.0)% |
| State income tax benefit, net of federal benefit | (8.8)% | (8.8)% |
| Change in valuation allowance | 29.8% | 29.8% |
| Income taxes at effective rate | -% | -% |

---

Temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and tax credit and operating loss carryforward that create deferred tax assets and liabilities are as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Tax Operating Loss Carryforward - USA | $2800000 | $1569000 |
| Other |  |  |
| Valuation Allowance - USA | (2800000) | (1569000) |
| Deferred Tax Assets, Net | $- | $- |

---

A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. The Company has reviewed its positive and negative evidence and has concluded that it is more likely than not that the net deferred tax assets will not be realized due to the cumulative losses incurred since inception; therefore, the Company continues to maintain a valuation allowance. The valuation allowance increased by $1.2 million and $0.5 million during the years ended December 31, 2024 and 2023, respectively.

Pursuant to the Internal Revenue Code of 1986, as amended ("IRC"), specifically Sections 382 and 383, the Company's ability to use tax attribute carryforwards to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382 therefore the ability to offset taxable income in the future may be impacted by ownership changes occurring prior to December 31, 2024. If ownership changes within the meaning of IRC Section 382 occur in the future, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company's deferred tax assets associated with such tax attributes could be significantly reduced or eliminated upon realization of an ownership change within the meaning of IRC Section 382. If eliminated, the related asset would be removed from the deferred tax asset schedule, with a corresponding reduction in the valuation allowance. Additionally, limitations on the utilization of the Company's tax attribute carryforwards can increase the amount of taxable income and current income tax expense recognized. Due to the existence of the valuation allowance, ownership change limitations that are not significant may not impact the Company's effective tax rate.

As of December 31, 2024, we had federal net operating loss carryforwards for income tax purposes of approximately $2.8 million which expire after twenty years from when it occurred beginning in 2021. We also have California net operating loss carryforwards for income tax purposes of approximately $2.8 million which expire after twenty years from when it occurred beginning in 2021.

**NOTE 11 SEGMENT INFORMATION**

The Company operates and manages its business as one reportable operating segment. The Company's CODM, the Chief Executive Officer, reviews internal financial information presented and decides how to allocate resources based on net income (loss). Net income (loss) is used for evaluating financial performance.

Significant segment expenses include salaries and payroll, legal fees, stock based compensation, audit costs, contract services, rent, and other administrative expenses. The measurement of segment assets is reported on the consolidated balance sheets as total assets. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM.

---

| | | |
|:---|:---|:---|
|  | For the Year Ended<br> December 31, 2024 | For the Year Ended<br> December 31, 2023 |
| **Revenues** | $- | $- |
| **Cost of Goods Sold** | - | - |
| **Gross Profit** | - | - |
| **Operating Expenses** |  |  |
| Salaries and Payroll Expenses | 459580 | 152700 |
| Legal Fees | 278248 | 193945 |
| Stock-based compensation | 1246182 | 378559 |
| Audit Costs | 48730 | 42500 |
| Contract Services | 401166 |  |
| Rent | 19261 | 17186 |
| Other operating expenses | 305564 | 142836 |
| **Total Operating Expenses** | 2758731 | 927726 |
| **Loss (Income) from Operations** | (2758731) | (927726) |
| Interest Income and Other (Expenses), net | 1044 | 7308 |
| **Net loss before Income Tax** | $(2757687) | $(920418) |

---

**NOTE 12 COMMITMENTS AND CONTINGENCIES**

The Company is subject to various claims, legal actions, and regulatory proceedings arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company's financial position, results of operations, or cash flows.

**NOTE 13. SUBSEQUENT EVENTS**

Management evaluated events occurring after December 31, 2024 through May 30, 2025, the date on which these consolidated financial statements were available to be issued. In connection with the filing of Amendment No.6, the Company's Registration Statement on Form S-1, management evaluated subsequent events related solely to the matters described in Notes 2 and Note 13 through June 24, 2025. The Company determined that the following reportable subsequent events occurred; no other events requiring adjustment to or additional disclosure were identified.

**Reverse Stock Split and Name Change**

On January 28, 2025 the Company filed a Certificate of Amendment to its Certificate of Incorporation to (i) effect a 1-for-140 reverse stock split of its common stock, par value $0.001 per share, and (ii) change the corporate name to Bimergen Energy Corporation. The reverse stock split became effective on February 3, 2025.

**RelyEZ Joint-Venture Agreement**

On April 20, 2025 the Company's wholly owned subsidiary, Emergen Energy, LLC, executed a definitive agreement with RelyEZ Energy Group to form a joint venture to develop, construct, and operate up to 2 GW of utility-scale battery-energy-storage projects (2- to 4-hour BESS) in the United States through 2027.

*Capital commitments.* RelyEZ has committed up to $50 million, including an initial $10 million funding within 10 days of closing. The Company will contribute up to $12.5 million on a pro-rata basis after the first $10 million from RelyEZ.

*Ownership and economics.* Until project refinancing, each project SPV will be owned 80 % by RelyEZ and 20 % by Emergen. After refinancing, the Company may repurchase RelyEZ's interest at cost plus a 12 % annual return.

*Status of accounting evaluation.* This agreement was executed after December 31, 2024; therefore, no amounts related to the joint venture are reflected in the accompanying 2024 financial statements.

**Related-Party Working-Capital Loans**

Between March 3, 2025 and May 30, 2025 the Company entered into six unsecured promissory notes with Energy Independent Partners ("EIP"), an entity controlled by Cole Johnson, the Company's President and Director, aggregating $337,000 in principal. Each note bears simple interest at 9.5 % per annum, repayable in a single lump sum on December 31, 2025. The proceeds were used to fund near-term working-capital for operating expenses.

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **PART I** | **FINANCIAL INFORMATION** |  |
| Item 1. | Condensed Consolidated Financial Statements (Unaudited) |  |
|  | [Condensed Consolidated Balance Sheets](#fin2_001) | F-20 |
|  | [Condensed Consolidated Statements of Operations](#fin2_002) | F-21 |
|  | [Condensed Consolidated Statements of Cash Flows](#fin2_004) | F-23 |
|  | [Condensed Consolidated Statements of Shareholders' Equity](#fin2_003) | F-22 |
|  | [Notes to Condensed Consolidated Financial Statements](#fin2_005) | F-24 |

---

**BIMERGEN ENERGY CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $21344 | $156087 |
| Deferred offering costs | 312632 | 222497 |
| Prepaid expense | 600293 | 650293 |
| Total current assets | 934269 | 1028877 |
| Intangible assets | 22222200 | 22222200 |
| &nbsp;&nbsp;&nbsp;Total assets | $23156469 | $23251077 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable and accrued liabilities | 358522 | 273482 |
| Accounts payable and accrued liabilities – related parties | 904497 | 540003 |
| Short Term Loans due to Related Parties | 415300 |  |
| Deferred revenue | 943500 | 943500 |
| Total current liabilities | 2621819 | 1756985 |
| Commitments and Contingencies (Note 10) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 10,000,000shares authorized, 0shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Common stock: $0.001par value, 1,000,000,000shares authorized, 3,857,906and 5,121,384shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 3858 | 5121 |
| Additional paid-in capital | 26984544 | 26263670 |
| Accumulated deficit | (6453752) | (4774699) |
| Total stockholders' equity | 20534650 | 21494092 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $23156469 | $23251077 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2024** |
| **REVENUE** | $- | $- | $- | $- |
| **COST OF REVENUE** | - | - | - | - |
| **GROSS PROFIT** |  |  |  |  |
| **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General & Administrative | 816069 | 822900 | 1673106 | 1136735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 816069 | 822900 | 1673106 | 1136735 |
| **LOSS FROM OPERATIONS** | (816069) | (822900) | (1673106) | (1136735) |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Income (Expense) |  |  | 300 | 328 |
| &nbsp;&nbsp;&nbsp;Interest Expense | (5340) | - | (6247) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income (Expense) | (5340) | - | (5947) | 328 |
| **LOSS BEFORE INCOME TAXES** | **(821409)** | **(822900)** | **(1679053)** | **(1136407)** |
| **BENEFIT (PROVISION) FOR INCOME TAXES** | - | - | - | - |
| **NET LOSS** | $**(821409)** | $**(822900)** | $**(1679053)** | $**(1136407)** |
| **BASIC AND DILUTED LOSS PER SHARE** | $**(0.16)** | $**(0.18)** | $**(0.33)** | $**(0.28)** |
| **WEIGHTED AVERAGE SHARES** | **5059458** | **4672424** | **5094472** | **4075975** |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS**' **EQUITY**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Preferred Stock** | **Preferred Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Equity** |
| **Balances, December 31, 2023** | 3460459 | $3460 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2141740 | $(2017012) | $128188 |
| Common Stock for Services | 1767 | 2 |  |  | 23497 |  | 23499 |
| Stock Option Compensation |  |  |  |  | 64300 |  | 64300 |
| Restricted Stock Awards | 3572 | 3 |  |  | 29997 |  | 30000 |
| Sale of Common Stock | 26123 | 26 |  |  | 255974 |  | 256000 |
| Net loss | - | - |  |  | - | (313507) | (313507) |
| **Balances, March 31, 2024** | 3491921 | $3491 |  | $- | $2515508 | $(2330519) | $188480 |
| Common Stock for Services | 2015 | 2 |  |  | 24896 |  | 24898 |
| Stock Option Compensation |  |  |  |  | 493780 |  | 493780 |
| Restricted Stock Awards | 10714 | 11 |  |  | (11) |  |  |
| Sale of Common Stock | 12500 | 13 |  |  | 139987 |  | 140000 |
| Common Stock issued for the acquisition of Emergen Energy, LLC | 1587300 | 1587 |  |  | 22220613 |  | 22222200 |
| Net loss | - | - |  |  | - | (822900) | (822900) |
| **Balances, June 30, 2024** | 5104450 | $5104 |  | $- | $25394773 | $(3153419) | $22246458 |
| **Balances, December 31, 2024** | 5121384 | $5121 |  | $- | $26263670 | $(4774699) | $21494092 |
| Common Stock for Services | 18320 | 18 |  |  | 115562 |  | 115580 |
| Stock Based Compensation |  |  |  |  | 313000 |  | 313000 |
| Net loss |  |  |  |  |  | (857644) | (857644) |
| **Balances, March 31, 2025** | 5139704 | $5139 |  | $- | $26692232 | $(5632343) | $21065028 |
| Common Stock for Services | 296 | 1 |  |  | 2030 |  | 2031 |
| Common Stock related to Reverse Split Fractional Shares | 5600 | 6 |  |  | (6) |  |  |
| Common stock shares cancelled related to the resolution of litigation | (1287694) | (1288) |  |  | 1288 |  |  |
| Stock Based Compensation |  |  |  |  | 289000 |  | 289000 |
| Net loss |  |  |  |  |  | (821409) | (821409) |
| **Balances, June 30, 2025** | 3857906 | $3858 |  | $- | $26984544 | $(6453752) | $20534650 |

---

The accompanying notes are an integral part of the audited consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED<br> JUNE 30,** | **FOR THE SIX MONTHS ENDED<br> JUNE 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(1679053) | $(1136407) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock issued for services | 117611 | 48397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Compensation Expense | 602000 | 588080 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 50000 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 85040 | 144697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities – Related Parties | 364494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | - | 943500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (459908) | 599267 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash from Sale of Common Stock, net |  | 396000 |
| &nbsp;&nbsp;&nbsp;Proceeds from Short term Loan – Related Parties | 415300 |  |
| &nbsp;&nbsp;&nbsp;Deferred Offering Costs | (90135) | (93830) |
| Net cash provided by financing activities | 325165 | 302170 |
| **Net (decrease) increase in cash and cash equivalents** | (134743) | 901437 |
| **Cash and cash equivalents at beginning of period** | 156087 | 152417 |
| **Cash and cash equivalents at end of period** | $21344 | $1053854 |
| **Supplementary disclosure of non-cash investing and financing activities:** |  |  |
| Common Stock cancelled related to litigation resolutions – 1,287,694 |  |  |
| Common Stock issued in exchange for 100% equity interest in Emergen Energy LLC – 222,222,000 Common Shares | $- | $22222200 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BIMERGEN ENERGY CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 1. DESCRIPTION OF BUSINESS AND GOING CONCERN**

Bimergen Energy Corporation (the "Company", "we" or "us") was incorporated under the laws of Delaware on March 4, 1998. In connection with the Company's planned expansion of its business following the completion of the acquisition of Bitech Mining Corporation, a Wyoming corporation ("BTM"), it filed a Certificate of Amendment to its Certificate of Incorporation, as amended (the "Certificate of Amendment") with the Secretary of State of the State of Delaware on April 29, 2022 to change its corporate name to Bitech Technologies Corporation. On January 28, 2025, the Company filed a Certificate of Amendment to its Certificate to Incorporation to: (i) effect a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1 post-split share for every 140 pre-split shares; and (ii) to change the name of the Company to Bimergen Energy Corporation.

In April 2024, the Company acquired a portfolio of development-stage Battery Energy Storage System (BESS) and solar energy projects from Emergen Energy LLC ("Emergen"). The acquired portfolio includes 23 utility-scale BESS projects with an estimated cumulative storage capacity of 1.965 gigawatts (GW) and 13 utility-scale solar energy projects with an anticipated cumulative generation capacity of 1.640 GW (collectively, the "Development Projects"), subject to completion of development, construction, and interconnection milestones. The Company became the sole project owner upon acquisition.

As of the date of this filing, the Development Projects are in various stages of development and have not yet achieved commercial operation. The Company expects that certain BESS projects may be collocated with solar projects, depending on site configuration and permitting.

**Reverse Stock Split**

On February 3, 2025, the Company's shareholders approved and the Company effected a reverse stock split of the shares of common stock at a ratio of 1-for-140 (the "Reverse Stock Split"). The number of authorized shares and par value per share were not adjusted as a result of the Reverse Stock Split. All references to shares, restricted stock awards, and options to purchase common stock, share data, per share data, and related information contained in the financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

**Going Concern**

The Company's consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred substantial recurring losses from continuing operations, negative cash flows from operations, and is dependent on additional financing to fund operations. We incurred a net loss of approximately $1.7 million and $1.1 million for the six months ended June 30, 2025 and 2024. As of June 30, 2025, the Company had cash and cash equivalents of approximately $0.02 million and an accumulated deficit of approximately $6.5 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The Company will need additional funding to sustain operations, satisfy existing and future obligations and liabilities, and otherwise support the Company's operations and business activities and working capital needs. Management's plans include attempting to secure additional required funding through equity or debt financings if available, seeking to enter into one or more strategic agreements regarding, or sales of development rights. There is no assurance that the Company will be successful in obtaining the necessary funding to sustain its operations or meet its business objectives.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation and Consolidation**

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and the requirements of the Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as the annual financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on May 30, 2025.

In the opinion of the Company's management, the information in these condensed financial statements reflects all adjustments, all of which are of a normal and recurring nature necessary for a fair statement of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB").

The unaudited consolidated financial statements represent the consolidation of the accounts of the Company, its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to variable consideration and stock based compensation. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amount reported as revenue and expenses that are not readily apparent from other sources. Actual results may differ materially from those estimates.

**Significant Accounting Policies**

There have been no material changes to the accounting policies discussed in Note 2 to the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on May 30, 2025.

**Recent Accounting Pronouncements Not Yet Adopted**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact from the adoption of this standard on the Company's financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

**NOTE 3. STOCKHOLDERS' EQUITY**

The total number of authorized shares of our common stock, par value $0.001 per share, was 1,000,000,000 shares. As of June 30, 2025 and December 31, 2024, there were 3,857,906 and 5,121,384 common shares issued and outstanding, respectively.

The total number of authorized shares of our preferred stock, par value $0.001 per share, was 10,000,000. There was no preferred stock outstanding as of June 30, 2025 and December 31, 2024.

During the year ended December 31, 2024 the Company sold 64,337 unregistered shares of its Common Stock to eight private investors for an aggregate of $576,000 ($7.00 - $11.20 per share)

The Company issued 18,616 shares of unregistered shares of its Common Stock for services valued at $117,611 for the six months ended June 30, 2025.

**NOTE 4. STOCK OPTIONS**

As of June 30, 2025 there were 964,286 options outstanding. The Company does not have an adopted option plan and can issue stock options up to the amount of authorized shares that are not issued and outstanding as of June 30, 2025.

We have granted non-qualified stock options to employees and contractors. All non-qualified options are generally issued with an exercise price no less than the fair value of the common stock on the date of the grant as determined by our Board of Directors. Options typically may be exercised up to ten years following the date of the grant, with vesting schedules determined by us upon grant. Vesting schedules vary by grant, with some fully vesting immediately upon grant to others that ratably vest over a period of time up to five years. Standard vested options may be exercised up to three months following date of termination of the relationship unless alternate terms are specified at grant. The fair values of options are determined using the Black-Scholes option-pricing model. Forfeitures are accounted for as they occur. The estimated fair value of options is recognized as expense on the straight-line basis over the options' vesting periods. At June 30, 2025, we had approximately $3.9 million unrecognized stock-based compensation related to stock options expected to be recognized over the next 3.3 years on a weighted average.

Stock option transactions during the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Weighted- <br> Average <br> Exercise <br> Price | Weighted Average Remaining Contractual Term (in years) | Aggregate<br> Intrinsic <br> Value <br> (in thousands) |
| Outstanding at December 31, 2024 | 966072 | $102.75 | 9.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Options Granted |  |  |  |  |
| Options Exercised |  |  |  |  |
| Options Forfeited or Cancelled | (1786) | 14.70 |  |  |
| Options Expired | - |  |  |  |
| Outstanding and Vested or Expected to Vest at June 30, 2025 | 964286 | 102.91 | 8.5 |  |
| Options Exercisable at June 30, 2025 | 386429 | 28.35 | 8.1 | $- |

---

No options were exercised during the period ended June 30, 2025.

We recognized stock compensation of $554,000 and $558,080 related to stock options for the six months ended June 30, 2025 and 2024, respectively, including $289,000 and $64,300 related to stock options for the three months ended June 30, 2025 and 2024, respectively.

**NOTE 5. RESTRICTED STOCK AWARDS**

Restricted Stock Award transactions during the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 |
|  | Shares | Weighted-<br> Average Grant<br> Date Fair <br>Value |
| Unvested at Beginning of Period | 69883 | $34.05 |
| Granted |  |  |
| Vested | (4285) | 11.20 |
| Forfeited or Cancelled RSAs | - |  |
| Unvested at End of Period | 65598 | $35.18 |

---

At June 30, 2025, we had approximately $0.1 million unrecognized stock-based compensation related to restricted stock awards. The weighted average non-performance based will be recognized over the next 0.5 years.

There are 65,598 performance RSAs unvested with a weighted average grant date fair value of $2.3 million at June 30, 2025.

We recognized stock compensation of $48,000 and $54,000 related to restricted stock awards for the six months ended June 30, 2025 and 2024, respectively, including $24,000 and $0 related to restricted stock awards for the six months ended June 30, 2025 and 2024, respectively.

**NOTE 6. ACQUISITION OF EMERGEN ENERGY LLC**

On April 24, 2024 (the "Closing"), Bimergen Energy Corp. (the "Company") acquired 100 % of the membership interests of Emergen Energy LLC ("Emergen") pursuant to a Membership Interest Purchase Agreement dated April 14, 2024 (as amended on April 24, 2024, the "MIPA"). At Closing the Company issued 1,587,300 unregistered shares of common stock to C & C Johnson Holdings LLC (an entity controlled by Cole Johnson) with a fair value of $22.2 million (based on the $14.00 closing price on April 24, 2024). Emergen became a wholly-owned subsidiary; Mr. Johnson simultaneously became President of the Company's BESS and Solar divisions and a director of the Company.

Emergen, formed immediately prior to the transaction, held only early-stage renewable-energy development rights and no liabilities or operating activities. Accordingly, management concluded the transaction is an asset acquisition rather than a business combination.

At acquisition Emergen's assets consisted of 1.965GW and 3.840GW of BESS and Solar Projects, respectively. Because the projects lacked substantive process or outputs, the Company recorded the entire $22.2 million purchase price as indefinite-lived intangible assets ("Development Projects") and allocated the $22.2 million purchase price to the BESS and Solar portfolios based on relative fair values determined from project-level discounted-cash-flow models corroborated by observable market pricing for comparable development assets. The Company allocated $20.0 million and 2.2 million to BESS and Solar Projects respectively as of the acquisition date.

The following agreements were entered into on the date of Closing as provided for in the MIPA:

On April 24, 2024 the Company and Emergen entered into a PMSA with Energy Independent Partners LLC ("EIP"), an entity controlled by Cole Johnson, under which EIP provides development, permitting, and financing-support services for each project.

On April 24, 2025 the parties executed Amendment No. 2 to the PMSA, stated to be effective June 28, 2024 and governed by Delaware law. Amendment 2 superseded Amendment 1 and eliminated the former Initial-Fee and RTB-Fee construct, replacing it with a single "Development-Fee" model that is payable only when a project secures third-party, project-specific financing. The principal commercial terms now in effect are:

● BESS projects. For each battery-storage project, the Company will owe EIP a development fee of $0.035 per watt once that specific project secures third-party debt and/or equity financing sufficient to fund the fee. Based on the current BESS portfolio capacity (approximately 1.965 GW), the aggregate exposure, if every project achieves financing, would be about $69 million.

● Solar projects. For each solar-power project, the same rate—$0.035 per watt—applies, again only after project-specific financing is in place. Given the remaining solar capacity in the Emergen portfolio (roughly 1.640 GW), the maximum potential fees total approximately $57 million.

● Other renewable projects. For any future development projects that are neither BESS nor solar, the fee is the greater of (i) 50 percent of gross margin or (ii) $0.02 per watt, payable once the project reaches ready-to-build (RTB) status. Because the Company has no such projects in its pipeline today, no aggregate cap is presently estimable.

Based on portfolio capacities; actual fees depend on future financings and may not be incurred.

● Sale-of-Project Clause – If a project is sold, EIP is entitled to the greater of unpaid Development Fees or 62.5 % of net sale proceeds.

● Acceleration Clause – 62.5 % of unpaid fees accelerate within 90 days of (i) a change in control of the Company or (ii) removal of Mr. Johnson from his role.

● Termination & Indemnification – The PMSA may be terminated by mutual consent or for cause; customary indemnities apply.

Because payment is contingent on future project-financing milestones, no PMSA liabilities have been recognized as of June 30, 2025.

**NOTE 7. SOLAR PROJECTS SALE**

On May 30, 2024, Emergen Energy LLC ("Emergen") entered into a Project Sale Agreement ("PSA") with Bridgelink Development, LLC ("Bridgelink") covering 2.425 GW of green-field solar projects (the "Greenfield Projects"). Bridgelink simultaneously resold the projects to an unrelated third-party purchaser ("Purchaser").

Total consideration payable to Emergen is $19.4 million, comprising:

● a non-refundable deposit of $0.9 million received in June 2024; and

● $18.5 million in milestone payments—$5,000 per MW upon securing necessary land rights and $3,000 per MW upon the project reaching ready-to-build ("RTB") status. There is no specified timetable for milestone achievement.

The deposit is recorded as contract liability (deferred revenue). Revenue (and related cost) will be recognized at a point in time when the relevant milestones are achieved by the purchaser, which management expects within twelve months of year-end. No milestone revenue was recognized in 2024 because the required conditions were not met.

Under the Project Management Services Agreement ("PMSA"), Emergen remits 62.5 % of amounts received to Energy Independent Partners LLC ("EIP"), an entity controlled by Cole Johnson, and retains 37.5 %. Accordingly, $0.25 million of the June 2024 deposit was paid to EIP and the remaining $0.4 million remains deferred and recorded as accounts payable and accrued liabilities – related parties. Additional EIP payments will be recorded only when Bridgelink remits milestone proceeds. Bridgelink may return a project, without refund, only if no milestone payment has yet been made and the return occurs within seven years of the PSA's effective date. A December 31, 2024 amendment clarified that all funds paid to Emergen are non-refundable and limited the return option as noted above; all other material terms remain unchanged.

**NOTE 8. RELATED PARTY TRANSACTIONS**

All transactions described in Notes to the Financial Statements 6 and 7 were transacted with a now related party, Cole Johnson, President and Director, as of the April 24, 2024 acquisition of Emergen Energy, LLC. All negotiations related to these transactions were prior to Cole Johnson being a related party to Bimergen.

During the six months ended June 30, 2025 the Company issued seven unsecured promissory notes, aggregating $415,300, to EIP, an entity controlled by president and director Cole Johnson. The notes were executed per the schedule below:

Promissory Notes Executed:

---

| | |
|:---|:---|
| March 3, 2025 | $60000 |
| March 28, 2025 | $75000 |
| April 22, 2025 | $25000 |
| April 30, 2025 | $75000 |
| May 30, 2025 | $77300 |
| June 9, 2025 | $28000 |
| June 30, 2025 | $50000 |
|  | $415300 |

---

The notes bear simple interest at 9.5 percent per annum, mature on December 31, 2025, are pre-payable without penalty, and were used to fund working-capital for operating expenses. Accrued interest at June 30, 2025 was approximately $4,600.

**NOTE 9 SEGMENT INFORMATION**

The Company operates and manages its business as one reportable operating segment. The Company's CODM, the Chief Executive Officer, reviews internal financial information presented and decides how to allocate resources based on net income (loss). Net income (loss) is used for evaluating financial performance.

Significant segment expenses include salaries and payroll, legal fees, stock based compensation, audit costs, contract services, rent, and other administrative expenses. The measurement of segment assets is reported on the consolidated balance sheets as total assets. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2024** |
| **Revenues** | $- | $- | $- | $- |
| **Cost of Goods Sold** | - | - | - | - |
| **Gross Profit** | - | - | - | - |
| **Operating Expenses** |  |  |  |  |
| Salaries and Payroll Expenses | 182000 | 65500 | 360000 | 114000 |
| Legal Fees | 10483 | 101713 | 13749 | 203961 |
| Stock-based compensation | 289000 | 493780 | 602000 | 588080 |
| Investors Relations | 5227 | 24268 | 125378 | 24686 |
| Audit Costs | 131250 | 9750 | 169250 | 27500 |
| Contract Services | 143615 | 83171 | 293120 | 83171 |
| Rent | 4824 | 4473 | 9789 | 9143 |
| Other operating expenses | 49670 | 40245 | 99820 | 86194 |
| **Total Operating Expenses** | 816069 | 822900 | 1673106 | 1136735 |
| **Loss (Income) from Operations** | (816069) | (822900) | (1673106) | (1136735) |
| Interest Income and Other (Expenses), net | (5340) | - | (5947) | 328 |
| **Net loss before Income Tax** | $(821409) | $(822900) | $(1679053) | $(1136407) |

---

**NOTE 10 COMMITMENTS AND CONTINGENCIES**

The Company is subject to various claims, legal actions, and regulatory proceedings arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company's financial position, results of operations, or cash flows.

**<u>Joint-Venture Agreement with RelyEZ Energy Group</u>**

On April 20, 2025, the Company's wholly-owned subsidiary, Emergen Energy, LLC, executed a definitive agreement with RelyEZ Energy Group to form a joint venture to develop, construct and operate up to 2 GW of utility-scale battery-energy-storage projects (2- to 4-hour BESS) in the United States through 2027.

*Ownership and economics.* Until project refinancing, each project SPV will be owned 80 percent by RelyEZ and 20 percent by Emergen. After refinancing, the Company may repurchase RelyEZ's interest at cost plus a 12 percent annual return.

*Capital commitments.* RelyEZ has committed up to $50 million, including an initial $10 million funding within ten days of closing. Emergen will contribute up to $12.5 million on a 20 percent pro-rata basis after RelyEZ's first $10 million is funded. Because the closing conditions (including RelyEZ's initial funding) had not been satisfied as of June 30, 2025, the Company had no present funding obligation and no liability recorded in these financial statements. This mezzanine capital will be used to advance long-lead items and qualifying the BESS projects for permanent debt financing.

*Status of accounting evaluation.* The agreement had not closed as of June 30, 2025; therefore no assets, liabilities, revenues or expenses related to the joint venture are reflected in the accompanying financial statements. Management will assess variable-interest-entity (VIE) status and consolidation under ASC 810 when the venture is legally formed and capitalized.

**NOTE 11. SUBSEQUENT EVENTS**

Subsequent to June 30, 2025 the Company has issued three additional unsecured promissory notes to EIP under terms substantially identical to those described in Note 8, totaling $175,000 of principal.

**<u>Joint-Venture Agreement with RelyEZ Energy Group</u>**

On August 11, 2025, RelyEZ completed the funding as required by the definitive agreement to the Joint Venture which satisfies the closing conditions of the definitive agreement.

**<u>Joint-Venture Agreement Letter of Agreement with Cox Energy Group</u>**

On August 11, 2025, the Company's wholly-owned subsidiary, Emergen Energy, LLC, executed a letter of agreement (LOA) with Cox Energy Group (operating from Madrid, Spain) to form a joint venture to develop, construct and operate up to 1 GW of utility-scale battery-energy-storage projects in the United States to reach ready-to-build status during calendar years 2025 and 2026.

*Ownership and economics.* Until project refinancing, it is anticipated that each project entity will be owned 75 percent by Cox and 25 percent by Emergen. After refinancing, it is expected that Cox will maintain at least 51% equity ownership.

*Capital commitments.* Cox has agreed to an initial capital commitment of $10 million to fund pre-construction and early-stage construction activities. The Cox JV agreement allows for a total of up to $200 million of equity financing if the parties mutually agree on project-acceptance terms. This capital will serve as the equity component (typically 10 - 20%) required for permanent debt financing.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Common Stock**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Funded Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Common Stock**

![](logo_002.jpg)

**Bimergen Energy** **Corporation**

**PRELIMINARY PROSPECTUS**

**ThinkEquity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 (the 25<sup>th</sup> day after the date of this offering), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and advisory fees, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the FINRA filing fee, and the NYSE listing fee, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $2113 |
| FINRA Filing Fee | 2.423 |
| Legal Fees and Expenses | 380000 |
| Accounting Fees and Expenses | 65000 |
| Printing and Engraving Expenses | 10000 |
| Miscellaneous Expenses | 15464 |
| **Total Expenses** | $**475000** |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the number of shares of common stock sold in the offering.

**ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

Our amended certificate of incorporation and amended and restated bylaws limit the liability of directors to the fullest extent permitted by the Delaware corporation laws. In addition, our amended certificate of incorporation and amended and restated bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by law.

Every person who was or is a party to, or is threatened to be made a party to, or is involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that he, or a person of whom he is the legal representative, is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible under the laws of the State of Delaware from time to time against all expenses, liability, and loss (including attorneys' fees judgments, fines, and amounts paid or to be paid in settlement) reasonably incurred or suffered by him in connection therewith. Such right of indemnification shall be a contract right, which may be enforced in any manner desired by such person. The expenses of officers and directors incurred in defending a civil or criminal action, suit, or proceeding must be paid by the Company as they are incurred and in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the company. Such right of indemnification shall not be exclusive of any other right which such directors, officers, or representatives may have or hereafter acquire, and, without limiting the generality of such statement, they shall be entitled to their respective rights of indemnification under any bylaw, agreement, vote of shareholders, provision of law, or otherwise.

Without limiting the application of the foregoing, the Board of Directors may adopt bylaws from time to time with respect to indemnification, to provide at all times the fullest indemnification permitted by the laws of the State of Delaware, and may cause the Company to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Company would have the power to indemnify such person. The indemnification provided shall continue as to a person who has ceased to be a director, officer, employee, or agent, and shall inure to the benefit of the heirs, executors and administrators of such person.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, We have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We have not entered into any agreements with our directors and executive officers that require us to indemnify these persons against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to which any such person may be made a party by reason of the fact that the person is or was a director or officer of our Company or any of our affiliated enterprises. We do not maintain any policy of directors' and officers' liability insurance that insures its directors and officers against the cost of defense, settlement or payment of a judgment under any circumstances.

**ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.**

The following information is furnished with regard to all securities issued by the registrant within the last three years that were not registered under the Securities Act of 1933, as amended. Unless otherwise indicated below, the issuance of such shares was deemed exempt from registration requirements of the Securities Act, of 1933, as amended, as such sales were exempt from registration under Section 4(2) of Securities Act of 1933, as amended and/or Rule 506 of Regulation D promulgated thereunder.

On February 13, 2023, the Company awarded an officer and director of the Company as compensation for service to the Company, an option to purchase 35,715 shares of the Company's Common Stock at an exercise price of $3.50 per share which vested 80% on date of grant and 10% on January 1, 2024 and 10% on January 1, 2025.

On April 3, 2023, the Company awarded a director as Compensation for service to the Company as a director, an option to purchase 35,715 shares of the Company's Common Stock at an exercise price of $4.20 per share which vested 50% of the date of grant and 50% on April 3, 2024.

On April 3, 2023, the Company awarded an officer and director of the Company as compensation for services to the Company an option to purchase 35,715 shares of the Company's Common Stock at an exercise price of $4.20 per share which vested 50% on date of award on April 3, 2023 and 50% on April 3, 2024.

On November 27, 2023, the Company awarded a director as compensation for services to the Company as a director, 7,143 shares of restricted Common Stock which vested on December 31, 2023. The value of this award was $20,000.

On November 27, 2023, the Company awarded an Officer and director of 3,572 shares of restricted Common Stock which vested 100% on December 31, 2023. The value of this award was $10,000.

The Company issued 11,961 unregistered shares of its Common Stock valued at 58,221 during the year ended December 31, 2023 as payment for services provided to the Company.

During April, May and June, 2023, the Company sold 80,358 unregistered shares of its Common Stock to six private investors in exchange for $225,000 ($2.80 per share).

During August 2023 the Company sold 4,762 unregistered shares of its Common Stock to one private investor for $20,000 ($4.20 per share)

During October, November, and December 2023 the Company sold 38,393 unregistered shares of its Common Stock to three private investor for $167,500 ($4.20-$5.60 per share)

During the year ended December 31, 2024 the Company sold 64,337 unregistered shares of its Common Stock to eight private investors for an aggregate of $576,000 ($7.00 - $11.20 per share)

The Company issued 6,970 unregistered shares of its Common Stock valued at $79,209 during the year ended December 31, 2024 as payment for services provided to the Company.

The Company issued 14,286 of restricted securities awards valued at $120,000 ($8.40 per share) during January 2024 and recorded $30,000 as stock compensation expense in the quarter ended March 31, 2024 as payment for services provided by two employees of the Company. Services were cancelled as of December 2024 and 10,715 restricted common shares were cancelled.

The Company issued 17,143 of restricted securities awards valued at $192,000 ($11.20 per share) on July 1, 2024 and recorded $72,000 as stock compensation expense in the year ended December 31, 2024 as payment for services provided by the consultant of the Company. The remaining will vest quarterly through April 2026.

**Equity Compensation Plan Information**

As of December 31, 2024, we do not have any compensation plans under which our equity securities are authorized for issuance.

**ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

**(a)** **Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1 | [Articles of Incorporation dated March 4, 1998. (Incorporated by reference from Form 10-SB filed with the SEC on January 5, 2000.)](https://www.sec.gov/Archives/edgar/data/1066764/000100515000000004/0001005150-00-000004.txt) |
| 3.2 | [Amended Articles of Incorporation dated April 23, 1998. (Incorporated by reference from Form 10-SB filed with the SEC on January 5, 2000.)](https://www.sec.gov/Archives/edgar/data/1066764/000100515000000004/0001005150-00-000004.txt) |
| 3.3 | [Amended Articles of Incorporation dated January 4, 2002. (Incorporated by reference from Form 10KSB filed with the SEC on May 21, 2003.)](https://www.sec.gov/Archives/edgar/data/1066764/000078873803000125/delta10k.txt) |
| 3.4 | [Amended Articles of Incorporation dated December 19, 2003. (Incorporated by reference from Form 10-KSB filed with the SEC on May 20, 2004.)](https://www.sec.gov/Archives/edgar/data/1066764/000121152404000100/exhibit3v.htm) |
| 3.5 | [Amended Articles of Incorporation dated November 4, 2004. (Incorporated by reference from Form 10-KSB filed with the SEC on April 15, 2005)](https://www.sec.gov/Archives/edgar/data/1066764/000121152405000105/mainbody.htm) |
| 3.6 | [Amended Articles of Incorporation dated September 7, 2005. (Incorporated by reference from Form 10-QSB filed with the SEC on November 16, 2005)](https://www.sec.gov/Archives/edgar/data/1066764/000121152405000327/exhibit31if.htm) |
| 3.7 | [Certificate of Amendment to Certificate of Incorporation dated September 30, 2015. (Incorporated by reference from Form 8-K filed with the SEC on October 7, 2015.)](https://www.sec.gov/Archives/edgar/data/1066764/000118518515002495/ex3-1.htm) |
| 3.8 | [Certificate of Amendment to Certificate of Incorporation dated January 20, 2021 (Incorporated by reference to Exhibit 3.8 to the Company's Form 10-K filed with the SEC on March 26, 2021.)](https://www.sec.gov/Archives/edgar/data/1066764/000118518521000395/ex_236570.htm) |
| 3.9 | [Certificate of Designations of Preferences and Rights of Series A Convertible Preferred Stock dated March 31, 2022 (Incorporated by reference to Exhibit 3.9 to the Company's Current Report on Form 8-K filed with the SEC on April 4, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222008933/ex3-9.htm) |
| 3.10 | [Certificate of Amendment to Certificate of Incorporation, as amended, dated April 28, 2022 (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on May 2, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222011715/ex3-1.htm) |
| 3.11 | [Amended and Restated Bylaws](ex3-11.htm) |
| 3.12 | [Certificate of Amendment to Certificate of Incorporation, as amended, dated January 28, 2025 (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on February 3, 2025).](https://www.sec.gov/Archives/edgar/data/1066764/000149315225004638/ex3-1.htm) |
| 4.1 | [Form of Pre-Funded Common Stock Purchase Warrant](ex4-1.htm) |
| 5.1 | Opinion of Lucosky Brookman LLP\* |
| 10.1 | [Secured Promissory Note with Peter Dalrymple, dated August 31, 2020 (Incorporated by reference from Form 8-K filed with the SEC on September 2, 2020)](https://www.sec.gov/Archives/edgar/data/1066764/000118518520001279/ex_202668.htm) |
| 10.2 | [Security Agreement with Peter Dalrymple, dated August 31, 2020 (Incorporated by reference from Form 8-K filed with the SEC on September 2, 2020)](https://www.sec.gov/Archives/edgar/data/1066764/000118518520001279/ex_202669.htm) |
| 10.3 | [Letter agreement with Peter Dalrymple, dated October 28, 2021 (Incorporated by reference from Form 8-K filed with the SEC on November 2, 2021)](https://www.sec.gov/Archives/edgar/data/1066764/000118518521001559/ex_300498.htm) |
| 10.4 | [Amendment to Secured Promissory Note with Peter Dalrymple, dated October 29, 2021 (Incorporated by reference from Form 8-K filed with the SEC on November 2, 2021)](https://www.sec.gov/Archives/edgar/data/1066764/000118518521001559/ex_300499.htm) |

---

---

| | |
|:---|:---|
| 10.5 | [Share Exchange Agreement among Spine Injury Solutions, Inc., Bitech Mining Corporation, its shareholders and Benjamin Tran as Stockholders' Representative dated as of March 31, 2022 (Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed with the SEC on April 4, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222008933/ex10-5.htm) |
| 10.6 | [Management Services Agreement between Spine Injury Solutions, Inc., Quad Video Halo, Inc. and Peter L. Dalrymple dated as of March 31, 2022 (Incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed with the SEC on April 4, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222008933/ex10-6.htm) |
| 10.7 | [Amendment to Secured Promissory Note Agreement between Spine Injury Solutions, Inc., Quad Video Halo, Inc. and Peter L. Dalrymple dated as of March 31, 2022 (Incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed with the SEC on April 4, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222008933/ex10-7.htm) |
| 10.8 | [Amendment to Security Agreement between Spine Injury Solutions, Inc., Quad Video Halo, Inc. and Peter L. Dalrymple dated as of March 31, 2022 (Incorporated by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed with the SEC on April 4, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222008933/ex10-8.htm) |
| 10.9 | [Form of Independent Contractor Agreement (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on April 20, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222010545/ex10-1.htm) |
| 10.10 | [Form of Proprietary Information and Inventions Agreement (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on April 20, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222010545/ex10-2.htm) |
| 10.11 | [Form of Restricted Stock Agreement (Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on April 20, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222010545/ex10-3.htm) |
| 10.12 | [Asset Purchase Agreement entered into among Quad Video Halo, Inc., Quad Video Holdings Corporation and Peter Dalrymple dated June 30, 2022 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 1, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222018393/ex10-1.htm) |
| 10.13 | [Asset Purchase Agreement entered into among Bitech Technologies Corporation, SPIN Collections LLC and Peter Dalrymple dated June 30, 2022.\*\*](ex10-13.htm) |
| 10.14 | [Secured Promissory Note and Security Agreement Cancellation Agreement entered into among Bitech Technologies Corporation, Quad Video Halo, Inc., Quad Video Holdings Corporation and Peter Dalrymple dated June 30, 2022 (Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on July 1, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222018393/ex10-3.htm) |
| 10.15 | [Patent & Technology Exclusive and Non Exclusive License Agreement entered into between SuperGreen Energy Corp. and Bitech Mining Corporation dated January 15, 2021 (incorporated by reference to Exhibit 10.15 of the Company's Form S-1 filed on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222023048/ex10-15.htm) |
| 10.16 | [Amendment of Patent & Technology Exclusive License Agreement entered into between SuperGreen Energy Corp. and Bitech Mining Corporation dated October 25, 2021 (incorporated by reference to Exhibit 10.16 of the Company's Form S-1 filed on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222023048/ex10-16.htm) |
| 10.17 | [Consent to Sublicense Agreement and Amendment to Patent & Technology Exclusive and Non Exclusive License Agreement entered into between SuperGreen Energy Corp., Bitech Mining Corporation and Calvin Cao dated as of March 27, 2022 (incorporated by reference to Exhibit 10.17 of the Company's Form S-1 filed on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222023048/ex10-17.htm) |
| 10.18 | [Confidential Settlement, Mutual Release, and Share Transfer Agreement between the Company, Bitech Mining Corporation, Calvin Cao and SuperGreen Energy Corporation dated as of February 20, 2023 (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed on February 24, 2023).](https://www.sec.gov/Archives/edgar/data/1066764/000149315223006013/ex10-1.htm) |
| 10.19 | [Form of Stock Option Agreement (Incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed on December 21, 2022).](https://www.sec.gov/Archives/edgar/data/1066764/000149315222036177/ex10-2.htm) |
| 10.20 | [Form of Subscription Agreement for U.S. Residents (Incorporated by reference to Exhibit 10.19 of the Company's Form 10-Q filed on August 15, 2023).](https://www.sec.gov/Archives/edgar/data/1066764/000149315223028967/ex10-19.htm) |
| 10.21 | [Letter Agreement entered into between the Company and Bridgelink Development, LLC dated January 8, 2024.](ex10-21.htm) |
| 10.22 | [Membership Interest MIPA dated April 14, 2024 by Bitech Technologies Corporation, Emergen Energy LLC, Bridgelink Development, LLC, C & C Johnson Holdings LLC, and (v) Cole W. Johnson.](ex10-22.htm) |
| 10.23\*\* | [Amendment No. 1 dated April 24, 2024 to Membership Interest MIPA dated April 14, 2024 by Bitech Technologies Corporation, Emergen Energy LLC, Bridgelink Development, LLC, C & C Johnson Holdings LLC, and (v) Cole W. Johnson.](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex2-2.htm) |
| 10.24\*\* | [Employment Agreement between Bitech Technologies Corporation and Benjamin Tran dated April 24, 2024.](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex10-2.htm) |
| 10.25\*\* | [Option Agreement between Bitech Technologies Corporation and Benjamin Tran dated April 24, 2024.](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex10-3.htm) |
| 10.26\*\* | [Employment Agreement between Bitech Technologies Corporation and Cole Johnson dated April 24, 2024.](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex10-4.htm) |
| 10.27\*\* | [Option Agreement between Bitech Technologies Corporation and Cole Johnson dated April 24, 2024.](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex10-5.htm) |
| 10.28 | [Project Sale Agreement between Bitech Technologies, Corporation, Emergen Energy, LLC and Bridgelink Development LLC dated May 30, 2024](ex10-28.htm) |
| 10.29\*\* | [Project Management Services Agreement among Bitech Technologies Corporation, Emergen Energy LLC and Emergen Independent Partners LLC dated April 24, 2024](https://www.sec.gov/Archives/edgar/data/1066764/000149315224017282/ex10-1.htm) |
| 10.30 | [First Amendment effective June 28, 2024 to Project Management Services Agreement](ex10-30.htm) |
| 10.31 | [First Amendment effective December 31, 2024 to the Project Sale Agreement dated May 30, 2024](ex10-31.htm) |
| 10.32 | [Second Amendment executed April 24, 2025 and effective June 28, 2024 to Project Management Services Agreement](ex10-32.htm) |
| 10.33 | [Definitive Agreement between Emergen Energy, LLC and RelyEZ effective April 20, 2025](ex10-33.htm) |
| 10.34 | [Third Amendment executed April 24, 2025 and effective June 28, 2024 to Project Management Services Agreement](ex10-34.htm) |

---

---

| | |
|:---|:---|
| 21.1 | [Subsidiaries (Incorporated by reference to Exhibit 21.1 of the Company's Form 10-K filed on March 31, 2023).](https://www.sec.gov/Archives/edgar/data/1066764/000149315223010282/ex21-1.htm) |
| 23.1 | [Consent of Ramirez Jimenez International CPAs](ex23-1.htm) |
| 23.2 | Consent of Lucosky Brookman LLP (included in Exhibit 5.1)\* |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | XBRL Taxonomy Extension Definitions Linkbase |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| 107\*\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/1066764/000164117225027237/ex107.htm) |

---

\* To be filed by amendment.

\*\* Previously Filed.

† Confidential portions of this exhibit were redacted pursuant to Item 601(b)(10) of Regulation S-K, and the Registrant agrees to furnish to the SEC a copy of any omitted schedule and/or exhibit upon request.

**ITEM 17. UNDERTAKINGS.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) That for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That for the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newport Beach, State of California, on October 22, 2025.

---

| | |
|:---|:---|
| **Bimergen Energy Corporation** | **Bimergen Energy Corporation** |
| By: | */s/ Robert J. Brilon* |
| Name: | Robert J. Brilon |
| Title: | Co-Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Benjamin Tran* | Executive Chairman of the Board | October 22, 2025 |
| Name: Benjamin Tran |  |  |
| */s/ Robert J. Brilon* | Co-CEO and Chief Financial Officer and Treasurer | October 22, 2025 |
| Name: Robert J. Brilon | (Principal Executive and Accounting and Financial Officer) |  |
| */s/ Cole Johnson* | Director and Co-CEO and President | October 22, 2025 |
| Name: Cole Johnson |  |  |
| */s/ Van H. Potter* | Director | October 22, 2025 |
| Name: Van H. Potter |  |  |
| */s/ James L. Stock* | Director | October 22, 2025 |
| Name: James L. Stock |  |  |
| */s/ Montgomery Bannerman* | Director | October 22, 2025 |
| Name: Montgomery Bannerman |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT** 

**between**

**BIMERGEN ENERGY CORPORATION**

**and**

**THINKEQUITY LLC**

**as Representative of the Several Underwriters**

**BIMERGEN ENERGY CORPORATION**

**<u>UNDERWRITING AGREEMENT</u>**

New York, New York

[•], 20[XX]

ThinkEquity LLC

As Representative of the several Underwriters named on Schedule 1 attached hereto

17 State Street, 41<sup>st</sup> Fl

New York, NY 10004

Ladies and Gentlemen:

The undersigned, Bimergen Energy Corporation, a corporation formed under the laws of the State of Delaware (collectively with its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries or affiliates of Bimergen Energy Corporation, the "**Company**"), hereby confirms its agreement (this "**Agreement**") with ThinkEquity LLC (hereinafter referred to as "you" (including its correlatives) or the "**Representative**") and with the other underwriters named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the "**Underwriters**" or, individually, an "**Underwriter**") as follows:

**1.**  **<u>Purchase and Sale of</u> Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Firm</u> Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. <u>Nature and Purchase of Firm</u> Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, an aggregate of [•] shares (each a "Firm Share" and in the aggregate the "Firm Shares") of the Company's common stock, par value $0.001 per share (the "Common Stock") and/or pre-funded warrants (each, a "Firm Pre-Funded Warrant", and in the aggregate, the "Firm Pre-Funded Warrants") to purchase one Common Stock at an exercise price of $0.0001 per Common Stock (the "Pre-Funded Warrant Shares") until such time as the Firm Pre-Funded Warrants are exercised in full, subject to adjustment as provided in the Firm Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares and Firm Pre-Funded Warrants set forth opposite their respective names on <u>Schedule 1</u> attached hereto and made a part hereof at a purchase price of $[•] per share (92.5% of the per Firm Share offering price) or $[•] per share (96% of the per Firm Share offering price), in the case of investors introduced to the Underwriters by the Company. The Firm Shares and the Firm Pre-Funded Warrants (collectively, the "Firm Securities") are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. Securities <u>Payment and Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Delivery and payment for the Firm Securities shall be made at 10:00 a.m., Eastern time, on the first (1<sup>st</sup>) Business Day following the effective date (the "Effective Date") of the Registration Statement (as defined in Section 2.1.1 below) (or the second (2<sup>nd</sup>) Business Day following the Effective Date if the Registration Statement is declared effective after 4:01 p.m., Eastern time) or at such earlier time as shall be agreed upon by the Representative and the Company, at the offices of Sichenzia Ross Ference Carmel LLP at 1185 Avenue of the Americas, 31st Floor, NY, 10036 ("Representative Counsel"), or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the "Closing Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payment for the Firm Securities shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters) representing the Firm Shares (or through the facilities of the Depository Trust Company ("DTC")) for the account of the Underwriters. The Firm Securities shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all of the Firm Securities. The term "Business Day" means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized or obligated by law to close in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Over-allotment Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Securities, the Company hereby grants to the Underwriters an option (the "Over-allotment Option") to purchase, in the aggregate, up to [•] additional shares of Common Stock and/or Pre-Funded Warrants (the "Option Shares" or "Option Pre-Funded Warrants," as applicable, and the Option Pre-Funded Warrants together with the Firm Pre-Funded Warrants, the "Pre-Funded Warrants") representing an aggregate of fifteen percent (15%) of the Firm Securities sold in the offering from the Company. The Option Shares and Option Pre-Funded Warrants may be referred to herein collectively as the "Option Securities." The purchase price to be paid per Option Share and per Option Pre-Funded Warrant shall be equal to the price per Firm Share and per Firm Pre-Funded Warrant set forth in <u>Section 1.1.1</u> hereof. The Over-allotment Option is, at the Underwriters' sole discretion, for Option Shares and/or Option Pre-Funded Warrants, or any combination thereof (each, an "Option Security" and collectively, the "Option Securities"). The Firm Securities and the Option Securities are hereinafter referred to together as the " Securities." The Securities and the Underlying Shares (as defined below), are collectively referred to as the "Public Securities." The Public Securities shall be issued directly by the Company and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Pre-Funded Warrants if any, shall be in the form attached hereto as Exhibit A. The offering and sale of the Public Securities is hereinafter referred to as the "Offering."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. <u>Exercise of Over-allotment Option</u>. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within 45 days after the Effective Date. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number of Option Shares and Option Pre-Funded Warrants to be purchased and the date and time for delivery of and payment for the Option Shares (the "Option Closing Date"), which shall not be later than one (1) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of Representative Counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Option Shares specified in such notice and (ii) each of the Underwriters, acting severally and not jointly, shall purchase that portion of the total number of Option Shares then being purchased as set forth in <u>Schedule 1</u> opposite the name of such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. <u>Payment and Delivery</u>. Payment for the Option Securities shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to you of certificates (in form and substance satisfactory to the Underwriters) representing the Option Shares/or Option Pre-Funded Warrants (or through the facilities of DTC) for the account of the Underwriters. The Option Securities shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Securities except upon tender of payment by the Representative for applicable Option Securities. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date, and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" share refer to the time and date of delivery of the Firm Securities and the Option Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Representative's Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1. <u>Purchase Warrants</u>. The Company hereby agrees to issue and sell to the Representative (and/or its designees) on the Closing Date and Option Closing Date, as applicable, an option (the "Representative's Warrant") for the purchase of an aggregate number of shares of Common Stock representing 5% of the Public Securities, for an aggregate purchase price of $100.00. The Representative's Warrant agreement, in the form attached hereto as <u>Exhibit B</u> (the "Representative's Warrant Agreement"), shall be exercisable, in whole or in part, commencing on a date which is one hundred eighty (180) days after the Effective Date and expiring on the four and a half year anniversary of the Effective Date at an initial exercise price per share of Common Stock of $[•], which is equal to 125% of the public offering price of the Firm Shares. The Representative's Warrant Agreement and the shares of Common Stock issuable upon exercise thereof are hereinafter referred to together as the "Representative's Securities." The Representative understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Representative's Warrant Agreement and the underlying shares of Common Stock during the one hundred eighty (180) days after the Effective Date and by its acceptance thereof shall agree that it will not sell, transfer, assign, pledge or hypothecate the Representative's Warrant Agreement, or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities for a period of one hundred eighty (180) days following the Effective Date to anyone other than (i) an Underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such Underwriter or selected dealer; and only if any such transferee agrees to the foregoing lock-up restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2. <u>Delivery</u>. Delivery of the Representative's Warrant Agreement shall be made on the Closing Date and shall be issued in the name or names and in such authorized denominations as the Representative may request.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. <u>Pursuant to the Securities Act</u>. The Company has filed with the U.S. Securities and Exchange Commission (the "Commission") a registration statement, and an amendment or amendments thereto, on Form S-1 (File No. 333-280668), including any related prospectus or prospectuses, for the registration of the Public Securities and the Representative's Securities under the Securities Act of 1933, as amended (the "Securities Act"), which registration statement and amendment or amendments have been prepared by the Company in all material respects in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "Securities Act Regulations") and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Securities Act Regulations (the "Rule 430A Information")), is referred to herein as the "Registration Statement." If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term "Registration Statement" shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "Preliminary Prospectus." The Preliminary Prospectus, subject to completion, dated [•], 20[XX], that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "Pricing Prospectus." The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the "Prospectus." Any reference to the "most recent Preliminary Prospectus" shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

"Applicable Time" means [TIME] [a.m./p.m.], Eastern time, on the date of this Agreement.

"Issuer Free Writing Prospectus" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("Rule 433"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Public Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"Issuer General Use Free Writing Prospectus" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433 (the "Bona Fide Electronic Road Show")), as evidenced by its being specified in <u>Schedule 2-B</u> hereto.

"Issuer Limited Use Free Writing Prospectus" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"Pricing Disclosure Package" means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule 2-A</u> hereto, all considered together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A (File Number 000-[•]) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the shares of Common Stock. The registration of the shares of Common Stock under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the shares of Common Stock under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Stock Exchange Listing</u>. The shares of Common Stock have been approved for listing on the NYSE American (the "Exchange"), and the Company has taken no action designed to, or likely to have the effect of, delisting the shares of Common Stock from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>No Stop Orders, etc</u>. Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1. <u>Compliance with Securities Act and 10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not, does not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus hereto does not conflict with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following disclosure contained in the "Underwriting" section of the Prospectus: (i) the fourth sentence of the subsection entitled "Discounts and Commissions" related to concessions; (ii) the first four paragraphs under the subsection entitled " Price Stabilization, Short Positions, and Penalty Bids"; (iii) the subsection entitled "Other Relationships"; and (iv) the subsection entitled the subsection entitled "Electronic Distribution" (the "Underwriters' Information"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or (ii) is material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company's knowledge, any other party is in default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder. To the best of the Company's knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a "Governmental Entity"), including, without limitation, those relating to environmental laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state, local and all foreign regulation on the Offering and the Company's business as currently contemplated are correct in all material respects and no other such regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position or results of operations of the Company, nor any change or development that, singularly or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company (a "Material Adverse Change"); (ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement; (iii) no officer or director of the Company has resigned from any position with the Company; and (iv) neither the Company nor any Subsidiary has sustained any material loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane, accident or other calamity. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Public Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one Trading Day (as defined below) prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Independent Accountants</u>. To the knowledge of the Company, Fortune CPA, Inc ("Fortune"), whose report is filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, with respect to the consolidated financial statements for the years ended December 31, 2023 and 2022 and Farber Hass Hurley LLP ('FHH" and collectively with the Fortune, the "Auditor"), is each an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. Except as included therein, no historical or pro forma financial statements are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The pro forma and pro forma as adjusted financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement, the Pricing Disclosure Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) neither the Company nor any of its direct and indirect subsidiaries, including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a subsidiary of the Company (each, a "Subsidiary" and, collectively, the "Subsidiaries"), has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock, (c) there has not been any change in the capital stock of the Company or any of its Subsidiaries, or, other than in the course of business, any grants under any stock compensation plan, and (d) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Authorized Capital; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date, there will be no stock options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued shares of Common Stock of the Company or any security convertible or exercisable into shares of Common Stock of the Company, or any contracts or commitments to issue or sell shares of Common Stock or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1. <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission, rights of first refusal or rights of participation or similar rights with respect thereto or put rights, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation or similar rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized shares of Common Stock conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The offers and sales of the outstanding shares of Common Stock were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or, based in part on the representations and warranties of the purchasers of such Shares, exempt from such registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.2. <u>Securities Sold Pursuant to this Agreement</u>. The Public Securities and Representative's Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Public Securities and Representative's Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities and Representative's Securities has been duly and validly taken. The shares of Common Stock issuable upon exercise of the Pre-Funded Warrants and the Representative's Warrant (the "Underlying Shares") have been duly authorized and reserved for issuance by all necessary corporate action on the part of the Company and when paid for and issued in accordance with the Pre-Funded Warrant Certificate and the Representative's Warrant Agreement, as the case may be, such Underlying Shares will be validly issued, fully paid and non-assessable and the holders thereof are not and will not be subject to personal liability by reason of being such holders and such shares of Common Stock are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. The Public Securities and Representative's Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. All corporate action required to be taken for the authorization, issuance and sale of the Pre-Funded Warrant, the Warrant and the Representative's Warrant has been duly and validly taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Validity and Binding Effect of Agreements</u>. This Agreement, the Pre-Funded Warrants and the Representative's Warrant Agreement have been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement, the Pre-Funded Warrants and the Representative's Warrant Agreement and all ancillary documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge, mortgage, pledge, security, interest, claim, preferential arrangement, encumbrance or restriction of any kind whatsoever upon any property or assets of the Company pursuant to the terms of any agreement or instrument, license or permit, to which the Company is a party, or to which any of its assets are bound; (ii) result in any violation of the provisions of the Company's Articles of Incorporation (as the same may be amended or restated from time to time, the "Charter") or the by-laws of the Company; or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>No Defaults; Violations</u>. No material default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation of any term or provision of its Charter or by-laws, or in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.1. <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, orders, licenses, certificates, qualifications, registrations and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.2. <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement, the Pre-Funded Warrantand the Representative's Warrant Agreement, and to carry out the provisions and conditions hereof, and all consents, authorizations, approvals, orders, licenses, certificates, qualifications and registrations required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of the transactions and agreements contemplated by this Agreement and the Representative's Warrant Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("FINRA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "Questionnaires") completed by each of the Company's directors and officers immediately prior to the Offering (the "Insiders") as supplemented by all information concerning the Company's directors, officers and principal stockholders as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as well as in the Lock-Up Agreement (as defined in Section 2.25 below), provided to the Underwriters, is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become materially inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or, to the Company's knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus or in connection with the Company's listing application for the listing of the Public Securities on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Good Standing</u>. The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws of the State of Delaware as of the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify, singularly or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Insurance</u>. The Company carries or is entitled to the benefits of insurance, with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, including, but not limited to, directors and officers insurance coverage at least equal to $5,000,000 and all such insurance is in full force and effect. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.1. <u>Finder's Fees</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge, any of its stockholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.2. <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.3. <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.4. <u>FINRA Affiliation</u>. There is no (i) officer or director of the Company, (ii) beneficial owner of 10% or more of any class of the Company's securities or (iii) beneficial owner of the Company's unregistered equity securities which were acquired during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.5. <u>Information</u>. All information provided by the Company in its, and, to the Company's knowledge, all information provided by the Company's officers and directors in their, FINRA questionnaire to Representative Counsel specifically for use by Representative Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Foreign Corrupt Practices Act</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, has, directly or indirectly, (i) given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (a) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (b) if not given in the past, might have had a Material Adverse Change, (c) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company, or (d) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended or the FCPA or any applicable non-U.S. anti-bribery statute or regulation; (ii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iii) received notice of any investigation, proceeding or inquiry by any Governmental Entity regarding any of the matters in clauses (i) or (ii) above; and the Company and, to the knowledge of the Company, the Company's affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 <u>Compliance with OFAC</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in either the Registration Statement, Disclosure Package or Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "Money Laundering Laws"); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to you or to Representative Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 <u>Lock-Up Agreements. Schedule 3</u> hereto contains a complete and accurate list of the Company's officers, directors and each owner of at least 5% of the Company's outstanding shares of Common Stock (or securities convertible or exercisable into shares of Common Stock) (collectively, the "Lock-Up Parties"). The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form attached hereto as <u>Exhibit C</u> (the "Lock-Up Agreement"), prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 <u>Subsidiaries</u>. All direct and indirect Subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a material adverse effect on the assets, business or operations of the Company taken as a whole. The Company's ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 <u>No Relationships with Customers and Suppliers</u>. No relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, 5% or greater stockholders, customers or suppliers of the Company or any of the Company's affiliates on the other hand, which is required to be described in the Pricing Disclosure Package and the Prospectus or a document incorporated by reference therein and which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 <u>No Unconsolidated Entities</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 of the Securities Act) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity that could reasonably be expected to materially affect the Company's liquidity or the availability of or requirements for its capital resources required to be described in the Pricing Disclosure Package and the Prospectus or a document incorporated by reference therein which have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Pricing Prospectus and the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the "Sarbanes-Oxley Act") applicable to the Company and the listing rules of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent," as defined under the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 <u>Sarbanes-Oxley Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31.1. <u>Disclosure Controls</u>. The Company has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and procedures are effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31.2. <u>Compliance</u>. The Company is, or at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 <u>Accounting Controls</u>. The Company and its Subsidiaries maintain systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company' ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and the application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 <u>Intellectual Property Rights</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("Intellectual Property Rights") necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; (D) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; and (E) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

To the Company's knowledge, all licenses for the use of the Intellectual Property described in the Registration Statement, the Pricing Disclosure Package and the Prospectus are in full force and effect in all material respects and are enforceable by the Company and, to the Company's knowledge, the other parties thereto, in accordance with their terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company, and the Company, has no knowledge, that any other party is in default thereunder and no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 <u>Taxes</u>. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or such respective Subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. The term "taxes" means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "returns" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 <u>ERISA Compliance</u>. The Company and any "employee benefit plan" (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "ERISA")) established or maintained by the Company or its "ERISA Affiliates" (as defined below) are in compliance in all material respects with ERISA. "ERISA Affiliate" means, with respect to the Company, any member of any group of organizations described in Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the "Code") of which the Company is a member. No "reportable event" (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any "employee benefit plan" established or maintained by the Company or any of its ERISA Affiliates. No "employee benefit plan" established or maintained by the Company or any of its ERISA Affiliates, if such "employee benefit plan" were terminated, would have any "amount of unfunded benefit liabilities" (as defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably expects to incur any material liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any "employee benefit plan" or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each "employee benefit plan" established or maintained by the Company or any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, to the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 <u>Compliance with Laws</u>. The Company: (A) is and at all times has been in compliance with all statutes, rules, regulations, ordinances, judgments, orders and decrees of all Governmental Entities applicable to the Company's business ("Applicable Laws"), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (B) has not received any warning letter, untitled letter or other correspondence or notice from any other Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, consents, permits and supplements or amendments thereto required by any such Applicable Laws ("Authorizations"); (C) possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (D) has not received notice of any claim, action, suit, litigation, proceeding, hearing, enforcement, investigation, inquiry, arbitration or other action from any Governmental Entity or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, litigation, proceeding, hearing, enforcement, investigation, inquiry, arbitration or other action; (E) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering such action; (F) has filed, obtained, maintained or submitted all material reports, documents, forms, filings, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (G) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, post-sale warning, "dear doctor" letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the Company's knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Public Securities and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 <u>Environmental Laws</u>. The Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to their businesses ("Environmental Laws"), except where the failure to comply would not, singularly or in the aggregate, result in a Material Adverse Change. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company (or, to the Company's knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, or upon any other property, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 <u>Real Property</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 <u>Contracts Affecting Capital</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 of the Securities Act Regulations) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity that could reasonably be expected to materially affect the Company's or its Subsidiaries' liquidity or the availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries or any of their respective family members, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 <u>Smaller Reporting Company</u>. As of the time of filing of the Registration Statement, the Company was a "smaller reporting company," as defined in Rule 12b-2 of the Exchange Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 <u>Reverse Stock Split</u>. The Company has taken all necessary corporate action to effectuate a reverse stock split of its shares of Common Stock on the basis of one (1) such share for each one hundred and forty (140) issued and outstanding shares thereof (the "Reverse Stock Split"), such Reverse Stock Split to be effective no later than the first trading day of the Firm Shares following the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 <u>Minute Books</u>. The minute books of the Company have been made available to the Underwriters and counsel for the Underwriters, and such books (i) contain a complete summary of all meetings and actions of the board of directors (including each board committee) and stockholders of the Company (or analogous governing bodies and interest holders, as applicable), and each of its Subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes. There are no material transactions, agreements, dispositions or other actions of the Company that are not properly approved and/or accurately and fairly recorded in the minute books of the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 <u>Integration</u>. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 <u>No Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or stockholders (without the consent of the Representative) has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 <u>Confidentiality and Non-Competition</u>. To the Company's knowledge, no director, officer, key employee or consultant of the Company is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer that could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 <u>Testing-the-Waters Communications</u>. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the written consent of the Representative and with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications other than those listed on <u>Schedule 2-C</u> hereto. "Written Testing-the-Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 <u>Electronic Road Show</u>. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 <u>Margin Securities</u>. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the shares of Common Stock to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

**3.**  **<u>Covenants of the Company</u>. The Company covenants and agrees as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Federal Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Compliance</u>. The Company, subject to Section 3.2.2, shall comply with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of the receipt of any comments from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Public Securities and Representative's Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities and Representative's Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its best efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Continued Compliance</u>. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations ("Rule 172"), would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel for the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or counsel for the Underwriters shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Exchange Act Registration</u>. For a period of three (3) years after the date of this Agreement, the Company shall use its best efforts to maintain the registration of the shares of Common Stock under the Exchange Act. The Company shall not deregister the shares of Common Stock under the Exchange Act without the prior written consent of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Free Writing Prospectuses</u>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make any offer relating to the Public Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus hereto and any "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representative. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Underwriters as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. <u>Testing-the-Waters Communications</u>. If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and counsel for the Representative, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will also deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Effectiveness and Events Requiring Notice to the Representative</u>. The Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus through and including the expiration date of the Pre-Funded Warrants (or the date that all of the Pre-Funded Warrants have been exercised, if earlier) and shall notify the Representative immediately and confirm the notice in: (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during the period described in this Section 3.5 that, in the judgment of the Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in (a) the Registration Statement in order to make the statements therein not misleading, or (b) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall make every reasonable effort to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Review of Financial Statements.</u> For a period of five (5) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Listing</u>. The Company shall use its best efforts to maintain the listing of the shares of Common Stock (including the Public Securities) on the Exchange for at least three years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Financial Public Relations Firm</u>. As of the Effective Date, the Company shall have retained a financial public relations firm reasonably acceptable to the Representative and the Company, which shall initially be [PUBLIC RELATIONS FIRM], which firm shall be experienced in assisting issuers in public offerings of securities and in their relations with their security holders, and shall retain such firm or another firm reasonably acceptable to the Representative for a period of not less than two (2) years after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Reports to the Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1. <u>Periodic Reports, etc</u>. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish to the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs which was released by the Company; (iii) a copy of each Form 8-K prepared and filed by the Company; (iv) five copies of each registration statement filed by the Company under the Securities Act; and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request; provided the Representative shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative and Representative Counsel in connection with the Representative's receipt of such information. Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. <u>Transfer Agent; Transfer Sheets</u>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer agent and registrar acceptable to the Representative (the "Transfer Agent") and shall furnish to the Representative at the Company's sole cost and expense such transfer sheets of the Company's securities as the Representative may reasonably request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. Legacy Stock Transfer & Trust Company LLC is acceptable to the Representative to act as Transfer Agent for the shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3. <u>Trading Reports</u>. During such time as the Public Securities are listed on the Exchange, the Company shall provide to the Representative, at the Company's expense, such reports published by Exchange relating to price trading of the Public Securities, as the Representative shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Payment of Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1. <u>General Expenses Related to the Offering</u>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration of the shares of Common Stock to be sold in the Offering (including the Option Shares) with the Commission; (b) all Public Filing System filing fees associated with the review of the Offering by FINRA; (c) all fees and expenses relating to the listing of such Public Securities on the Exchange and such other stock exchanges as the Company and the Representative together determine, including any fees charged by The Depository Trust Company (DTC) for new securities; (d) all fees, expenses and disbursements relating to background checks of the Company's officers and directors in an amount not to exceed $5,000 in the aggregate; (e) all fees, expenses and disbursements relating to the registration or qualification of the Public Securities under the "blue sky" securities laws of such states and other jurisdictions as the Representative may reasonably designate (; (f) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Public Securities under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (g) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and Power of Attorney), the Pre-Funded Warrants, Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (h) the costs and expenses of a public relations firm; (i) the costs of preparing, printing and delivering certificates representing the Public Securities; (j) fees and expenses of the transfer agent for the shares of Common Stock; (k) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Underwriters; (l) to the extent approved by the Company in writing, the costs associated with post-Closing advertising the Offering in the national editions of the Wall Street Journal and New York Times; (m) the costs associated with one set of bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee shall provide within a reasonable time after the Closing Date in such quantities as the Representative may reasonably request not to exceed $3,000; (n) the fees and expenses of the Company's accountants; (o) the fees and expenses of the Company's legal counsel and other agents and representatives; (p) fees and expenses of the Representative's legal counsel not to exceed $100,000; (q) the $29,500 cost associated with the Underwriter's use of Ipreo's book-building, prospectus tracking and compliance software for the Offering; (r) $10,000 for data services and communications expenses; (s) up to $10,000 of the Representative's actual accountable "road show" expenses; and (t) up to $10,000 of the Representative's market making and trading, and clearing firm settlement expenses for the Offering. The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2. <u>Non-accountable Expenses</u>. The Company further agrees that, in addition to the expenses payable pursuant to Section 3.10.1, on the Closing Date it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by the Company from the sale of the Firm Securities, presuming exercise of the any Pre-Funded Warrants issues and excluding the Option Securities, less the Advance (as such term is defined in Section 8.3 hereof), provided, however, that in the event that the Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 8.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Delivery of Earnings Statements to Security Holders</u>. The Company shall make generally available to its security holders as soon as practicable, but not later than the first day of the fifteenth (15<sup>th</sup>) full calendar month following the date of this Agreement, an earnings statement (which need not be certified by independent registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Internal Controls</u>. The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Accountants</u>. As of the date of this Agreement, the Company shall retain an independent registered public accounting firm reasonably acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <u>FINRA</u>. The Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any beneficial owner of 5% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <u>Company Lock-Up Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.1. <u>Restriction on Sales of Capital Stock</u>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of three (3) months after the date of this Agreement (the "Lock-Up Period"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

The restrictions contained in this Section 3.18.1 shall not apply to (i) the Public Securities to be sold hereunder, (ii) the issuance by the Company of shares of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof, which is disclosed in the Registration Statement, Disclosure Package and Prospectus, provided that such options, warrants, and securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities or to extend the term of such securities, or (iii) the issuance by the Company of stock options or shares of capital stock of the Company under any equity compensation plan of the Company, provided that in each of (ii) and (iii) above, the underlying shares shall be restricted from sale during the entire Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.2. <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <u>Release of D&O Lock-up Period</u>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 2.25 hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of <u>Exhibit D</u> hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <u>Blue Sky Qualifications</u>. The Company shall use its best efforts, in cooperation with the Underwriters, if necessary, to qualify the Public Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Public Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 <u>Reporting Requirements</u>. The Company, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Public Securities as may be required under Rule 463 under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 <u>Sarbanes Oxley</u>. The Disclosure Package and Prospectus, the Company shall at all times comply with all applicable provisions of the Sarbanes Oxley Act in effect from time to time.

4. <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. <u>Effectiveness of Registration Statement; Rule 430A Information</u>. The Registration Statement has become effective not later than 5:00 p.m., Eastern time, on the date of this Agreement or such later date and time as shall be consented to in writing by you, and, at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. The Prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. <u>Exchange Stock Market Clearance</u>. On the Closing Date, the Company's shares of Common Stock, including the Firm Shares and Underlying Shares, shall have been approved for listing on the Exchange, subject only to official notice of issuance. On the first Option Closing Date (if any), the Company's shares of Common Stock, including the Option Shares and Underlying Shares shares of Common Stock issuable upon the exercise of the Option Pre-Funded Warrants, shall have been approved for listing on the Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Company Counsel Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. <u>Closing Date Opinion of Counsel</u>. On the Closing Date, the Representative shall have received the favorable opinion and negative assurance letter of Lucosky Brookman LLP , counsel to the Company, dated the Closing Date and addressed to the Representative, substantially in form and substance reasonably acceptable to the Represenative..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. <u>Option Closing Date Opinions of Counsel</u>. On the Option Closing Date, if any, the Representative shall have received the favorable opinions of each counsel listed in Sections 4.2.1 and 4.2.2, dated the Option Closing Date, addressed to the Representative and in form and substance reasonably satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsels in their respective opinions delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4. <u>Reliance</u>. In rendering such opinions, such counsel may rely: (i) as to matters involving the application of laws other than the laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such statements or certificates shall be delivered to Representative Counsel if requested. The opinion of Lucosky Brookman LLP and any opinion relied upon by Lucosky Brookman LLP shall include a statement to the effect that it may be relied upon by Representative Counsel in its opinion delivered to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Comfort Letters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. <u>Cold Comfort Letter</u>. At the time this Agreement is executed you shall have received a cold comfort letter containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative and in form and substance satisfactory in all respects to you and to the Auditor, dated as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. <u>Bring-down Comfort Letter</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more than three (3) business days prior to the Closing Date or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Officers' Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Officers' Certificate</u>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer, its President and its Chief Financial Officer stating that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, (ii) since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in the Pricing Disclosure Package, any material adverse change in the financial position or results of operations of the Company, or any change or development that, singularly or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company, except as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Secretary's Certificate</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Date, as the case may be, respectively, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its counsel and the Commission; and (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>No Material Changes</u>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no material adverse change or development involving a prospective material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations, properties, assets, prospects or financial condition or income of the Company, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Corporate Proceedings</u>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Public Securities, the Registration Statement, the Disclosure Package and the Prospectus and all other legal matters relating to this Agreement and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Delivery of Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1. <u>Lock-Up Agreements</u>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of the persons listed in <u>Schedule 3</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2. <u>Representative's Warrant Agreement</u>. On the Closing Date, the Company shall have delivered to the Representative executed copies of the Representative's Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3. <u>Pre-Funded Warrants</u>. On the Closing Date and at each Option Closing Date (if any), the Company shall have delivered to the Representative executed copies of the Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Additional Documents</u>. At the Closing Date and at each Option Closing Date (if any) Representative Counsel shall have been furnished with such documents and opinions as they may require for the purpose of enabling Representative Counsel to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities and the Representative's Securities as herein contemplated shall be satisfactory in form and substance to the Representative and Representative Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Reverse Stock Split</u>. Not later than the first trading day of the Firm Shares following the date hereof, the Reverse Stock Split shall be effective.

**5.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Indemnification of the Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>General</u>. Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates, counsel, and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "Underwriter Indemnified Parties," and each an "Underwriter Indemnified Party"), against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries (a "Claim"), (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, the Pricing Disclosure Package, any Preliminary Prospectus, the Prospectus, or in any Issuer Free Writing Prospectus or in any Written Testing-the-Waters Communication (as from time to time each may be amended and supplemented); (B) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (C) any application or other document or written communication (in this Section 5, collectively called "application") executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Public Securities and Representative's Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information or (ii) otherwise arising in connection with or allegedly in connection with the Offering. The Company also agrees that it will reimburse each Underwriter Indemnified Party for all fees and expenses (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) (collectively, the "Expenses"), and further agrees wherever and whenever possible to advance payment of Expenses as they are incurred by an Underwriter Indemnified Party in investigating, preparing, pursuing or defending any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. <u>Procedure</u>. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company shall assume the defense of such action, including the employment and fees of counsel (subject to the approval of such Underwriter Indemnified Party) and payment of actual expenses if an Underwriter Indemnified Party requests that the Company do so. Such Underwriter Indemnified Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company, and shall be advanced by the Company. The Company shall not be liable for any settlement of any action effected without its consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent of the Underwriters, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder (whether or not such Underwriter Indemnified Party is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of each Underwriter Indemnified Party, acceptable to such Underwriter Indemnified Party, from all liabilities, expenses and claims arising out of such action for which indemnification or contribution may be sought and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Underwriter Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Pricing Disclosure Package, the Prospectus, or any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. <u>Contribution Rights</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other, from the Offering of the Public Securities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering shall be deemed to be in the same proportion as the total net proceeds from the Offering of the Public Securities purchased under this Agreement (before deducting expenses) received by the Company, as set forth in the table on the cover page of the Prospectus, on the one hand, and the total underwriting discounts and commissions received by the Underwriters with respect to the shares of the Common Stock purchased under this Agreement, as set forth in the table on the cover page of the Prospectus, on the other hand. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5.3.1 in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the Offering of the Public Securities exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Contribution Procedure</u>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party ("contributing party"), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter's obligations to contribute pursuant to this Section 5.3 are several and not joint.

**6.**  **<u>Default by an Underwriter</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Default Not Exceeding 10% of Firm Shares or Option Shares</u>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if the Over-allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Default Exceeding 10% of Firm Shares or Option Shares</u>. In the event that the default addressed in Section 6.1 relates to more than 10% of the Firm Shares or Option Shares, you may in your discretion arrange for yourself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares, you do not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to you to purchase said Firm Shares or Option Shares on such terms. In the event that neither you nor the Company arrange for the purchase of the Firm Shares or Option Shares to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by you or the Company without liability on the part of the Company (except as provided in Sections 3.9 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided, however, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares; and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Postponement of Closing Date</u>. In the event that the Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, you or the Company shall have the right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of counsel for the Underwriter may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such shares of Common Stock.

**7.**  **<u>Additional Covenants</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Board Composition and Board Designations</u>. The Company shall ensure that: (i) the qualifications of the persons serving as members of the Board of Directors and the overall composition of the Board comply with the Sarbanes-Oxley Act, with the Exchange Act and with the listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company seeks to have its Public Securities listed on another exchange or quoted on an automated quotation system, and (ii) if applicable, at least one member of the Audit Committee of the Board of Directors qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Prohibition on Press Releases and Public Announcements</u>. The Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent, for a period ending at 5:00 p.m., Eastern time, on the first (1<sup>st</sup>) Business Day following the fortieth (40<sup>th</sup>) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Right of First Refusal</u>. Provided that the Firm Shares are sold in accordance with the terms of this Agreement, the Representative shall have an irrevocable right of first refusal (the "Right of First Refusal"), for a period of eighteen (18) months after the date the Offering is completed, to act as sole and exclusive investment banker, sole and exclusive book-runner, sole and exclusive financial advisor, sole and exclusive underwriter and/or sole and exclusive placement agent, at the Representative's sole and exclusive discretion, for each and every future public and private equity and debt offering, including all equity linked financings (each, a "Subject Transaction"), during such eighteen (18) month period, of the Company, or any successor to or subsidiary of the Company, on terms and conditions customary to the Representative for such Subject Transactions. For the avoidance of any doubt, the Company shall not retain, engage or solicit any additional investment banker, book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction without the express written consent of the Representative.

The Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof by registered mail or overnight courier service addressed to the Representative. If the Representative fails to exercise its Right of First Refusal with respect to any Subject Transaction within ten (10) Business Days after the mailing of such written notice, then the Representative shall have no further claim or right with respect to the Subject Transaction. The Representative may elect, in its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election by the Representative shall not adversely affect the Representative's Right of First Refusal with respect to any other Subject Transaction during the eighteen (18) month period agreed to above.

**8.**  **<u>Effective Date of this Agreement and Termination Thereof</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Termination</u>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in your opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an increase in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in your opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities; or (ix) the Common Stock shall fail for any reason to open for trading on the Exchange by the end of regular trading hours on [trade date].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters, pursuant to Section 6.2 above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable (including the fees and disbursements of Representative Counsel) up to $200,000, inclusive of the $35,000 advance for accountable expenses previously paid by the Company to the Representative (the "Advance") and upon demand the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters; provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement. Notwithstanding the foregoing, any advance received by the Representative will be reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Public Securities.

**9.**  **<u>Miscellaneous</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Notices</u>. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally delivered or sent by electronic mail transmission and confirmed and shall be deemed given when so delivered and confirmed or if mailed, two (2) days after such mailing.

If to the Representative:

ThinkEquity

17 State Street, 41<sup>st</sup> Fl

New York, NY 10004

Attn: Head of Investment Banking

e-mail: Notices@think-equity.com

with a copy (which shall not constitute notice) to:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st Floor

Attention: Gregory Sichenzia, Esq.

Telephone No.: (212) 930-9700

If to the Company:

Bimergen Energy Corporation

895 Dove Street, Suite 300

Newport Beach, CA 92660

Attention: Benjamin Tran

Telephone No: (855) 777-0888

with a copy (which shall not constitute notice) to:

Lucosky Brookman LLP 101 Wood Avenue South Woodbridge, NJ 08830 Attention: Peter Campitiello, Esq.

Telephone No: (732) 395-4517

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. Notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms and conditions of that certain engagement letter between the Company and ThinkEquity LLC dated Aprul 25, 2024, as amended, shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters, the Company and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors, legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Waiver, etc</u>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

[Signature Page Follows]

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.

---

| |
|:---|
| Very truly yours, |
| BIMERGEN ENERGY CORPORATION |
| By: |
| Name: |
| Title: |

---

Confirmed as of the date first written above mentioned, on behalf of itself and as Representative of the several Underwriters named on <u>Schedule 1</u> hereto:

---

| |
|:---|
| THINKEQUITY LLC |
| By: |
| Name: |
| Title: |

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[SIGNATURE PAGE]

BIMERGEN ENERGY CORPORATION – UNDERWRITING AGREEMENT

**<u> </u>**

**<u>SCHEDULE 1</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Underwriter** | **Total Number of**<br> **Firm Shares** <br> **to be** <br> **Purchased** | **Total Number of** <br> **Firm Pre-Funded**<br> **Warrants to be**<br> **Purchased** | **Total Number of** <br> **Option Shares to** <br> **be Purchased if** <br> **the Over-**<br> **Allotment Option** <br> **is Fully Exercised** | **Total Number of** <br> **Option Pre-**<br> **Funded Warrants** <br> **to be Purchased if** <br> **the Over-**<br> **Allotment Option** <br> **is Fully Exercised** |
| ThinkEquity LLC |  |  |  |  |

---

Sch. 1-1

**<u>SCHEDULE 2-A</u>**

**Pricing Information**

Number of Firm Shares: [•]

Number of Firm Pre-Funded Warrants: [•]

Number of Option Shares: [•]

Number of Option Pre-Funded Warrants: [●]

Public Offering Price per Firm Share: $[•]

Public Offering Price per Firm Pre-Funded Warrants: $[•]

Pre-Funded Warrant Exercise Price: $[●]

Underwriting Discount per Firm Share: $[•]

Underwriting Discount per Firm Pre-Funded Unit: $[•]

Proceeds to Company per Firm Share (before expenses): $[•]

Proceeds to Company per Firm Pre-Funded Warrants (before expenses): $[•]

**<u>SCHEDULE 2-B</u>**

**Issuer General Use Free Writing Prospectuses**

[None.]

**<u>SCHEDULE 2-C</u>**

**Written Testing-the-Waters Communications**

[None.]

Sch. 2-1

**<u>SCHEDULE 3</u>**

**List of Lock-Up Parties**

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| | |
|:---|:---|
| **Name** | **Lock-Up Period** |

---

---

| | |
|:---|:---|
| Benjamin B. Tran | 180 days |
| Robert J. Brilon | 180 days |
| Cole Johnson | 180 days |
| Gregory D. Trimarche | 180 days |

---

Michael H. Cao 90 days

Sch. 3-1

**<u>EXHIBIT A</u>**

**Form of Pre-Funded Warrants**

Ex. A-1

**<u>EXHIBIT B</u>**

**Form of Representative's Warrant Agreement**

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) THINKEQUITY LLC, OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF THINKEQUITY LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [**DATE THAT IS [180 DAYS OR ONE YEAR] FROM THE EFFECTIVE DATE OF THE OFFERING**]. VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [**DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING**].

**WARRANT TO PURCHASE COMMON STOCK** 

**BIMERGEN ENERGY CORPORATION**

Warrant Shares: _______

Initial Exercise Date: ______, 20[XX]

THIS WARRANT TO PURCHASE COMMON STOCK (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after ____, 20[XX] (the "<u>Initial Exercise Date</u>") and, in accordance with FINRA Rule 5110(g)(8)(A), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Bimergen Energy Corporation, a Delaware corporation (the "<u>Company</u>"), up to ______ shares (the "Warrant Shares") of Common Stock, par value $0.001 per share, of the Company (the "<u>Common Stock</u>"), as subject to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" 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 405 under the Securities Act.

Ex. B-1

"<u>Business Day</u>" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Effective Date</u>" means the effective date of the registration statement on Form S-1 (File No. 333-280668), including any related prospectus or prospectuses, for the registration of the Company's Common Stock and the Warrant Shares under the Securities Act, that the Company has filed with the Commission.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" 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.

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

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Trading Day</u>" means a day on which the New York Stock Exchange is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Stock are then reported in the "Pink Sheets" published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so reported or (d) in all other cases, the fair market value of the Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

Ex. B-2

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per share of the Common Stock under this Warrant shall be **$_______**<sup>1</sup>, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. In lieu of exercising this Warrant by delivering the aggregate Exercise Price by wire transfer or cashier's check, at the election of the Holder this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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| | |
|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |

---

<sup>1</sup> 125% of the public offering price per share of common stock and warrant in the offering.

Ex. B-3

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| | |
|:---|:---|
| (B) = | the Exercise Price of this Warrant, as adjusted hereunder; and |
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

---

If Warrant Shares are issued in such a "cashless exercise," the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 2(c).

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

Ex. B-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; <u>provided</u>, <u>however</u>, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder's right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

Ex. B-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Signature</u>. This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise this Purchase Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Purchase Warrant. No additional legal opinion, other information or instructions shall be required of the Holder to exercise this Purchase Warrant. The Company shall honor exercises of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms, conditions and time periods set forth herein.

Ex. B-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

Ex. B-7

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

Ex. B-8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable by holders of Common Stock as a result of such Fundamental Transaction for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

Ex. B-9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed a notice to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. by operation of law or by reason of reorganization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

Ex. B-10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.

Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5. Registration Rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.1. Demand Registration</u>.

Ex. B-11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Grant of Right. The Company, upon written demand (a "Demand Notice") of the Holder(s) of at least 51% of the Warrants and/or the underlying Warrant Shares ("Majority Holders"), agrees to register, on one occasion, all or any portion of the Warrant Shares underlying the Warrants (collectively, the "Registrable Securities"). On such occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within thirty (30) days after receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 5.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time beginning on the Initial Exercise Date and expiring on the fifth anniversary of the Effective Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section 5.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 5.1.2, the Holder shall be entitled to a demand registration under this Section 5.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the date of the Underwriting Agreement (as defined below) in accordance with FINRA Rules 5110(g)(8)(B) and 5110(g)(8)(C).

Ex. B-12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.2 "Piggy-Back" Registration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Grant of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have the right, for a period of no more than two (2) years from the Initial Exercise Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Shares which may be included in the Registration Statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company during the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice within ten (10) days of the receipt of the Company's notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration rights shall terminate on the second anniversary of the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.3 General Terms</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of [___], 20[XX]. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

Ex. B-13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Exercise of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the Company's financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their intended methods of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.6 Damages. Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

Ex. B-14

<u>Section 6</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Stockholder Until Exercise</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Ex. B-15

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the underwriting agreement, dated ___, 20[XX], by and between the Company and ThinkEquity LLC as representative of the underwriters set forth therein (the "Underwriting Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

 

Ex. B-16

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| |
|:---|
| **BIMERGEN ENERGY CORPORATION** |
| By: |
| Name: |
| Title: |

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Ex. B-17

**NOTICE OF EXERCISE**

TO: Bimergen Energy Corporation

_________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

[ ] in lawful money of the United States; or

[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

_______________________________

_______________________________

_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Accredited Investor</u>. If the Warrant is being exercised via cash exercise, the undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended

[SIGNATURE OF HOLDER]

Name of Investing Entity: ___________________________________________________________________________

 

*Signature of Authorized Signatory of Investing Entity*: _____________________________________________________

Name of Authorized Signatory: _______________________________________________________________________

Title of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

Ex. B-18

**ASSIGNMENT FORM**

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Dated: ______________, _______

Holder's Signature: _____________________________

Holder's Address: _____________________________

_____________________________

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

Ex. B-19

**<u>EXHIBIT C</u>**

**Lock-Up Agreement**

[•], 20[XX]

ThinkEquity LLC

17 State Street, 41<sup>st</sup> Floor

New York, NY 10004

As Representative of the several Underwriters named on Schedule 1 to the Underwriting Agreement referenced below

Ladies and Gentlemen:

The undersigned understands that ThinkEquity LLC (the "**Representative**"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Bimergen Energy Corporation , a Delaware corporation (the "**Company**"), providing for the public offering (the "**Public Offering**") of shares of common stock, par value $0.001 per share, of the Company (the "**Common Shares**").

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending [90]/[180] days after the date of the Underwriting Agreement relating to the Public Offering (the "**Lock-Up Period**"), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or other public announcement shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned or a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned is a corporation, partnership, limited liability company or other business entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business entity that controls, is controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to members, partners, stockholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) (d) or (e), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily made; (f) the receipt by the undersigned from the Company of Common Shares upon the vesting of restricted stock awards or stock units or upon the exercise of options to purchase the Company's Common Shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "**Plan Shares**") or the transfer of Common Shares or any securities convertible into Common Shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, <u>provided</u> that no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily made within [90] days after the date of the Underwriting Agreement, and after such [90]<sup>th</sup> day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Common Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, <u>provided further</u>, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the transfer of Lock-Up Securities pursuant to agreements described in the Pricing Prospectus under which the Company has the option to repurchase such securities or a right of first refusal with respect to the transfer of such securities, <u>provided</u> that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Common Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report describing the purpose of the transaction; (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, <u>provided</u> that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such public announcement or filing shall include a statement to the effect that no transfer of Lock-Up Securities may be made under such plan during the Lock-Up Period; [(i) the conversion of the outstanding preferred stock of the Company into Common Shares, <u>provided</u> that such Common Shares remain subject to the terms of this agreement;]<sup>2</sup> (j) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, <u>provided</u> that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and <u>provided further</u>, that any filing under Section 13 or Section 16(a) of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law; and (k) the transfer of Lock-Up Securities pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of the Common Shares involving a change of control (as defined below) of the Company after the closing of the Public Offering and approved by the Company's board of directors; <u>provided</u> that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Lock-Up Securities owned by the undersigned shall remain subject to the restrictions contained in this lock-up agreement. For purposes of clause (k) above, "change of control" shall mean the consummation of any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock of the Company. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

<sup>2</sup> Use if company has outstanding preferred stock that will be converted into common shares.

Ex. C-1

If (i) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Representative waives, in writing, such extension.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement during the period from the date hereof to and including the 34<sup>th</sup> day following the expiration of the Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period (as may have been extended pursuant to the previous paragraph) has expired.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement is not executed by [DATE], or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Ex. C-2

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

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|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

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Ex. C-3

**<u>EXHIBIT D</u>**

**Form of Press Release**

**BIMERGEN ENERGY CORPORATION**

**[Date]**

Bimergen Energy Corporation (the "Company") announced today that ThinkEquity LLC, acting as representative for the underwriters in the Company's recent public offering of _______ shares of the Company's common stock, is [waiving] [releasing] a lock-up restriction with respect to _________ shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on _________, 20___, and the shares may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

Ex. D-1

## Exhibit 3.11

**Exhibit 3.11**

**AMENDED AND RESTATED**

**BYLAWS OF**

**BITECH TECHNOLOGIES CORPORATION**

**(A Delaware Corporation)**

**<u>ARTICLE I</u>**

**<u>STOCKHOLDERS</u>**

SECTION 1. **<u>Annual Meetings</u>**. The annual meeting of stockholders of Bitech Technologies Corporation (the "Corporation") for the election of directors and for the transaction of such other business as may properly come before the meeting shall be held each fiscal year at such date and time, within or without the State of Delaware, as the Board of Directors shall determine.

SECTION 2. **<u>Notice of Meetings</u>**. Written notice of all meetings of the stockholders, stating the place, date and time of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the place at which the list of stockholders may be examined, and the purpose or purposes for which the meeting is to be held, shall be mailed or otherwise delivered (including pursuant to electronic transmission in the manner provided in Section 232 of the General Corporation Law of the State of Delaware (the "DGCL"), except to the extent prohibited by Section 232(e) of the DGCL) to each stockholder of record entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days prior to the date of the meeting and shall otherwise comply with applicable law. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his address as it appears on the stock transfer books of the Corporation. Such further notice shall be given as may be required by law. If notice is given by electronic transmission, such notice shall be deemed to be given at the times provided in the DGCL. Such further notice shall be given as may be required by law. Meetings may be held without notice if all stockholders entitled to vote are present, or if notice is waived by those not present in accordance with these Bylaws. Any previously scheduled meeting of the stockholders may be postponed, and (unless the Corporation's Certificate of Incorporation otherwise provides) any special meeting of the stockholders may be cancelled, by resolution of the Board of Directors upon public notice given prior to the date previously scheduled for such meeting of stockholders.

SECTION 3. **<u>Quorum and Adjournment</u>**. Except as otherwise provided by law or the Corporation's Certificate of Incorporation, as amended from time to time (the "Certificate of Incorporation") a quorum for the transaction of business at any meeting of stockholders shall consist of the holders of record of thirty-three and one-third percent (33 1/3%) of the issued and outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors, present in person or by proxy, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the shares of such class or series shall constitute a quorum of such class or series for the transaction of such business. The Chairperson of the meeting or a majority of the shares so represented may adjourn the meeting from time to time, whether or not there is such a quorum. No notice of the time and place of adjourned meetings need be given except as required by law. The stockholders present at a duly called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

SECTION 4. **<u>Organization</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Meetings of stockholders shall be presided over by the Meeting Chair, who is the Chairperson or if none or in the Chairperson's absence the Presiding Director, or if none or in the Presiding Director's absence, the President, or if none or in the President's absence, the Chief Executive Officer, or in the Chief Executive Officer's absence, a Vice-President, or, if none of the foregoing is present, by a Chairperson to be chosen by the stockholders entitled to vote who are present in person or by proxy at the meeting. The Secretary of the Corporation, or in the Secretary's absence an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the presiding officer of the meeting shall appoint any person present to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Meeting Chair shall call the meeting to order, establish the agenda, and conduct the business of the meeting in accordance therewith or, at the Chair's discretion, the business of the meeting may be conducted otherwise in accordance with the wishes of the stockholders in attendance. The date and time of the opening and closing of the polls for each matter upon which the stockholders will vote at the meeting shall be announced at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Meeting Chair shall also conduct the meeting in an orderly manner, rule on the precedence of, and procedure on, motions and other procedural matters, and exercise discretion with respect to such procedural matters with fairness and good faith toward all those entitled to take part. Unless otherwise specified, the use of audio and video recording devices shall not be permitted at the meeting. Without limiting the foregoing, the Meeting Chair may (a) restrict attendance at any time to bona fide stockholders of record and their proxies and other persons in attendance at the invitation of the presiding officer or Board of Directors, (b) modify any restriction of use of audio or video recording devices at the meeting, and (c) impose reasonable limits on the amount of time taken up at the meeting on discussion in general or on remarks by any one stockholder. Should any person in attendance become unruly or obstruct the meeting proceedings, the Meeting Chair shall have the power to have such person removed from the meeting. Notwithstanding anything in the Bylaws to the contrary, no business shall be conducted at a meeting except in accordance with the procedures set forth in this Section 4 and Section 7 of this Article I. The Meeting Chair, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the provisions of this Section 4 and Section 7 of this Article I and if he should so determine that any proposed nomination or business is not in compliance with such sections, he shall so declare to the meeting that such defective nomination or proposal shall be disregarded.

SECTION 5. **<u>Voting; Proxies; Required Vote</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At each meeting of stockholders, every stockholder shall be entitled to vote in person or by proxy appointed by instrument in writing, subscribed by such stockholder or by such stockholder's duly authorized attorney in fact (but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period). Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of a majority of votes cast affirmatively or negatively on the matter shall be the act of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When specified business is to be voted on by a class or series of stock voting as a class, the affirmative vote of the majority of votes cast affirmatively or negatively of such class or classes at the meeting shall be the act of such class, unless otherwise provided in the Corporation's Certificate of Incorporation.

SECTION 6. **<u>Inspectors</u>**. The Board of Directors, in advance of any meeting, may, but need not, appoint one or more inspectors of election to act at the meeting or any adjournment thereof. If an inspector or inspectors are not so appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting, the inspector or inspectors, if any, shall make a report in writing of any challenge, question or matter determined by such inspector or inspectors and execute a certificate of any fact found by such inspector or inspectors.

SECTION 7. **<u>Required Vote for Directors</u>**. At any meeting of stockholders for the election of one or more directors at which a quorum is present, the election shall be determined by a plurality of the votes cast by the stockholders entitled to vote at the election.

Page 2 of 12

SECTION 8. **<u>Removal of Director</u>**. Except as otherwise provided by law or the Certificate of Incorporation, and subject to the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock, the stockholders holding a majority of the shares then entitled to vote at an election of directors, acting at a duly called annual meeting or a duly called special meeting of the stockholders, may remove a director or directors of the Corporation with or without "Cause". Cause shall be defined as termination of such director's appointment by reason of embezzlement, fraud, breach of fiduciary duty, dishonesty, conclusion of a felony or deliberate disregard of the policies and rules of the Corporation as adopted by the Board. Vacancies in the Board of Directors resulting from such removal shall be filled in accordance with Section 12 of Article II.

**<u>ARTICLE II</u>**

**<u>BOARD OF DIRECTORS</u>**

SECTION 1. **<u>General Powers</u>**. The business, property and affairs of the Corporation shall be managed under the direction of the Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws required to be exercised or done by the stockholders.

SECTION 2. **<u>Qualification; Number; Term; Remuneration</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each director shall be at least 18 years of age. A director need not be a stockholder, a citizen of the United States, or a resident of the State of Delaware. Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specified circumstances, or the Certificate of Incorporation, the number of directors that the Corporation would have if there were no vacancies (the "Whole Board") shall be fixed from time to time exclusively by action of the Board of Directors, one of whom may be selected by the Board of Directors to be its Chairperson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors may change the specifications regarding the numbers, classes, term, and procedures of election of directors, with an amendment to the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The number of directors of the Corporation shall not be more than seven (7) and not less than two (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The directors of the Corporation shall be divided into three classes designated Class I, Class II, and Class III. The number of directors in each class shall be as nearly equal as possible. Each class of directors shall have an elected term of three years, barring earlier death, resignation, retirement, disqualification or removal of the person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Class I directors shall stand elected for a term expiring at the Corporation's first annual stockholder meeting following the Effective Time of Conversion of the Corporation to a Delaware corporation. The Class II directors shall stand elected for a term expiring at the Corporation's annual stockholder meeting one year following that for the Class I directors, and the Class III directors shall stand elected for a term expiring at the Corporation's annual stockholder meeting one year following the election of the Class II directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) At each respective, annual meeting of the stockholders of the Corporation, successors to the class of directors whose term expires at that annual meeting shall be elected for a term of office to expire at the third annual stockholder meeting following their election, and the directors in office may stand for reelection, subject to their earlier death, resignation, retirement, disqualification or removal. Except as the DGCL or any applicable law may otherwise require, in the interim between an annual stockholder meeting or general meeting called for the election of directors and/or the removal of one or more directors any vacancy on the Board, may be filled by appointment of a new director by the majority vote of the remaining directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and Directors who are not employees of the Corporation may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for committee service. The compensation of directors shall be determined by a committee of the Board of Directors, in consultation with the Officers of the Corporation.

Page 3 of 12

SECTION 3. **<u>Quorum and Manner of Voting of Meetings of the Board of Directors</u>**. Except as otherwise provided by law or in these Bylaws, a majority of the Whole Board shall constitute a quorum. A majority of the directors present, whether or not a quorum is present, may adjourn a meeting from time to time to another time and place without notice. The vote of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. The directors present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum.

SECTION 4. **<u>Places of Meetings</u>**. Meetings of the Board of Directors may be held at any place within or without the State of Delaware, as may from time to time be fixed by resolution of the Board of Directors, or as may be specified in the notice of meeting.

SECTION 5. **<u>Regular Meetings</u>**. Regular meetings of the Board of Directors shall be held at such times and places as the Board of Directors shall from time to time by resolution determine. Notice need not be given of regular meetings of the Board of Directors held at times and places fixed by resolution of the Board of Directors.

SECTION 6. **<u>Special Meetings</u>**. Special meetings of the Board of Directors shall be held whenever called by the Chairperson of the Board, Presiding Director, President, Chief Executive Officer or by a majority of the directors then in office.

SECTION 7. **<u>Notice of Meetings</u>**. A notice of the place, date and time and the purpose or purposes of each special meeting of the Board of Directors shall be given to each director by mail, personal delivery, electronic transmission or telephone in sufficient time for the assembly of the directors threat. Notice shall be deemed to be given at the time of mailing, but notice need not be given to any director who consents in writing, whether before or after the meeting, or who attends the meeting without protesting prior thereto or at its commencement, the lack of notice to such director.

SECTION 8. **<u>Chairperson of the Board</u>**. Except as otherwise provided by law, the Certificate of Incorporation, or in Section 9 of this Article II, the Chairperson of the Board of Directors, if there be one, shall preside at all meetings of the Board of Directors and shall have such other powers and duties as may from time to time be assigned by the Board of Directors.

SECTION 9. **<u>Presiding Director</u>**. If at any time the Chairperson of the Board shall be an executive officer or former executive officer of the Corporation or for any reason shall not be an independent director, a Presiding Director shall be selected by the independent directors from among the directors who are not executive officers or former executive officers of the Corporation and are otherwise independent. If the Chairperson of the Board of Directors is not present, the Presiding Director shall chair meetings of the Board of Directors. The Presiding Director shall chair any meeting of the independent Directors and shall also perform such other duties as may be assigned to the Presiding Director by these Bylaws or the Board of Directors.

SECTION 10. **<u>Organization</u>**. At all meetings of the Board of Directors, the Chairperson, or if none or in the Chairperson's absence or inability to act the Presiding Director, or if none or in the Presiding Director's absence or inability to act, the President, or if none or in the President's absence, the Chief Executive Officer, or in the Chief Executive Officer's absence or inability to act any Vice-President who is a member of the Board of Directors, or if none, or in such Vice-President's absence or inability to act a Chairperson chosen by the directors, shall preside. The Secretary of the Corporation shall act as secretary at all meetings of the Board of Directors when present, and, in the Secretary's absence, the presiding officer may appoint any person to act as secretary.

SECTION 11. **<u>Resignation</u>**. Any director may resign at any time upon written notice to the Corporation and such resignation shall take effect upon receipt thereof by the Chief Executive Officer or Secretary, unless otherwise specified in the resignation.

Page 4 of 12

SECTION 12. **<u>Vacancies</u>**. Subject to applicable law and the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock, and unless the Board of Directors otherwise determines, newly created directorships resulting from any increase in the authorized number of directors will be filled by a majority of the Board of Directors then in office, provided that a majority of the Whole Board of Directors, or a quorum, is present and any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause will be filled generally by the majority vote of the remaining directors in office, even if less than a quorum is present.

SECTION 13. **<u>Digital Conference Meetings</u>**. Members of the Board of Directors, or any committee thereof, may participate in a meeting of the Board of Directors or such committee by means of digital, video or telephonic conference, or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

SECTION 14. **<u>Action by Written Consent</u>**. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if all the directors consent thereto in writing (which may be provided by electronic transmission), and such writing or writings are filed with the minutes of proceedings of the Board of Directors.

**<u>ARTICLE III</u>**

**<u>COMMITTEES</u>**

SECTION 1. **<u>Appointment</u>**. From time to time the Board of Directors by a resolution adopted by a majority of the Whole Board may appoint any committee or committees for any purpose or purposes, to the extent lawful, which shall have powers as shall be determined and specified by the Board of Directors in the resolution of appointment. The Board shall have power at any time to fill vacancies in, to change the membership of, or to dissolve any such committee. Nothing herein shall be deemed to prevent the Board from appointing one or more committees consisting in whole or in part of persons who are not directors of the Corporation; <u>provided</u>, <u>however</u>, that no such committee shall have or may exercise any authority of the Board.

SECTION 2. **<u>Procedures, Quorum and Manner of Acting</u>**. Each committee shall have a charter specifying its responsibilities and its rules of procedure. Each committee shall meet at a place or electronically and as provided by such rules or by resolution of the Board of Directors. Except as otherwise provided by law, the presence of a majority of the then appointed members of a committee shall constitute a quorum for the transaction of business by that committee, and in every case where a quorum is present the affirmative vote of a majority of the members of the committee present shall be the act of the committee. In the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Each committee shall keep minutes of its proceedings, and actions taken by a committee shall be reported to the Board of Directors.

SECTION 3. **<u>Action by Written Consent</u>**. Any action required or permitted to be taken at any meeting of any committee of the Board of Directors may be taken without a meeting if all the members of the committee consent thereto in writing (which may be provided by electronic transmission), and such writing or writings are filed with the minutes of proceedings of the committee.

SECTION 4. **<u>Term; Termination</u>**. In the event any person shall cease to be a director of the Corporation, such person shall simultaneously therewith cease to be a member of any committee appointed by the Board of Directors.

SECTION 5: **Standing Committees.** The following Committees of the Board of Directors shall be "Standing Committees" which shall be always properly constituted committees which shall consist of two (2) or more members of the Board of Directors and shall have such powers and perform such duties as may be prescribed by the resolution or resolutions creating such committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Audit Committee.** The Board of Directors shall designate an Audit Committee to assist the Board of Directors in fulfilling its responsibilities with respect to overseeing the accounting, auditing and financial reporting practices and the internal control policies and procedures of the Corporation. If so designated, the Board of Directors shall adopt a charter for the Audit Committee and the Audit Committee shall review and assess the adequacy of the charter on an annual basis. The duties of the Audit Committee shall be set forth in its charter. All members of the Audit Committee shall meet the requirements of the charter and any relevant regulatory body, as interpreted by the Board in its reasonable business judgment. The Corporation shall provide funding requested by the Audit Committee as it reasonably relates to carry out its duties set forth in its charter.

Page 5 of 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Compensation Committee**. The Board of Directors shall designate a Compensation Committee to assist the Board in fulfilling its responsibilities with respect to overseeing the compensation practices of the Corporation. The Board shall adopt a charter for the Compensation Committee and the Compensation Committee shall review and assess the adequacy of the charter on an annual basis. The duties of the Compensation Committee shall be set forth in its charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Nomination and Corporate Governance Committee.** The Board of Directors shall designate a Compensation Committee to assist the Board in fulfilling its responsibilities with respect to overseeing the nominating and corporate governance practices of the Corporation. The Board of Directors shall adopt a charter for the Nomination and Corporate Governance Committee and the Nomination and Corporate Governance Committee shall review and assess the adequacy of the charter on an annual basis. The duties of the Nomination and Corporate Governance Committee shall be set forth in its charter.

**<u>ARTICLE IV</u>**

**<u>OFFICERS</u>**

SECTION 1. **<u>Election and Qualifications</u>**. The Board of Directors shall elect the officers of the Corporation, which shall include a President, a Chief Executive Officer, a Chief Financial Officer (or other senior officer performing in such capacity) and a Secretary, and may include, by election or appointment, one or more Vice-Presidents (any one or more of whom may be given an additional designation of rank or function), a Treasurer and such other officers as the Board may from time to time deem proper. Each officer shall have such powers and duties as may be prescribed by these Bylaws and as may be assigned by the Board of Directors or the President or Chief Executive Officer. Any two or more offices may be held by the same person.

SECTION 2. **<u>Term of Office and Remuneration</u>**. Unless otherwise set forth in a written employment agreement with such officer, the term of office of all officers shall be one year and until their respective successors have been elected and qualified, but any officer may be removed from office, either with or without cause, at any time by the Board of Directors. Any vacancy in any office arising from any cause may be filled for the unexpired portion of the term by the Board of Directors. The remuneration of all officers of the Corporation may be fixed by the Board of Directors or in such manner as the Board of Directors shall provide and may be provided for in a written employment agreement executed with such officer.

SECTION 3. **<u>Resignation; Removal</u>**. Any officer may resign at any time upon written notice to the Corporation and such resignation shall take effect upon receipt thereof by the President, Chief Executive Officer or Secretary, unless otherwise specified in the resignation. Any officer shall be subject to removal, with or without cause, at any time by vote of a majority of the Whole Board.

**<u>ARTICLE V</u>**

**<u>BOOKS AND RECORDS</u>**

SECTION 1. **<u>Location</u>**. The books and records of the Corporation may be kept at such place or places within or outside the State of Delaware as the Board of Directors or the respective officers in charge thereof may from time to time determine. The record books containing the names and addresses of all stockholders, the number and class of shares of stock held by each and the dates when they respectively became the owners of record thereof shall be kept by the Secretary and by such officer or agent as shall be designated by the Board of Directors.

SECTION 2. **<u>Addresses of Stockholders</u>**. Notices of meetings and all other corporate notices may be delivered (a) personally or mailed to each stockholder at the stockholder's address as it appears on the records of the Corporation, or (b) any other method permitted by applicable law and rules and regulations of the Securities and Exchange Commission as they presently exist or may hereafter be amended.

Page 6 of 12

SECTION 3. **<u>Fixing Date for Determination of Stockholders of Record</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in this State, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by this chapter, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

**<u>ARTICLE VI</u>**

**<u>STOCK</u>**

SECTION 1. **<u>Stock; Signatures</u>**. Shares of the Corporation's stock may be evidenced by certificates for shares of stock or may be issued in uncertificated form in accordance with applicable law as it presently exists or may hereafter be amended. The Board of Directors of the Corporation may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution or the issuance of shares in uncertificated form shall not affect shares already represented by a certificate until such certificate is surrendered to the Corporation. Every holder of shares of stock in the Corporation that is represented by certificates shall be entitled to have a certificate certifying the number of shares owned by him in the Corporation and registered in certificated form. Stock certificates shall be signed by or in the name of the Corporation: (i) by the Chairperson or Vice Chairperson of the Board of Directors, or the President or the Chief Executive Officer, and (ii) by the Chief Financial Officer, or the Treasurer, or the Secretary or an Assistant Secretary of the Corporation, representing the number of shares registered in certificate form. Any and all signatures on any such certificate may be facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The name of the holder of record of the shares represented by certificated or uncertificated shares, with the number of such shares and the date of issue, shall be entered on the books of the Corporation.

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SECTION 2. **<u>Issuance and Transfers of Stock</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuance of shares of stock of the Corporation shall be made on the books of the Corporation after receipt of a request with proper evidence of transaction wherein such stock is required to be issued initiated by the receiving party or by the corporation's officers. The corporation shall then submit appropriate request in writing to the stock transfer agent of the corporation to effect such issuance. The corporation may maintain books of records in its own possession for the preferred shares of any preferred series of stock. Any issuance of preferred shares of stock shall be effected as required by transactions approved by the Board of Directors, and shall not require Board vote or approval at each instance of such issuance when covered under such approved transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transfers of shares of stock of the Corporation shall be made on the books of the Corporation after receipt of a request with proper evidence of succession, assignation, or authority to transfer by the record holder of such stock, or by an attorney lawfully constituted in writing, and in the case of stock represented by a certificate, upon surrender of the certificate. Subject to the foregoing, the Board of Directors may make such rules and regulations as it shall deem necessary or appropriate concerning the issue, transfer and registration of shares of stock of the Corporation, for both common and preferred series of stock, and to appoint and remove transfer agents and registrars of transfers.

SECTION 3. **<u>Fractional Shares</u>**. The Corporation may, but shall not be required to, issue certificates for fractions of a share where necessary to effect authorized transactions, or the Corporation may pay in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or it may issue scrip in registered or bearer form over the manual or facsimile signature of an officer of the Corporation or of its agent, exchangeable as therein provided for full shares, but such scrip shall not entitle the holder to any rights of a stockholder except as therein provided.

SECTION 4. **<u>Lost, Stolen or Destroyed Certificates</u>**. The Corporation may issue a new certificate of stock or uncertificated shares in place of any certificate, theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Board of Directors may require the owner of any lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate or uncertificated shares.

**<u>ARTICLE VII</u>**

**<u>DIVIDENDS</u>**

Subject always to the provisions of law and the Certificate of Incorporation, the Board of Directors shall have full power to determine whether any, and, if any, what part of any, funds legally available for the payment of dividends shall be declared as dividends and paid to stockholders; the division of the whole or any part of such funds of the Corporation shall rest wholly within the lawful discretion of the Board of Directors, and it shall not be required at any time, against such discretion, to divide or pay any part of such funds among or to the stockholders as dividends or otherwise; and before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, determines proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Board of Directors shall determine to be conducive to the interest of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.

**<u>ARTICLE VIII</u>**

**<u>RATIFICATION</u>**

Any transaction, questioned in any law suit on the ground of lack of authority, defective or irregular execution, adverse interest of director, officer or stockholder, non-disclosure, miscomputation, or the application of improper principles or practices of accounting, may be ratified before or after judgment, by the Board of Directors or by the stockholders, and if so ratified shall have the same force and effect as if the questioned transaction as ratified had been originally duly authorized. Such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned transaction.

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**<u>ARTICLE IX</u>**

**<u>CORPORATE SEAL</u>**

The corporate seal shall have inscribed thereon the name of the Corporation and the year of its incorporation, and shall be in such form and contain such other words and/or figures as the Board of Directors shall determine. The corporate seal may be used by printing, engraving, lithographing, stamping or otherwise making, placing or affixing, or causing to be printed, engraved, lithographed, stamped or otherwise made, placed or affixed, upon any paper or document, by any process whatsoever, an impression, facsimile or other reproduction of said corporate seal.

**<u>ARTICLE X</u>**

**<u>FISCAL YEAR</u>**

The fiscal year of the Corporation shall begin on the first day of January of each year and end on the last day of December in each year.

**<u>ARTICLE XI</u>**

**<u>WAIVER OF NOTICE</u>**

Whenever notice is required to be given by these Bylaws or by the Certificate of Incorporation or by law, the person or persons entitled to said notice may consent in writing, whether before or after the time stated therein, to waive such notice requirement. Notice shall also be deemed waived by any person who attends a meeting without protesting prior thereto or at its commencement, the lack of notice to him.

**<u>ARTICLE XII</u>**

**<u>BANK ACCOUNTS, DRAFTS, CONTRACTS, ETC.</u>**

SECTION 1. **<u>Bank Accounts and Drafts</u>**. In addition to such bank accounts as may be authorized by the Board of Directors, the primary financial officer or any person designated by said primary financial officer, whether or not an employee of the Corporation, may authorize such bank accounts to be opened or maintained in the name and on behalf of the Corporation as they may deem necessary or appropriate, payments from such bank accounts to be made upon and according to the check of the Corporation in accordance with the written instructions of said primary financial officer, or other person so designated by the Treasurer.

SECTION 2. **<u>Contracts</u>**. The Board of Directors may authorize any person or persons, in the name and on behalf of the Corporation, to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts and other obligations or instruments, and such authority may be general or confined to specific instances.

SECTION 3. **<u>Proxies; Powers of Attorney; Other Instruments</u>**. The Chairperson, the President, the Chief Executive Officer or any other person designated by any of them shall have the power and authority to execute and deliver proxies, powers of attorney and other instruments on behalf of the Corporation in connection with the rights and powers incident to the ownership of stock by the Corporation. The Chairperson, the President, the Chief Executive Officer or any other person authorized by proxy or power of attorney executed and delivered by any of them on behalf of the Corporation may attend and vote at any meeting of stockholders of any company in which the Corporation may hold stock, and may exercise on behalf of the Corporation any and all of the rights and powers incident to the ownership of such stock at any such meeting, or otherwise as specified in the proxy or power of attorney so authorizing any such person. The Board of Directors, from time to time, may confer like powers upon any other person.

SECTION 4. **<u>Financial Reports</u>**. The Board of Directors may appoint the primary financial officer or other fiscal officer or any other officer to cause to be prepared and furnished to stockholders entitled thereto any special financial notice and/or financial statement, as the case may be, which may be required by any provision of law.

Page 9 of 12

**<u>ARTICLE XIII</u>**

**<u>INDEMNIFICATION OF DIRECTORS AND OFFICERS</u>**

SECTION 1. The Corporation shall indemnify, to the fullest extent permitted by the DGCL, as it presently exists or may be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), any natural person (i) who is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, trustee, employee or agent of another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, nonprofit entity or other enterprise at any time during which these Bylaws are in effect (a "Covered Person"), whether or not such Covered Person continues to serve in such capacity at the time any indemnification is sought or at the time of any proceeding (as defined below) relating thereto exists or is brought, and (ii) who is or was a party to, is threatened to be made a party to, or is otherwise involved in (including as a witness) any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature (a "proceeding") based on such Covered Person's action(s) in his or her official capacity as a director, officer, trustee, employee or agent of the Corporation, against all liability and loss suffered (including, without limitation, any judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement consented to in writing by the Corporation) and expenses (including attorneys' fees), actually and reasonably incurred by such Covered Person in connection with such proceeding. Such indemnification shall continue to a Covered Person who has ceased to be a director, officer, trustee, employee or agent of the Corporation and shall inure to the benefit of his or her heirs, executors and administrators. Except as provided in Section 3 of this Article XIII, the Corporation shall be required to indemnify a Covered Person in connection with a proceeding (or part thereof) initiated by such Covered Person only if the proceeding (or part thereof) was authorized by the Board of Directors.

SECTION 2. To obtain indemnification under Section 1 of this Article XIII, a claimant shall submit to the Corporation a written request, including any such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant is entitled to indemnification. Upon written request by a claimant for indemnification pursuant to the first sentence of this Section 2 of Article XIII, a determination, if required by the DGCL, with respect to the claimant's entitlement to indemnification shall be made as follows: (1) by the Board of Directors, by a majority vote of a quorum consisting of Disinterested Directors (as defined below), (2) by a committee of the Board of Directors consisting of Disinterested Directors, by a majority vote of such Disinterested Directors, (3) (i) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or (ii) if a quorum of the Board of Directors consisting of Disinterested Directors is obtainable and such quorum of Disinterested Directors directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the claimant, or (4) by the stockholders of the Corporation. In the event the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board of Directors. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ninety (90) days after such determination.

SECTION 3. If a claim for indemnification under Section 1 of this Article XIII is not paid in full within ninety (90) days after a written claim pursuant to Section 2 of this Article XIII has been received by the Corporation, the claimant may at any time thereafter file suit to recover the unpaid amount of such claim and, to the extent successful, shall be entitled to be paid the reasonable costs, fees, and expenses of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking has been tendered to the Corporation) that the claimant has not met the standard of conduct which makes it permissible under the DGCL for the Corporation to indemnify the claimant for the amount claimed. Neither the failure of the Corporation (including its Board of Directors, Independent Counsel or stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its Board of Directors, Independent Counsel or stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

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SECTION 4. The right to indemnification conferred on any Covered Person by this Article XIII (a) shall not be exclusive of any other rights which such Covered Person may have or acquire under any statute, provision of these Bylaws, agreement, vote of stockholders or Disinterested Directors or otherwise and (b) cannot be terminated by the Corporation, the Board of Directors or the stockholders of the Corporation with respect to a Covered Person's service occurring prior to the date of such termination. Notwithstanding the foregoing, the Corporation's obligation to indemnify or advance expenses to any Covered Person who was or is serving at its request as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust, enterprise or nonprofit entity shall be excess and secondary to any obligations of such other entity, and shall in all cases be reduced by any amount such person has collected as indemnification from such other corporation, limited liability company, partnership, joint venture, trust, nonprofit entity, or other enterprise; and, in the event the Corporation has fully paid such expenses, the Covered Person shall return to the Corporation any amounts subsequently received from such other source of indemnification.

SECTION 5. Any repeal or modification of the provisions of this Article XIII that in any way diminishes any right of an indemnitee or his or her successors to indemnification or advancement (or related rights) shall be prospective only and shall not in any way diminish, limit, restrict, adversely affect or eliminate any such right with respect to any actual or alleged acts or omissions occurring prior to such repeal or modification.

SECTION 6. The Corporation, in its sole discretion, may advance any costs, fees, or expenses (including attorneys' fees) incurred by a Covered Person defending or participating in any proceeding prior to the final disposition of such proceeding; provided, however, the payment of such costs, fees, or expenses incurred by a Covered Person shall be made only upon receipt of an undertaking by or on behalf of the Covered Person to repay all amounts advanced if it shall ultimately be determined by final judicial decision from which there is no further right of appeal that the Covered Person is not entitled to be indemnified by the Corporation for such expenses under this Article XIII or otherwise.

SECTION 7. If any provision or provisions of this Article XIII shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Article XIII (including, without limitation, each portion of any paragraph of this Article XIII containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Article XIII (including, without limitation, each such portion of any paragraph of this Article XIII containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

SECTION 8. This Article XIII shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify and advance expenses to persons other than Covered Persons when and as authorized by the Board of Directors. In addition, the Corporation may enter into agreements with any person or entity for the purpose of providing for indemnification or advancement, in any manner or extent consistent with Delaware law.

SECTION 9. For purposes of this Article XIII:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Disinterested Director" means a director of the Corporation who is not and was not a party to the matter in respect of which indemnification is sought by the claimant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Independent Counsel" means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the Corporation or the claimant in an action to determine the claimant's rights under this Article XIII.

SECTION 10. Any notice, request or other communication required or permitted to be given to the Corporation under this Article XIII shall be in writing and either delivered in person or sent by telecopy, telex, telegram, overnight mail or courier service, or certified or registered mail, postage prepaid, return receipt requested, to the Secretary of the Corporation and shall be effective only upon receipt by the Secretary.

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**<u>ARTICLE XIV</u>**

**<u>FORUM FOR CERTAIN ACTIONS</u>**

Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation arising pursuant to any provision of the DGCL or the Certificate of Incorporation or Bylaws, or (iv) any action asserting a claim against the Corporation governed by the internal affairs doctrine shall be a state court with appropriate jurisdiction, or if a state court does not have jurisdiction, then a federal court located within the State of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article XIV.

**<u>ARTICLE XV</u>**

**<u>AMENDMENTS</u>**

The Board of Directors shall have power to adopt, amend or repeal these Bylaws. The stockholders of the Corporation shall have the power to adopt, amend or repeal these Bylaws at a duly called meeting of the stockholders; provided that notice of the proposed adoption, amendment or repeal was properly given in the notice of the meeting, by vote of holders of a majority of the outstanding stock entitled to vote.

**<u>ARTICLE XVI</u>**

**<u>OFFICES</u>**

SECTION 1. **<u>Registered Office</u>**. The registered office of the Corporation shall be the office of the Corporation's registered agent in the State of Delaware or such other office of the Corporation in the State of Delaware as established from time to time by the Board of Directors.

SECTION 2. **<u>Other Offices</u>**. The Corporation may have other offices, either within or without the State of Delaware, at such place or places as the Board of Directors may from time to time select or the business of the Corporation may require.

**<u>ARTICLE XVII</u>**

**<u>NOTICES</u>**

If mailed, notice to stockholders shall be deemed given when deposited in the mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of the Corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic transmission in the manner provided in Section 232 of the DGCL. A written waiver of any notice, signed by a stockholder or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting shall constitute waiver of notice except attendance for the sole purpose of objecting to the timeliness of notice.

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## Exhibit 4.1

**Exhibit 4.1**

**PRE-FUNDED COMMON STOCK PURCHASE WARRANT**

**BIMERGEN ENERGY CORPORATION**

Warrant Shares: _______ <br> Issue Date: [MONTH] ___, [2025]

THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and until this Warrant is exercised in full (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Bimergen Energy Corporation, a Delaware corporation (the "<u>Company</u>"), up to ______ shares of Common Stock (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" 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 405 under the Securities Act.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Stock</u>" means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

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

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Liens</u>" means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Person</u>" 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.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Registration Statement</u>" means the Company's registration statement on Form S-1 (File No. [●]).

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

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Trading Day</u>" means a day on which the Common Stock is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the OTCQB, OTCQX or Pink Open Market operated by OTC Markets Group, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Legacy Stock Transfer & Trust Company LLC, 6201 15th Ave, Brooklyn, NY 11219, 718-921-8380 and any successor transfer agent of the Company.

"<u>Warrants</u>" means this Warrant and other Pre-Funded Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver to the Company the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased in connection with such partial exercise. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, was pre-funded to the Company on or prior to the Issue Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.0001, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. This Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares for the deemed surrender of the Warrant in whole or in part equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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| (A) = | as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (x) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (y) the Bid Price of the Common Stock as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof (including until two (2) hours after the close of "regular trading hours" on a Trading Day), or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |
| (B) = | the Exercise Price of this Warrant, as adjusted hereunder; and |
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

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The issue price for each such Warrant Share to be issued pursuant to the cashless exercise of a Warrant will be equal to (B), as defined above, and the total issue price for the aggregate number of Warrant Shares issued pursuant to the cashless exercise of a Warrant will be deemed paid and satisfied in full by the deemed surrender to the Company of the portion of such Warrant being exercised in accordance with this Section 1(c). Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

"<u>Bid Price</u>" means, for any security as of the particular time of determination, the bid price for such security on the Trading Market as reported by Bloomberg as of such time of determination, or, if the Trading Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported on the Pink Open Market as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such fair market value shall be determined pursuant to the provisions set forth in clause (d) of the definition of VWAP. All such determinations to be appropriately adjusted for any stock dividend, share split, share consolidation, reclassification or other similar transaction during the applicable calculation period.

"<u>Closing Sale Price</u>" means, for any security as of any date, the last closing trade price for such security on the Trading Market, as reported by Bloomberg, or, if the Trading Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Trading Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported on the in the OTC Link or on the Pink Open Market. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such fair market value shall be determined pursuant to the provisions set forth in clause (d) of the definition of VWAP. All such determinations to be appropriately adjusted for any stock dividend, share split, share consolidation, reclassification or other similar transaction during the applicable calculation period.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted for trading on a Trading Market other than the OTCQB, OTCQX or Pink Open Market operated by OTC Markets Group, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is then quoted for trading on the OTCQB or OTCQX operated by OTC Markets Group, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (the "<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) one (1) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the Holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered to said Holder or the Holder rescinds such exercise. The Company agrees to maintain a Transfer Agent that is a participant in the Fast Automated Securities Transfer or FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Issue Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, dated [•], 2025 between the Company and ThinkEquity LLC, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company shall not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "Attribution Parties")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split or consolidation) outstanding Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of Common Stock any shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of shares of Common Stock (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or amalgamation or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of shares of Common Stock or any compulsory share exchange pursuant to which shares of Common Stock are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock or more of the outstanding Common Stock or 50% or more of the voting power of the common equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation or is otherwise the continuing corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of shares of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares or other securities of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of or other securities (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares or securities, such number of shares or securities and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the shares of Common Stock rights or warrants to subscribe for or purchase any shares of the Company or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger, amalgamation or arrangement to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, amalgamation, arrangement, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, amalgamation, arrangement sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries (the "<u>Subsidiaries</u>"), the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Stockholder Until Exercise</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event, including if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms thereof, shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which shall in no event include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company shall make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, amalgamation, arrangement dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company shall (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the "<u>New York Courts</u>"). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any provision hereunder), 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 such New York Courts, or such New York Courts are improper or inconvenient venue for such Proceeding. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the prevailing party in such action or Proceeding shall be reimbursed by the other party for its attorneys' fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate Proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 895 Dove Street, Suite 300, Newport Beach, CA 92660, Attention: Benjamin Tran, email address: ben@bitech.tech or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, email or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>No Expense Reimbursement</u>. The Holder shall in no way be required the pay, or to reimburse the Company for, any fees or expenses of the Company's transfer agent in connection with the issuance or holding or sale of the Common Stock, Warrant and/or Warrant Shares. The Company shall solely be responsible for any and all such fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| |
|:---|
| **Bimergen Energy Corporation** |
| By: |
| Name: |
| Title: |

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**NOTICE OF EXERCISE**

To: Bimergen Energy Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following DWAC Account Number:

[SIGNATURE OF HOLDER]

Name of Investing Entity: ___________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _____________________________________________________

Name of Authorized Signatory: _______________________________________________________________________

Title of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _____________________ __, ______ |  |
| Holder's Signature: _________________________ |  |
| Holder's Address: __________________________ |  |

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## Exhibit 10.13

**Exhibit 10.13**

**ASSET PURCHASE AGREEMENT**

This ASSET PURCHASE AGREEMENT (the "Agreement") dated as of June 30, 2022 (the "<u>Effective Date</u>"), is by and between Bitech Technologies Corporation, a Delaware corporation (formerly, Spine Injury Solutions, Inc.) (the "<u>Seller</u>") and SPIN Collections LLC, a Texas limited liability company (the "<u>Buyer</u>") and Peter Dalrymple ("<u>Dalrymple</u>"). Each of the Seller and the Buyer may be referred to herein collectively as the "<u>Parties</u>" and separately as a "<u>Party</u>."

**RECITALS**

The Seller desires to sell, transfer and assign to the Buyer and Buyer desires to purchase certain accounts receivables of Seller's business relating to spine pain management receivables purchased from doctors (the "<u>Business</u>") in accordance with the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual representations, warranties and covenants and subject to the conditions contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

**1.** **SALE OF ASSETS; ASSUMPTION OF LIABILITIES**

1.1 <u>Assets</u>.
 The Seller hereby agrees to sell, assign and deliver to the Buyer at the Closing (as defined below) all right, title and interest
 in and to the assets and rights, together with any replacements thereof and additions thereto made between the date hereof and the
 Closing, as hereafter described in this Section 1.1 (collectively, the " <u>Assets</u> "), including the following:

(a) All of the Seller's
 right, title and interest to accounts receivable or payments due to the Seller in connection with the operation of the Business set
 forth on Schedule 1.1(a)(the " <u>Receivables</u> ").

1.2 <u>Assumed Liabilities</u>. Buyer shall assume and agree to pay, perform and discharge when due any and all of Seller's liabilities and
 obligations, whether accrued, absolute, contingent or otherwise including, without limitation, liability or obligation with respect
 to (collectively, the " <u>Assumed Liabilities</u> "):

(a) all Liabilities arising
 out of or relating to the ownership or operation of the Business and the Assets prior to the Closing, including, but not limited
 to (i) any claim for injury to persons or property; (ii) any employees, agents, independent contractors or creditors of the Seller
 or under any plan or arrangement with respect thereto and for wages, salaries, bonuses, commissions, sick pay, vacation or holiday
 pay, overtime or other benefits; (iii) any tax, assessment or other governmental imposition of any type or description, including,
 without limitation, any income or excess profits taxes or local income, sales, use, excise, value added, ad valorem or franchise
 taxes, together with any interest, assessments and penalties thereon; (iv) any violation by the Seller of any requirement of law
 prior to the Closing Date; and (v) any litigation or other legal proceedings, claims or investigations related to the Seller or the
 Business.

(b) For purposes of this Agreement,
 " <u>Liabilities</u> " means liabilities, obligations or commitments of any nature whatsoever, whether asserted or unasserted,
 known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement,
 " <u>Tax(es)</u> " means any federal, state, local or foreign tax, charge, fee, levy, custom, duty, deficiency, or other
 assessment of any kind or nature imposed by any Taxing Authority (including any income (net or gross), gross receipts, profits, windfall
 profit, sales, use, goods and services, ad valorem, franchise, license, withholding, employment, social security, workers compensation,
 unemployment compensation, employment, payroll, transfer, excise, import, real property, personal property, intangible property,
 occupancy, recording, minimum, alternative minimum, environmental or estimated tax), including any liability therefor as a transferee
 (including under Section 6901 of the Code or similar provision of applicable Law) or successor, as a result of Treasury Regulation
 Section 1.1502-6 or similar provision of applicable Law or as a result of any Tax sharing, indemnification or similar agreement,
 together with any interest, penalty, additions to tax or additional amount imposed with respect thereto.

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| | |
|:---|:---|
| 2. | **PURCHASE PRICE** |
| 2.1 | <u>Purchase Price</u>. The Assets shall be sold by the Seller and shall be purchased by the Buyer in consideration for $10 and other good and valuable consideration that is acknowledged as received. |
| 2.2 | <u>Expenses</u>. Any transfer tax or sales tax or recording or governmental fees imposed upon the sale, assignment and delivery of the Assets shall be paid by the Seller, provided that any freight and insurance charges on delivery of the Assets to the Buyer shall be paid by the Buyer. |
| 3. | **CLOSING** |
| 3.1 | <u>Closing</u>. The closing (the "<u>Closing</u>" or "<u>Closing Date</u>") of the transactions contemplated by this Agreement shall take place on June 30, 2022 at the offices of Seller's legal counsel. |
| 3.2 | <u>Closing Deliverables</u>. |
| (a) | At the Closing, Seller shall deliver to Buyer the following: |
| (i) | a bill of sale in the form of <u>Exhibit A</u> attached hereto (the "<u>Bill of Sale</u>") and duly executed by Seller, transferring the Assets Buyer; |
| (ii) | a certificate of the Secretary (or equivalent officer) of Seller certifying as to the resolutions of the board of directors and the stockholders of Seller, which authorize the execution, delivery and performance of this Agreement, the Bill of Sale and the other agreements, instruments and documents required to be delivered in connection with this Agreement or at the Closing (collectively, the "<u>Transaction Documents</u>") and the consummation of the transactions contemplated hereby and thereby; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such other customary instruments
 of transfer or assumption, filings or documents, in form and substance reasonably satisfactory to Buyer, as may be required to give
 effect to the transactions contemplated by this Agreement; and

(b) At the Closing,
 Buyer shall deliver to Seller the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Note Cancellation Agreement;

(ii) a UCC termination statement
 Dalrymple which shall have been filed with the Texas Secretary of State, as to Bitech and Seller;

(iii) a certificate of the Secretary
 (or equivalent officer) of Buyer certifying as to (A) the resolutions of the board of directors of Buyer, which authorize the execution,
 delivery and performance of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated
 hereby and thereby and (B) the names and signatures of the officers of Buyer authorized to sign this Agreement and the other Transaction
 Documents;

(iv) copies of Seller's
 bank statements since January 1, 2021 as it relates to the Business.

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| | |
|:---|:---|
| 4. | **REPRESENTATIONS AND WARRANTIES OF SELLER** |
|  | In order to induce the Buyer to enter into this Agreement and to consummate the transactions contemplated under this Agreement, the Seller makes the following representations, warranties and covenants, each of which is relied upon by Buyer in consummating the transactions contemplated hereby regardless of any other investigation made or information obtained by the Buyer: |
| 4.1 | <u>Organization, Power and Authority</u>. The Seller is a corporation duly organized, validly existing and in good standing under the laws of Delaware and has full corporate power and authority to perform the transactions and agreements contemplated by this Agreement. |
| 4.2 | <u>Authorization; Binding Obligation: Consents</u>. The execution, delivery and performance of this Agreement have been authorized by all necessary corporate, shareholder and legal action on the part of the Seller. This Agreement has been duly executed and delivered by the Seller and is the legal, valid and binding obligation of the Seller enforceable against it in accordance with its terms. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby by the Seller does not and will not, violate or result in the breach of documents or laws binding on the Seller. No consent, action, permit, license, approval or authorization of is required or necessary to be obtained by the Seller in connection with the execution, delivery and performance of this Agreement. |
| 4.3 | <u>Litigation and Proceedings</u>. To the knowledge of the Seller, there are no actions, suits, proceedings, or investigations pending or threatened by or against Seller or affecting Seller or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. |

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4.4 <u>No Other Representations and Warranties</u> **.** Except for the representations and warranties contained in this Section 4, Seller has not made nor does
 it make any other express or implied representation or warranty, either written or oral, on behalf of Seller, including any representation
 or warranty as to the accuracy or completeness of any information, documents or material regarding the Business and the Assets furnished
 or made available to Buyer and its representatives in any form or as to the future revenue, profitability, or success of the Business,
 or any representation or warranty arising from statute or otherwise in law. For purposes of this Agreement, " <u>Representative</u> "
 means, with respect to any person or entity, any and all directors, officers, employees, consultants, financial advisors, counsel,
 accountants and other agents of such Person.

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| | |
|:---|:---|
| 5. | **REPRESENTATIONS AND WARRANTIES OF BUYER** |
|  | Each of the Buyer and Dalrymple, jointly and severely, represents and warrants that: |
| 5.1 | <u>Corporate Authority</u>. The Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of Texas and has full corporate power and authority to perform the transactions and agreements contemplated by this Agreement. |
| 5.2 | <u>Authorization; Binding Obligation: Consents</u>. The execution, delivery and performance of this Agreement have been authorized by all necessary corporate, shareholder and legal action on the part of the Buyer and Dalrymple. This Agreement has been duly executed and delivered by the Buyer and Dalrymple and is the legal, valid and binding obligation of the Buyer and Dalrymple enforceable against them in accordance with its terms. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby by the Buyer and Dalrymple does not and will not, violate or result in the breach of documents or laws binding on the Buyer or Dalrymple. No consent, action, permit, license, approval or authorization of is required or necessary to be obtained by the Buyer or Dalrymple in connection with the execution, delivery and performance of this Agreement. |
| 5.3 | <u>Solvency; Sufficiency of Funds</u>**.** Immediately after giving effect to the transactions contemplated hereby, Buyer and Dalrymple shall be solvent and shall: (a) be able to pay their debts as they become due; (b) own property that has a fair saleable value greater than the amounts required to pay their debts (including a reasonable estimate of the amount of all Liabilities); and (c) have adequate capital to carry on the Business. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated hereby with the intent to hinder, delay or defraud either present or future creditors of Buyer or Seller. In connection with the transactions contemplated hereby, Buyer has not incurred, nor plans to incur, debts beyond its ability to pay as they become absolute and matured. |
| 5.4 | <u>Brokers</u>**.** No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer. |
| 5.5 | <u>Independent Investigation</u>**.** Buyer and Dalrymple have conducted their own independent investigation, review and analysis of the Business and the Assets, and acknowledge that they have been provided adequate access to the personnel, properties, assets, premises, books and records and other documents and data of Seller for such purpose. Each of Buyer and Dalrymple acknowledges and agrees that: (a) in making their decision to enter into this Agreement and to consummate the transactions contemplated hereby, Buyer and Dalrymple have relied solely upon their own investigation and the express representations and warranties of Seller set forth in Section 4 of this Agreement; and (b) neither Seller nor any other person has made any representation or warranty as to Seller, the Business, the Assets or this Agreement, except as expressly set forth in Section 4 of this Agreement. |

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6. **ADDITIONAL COVENANTS OF THE SELLER** 

6.1 <u>Further Assurances</u> **.** Following the Closing, each of the Parties hereto shall execute and deliver such additional documents, instruments, conveyances
 and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to
 the transactions contemplated by this Agreement and other Transaction Documents.

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| | |
|:---|:---|
| 7. | **CONDITIONS TO THE OBLIGATIONS OF THE BUYER** |
|  | The obligation of the Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing of each of the following conditions: |
| 7.1 | <u>Accuracy of Representations and Warranties and Compliance with Obligations</u>. The representations and warranties of the Seller in this Agreement shall be true and correct in all material respects on the date of this Agreement and on the Closing Date. The Seller shall have performed and complied with all of its obligations required by this Agreement to be performed or complied with at or prior to the Closing and shall have delivered to the Buyer copies of resolutions adopted by the board of directors and, if necessary, shareholders of the Seller authorizing the transactions contemplated by this Agreement. |
| **8.** | **CONDITIONS TO OBLIGATIONS OF THE SELLER** |
|  | The obligations of the Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing Date of each of the following conditions: |
| 8.1 | <u>Accuracy of Representations and Warranties and Compliance with Obligations</u>. The representations and warranties of the Buyer in this Agreement shall be true and correct in all material respects on the date of this Agreement and on the Closing Date. The Buyer shall have performed and complied with all of its obligations required by this Agreement to be performed or complied with at or prior to the Closing and shall have delivered to the Seller copies of resolutions adopted by the board of directors of the Seller authorizing the transactions contemplated by this Agreement. |
| 9. | **CERTAIN ACTIONS AFTER THE CLOSING** |
| 9.1 | <u>Misdirected Funds or Product Returns</u>. If, after the Closing, the Seller shall receive any payment on account of the Receivables or other of the Assets, it shall promptly endorse over and remit such payments to the Buyer. |

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10. **INDEMNIFICATION** 

10.1 <u>Survival</u> **.** Subject
 to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the
 Closing and shall remain in full force and effect until the date that is 12 months from the Closing Date. None of the covenants or
 other agreements contained in this Agreement shall survive the Closing Date other than those which by their terms contemplate performance
 after the Closing Date, and each such surviving covenant and agreement shall survive the Closing for the period contemplated by its
 terms. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such
 time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable
 survival period shall not thereafter be barred by the expiration of such survival period and such claims shall survive until finally
 resolved.

10.2 <u>Indemnity by the Seller</u>.
 The Seller agrees to indemnify and hold the Buyer and Dalrymple and Buyer's officers, directors, employees and agents and (collectively,
 the " <u>Buyer Indemnitees</u> ") harmless from all Buyer Indemnified Liabilities. For this purpose, " <u>Buyer Indemnified Liabilities</u> " shall mean all suits, proceedings, claims, expenses, losses, costs, liabilities, judgments, deficiencies,
 assessments, actions, investigations, penalties, fines, settlements, interest and damages (including reasonable attorneys'
 fees and expenses), whether suit is instituted or not and, if instituted, whether at any trial or appellate level, and whether raised
 by the parties hereto or a third party, incurred or suffered by the Buyer Indemnitees or any of them arising from, in connection
 with or as a result of (a) any false or inaccurate representation or warranty made by or on behalf of the Seller in or pursuant to
 this Agreement and (b) any default or breach in the performance of any of the covenants or agreements made by the Seller in or pursuant
 to this Agreement.

10.3 <u>Indemnity by the Buyer</u>.
 The Buyer and Dalrymple, jointly and severely, agree that they will indemnify and hold the Seller and its officers, directors, employees
 and agents harmless (collectively, the " <u>Seller Indemnitees</u> ") from all Seller Indemnified Liabilities. For this
 purpose, " <u>Seller Indemnified Liabilities</u> " incurred by the Seller means all suits, proceedings, claims, expenses,
 losses, costs, liabilities, judgments, deficiencies, assessments, actions, investigations, penalties, fines, settlements, interest
 and damages (including reasonable attorneys' fees and expenses), whether suit is instituted or not and, if instituted, whether
 at any trial or appellate level, and whether raised by the parties hereto or a third party, incurred or suffered by the Seller, arising
 from, in connection with or as a result of (a) any false or inaccurate representation or warranty made by or on behalf of the Buyer
 in or pursuant to this Agreement; (b) any default or breach in the performance of any of the covenants or agreements made by the
 Buyer or Dalrymple in this Agreement; or (c) the operation of the Business or the Assets prior to and after the Closing Date.

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| | |
|:---|:---|
| 10.4 | <u>Procedure for Indemnification</u>. |
| (a) | In the event any person or entity not a party to this Agreement shall make any demand or claim or file or threaten to file or continue any lawsuit, which demand, claim or lawsuit may result in Buyer Indemnified Liabilities or Seller Indemnified Liabilities, as the case may be, the indemnified party shall give written notice to such effect to the indemnifying party promptly upon becoming aware thereof. In such event, the indemnifying party shall assume full control of the defense thereof and hire counsel (which counsel shall be reasonably satisfactory to the indemnified party) to defend any such demand, claim or lawsuit (provided, however, that the failure to give such Notice shall not relieve the indemnifying party of its obligations hereunder). The indemnified party shall be permitted to participate in such defense at its sole cost and expense, provided that if the indemnifying party proposes that the same counsel represent both the indemnified party and the indemnifying party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, then the indemnified party shall have the right to retain its own counsel at the cost and expense of the indemnifying party. In the event that the indemnifying party shall fail to respond within 20 days after receipt of the notice from the indemnified party of any such demand, claim or lawsuit, then the indemnified party may retain counsel and conduct the defense of such demand, claim or lawsuit, as it may in its sole discretion deem proper, at the sole cost and expense of the indemnifying party. |
| (b) | With regard to claims of third parties for which indemnification is payable hereunder, such indemnification shall be paid in advance of settlement or final adjudication thereof on a current basis within 30 days of receipt from the indemnified party of such supporting documentation as the indemnifying party may reasonably request. |

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| | |
|:---|:---|
| 11. | **TERMINATION** |
| 11.1 | <u>Termination</u>. This Agreement may be terminated and the transactions contemplated hereby may be abandoned, but not later than the Closing Date: |
| (a) | by mutual written consent of the Buyer and the Seller; |
| (b) | by the Buyer, in its sole discretion, if any of the representations or warranties of the Seller contained herein are not in all material respects true, accurate and complete or if the Seller breaches or fails to comply with any covenant or agreement contained herein; or |
| (c) | by the Seller, in its sole discretion, if any of the representations or warranties of the Buyer contained herein are not in all material respects true, accurate and complete or if the Buyer breaches or fails comply with any covenant or agreement contained herein. |
| 11.2 | <u>Effect of Termination</u>. In the event of a termination of this Agreement pursuant to Section 11.1, written notice thereof shall promptly be given to the other party hereto and this Agreement shall terminate and the transactions contemplated hereby shall be abandoned without further action by the other party hereto. Notwithstanding such termination, each party shall have the right to seek damages in the event of a breach by the other party of its obligations under this Agreement. |
| 12. | **MISCELLANEOUS** |
| 12.1 | <u>Amendment and Modification; Waiver; Assignment; Binding Effect.</u> This Agreement may only be amended by written instrument signed by the parties hereto. No waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. No party shall assign its rights or delegate its duties hereunder without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. |

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12.2 <u>Entire Agreement</u>.
 This Agreement and the schedules and exhibits attached hereto constitute the entire agreement of the parties with respect to the
 sale of the Assets and the other transactions contemplated in this Agreement, and supersede all prior understandings, agreements
 and oral representations and warranties of the parties with respect to the subject matter of this Agreement.

12.3 <u>Execution in Counterparts</u>.
 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. Delivery of executed signature
 pages hereof by facsimile transmission shall constitute effective and binding execution and delivery hereof.

12.4 <u>Notices</u>. Any notice,
 request, information or other document to be given hereunder to any of the parties by any other party shall be in writing and shall
 be delivered by electronic mail addressed to:

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| | |
|:---|:---|
| If to Seller: | If to Buyer: |
| c/o Benjamin Tran<br> Bitech Technologies Corporation<br> 600 Anton Boulevard, Suite 1100<br> Costa Mesa, CA 92626<br> Email: ben@bitech.tech | Peter Dalrymple<br> c/o The Loev Law Firm, PC<br> 6300 West Loop South<br> Suite 280<br> Bellaire, Texas 77401<br> dloev@loevlaw.com |
| Laura Anthony and Lazarus Rothstein<br> Anthony L.G., PLLC<br> 625 North Flagler Drive, Suite 600<br> West Palm Beach, FL 33401<br> Email: lanthony@anthonypllc.com and lrothstein@anthonypllc.com |  |

---

---

| | |
|:---|:---|
|  | Any such notice shall be deemed delivered on the date delivered if by personal delivery or by facsimile, or (b) on the date upon which the return receipt is signed or delivery is refused or not deliverable, as the case may be, if mailed. Any party may change the address to which notices under this Agreement are to be sent to it by giving written notice thereof. |
| 12.5 | <u>Governing Law</u>. This Agreement shall be governed by, enforced, and construed under and in accordance with the laws of the United States of America and, with respect to the matters of state law, with the laws of the State of Delaware. Venue for all matters shall be in New Castle County, Delaware, without giving effect to principles of conflicts of law thereunder. Each of the parties (a) irrevocably consents and agrees that any legal or equitable action or proceedings arising under or in connection with this Agreement shall be brought exclusively in the federal courts of the United States. By execution and delivery of this Agreement, each party hereto irrevocably submits to and accepts, with respect to any such action or proceeding, generally and unconditionally, the jurisdiction of the aforesaid court, and irrevocably waives any and all rights such party may now or hereafter have to object to such jurisdiction. |

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12.6 <u>Waiver of Jury Trial Rights</u>. Each party hereto specifically waives any right it might otherwise have to a jury trial with respect to any matter arising
 under this Agreement.

12.7 <u>Attorneys' Fees</u>.
 If any party to this Agreement brings an action to enforce its rights arising out of or relating to this Agreement, the prevailing
 party shall be entitled to recover its costs and expenses, including without limitation reasonable attorneys' fees, incurred
 in connection with such action, including any appeal of such action.

12.8 <u>Severability</u>. If
 any court, arbitrator or administrative agency of a competent jurisdiction finds any provision of this Agreement is illegal, invalid
 or unenforceable but would be legal, valid or enforceable if some part or parts of it were deleted or modified, or if the period
 or area of application were reduced, then such provision shall apply automatically with such modification as is necessary to make
 it legal, valid and enforceable under applicable laws, and otherwise this Agreement shall continue in full force and effect.

12.9 <u>Specific Performance</u>.
 The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
 by them in accordance with the terms hereof or were otherwise breached and that each Party hereto shall be entitled to an injunction
 or injunctions, specific performance and other equitable relief to prevent breaches of the provisions hereof and to enforce specifically
 the terms and provisions hereof, without the proof of actual damages, in addition to any other remedy to which they are entitled
 at law or in equity. Each Party agrees to waive any requirement for the security or posting of any bond in connection with any such
 equitable remedy, and agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief
 on the basis that (a) the other Party has an adequate remedy at law, or (b) an award of specific performance is not an appropriate
 remedy for any reason at law or equity.

12.10 <u>Entire Agreement</u>.
 This Agreement constitutes the entire agreement with respect to the Confidential Information disclosed hereunder and other matters
 set forth herein, and supersedes all prior oral or written agreements between the parties with respect to the subject matter hereof.

12.11 <u>Counterparts</u>. This
 Agreement may be executed in one or more counterparts, any of which may be executed and transmitted by facsimile or other electronic
 means, and each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The
 exchange of signed counterparts by each of the parties, including exchange by electronic means, will constitute effective execution
 and delivery of this Agreement.

12.12 <u>Interpretation</u>.
 Each party hereto has reviewed, and has had an adequate opportunity to have its attorney review, this Agreement. Any controversy
 over construction of this Agreement shall be decided without regard to events of authorship or negotiation.

12.13 <u>Expenses</u>. Except
 as otherwise provided in this Agreement, all legal, accounting and other costs and expenses incurred in connection with this Agreement
 and transactions contemplated by this Agreement shall be paid by the party incurring the expenses.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date.

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| | |
|:---|:---|
| Bitech Technologies Corporation | Bitech Technologies Corporation |
| (formerly, Spine Injury Solutions, Inc.) | (formerly, Spine Injury Solutions, Inc.) |
| By: | */s/ Benjamin Tran* |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| SPIN Collections LLC | SPIN Collections LLC |
| By: | */s/ Peter Dalrymple* |
| Name: | Peter Dalrymple |
| Title: | Manager |
|  | */s/ Peter Dalrymple* |
|  | Peter Dalrymple |

---

## Exhibit 10.21

**Exhibit 10.21**

Bitech Technologies Corporation

895 Dove Street, Suite 300

Newport Beach, CA 92660

January 8, 2024

Cole W. Johnson, CEO

Bridgelink Development, LLC

777 Main Street, Suite 3000

Fort Worth, TX 76102

Re: Proposed Transaction with Bridgelink Development, LLC, its members and Bitech Technologies Corporation

Ladies and Gentlemen:

This Letter of Agreement (the "<u>Letter of Agreement</u>") entered into as of the date set forth above (the "<u>Effective Date</u>") will confirm the mutual agreement of Bitech Technologies Corporation, a Delaware corporation ("BTTC" or the "<u>Company</u>"), Bridgelink Development, LLC, a Delaware limited liability company ("<u>BLD</u>") and C & C Johnson Holdings LLC, the sole member of BLD (the "<u>Member</u>"). The Company, BLD and the Member are collectively referred to as the "<u>Parties</u>" and individually as a "<u>Party</u>".

As set forth in more detail below, the Company would acquire from the Member, directly, or indirectly through a wholly-owned subsidiary or controlled affiliate, all of the issued and outstanding membership interests of the Target (as defined below) in exchange for shares of the Company's common stock, $0.001 par value per share (the "<u>Common Stock</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Business Combination</u>. Member shall cause BLD to (i) transfer BLD's assets and development service agreements (collectively, "<u>Development Projects</u>") consisting of: (a) the BESS Development Projects (as herein defined) and (b) the Solar Development Projects as defined herein, into a newly created entity ("<u>New Entity</u>" or "<u>Target</u>") at or prior to the Closing Date (as herein defined); and (ii) the owner or owners of Target shall exchange one hundred percent (100%) of the issued and outstanding one million (1,000,000) LLC units of Target, (the "<u>Target Units</u>"), for an aggregate of 222,222,000 newly issued shares of BTTC's Common Stock (the "<u>Exchange Shares</u>") such that Target will become a wholly owned subsidiary of the Company upon the closing of the transaction (the "<u>Business Combination</u>"). The number of Exchange Shares represents approximately 31.8% of the issued and outstanding shares of BTTC capital stock on a proforma basis after giving effect to the issuance of the Exchange Shares with each share valued at **$0.225** per share (the "<u>Exchange Share Price</u>") as of the Closing Date. Each Target Unit shall be exchanged for 222.222 shares of Common Stock as a result of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Tax Consequences and Transaction Structure</u>. No Party to this Letter of Agreement makes any representation or warranty as to the tax consequences of the Business Combination contemplated in Section 1, immediately above, and this Letter of Agreement, generally. Each Party agrees to obtain and be guided by its own tax advisor. The Parties shall use commercially reasonable efforts to structure the Business Combination on a tax deferred basis in a manner that is compliant with necessary legal and regulatory requirements, mutually beneficial to each of the Parties, and tax efficient for the Parties and their respective securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Asset Transfer from BLD to Target; Liabilities and Equity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Closing Date, except as provided in this Letter of Agreement, Target shall have (i) no outstanding option, agreement, or obligation to issue any of its membership interests or otherwise acquire any ownership interest in Target other than the Target Units, including, without limitation, any right or instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive any ownership interest in Target; (ii) no liabilities, whether known or unknown; and (iii) the number of Target Units shall not exceed one million (1,000,000), which represents one hundred percent (100%) of all the authorized, issued and outstanding ownership interests of Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the time of the Closing, except as provided in this Letter of Agreement, Target's assets shall consist primarily of (1) certain rights to fully develop a portfolio of renewable energy development assets, which includes certain battery energy storage system ("<u>BESS</u>") projects with a cumulative storage capacity of at least 1.965 gigawatts (GW) located in the United States and further described in <u>Exhibit A</u> attached hereto along with certain term sheets and agreements with capital providers that BLD has negotiated over the last eight (8) months, whether or not finalized (collectively, the "<u>BESS Development Projects</u>") and (2) certain rights to fully develop a portfolio of renewable energy development assets, which includes certain solar development projects with a cumulative output of at least 3.840 gigawatts (GW) located in the United States and further described in <u>Exhibit B</u> attached hereto along with certain term sheets and agreements with capital providers that BLD has negotiated, whether or not finalized (collectively, the "<u>Solar Development Projects</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Each BESS Development Project shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Documents
 that substantiate Target's rights to own, lease or otherwise acquire the right to use
 the real property where the BESS Development Projects will be located;

(ii) Construction
 and engineering plans and contracts to construct the physical facility that will operate
 the BESS;

(iii) Agreements
 that entitle Target to acquire the batteries and major system components necessary to operate
 each BESS Development Project (the " <u>Supply Agreements</u> ");

(iv) All
 permits and environmental studies, if any, necessary to obtain governmental approval and
 construct and operate each BESS Development Project; and

(v) All
 other contracts related to the development and operation of each BESS Development Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Each Solar Development Project shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Documents
 that substantiate Target's rights to own, lease or otherwise acquire the right to use
 the real property where the Solar Development Projects will be located;

(ii) Construction
 and engineering plans and contracts to construct the physical facility that will operate
 the Solar;

(iii) Agreements
 that entitle Target to acquire the solar development projects to operate each Solar Development
 Project (the " <u>Solar Agreements</u> ");

(iv) All
 permits and environmental studies, if any, necessary to obtain governmental approval and
 construct and operate each Solar Development Project; and

(v) All
 other contracts related to the development and operation of each Solar Development Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Future BESS Development Projects. On the Closing Date, BLD will enter into an agreement with BTTC whereby BLD will agree to refer to BTTC any future projects involving BESS that BLD is presented with an opportunity to work on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Capital Infusion into BTTC</u>. No later than the Closing Date, BTTC shall have received a commitment for a capital investment or other financing transaction of not less than $50,000,000 (the "<u>Capital Infusion</u>"). The transaction to obtain the Capital Infusion may involve the Company's sale and issuance of its equity, debt, lease or combination thereof on terms and conditions mutually agreeable by the Parties. The Capital Infusion shall be used for the business operations of BTTC, including, but not limited to, the pursuit, execution, and/or implementation of the Development Projects, as well as the ongoing technology innovations, identification, pursuit, and/or acquisition of emerging technologies and/or companies owning or operating such technologies involving BESS, Solar, EMS, EV charging storage, micro grids, and/or other such "clean technologies" that make up BTTC's Technology Solutions and Acquisition Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Project Management Services</u>. At or prior to the Closing, the Company shall enter into a Project Management Services Agreement (the "<u>PMSA</u>") with a Special Purpose Vehicle ("SPV") established by Cole W. Johnson. Pursuant to the terms of the PMSA, the SPV shall be obligated to oversee all aspects of the development and operation of the BESS Development Projects on such terms and conditions as the Parties mutually agree to. The PMSA shall provide that the Company shall pay the SPV the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *BESS Development Projects*. The SPV an aggregate amount equal to $0.035 per Watt (W) for each BESS Development Project payable as follows: (i) $0.005 per W shall be paid in cash upon the Company's listing of its Common Stock on the NASDAQ stock market and the closing of a financing transaction of a BESS Development Project ("Project Financing"); and (ii) $0.03 per W shall be paid in cash upon attainment of Ready to Build ("RTB") status per each BESS Development Project with the closing of Project Financing related to such project to enable the Company to commence construction of said BESS Development Project (collectively (i) and (ii), the ("<u>BESS Development Fees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Solar Development Projects*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *COBRA*.
 The SPV $0.01 per W in cash upon attainment of RTB status per each development project, paid
 within ten (10) days of Company being paid, to enable the Company to commence construction
 of said COBRA Development Project (" <u>COBRA Development Fees</u> "); and

(ii) *Other Development Projects*. The SPV, within ten (10) days of Company being paid, the higher
 of either (a) 50% of the gross margin or (b) $0.02 per W in cash upon attainment of RTB status
 or project acceptance per each development project (" <u>Other Development Fees</u> ");
 and

(iii) *Solar Development Projects*. The SPV, if the Solar Development Projects are developed by the
 Company, an aggregate amount equal to $0.035 per Watt (W) for each Solar Development Project
 payable as follows: (i) $0.005 per W shall be paid in cash upon the Company's listing
 of its Common Stock on the NASDAQ stock market and the closing of a financing transaction
 of a BESS Development Project ("Project Financing"); and (ii) $0.03 per W shall
 be paid in cash upon attainment of Ready to Build ("RTB") status per each Solar
 Development Project with the closing of Project Financing related to such project to enable
 the Company to commence construction of said Solar Development Project (collectively (i)
 and (ii), the (" <u>Solar Development Fees</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment of the BESS Development Fees, COBRA Development Fees, Other Development Fees, and Solar Development Fees (collectively, "<u>Project Development Fees</u>") will further be contingent upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 successful achievement of RTB status, as such term will be defined in the PMSA, and shall
 be made in accordance with the terms specified in the PMSA. Both Parties expressly acknowledge
 and agree to the commercial nature of this fee arrangement, which shall be payable within
 [10] days of achieving the milestones set forth above; and

(ii) Cole
 W. Johnson remains (i) an employee or consultant to the SPV; and/or (ii) head of the BESS
 and Solar Division (as defined below) during the period of time in which the Project Development
 Fees are payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Post Business Combination Structure and Appointment of Members of Board of Directors and Officers</u>. Upon consummation of the Business Combination, the Company shall consist of two (2) divisions or operational units: (1) a division that will pursue, execute, and/or implement the Development Projects (the "<u>BESS and Solar Division</u>"); and (2) a division that will pursue the technology solutions and acquisition business (the "<u>Technology Solutions and Acquisition Division</u>"). The BESS and Solar Division generally will be managed and operated by the current BLD management team, but with meaningful participation by at least one member of the current BTTC management team. The Technology Solutions and Acquisition Division generally will be managed and operated by the current BTTC management team, but with meaningful participation by at least one member of the current BLD management team. The "C- level" officer positions in the combined company resulting from the Business Combination generally will be shared by members of the current respective BTTC and BLD management teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Board Seats</u>*: At the time of Closing, BLD shall have the right to designate two out of the five members of the Company's board of directors (the "<u>Board</u>") (the "<u>BLD Nominees</u>") and BTTC shall have the right to designate two out of the five members of the Board (the "<u>BTTC Nominees</u>"). The BLD Nominees and the BTTC Nominees shall collectively select a fifth designee to the Board who must be "independent" (as defined in federal securities laws and the Nasdaq Listing Rules) at such time as required either by the OTC Markets or Nasdaq). BTTC shall support the BLD Nominees in their election to the Board and BLD shall support the BTTC Nominees in their election to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Board Meetings</u>*: The Parties shall cooperate in scheduling regular meetings of the Board meetings and ensuring that BLD's Nominees to the Board are actively involved in strategic decisions and corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Employment Arrangements</u>*: BLD's executive management team and key employees shall transition to become employees of the BESS and Solar Division of BTTC upon the Closing. Cole Johnson as the President of the BESS and Solar Division shall have sole authority to determine which employees shall transition, salaries, and effectuate an incentive plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Chairman of the Board Role</u>*: Benjamin Tran shall assume the position of Executive Chairman of the Company's Board and interim Chief Executive Officer (CEO) and shall take the lead in all technology development as well as merger and acquisition (M&A) activities, and capital market activities including capital raise, aimed at expanding the company's market presence and global influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>President Role</u>:* Cole Johnson shall be appointed as the President of the Company, with responsibilities for the project management and operations of the BESS and Solar Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Future CEO Role</u>*: If necessary, the Board shall appoint a new Chief Executive Officer (CEO) of the Company within twelve (12) months of the Closing, with responsibilities for the overall management and operations of the Company, and shall replace Benjamin Tran in his interim CEO role, provided that the Parties acknowledge and agree that it is not required that Benjamin Tran shall resign from the CEO position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Executive Stock Option Compensation Package</u>*: Company shall grant Benjamin Tran the option to purchase 20,000,000 shares of stock to be vested equally over 5 years at an exercise price of $0.50 in year 1, $0.75 in year 2, $1.00 in year 3, $1.25 in year 4, and $1.5 in year 5, with the option to expire in 10 years. Company shall grant Cole Johnson the option to purchase 68,000,000 shares of stock to be vested equally over 5 years at an exercise price of $0.50 in year 1, $0.75 in year 2, $1.00 in year 3, $1.25 in year 4, and $1.5 in year 5, with the option to expire in 10 years.

If an information statement provided for by Rule 14f-1 promulgated under the Exchange Act of the 1934, as amended (the "14f-1 Information Statement") is required to be filed with the U.S. Securities and Exchange Commission (the "SEC") in connection with the consummation of the transactions contemplated by the Business Combination, BTTC shall file the 14f-1 Information Statement with the SEC and mail it to each of BTTC's shareholders. Target shall be responsible for the reasonable costs, expenses and legal fees associated with the preparation, filing and mailing of the 14f-1 Information Statement, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Due Diligence</u>. Each of the Parties hereby covenants and agrees with the other Party that during the period commencing on the Effective Date and for a period of 45 days thereafter (the "<u>Due Diligence Period</u>"), each Party shall use commercially reasonable efforts to promptly provide the other Party or its respective advisors and counsel with any information in its possession or control relating to it and its subsidiaries, subject to confidentiality obligations, attorney client privilege and applicable laws, so that the other Party may complete its due diligence investigations in connection with the Business Combination, including the BESS Development Projects (the "<u>Due Diligence Materials</u>"). The Due Diligence Materials to be provided by BLD shall include, but not be limited to all documents, records, and data pertinent to the Development Projects and related agreements, any of the documents, information, or materials provided to or by KeyBanc Capital Markets ("KeyBanc") in connection with the preparation of any estimates or valuations of the Development Projects and access to KeyBanc representatives relating thereto, the books and records of BLD, material contracts related to the Development Projects; real and personal properties; pending, threatened and contemplated legal proceedings; employees; assets and liabilities, including contingencies and commitments; and other information reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Definitive Agreement</u>. The Parties shall use commercially reasonable efforts to enter into a definitive agreement pursuant to which the Business Combination would be consummated (the "<u>Definitive Agreement</u>") within 30 days after completion of the Due Diligence Period (the "<u>Exclusivity Period</u>"). The Parties agree that the Definitive Agreement shall (i) be consistent with the terms and conditions in this Letter of Agreement, including the subject matter of the representations and warranties and covenants contained herein, and (ii) consist of terms and conditions that are consistent with the terms and conditions in similar publicly disclosed transactions in this industry of like purchase price, size of operations, structure and nature, in each case with customary scope and limitations, including with respect to indemnification and closing obligations. The Definitive Agreement shall provide for a closing no later 30 days after the execution of the Definitive Agreement, subject to the completion of all conditions to close as provided for in the Definitive Agreement (the "<u>Closing</u>" with the date of Closing, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties</u>. The Definitive Agreement to be executed by the Parties and Member shall contain customary and usual representations and warranties, and the principal executive officer of each of the Parties, on behalf of the Parties and not in their personal capacities, shall certify these representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Further Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BTTC shall cause each of its officers and directors to do all such further acts as shall be required to permit BTTC to file any required documents (including 10-Ks, 10-Qs, 8-Ks, federal and state tax returns, or otherwise) to be filed at or following the Closing which reflect the business and operations of Target prior to the Closing Date and through the year ending December 31, 2023, and shall execute and deliver all certifications, if any, required to be filed by BTTC with respect to financial statements of Target reflecting in whole or in part the business and operations of Target prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Closing Date, BTTC shall enter into the PMSA which shall provide for the other terms stated in this Letter of Agreement, among other things, that BLD'S Chief Executive Officer will (i) agree to operate the Development Projects with a title as President of BTTC and will agree manage a selected number of core employees from BLD to be transferred to BTTC and its new employees, and (ii) indemnify and defend BTTC as a result of any liabilities related to the operation of the BESS and Solar Division or breach of the SPV's obligations under the PMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Conditions Precedent</u>. In addition to the foregoing terms, the Definitive Agreement will contain the following conditions precedent to Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 documents to be entered into in connection with the Business Combination shall be mutually
 acceptable in form and substance to the Parties, acting reasonably, and shall be consistent
 with the terms in this Letter of Agreement (such documents, including the Definitive Agreement
 and the PMSA, collectively the " <u>Transaction Documents</u> ");

(ii) all
 governmental, regulatory, third person and other approvals, consents, waivers, orders, exemptions,
 agreements and all amendments and modifications to agreements, indentures and arrangements
 which the Parties shall consider necessary in order to enter into the Definitive Agreement
 and not otherwise specifically described in this Letter of Agreement shall have been obtained
 in form satisfactory to the Parties, acting reasonably;

(iii) As
 of the Closing Date Target shall have no liens of encumbrances on BESS Development Projects;

(iv) Target
 shall have completed the audit of its financial statements for the periods required pursuant
 to Items 9.01(a) and (b) of Form 8-K (the "Target <u>Audit</u> "), which shall
 be performed by an accounting firm that is registered with the Public Company Accounting
 Oversight Board (PCAOB) at the election and expense of the Company;

(v) If
 the Closing occurs after April 14, 2024, Target shall have completed and provided to the
 Company, Target's unaudited financial statements for the period ended March 31, 2023
 as provided for in Items 9.01(a) and (b) of Form 8-K, which fairly present the financial
 condition of Target as of their respective dates and for the periods involved, and such statements
 shall be prepared in accordance with generally accepted accounting principles consistently
 applied for the periods provided for in Items 9.01(a) and (b) of Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Board of Directors of BTTC shall have approved the Definitive Agreement in accordance with
 its obligations under the Delaware General Corporation Law;

(vii) At
 the Closing Date, BTTC shall be current on all of its filings with the OTC Markets Group,
 Inc. OTCQB tier (the " <u>OTC Markets</u> "), including, but not limited to the
 filing of an Annual Report for the period ended December 31, 2023 and the annual Attorney
 Letter for the period ended December 31, 2023, none of which filings shall contain a material
 misstatement or omission, and be compliant in all material respects with the OTC Markets
 rules and regulations;

(viii) At
 the Closing Date, all reports, schedules, forms, statements, and other documents required
 to be filed by BTTC under the Securities Act and the Exchange Act, including pursuant to
 Section 13(a) or 15(d) thereof, for the two (2) years preceding the Closing Date (the foregoing
 materials, including the exhibits thereto and documents incorporated by reference therein,
 being collectively referred to herein as the "SEC Reports") shall have been filed
 on a timely basis or BTTC shall have received a valid extension of such time of filing and
 has filed any such SEC Reports prior to the expiration of any such extension;

(ix) The
 Parties shall have performed, in all material respects, all of their obligations under the
 Definitive Agreement. All of the statements, representations, and warranties contained in
 the Definitive Agreement shall be complete and true in all material respects;

(x) No
 material adverse changes shall have occurred in the business, properties, and assets of Target
 including the Development Projects;

(xi) Target
 and BTTC shall have filed all required franchise tax reports and federal income tax returns
 for the period ended December 31, 2023;

(xii) The
 Common Stock shall be a participant in the Depository Trust Company ("DTC") Fast
 Automated Securities Transfer Program DTC eligible;

(xiii) The
 Common Stock shall be quoted on the OTCQB tier of the OTC Markets and there shall have been
 no notice of delisting or threat thereof with respect to the BTTC Common Stock. BTTC shall
 have paid all applicable OTC Market fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) BLD
 shall have entered into one or more Supply Agreements that provide for the supply of batteries
 with a total capacity of at least 250 megawatts (MW) and 1000 megawatt-hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>NASDAQ Uplisting</u>. Following the Closing, BTTC commits to take all commercially reasonable steps necessary to uplist the Company to the NASDAQ stock exchange to enhance the Company's visibility and access to a broader investor base (the "<u>Nasdaq Uplisting</u>"). This effort shall be pursued promptly and diligently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Restricted Shares</u>. It is understood that the Common Stock to be issued to the owner or owners of Target in the Business Combination shall be issued under the exemption from registration provided for under Section 4(a)(2) of the Securities Act. The owner or owners of Target are each an "accredited investor" as defined in Rule 501(a) under the Securities Act. Consequently, such shares will be "restricted securities" as such term is defined under Rule 144 of the Securities Act and appropriate legends shall be placed upon certificates and stop transfers shall be placed in the stock records of BTTC. In addition, the owner or owners of Target will be required to confirm their respective intentions to acquire the shares of Common Stock for investment and not with a view for resale or distribution other than in compliance with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>No Shop</u>. During the Exclusivity Period, unless BTTC provides notice of its cancellation of this Letter of Agreement as provided for in Section 12(c), neither BLD, Target, nor Member will, directly or indirectly, through any representative or otherwise (a) engage in any third-party negotiations for any Extraordinary Transaction (as defined below); (b) enter into any agreement or understanding with any person other than each other with respect to any Extraordinary Transaction; (c) participate or engage in any discussions or negotiations with any person other than each other relating to any of the foregoing (whether or not initiated by BLD, Target, Member or any representative); or (d) provide any material non-public information regarding BTTC or any of BTTC's securities to any person other than the Target or the Member in connection with any of the foregoing. If BLD, Target, or Member receives any inquiry or proposal regarding the possibility of an Extraordinary Transaction, or regarding any of the matters described in clauses (b) through (d), immediately above, it shall promptly notify BTTC thereof in writing and shall provide BTTC with such information regarding such inquiry or proposal and the person(s) or entity(ies) making the same as BTTC shall reasonably request. "<u>Extraordinary Transaction</u>" means any investment in, acquisition of, business combination with, or other extraordinary transaction regarding the Member's ownership interest in the Target or the Target or any direct or indirect parent, subsidiary, or division thereof, including, without limitation, any merger, purchase, or sale of securities or purchase or sale of assets outside the ordinary course of business involving the Target or the Member's ownership interest in the Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Termination</u>. This Letter of Agreement will terminate automatically and be of no further force and effect upon the earliest of (a) execution of the Definitive Agreement by the Parties, (b) mutual agreement of the Company, BLD and the Member to terminate this Letter of Agreement, (c) at the election of the Company during the Due Diligence Period for a commercially reasonable reason, or (d) 5:00 p.m. (Pacific time) on the last day of the Exclusivity Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Any notice required or permitted to be given under this Letter of Agreement shall be in writing and may be given by delivering, sending by email or other means of electronic communication capable of producing a printed copy, or sending by prepaid registered mail, the notice to the Parties at the following addresses (or at such other addresses as shall be specified by either Party by notice to the other Party):

if to the Company:

---

| | |
|:---|:---|
| 895 Dove Street, Suite 300 | 895 Dove Street, Suite 300 |
| Newport Beach, CA 92660 | Newport Beach, CA 92660 |
| Attention: | Benjamin Tran |
| Email: | ben@bitech.tech |

---

with a copy, which shall not constitute notice, to:

---

| | |
|:---|:---|
| Anthony, Linder & Cacomanolis, PLLC | Anthony, Linder & Cacomanolis, PLLC |
| 1700 Palm Beach Lakes Blvd., Suite 820 | 1700 Palm Beach Lakes Blvd., Suite 820 |
| West Palm Beach, FL 33401 | West Palm Beach, FL 33401 |
| Attention: | Laura Anthony and Lazarus Rothstein |
| Email: | lanthony@alclaw.com and lrothstein@alclaw.com |

---

if to BLD and Member:

---

| | |
|:---|:---|
| Bridgelink | Bridgelink |
| 777 Main St Ste 3000 | 777 Main St Ste 3000 |
| Fort Worth, TX 76102-5365 | Fort Worth, TX 76102-5365 |
| Attention: | Bridgelink Development LLC |
| Email: | cole.johnson@cwj-bl.com |

---

with a copy, which shall not constitute notice, to:

---

| | |
|:---|:---|
| Kearney, McWilliams & Davis, PLLC | Kearney, McWilliams & Davis, PLLC |
| 55 Waugh #150 | 55 Waugh #150 |
| Houston, TX 77007 | Houston, TX 77007 |
| Attention: | Bridgelink |
| Email: | bnevills@kmd.law \| jwalters@kmd.law \| vpatel@kmd.law |

---

Any notice delivered or sent by email or other means of electronic communication capable of producing a printed copy by 5:00 p.m. Pacific Time on a business day shall be deemed conclusively to have been effectively given on the day the notice was delivered or, if after such time, or if such day is not a business day, on the next following business day. Any notice sent by prepaid registered mail shall be deemed conclusively to have been effectively given on the third business day after posting, but if, at the time of posting or between the time of posting and the third business day thereafter, there is a strike, lockout or other labour disturbance affecting postal service, then the notice shall not be effectively given until actually delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Expenses and Liabilities</u>. Other than as may be set forth in the Definitive Agreement or as specifically set forth herein, each Party agrees to pay their own legal, accounting, and other costs associated with the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18. <u>Binding Effect</u>. The Parties acknowledge that their mutual intent to proceed with the Business Combination is subject to several preconditions. This Letter of Agreement shall constitute a legal obligation between them. Each Party agrees, however, to exercise good faith and use its best efforts to enter into the Definitive Agreements and complete the transaction as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Execution in Counterparts, Electronic Transmission</u>. This Letter of Agreement may be executed in any number of counterparts, each of which shall be deemed an original. The signature of any Party to this Letter of Agreement which is transmitted by any reliable electronic means such as, but not limited to, a photocopy, electronically scanned, PDF or facsimile machine, for purposes hereof, is to be considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an original signature or an original document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Publicity</u>. Prior to the Closing Date, any announcement, or press or news release by Target or its shareholders, employees, officers, directors, or agents with respect to the transactions contemplated hereby shall be reviewed and approved by BTTC and Target prior to its release, subject to any requirements of law. After prior written notice to Target, BTTC shall be allowed to make any announcements relating to this Letter of Agreement or the documents contemplated herein, as may be required pursuant to its public reporting obligations with the OTC Markets and the SEC as may be determined by its legal counsel, and the Parties acknowledge and agree that a Form 8-K will be required to be filed with the SEC with respect to this Letter of Agreement, following the execution hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the transactions contemplated herein, each Party will be providing the Due Diligence Materials to the other as provided for in Section 7. As a condition to the furnishing of such information, all Parties agree, as set forth below, to treat confidentially the Due Diligence Materials and any other information furnished, whether furnished before or after the date of this Letter of Agreement, and all analyses, compilations, studies and other material (collectively, the "<u>Evaluation Material</u>"). Notwithstanding the foregoing, Evaluation Material shall not include material that was publicly available prior to disclosure to the other Party, material that becomes generally available after the date hereof not as a result of a breach of this agreement by the other Party hereto, or material that was independently developed by the other Party hereto without reference to the Evaluation Material. Each Party agrees that it will not use the Evaluation Material in any way detrimental to the others, and that such information will be kept confidential by such Party, its agents and representatives; provided, however, that any of such information may be disclosed to directors, officers, employees and representatives, and to individuals acting in similar capacities who need to know such information for the purpose of evaluating a possible transaction (it being understood that such directors, officers, employees, representatives and agents shall be informed of the confidential nature of such information and shall be directed to treat such information confidentially). Without the prior written consent of the others, no one will disclose to any person the fact that discussions or negotiations are taking place concerning a possible transaction or the status thereof, except as pursuant to Section 20 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) BLD and the Member (the "BLD Parties") acknowledge and agree that BTTC is a public company, currently trading on the OTC Markets. Each of the BLD Parties agrees that, for as long as any information, including Evaluation Material of BTTC, continues to meet the definition of Material Non-Public Information (as defined below) as set forth herein (the "<u>Standstill Period</u>"), each of the BLD Parties shall not, and each of the BLD Parties shall ensure that none of its affiliates or representatives shall: (i) buy or sell any securities or derivative securities of or related to BTTC, or any interest therein; (ii) undertake any actions or activities that would reasonably be expected to result in a violation of the Securities Act of 1933, as amended, or the rules and regulations thereunder, or of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, without limitation, Section 10(b) thereunder, or the rules and regulations thereunder, including, without limitation, Rule 10b-5 promulgated thereunder; (iii) effect, seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist any other corporation, partnership, group, individual or other entity (each, a "Person") to effect, seek, offer or propose (whether publicly or otherwise) to effect or participate in (1) any acquisition of any securities (or beneficial ownership thereof) or all or substantially all of the assets of BTTC or any of its subsidiaries, (2) any tender or exchange offer, merger or other business combination involving BTTC or any of its subsidiaries, (3) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to BTTC or any of its subsidiaries, or (4) any "solicitation" of "proxies" (as such terms are used in the proxy rules of the Securities and Exchange Commission) or consents to vote any voting securities of BTTC; (iv) form, join or in any way participate in a "group" (as defined under the Exchange Act) with respect to the securities of BTTC; (v) make any public announcement with respect to, or submit an unsolicited proposal for or offer of (with or without condition), any extraordinary transaction involving BTTC or its securities or assets; (vi) otherwise act, alone or in concert with others, to seek to control or influence the management, Board of Directors or policies of BTTC; (vii) take any action which might force BTTC to make a public announcement regarding any of the types of matters set forth in clause (iii) of this Section 21(b); or (viii) enter into any discussions or arrangements with any third party with respect to any of the foregoing. Each of the BLD Parties also agrees during the Standstill Period not to request BTTC (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this Section 21(b) (including this sentence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement "<u>Material Non-Public Information</u>" shall mean any information obtained by any BLD Party, whether otherwise constituting Evaluation Material or not, with respect to which there is a substantial likelihood that a reasonable investor would consider such information important or valuable in making any of his, her or its investment decisions or recommendations to others with respect to BTTC or any of its equity securities or debt, or any derivatives thereof, or information that is reasonably certain to have an effect on the price, value or trading price of BTTC's equity securities or debt, or any derivatives thereof, whether positive or negative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Brokers Fees and Expenses</u>. The Parties shall indemnify each other against all claims for brokerage commissions in connection with the transactions contemplated hereby and will hold the other Party harmless from any loss resulting from any claim or claims for brokerage commissions claimed through the other Party. Unless otherwise set forth in the Definitive Agreement, each Party shall be responsible for its own commissions to brokers, and professional fees, including, but not limited to, attorneys and accountants fees, which are incurred in connection with the execution of this Letter of Agreement, the Business Combination or the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Governing Law</u>. This Letter of Agreement will be deemed to be made in and in all respects will be interpreted, construed and governed by and in accordance with the law of the State of Delaware, without regard to the conflict of law principles thereof and the Parties hereto irrevocably submit to the exclusive jurisdiction of the United States District Court, Orange County, California, or, if jurisdiction in such court is lacking, the state court in Orange County, California, in respect of any dispute or matter arising out of or connected with this Letter of Agreement. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>No Assignment; Waiver; Etc</u>. No Party may assign this Letter of Agreement without the prior written consent of the other Parties. The provisions of this Letter of Agreement shall be severable in the event that any of the provisions hereof are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. No waiver, alteration or cancellation of any of the provisions of this Letter of Agreement shall be binding unless made in writing and signed by the Party or Parties to be bound. This Letter of Agreement is the entire agreement between the Parties concerning the subject matter herein and supersedes all prior oral and written agreements between them regarding same. No waiver by a Party of a breach of a term contained in this Letter of Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of such breach of any term of this Letter of Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Specific Performance</u>. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Letter of Agreement were not performed by them in accordance with the terms hereof or were otherwise breached and that each Party hereto shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of the provisions hereof and to enforce specifically the terms and provisions hereof, without the proof of actual damages, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that (a) any other Party has an adequate remedy at law, or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Attorneys' Fees</u>. If any Party hereto is required to engage in litigation against any other Party, either as plaintiff or as defendant, in order to enforce or defend any rights under this Letter of Agreement, and such litigation results in a final judgment in favor of such Party ("Prevailing Party"), then the party or parties against whom said final judgment is obtained shall reimburse the Prevailing Party for all direct, indirect or incidental expenses incurred, including, but not limited to, all attorneys' fees, court costs and other expenses incurred throughout all dispute resolution mechanisms, trials, or appeals undertaken in order to enforce the Prevailing Party's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Dispute Resolution</u>. In any dispute over or in any way related to the provisions of this Letter of Agreement and in all other disputes among the Parties hereto (the "Disputing Parties") (including issues of enforceability, termination, and arbitrability), the dispute shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Be promptly negotiated in good faith between the Disputing Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that negotiation fails or upon the expiration of thirty (30) days) of the event(s) giving rise to the dispute, whichever is sooner, the dispute shall then be submitted to non-binding mediation. The Disputing Party shall apply to the American Arbitration Association for a mediator, with the mediation to take place via remote teleconference means unless otherwise agreed between the Parties..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event mediation fails to resolve all of the issues between or among the Disputing Parties, or if mediation is not held within sixty (60) days of the event(s) giving rise to the dispute, then the matter or any remaining matters shall be submitted to final, three (3) arbitrator, non-appealable, binding arbitration. The arbitration shall be held by the American Arbitration Association (AAA) in accordance with the Commercial Arbitration Rules of the American Arbitration Association (AAA). The arbitration will be conducted in English. Each Party shall choose one (1) arbitrator to serve on the arbitration tribunal, with those two (2) arbitrators choosing the third arbitrator to serve on the arbitration tribunal. Arbitration shall be held via remote teleconference means unless otherwise agreed between the Parties. The arbitrators may issue any preliminary, injunctive, and/or equitable relief. Nothing in this Section 27 will serve to restrict the ability to apply for emergency relief. Any Party may, after failure of the negotiation and mediation procedures above, commence arbitration of the dispute by sending a written request for arbitration to all other Disputing Parties. The request shall state the nature of the dispute to be resolved by arbitration, and arbitration shall be commenced as soon as practical after such Parties receive a copy of the written request. The Parties may not bring suit regarding any disputes, controversies, or claims subject to this Section 27 of this Letter of Agreement in any venue other than an arbitration pursuant to this Section of the Agreement, except in order to enforce this Section 27 or enforce an arbitral award made pursuant to this Section 27. In the event that a Party attempts to bring an action in violation of this Section 27, the Parties agree that the other Party will be entitled to the arbitrators or judge entering an injunction to enjoin such unauthorized action. All Parties shall initially share the cost of arbitration, but the prevailing Party or Parties shall be awarded attorney fees, costs, and other expenses of arbitration. All arbitration decisions shall be final, binding, and conclusive on all the Parties to arbitration, and legal judgment may be entered based upon such decision in accordance with applicable law in any court having jurisdiction to do so. The Parties agree that the arbitral award shall be recognized by any applicable courts pursuant to all applicable statutes, conventions, and treaties. This arbitration clause shall survive any termination of this Letter of Agreement, any merger or integration clause, and shall continue to inure to the benefit of both Parties hereto, for all purposes. All Parties shall initially share the cost of arbitration, but the prevailing Party or Parties shall be awarded attorney's fees, costs, and other expenses to any related arbitration or judicial proceedings.

**[Signatures appear on the following page.]**

We look forward to working with you to complete the Business Combinations successfully and expeditiously. If the foregoing correctly sets forth your understanding, please evidence your agreement to this Letter of Agreement by executing it in the space set forth below.

---

| | |
|:---|:---|
| **Bitech Technologies Corporation** | **Bitech Technologies Corporation** |
| By: | ![](ex10-21_001.jpg) |
|  | Benjamin B. Tran, Chief Executive Officer |
| **Bridgelink Development, LLC** | **Bridgelink Development, LLC** |
| By: | ![](ex10-21_002.jpg) |
|  | Cole W. Johnson, Chief Executive Officer |
| **Member:** | **Member:** |
| **C & C Johnson Holdings LLC** | **C & C Johnson Holdings LLC** |
| By: | ![](ex10-21_003.jpg) |
|  | Cole W. Johnson, Manager |

---

**EXHIBIT A**

**BESS DEVELOPMENT PROJECTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ISO** | **State** | **Zone** | **BESS**<br> **(Mwac)** | **BESS**<br> **(MWhr)** |
| Redbird BESS | TX | ERCOT-Houston | 100 | 400 |
| Wildfire BESS | TX | ERCOT-South | 100 | 400 |
| Friendship | TX | ERCOT/West | 60 | 240 |
| Lady Bird | TX | ERCOT/West | 60 | 240 |
| Longhorn | TX | ERCOT/West | 60 | 240 |
| Pecan | TX | ERCOT/West | 60 | 240 |
| Prickly Pear | TX | ERCOT/West | 60 | 240 |
| Yellow Rose | TX | ERCOT/West | 60 | 240 |
| Bright Light | TX | ERCOT/West | 60 | 240 |
| TPLT 1-10 BESS | TX | ERCOT/West | 100 | 400 |
| WR Ranch TX BESS 1 | TX | ERCOT/North | 120 | 480 |
| **BESS** |  |  | **840** | **3360** |
| **WECC** |  |  |  |  |
| TPL EPE | TX | WECC | 25 | 100 |
| X-One Solar Ranch 1 | AZ | WECC | 100 | 400 |
| Dudden Ranch 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 2 | AZ | WECC | 100 | 400 |
| **TOTAL** |  |  | **425** | **1700** |
| **PJM** |  |  |  |  |
| BL PJM BESS 1 | VA | PJM | 50 | 200 |
| BL PJM BESS 2 | PA | PJM | 50 | 200 |
| **TOTAL** |  |  | **100** | **400** |
| **MISO** |  |  |  |  |
| Gibbs Ranch BESS 1 | LA | MISO | 120 | 480 |
| Gibbs Ranch BESS 2 | LA | MISO | 120 | 480 |
| TG BESS 1 | LA | MISO | 120 | 480 |
| TG BESS 2 | LA | MISO | 120 | 480 |
| Neighbors BESS 1 | LA | MISO | 120 | 480 |
| **TOTAL** |  |  | **600** | **2400** |
| **TOTAL Mwac** |  |  | **1965** | **7860** |

---

**EXHIBIT B**

**SOLAR DEVELOPMENT PROJECTS**

---

| | | | |
|:---|:---|:---|:---|
| **ISO** | **State** | **Zone** | **Solar (MWac)** |
| **ERCOT** |  |  |  |
| Redbird Solar | TX | ERCOT-Houston | 100 |
| Wildfire Solar | TX | ERCOT-South | 100 |
| Friendship | TX | ERCOT/West | 120 |
| Lady Bird | TX | ERCOT/West | 120 |
| Longhorn | TX | ERCOT/West | 120 |
| Pecan | TX | ERCOT/West | 120 |
| Prickly Pear | TX | ERCOT/West | 120 |
| Yellow Rose | TX | ERCOT/West | 120 |
| Bright Light | TX | ERCOT/West | 120 |
| **TOTAL** |  |  | **1040** |
| **WECC** |  |  |  |
| TPL EPE | TX | WECC | 50 |
| X-One Solar Ranch 1 | AZ | WECC | 250 |
| X-One Solar Ranch 2 | AZ | WECC | 250 |
| X-One Solar Ranch 3 | AZ | WECC-PURPA | 75 |
| X-One Solar Ranch 4 | AZ | WECC-PURPA | 75 |
| Dudden Ranch 1 | AZ | WECC | 325 |
| Dudden Ranch 2 | AZ | WECC-PURPA | 75 |
| Aldahra Farm 1 | AZ | WECC | 250 |
| Aldahra Farm 2 | AZ | WECC | 250 |
| **TOTAL** |  |  | **1600** |
| **PJM** |  |  |  |
| BL PJM Solar 1 | VA | PJM | 100 |
| BL PJM Solar 2 | PA | PJM | 150 |
| **TOTAL** |  |  | **250** |
| **MISO** |  |  |  |
| Gibbs Ranch Solar 1 | LA | MISO | 250 |
| Gibbs Ranch Solar 2 | LA | MISO | 250 |
| Gibbs Ranch Solar 3 | LA | MISO | 225 |
| Gibbs Ranch Solar 4 | LA | MISO | 225 |
| **TOTAL** |  |  | **950** |
| **TOTAL Mwac** |  |  | **3840** |

---

## Exhibit 10.22

**Exhibit 10.22**

------

**Membership Interest Purchase Agreement**

**by and among**

**Bitech Technologies Corporation, Emergen Energy LLC, Bridgelink Development, LLC, C & C Johnson Holdings, LLC, and**

**Cole W. Johnson**

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| Article I. Definitions and Interpretations | Article I. Definitions and Interpretations | 1 |
| Section 1.01 | Definitions. | 1 |
| Section 1.02 | Interpretive Provisions. | 8 |
| Article II. The Transactions | Article II. The Transactions | 9 |
| Section 2.01 | Reorganization. | 9 |
| Section 2.02 | Additional Agreements and Actions Prior to and at the Closing. | 10 |
| Section 2.03 | The Exchange. | 11 |
| Section 2.04 | Closing. | 11 |
| Section 2.05 | Bridgelink Parties Deliverables at the Closing. | 11 |
| Section 2.06 | Bitech Deliverables at the Closing. | 12 |
| Section 2.07 | Additional Documents. | 12 |
| Section 2.08 | Conveyance Taxes. | 12 |
| Section 2.09 | Transaction Document. | 13 |
| Article III. Representations and Warranties of the Bridgelink Parties | Article III. Representations and Warranties of the Bridgelink Parties | 13 |
| Section 3.01 | Existence and Power. | 13 |
| Section 3.02 | Due Authorization. | 14 |
| Section 3.03 | Valid Obligation | 14 |
| Section 3.04 | No Conflict With Other Instruments | 14 |
| Section 3.05 | Governmental Authorization. | 15 |
| Section 3.06 | Authorized Capital. | 15 |
| Section 3.07 | Validity of Interests. | 15 |
| Section 3.08 | Title to and Issuance of the Membership Interests. | 15 |
| Section 3.09 | Charter Documents. | 15 |
| Section 3.10 | Corporate Records. | 16 |
| Section 3.11 | Assumed Names. | 16 |
| Section 3.12 | Subsidiaries. | 16 |
| Section 3.13 | Investment Representations | 16 |
| Section 3.14 | Liabilities. | 18 |
| Section 3.15 | Litigation and Proceedings | 18 |
| Section 3.16 | Contracts. | 18 |
| Section 3.17 | Licenses and Permits. | 21 |
| Section 3.18 | Financial Statements. | 21 |
| Section 3.19 | Accounts Receivable and Payable; Loans. | 22 |
| Section 3.20 | Pre-payments. | 22 |
| Section 3.21 | Employees. | 22 |
| Section 3.22 | Withholding. | 22 |
| Section 3.23 | Real Property. | 22 |
| Section 3.24 | Environmental Laws. | 23 |
| Section 3.25 | Compliance with Laws. | 24 |
| Section 3.26 | General Compliance. | 24 |
| Section 3.27 | Contracts. | 24 |
| Section 3.28 | Bank Accounts; Power of Attorney. | 25 |
| Section 3.29 | Intellectual Property. | 25 |
| Section 3.30 | Condition and Sufficiency of Assets. | 26 |
| Section 3.31 | Properties; Title to Emergen's Assets. | 26 |
| Section 3.32 | Accounts Receivable | 27 |
| Section 3.33 | Certain Business Practices. | 27 |
| Section 3.34 | Tax Matters. | 27 |
| Section 3.35 | Insurance. | 29 |
| Section 3.36 | Controls. | 29 |
| Section 3.37 | Transactions with Affiliates. | 29 |
| Section 3.38 | Foreign Corrupt Practices. | 29 |

---

i

---

| | | |
|:---|:---|:---|
| Section 3.39 | Money Laundering Laws. | 29 |
| Section 3.40 | Illegal or Unauthorized Payments; Political Contributions. | 30 |
| Section 3.41 | No Disqualification Events. | 30 |
| Section 3.42 | Approval of Agreement | 30 |
| Section 3.43 | Disclosure. | 30 |
| Section 3.44 | No Brokers. | 30 |
| Article IV. Representations and Warranties of Bitech | Article IV. Representations and Warranties of Bitech | 31 |
| Section 4.01 | Corporate Existence and Power | 31 |
| Section 4.02 | Due Authorization. | 31 |
| Section 4.03 | Valid Obligation | 31 |
| Section 4.04 | No Conflict With Other Instruments | 31 |
| Section 4.05 | Governmental Authorization. | 31 |
| Section 4.06 | Authorized Shares and Capital | 31 |
| Section 4.07 | Validity of Shares. | 31 |
| Section 4.08 | Approval of Agreement | 31 |
| Section 4.09 | No Brokers. | 31 |
| Article V. Conditions to the Closing | Article V. Conditions to the Closing | 32 |
| Section 5.01 | Conditions to the Obligations of all of the Parties. | 32 |
| Section 5.02 | Conditions to the Obligations of Bitech. | 32 |
| Section 5.03 | Condition to the Obligations of the Bridgelink Parties | 33 |
| Article VI. Additional Covenants of the Parties | Article VI. Additional Covenants of the Parties | 33 |
| Section 6.01 | Required Financial Statements. | 33 |
| Section 6.02 | Due Diligence Period. | 34 |
| Section 6.03 | Confidentiality. | 34 |
| Section 6.04 | Delivery of Books and Records. | 35 |
| Section 6.05 | Third Party Consents and Certificates. | 35 |
| Section 6.06 | Notices of Certain Events. | 35 |
| Section 6.07 | Ordinary Course of Business. | 36 |
| Section 6.08 | Nasdaq Uplisting. | 36 |
| Section 6.09 | Reliance | 36 |
| Article VII. Termination; Survival | Article VII. Termination; Survival | 36 |
| Section 7.01 | Termination | 36 |
| Section 7.02 | Specific Enforcement. | 37 |
| Section 7.03 | Survival After Termination. | 37 |

---

ii

---

| | | |
|:---|:---|:---|
| Article VIII. Indemnification | Article VIII. Indemnification | 37.0 |
| Section 8.01 | Indemnification of Bitech. | 37.0 |
| Section 8.02 | Indemnification of the Bridgelink Parties. | 38.0 |
| Section 8.03 | Procedure. | 38.0 |
| Section 8.04 | Periodic Payments. | 39.0 |
| Section 8.05 | Insurance. | 40.0 |
| Section 8.06 | Time Limit. | 40.0 |
| Section 8.07 | Certain Limitations. | 40.0 |
| Section 8.08 | Effect of Investigation. | 40.0 |
| Section 8.09 | Exclusive Remedy. | 40.0 |
| Article IX. Miscellaneous | Article IX. Miscellaneous | 41.0 |
| Section 9.01 | Governing Law | 41.0 |
| Section 9.02 | Waiver of Jury Trial. | 41.0 |
| Section 9.03 | Dispute Resolution. | 41.0 |
| Section 9.04 | Limitation on Damages. | 43.0 |
| Section 9.05 | Specific Performance. | 43.0 |
| Section 9.06 | Notices | 43.0 |
| Section 9.07 | Attorneys' Fees | 44.0 |
| Section 9.08 | Third Party Beneficiaries | 44.0 |
| Section 9.09 | Expenses | 44.0 |
| Section 9.10 | Entire Agreement | 45.0 |
| Section 9.11 | Survival | 45.0 |
| Section 9.12 | Amendment; Waiver | 45.0 |
| Section 9.13 | Arm's Length Bargaining; No Presumption Against Drafter. | 45.0 |
| Section 9.14 | Headings. | 45.0 |
| Section 9.15 | No Assignment or Delegation. | 45.0 |
| Section 9.16 | Commercially Reasonable Efforts | 45.0 |
| Section 9.17 | Further Assurances. | 45.0 |
| Section 9.18 | Counterparts | 45.0 |

---

<u>Exhibits and Annexes</u>

---

| | |
|:---|:---|
| Annex 1 | Membership Interest Assignment |
| Exhibit A | BESS Development Projects |
| Exhibit B | Solar Development Projects |
| Exhibit C | Project Management Services Agreement |
| Exhibit D-1 | Benjamin Tran Employment Agreement |
| Exhibit D-2 | Cole Johnson Employment Agreement |
| Exhibit E-1 | Benjamin Tran Option Agreement |
| Exhibit E-2 | Cole Johnson Option Agreement |

---

iii

**Membership Interest Purchase Agreement**

**Dated as of April 14, 2024**

This Membership Interest Purchase Agreement (this "Agreement") is entered into as of the date first set forth above (the "Effective Date") by and between (i) Bitech Technologies Corporation, a Delaware corporation ("Bitech"); (ii) Emergen Energy LLC, a Delaware limited liability company ("Emergen"); (iii) Bridgelink Development, LLC, a Delaware limited liability company ("Bridgelink") as the sole member of Emergen; (iv) C & C Johnson Holdings LLC, a Delaware limited liability company ("C&C"); and (v) Cole W. Johnson, an individual, for the limited purposes as set forth herein ("Mr. Johnson"). Each of Emergen, Bridgelink, C&C, and Mr. Johnson may be referred to collectively herein as the "Bridgelink Parties" and, separately, as a "Bridgelink Party". Each of Bitech and each Bridgelink Party may be referred to herein collectively as the "Parties" and, separately as a "Party".

WHEREAS, at the Closing (as defined below), Bitech agrees to acquire from Bridgelink all of the membership interests of Emergen, which are represented by one hundred (100) Units (as defined below) of equity ownership interest (the "Membership Interests"), and currently held by Bridgelink in exchange for the issuance by Bitech to Bridgelink a certain number of shares of shares of Bitech's common stock, with a par value $0.001 per share (the "Bitech Common Stock"); and

WHEREAS, Emergen will become a wholly owned subsidiary of Bitech;

NOW THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the Parties to be derived herefrom, the receipt and sufficiency of which are hereby acknowledged and agreed, and intending to be legally bound hereby, the Parties hereby agree as follows:

**Article I. Definitions and Interpretations**

Section 1.01 <u>Definitions.</u> The following terms, as used herein, have the following meanings

&nbsp;&nbsp;&nbsp;&nbsp;(a) "AAA"
 has the meaning set forth in Section 9.03(d).

(b) "Action"
 means any legal action, suit, claim, investigation, hearing or proceeding, including any
 audit, claim, or assessment for Taxes or otherwise.

(c) "Affiliate"
 means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
 by, or under common Control with such Person.

(d) "Agreement"
 has the meaning set forth in the introductory paragraph hereto.

(e) "Assignment"
 has the meaning set forth in Section 2.05(a).

(f) "BESS
 Development Projects" has the meaning set forth in Section 2.01(a)(i).

(g) "BESS"
 has the meaning set forth in Section 2.01(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;(h) "Bitech
 Board" means the Board of Directors of Bitech.

(i) "Bitech
 Common Stock" has the meaning set forth in the Recitals above.

(j) "Bitech
 Indemnified Party" has the meaning set forth in Section 8.01.

(k) "Bitech
 Organizational Documents" has the meaning set forth in Section 4.01.

(l) "Bitech
 Stock" has the meaning set forth in the Recitals above.

(m) "Bitech"
 has the meaning set forth in the introductory paragraph hereto.

(n) "Bridgelink
 Indemnified Party" has the meaning set forth in Section 8.02.

(o) "Bridgelink
 Party" and "Bridgelink Parties" have the meanings set forth in the introductory
 paragraph hereto.

(p) "Bridgelink"
 has the meaning set forth in the introductory paragraph hereto.

(q) "Business
 Day" means any day that is not a Saturday, Sunday or other day on which banking institutions
 in Delaware are authorized or required by Law or executive order to close.

(r) "C&C"
 has the meaning set forth in the introductory paragraph hereto.

(s) "Cap"
 has the meaning set forth in Section 8.07(a).

(t) "Closing
 Date" has the meaning set forth in Section 2.04.

(u) "Closing"
 has the meaning set forth in Section 2.04.

(v) "Code"
 means Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated
 thereunder.

(w) "Contract"
 means all contracts, agreements, leases (including equipment leases, car leases and capital
 leases, licenses, commitments, client contracts, statements of work), sales and purchase
 orders and similar instruments, whether oral or written.

(x) "Control"
 of a Person means the possession, directly or indirectly, of the power to direct or cause
 the direction of the management and policies of such Person, whether through the ownership
 of voting securities, by contract, or otherwise, with "Controlled", "Controlling"
 and "under common Control with" having correlative meanings; and provided that,
 without limiting the foregoing a Person (the "Controlled Person") shall be deemed
 Controlled by (a) any other Person (the "10% Owner") (i) owning beneficially,
 as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast ten
 percent (10%) or more of the votes for election of directors or equivalent governing authority
 of the Controlled Person or (ii) entitled to be allocated or receive ten percent (10%) or
 more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director,
 general partner, partner (other than a limited partner), manager, or member (other than a
 member having no management authority that is not a ten percent (10%) Owner) of the Controlled
 Person; or (c) a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew,
 mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled
 Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an
 Affiliate of the Controlled Person is a trustee.

&nbsp;&nbsp;&nbsp;&nbsp;(y) "Derivatives"
 means any options, warrants, convertible securities or other rights, agreements, arrangements
 or commitments of any character relating to the Equity Securities of a Person or obligating
 such Person to issue or sell any of its Equity Securities, including, without limitation
 any simple agreements for future equity or any similar agreements or instruments.

(z) "Development
 Projects" means the Solar Development Projects and the BESS Development Projects.

(aa) "Direct
 Claim" has the meaning set forth in Section 8.03(b).

(bb) "Disclosure
 Schedules" has the meaning set forth in the introductory paragraph to Article III.

(cc) "Disqualification
 Event" has the meaning set forth in Section 3.41.

(dd) "Due
 Diligence Materials" has the meaning set forth in Section 6.02.

(ee) "Effective
 Date" has the meaning set forth in the introductory paragraph hereto.

(ff) "Emergen
 Manager" means the manager of Emergen as set forth in the Operating Agreement.

(gg) "Emergen
 Organizational Documents" has the meaning set forth in Section 3.01(a).

(hh) "Emergen
 Permits" has the meaning set forth in Section 3.17.

(ii) "Emergen"
 has the meaning set forth in the introductory paragraph hereto.

(jj) "Employment
 Agreement" has the meaning set forth in Section 2.02(b)(iii).

(kk) "Enforceability
 Exceptions" means (a) applicable bankruptcy, insolvency, reorganization, moratorium,
 fraudulent conveyance and other similar Laws of general application affecting enforcement
 of creditors' rights generally and (b) general principles of equity.

(ll) "Equity
 Security" means, with respect to any Person, (a) any capital stock or similar security,
 (b) any security convertible into or exchangeable for any security described in clause (a),
 (c) any option, warrant, or other right to purchase or otherwise acquire any security described
 in clauses (a), (b), or (c), and, (d) any "equity security" within the meaning
 of the Exchange Act.

(mm) "Evaluation
 Material" has the meaning set forth in Section 6.03(a).

(nn) "Exchange
 Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations
 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) "Exchange
 Shares" has the meaning set forth in Section 2.03(b).

(pp) "Exchange"
 has the meaning set forth in Section 2.03(c).

(qq) "Financial
 Statements" has the meaning set forth in Section 3.18(a).

(rr) "Governmental
 Authority" means any federal, state, local or foreign government or political subdivision
 thereof, or any agency or instrumentality of such government or political subdivision, or
 any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
 authority (to the extent that the rules, regulations, or orders of such organization or authority
 have the force of Law), or any arbitrator, court, or tribunal of competent jurisdiction.

(ss) "GW"
 has the meaning set forth in Section 2.01(a)(i).

(tt) "Indebtedness"
 means, with respect to any Person, (a) all obligations of such Person for borrowed money,
 or with respect to deposits or advances of any kind (including amounts by reason of overdrafts
 and amounts owed by reason of letter of credit reimbursement agreements) including with respect
 thereto, all interests, fees and costs and prepayment and other penalties; (b) all obligations
 of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations
 of such Person under conditional sale or other title retention agreements relating to property
 purchased by such Person; (d) all obligations of such Person issued or assumed as the deferred
 purchase price of property or services (other than accounts payable to creditors for goods
 and services incurred in the Ordinary Course of Business); (e) all Indebtedness of others
 secured by (or for which the holder of such Indebtedness has an existing right, contingent
 or otherwise, to be secured by) any lien or security interest on property owned or acquired
 by such Person, whether or not the obligations secured thereby have been assumed; (f) all
 obligations of such Person under leases required to be accounted for as capital leases under
 U.S. GAAP (as defined below); (g) all guarantees by such Person; and (h) any agreement to
 incur any of the same.

(uu) "Indemnified
 Party" has the meaning set forth in Section 8.03.

(vv) "Indemnifying
 Party" has the meaning set forth Section 8.03.

(ww) "Intellectual
 Property Registrations" has the meaning set forth in Section 3.29(d).

(xx) "Intellectual
 Property" means all of the following and similar intangible property and related proprietary
 rights, interests, and protections, however arising, pursuant to the Laws of any jurisdiction
 throughout the world: (i) trademarks, service marks, trade names, brand names, logos, trade
 dress, and other proprietary indicia of goods and services, whether registered or unregistered,
 and all registrations and applications for registration of such trademarks, including intent-to-use
 applications, all issuances, extensions, and renewals of such registrations and applications
 and the goodwill connected with the use of and symbolized by any of the foregoing; (ii) internet
 domain names, whether or not trademarks, registered in any top-level domain by any authorized
 private registrar or Governmental Authority; (iii) original works of authorship in any medium
 of expression, whether or not published, all copyrights (whether registered or unregistered),
 all registrations and applications for registration of such copyrights, and all issuances,
 extensions and renewals of such registrations and applications; (iv) confidential information,
 formulas, designs, devices, technology, know-how, research and development, inventions, methods,
 processes, compositions, and other trade secrets, whether or not patentable; and (v) patented
 and patentable designs and inventions, all design, plant and utility patents, letters patent,
 utility models, pending patent applications and provisional applications and all issuances,
 divisions, continuations, continuations-in-part, reissues, extensions, reexaminations, and
 renewals of such patents and applications.

&nbsp;&nbsp;&nbsp;&nbsp;(yy) "Johnson
 Employment Agreement" has the meaning set forth in Section 2.02(b)(iii).

(zz) "Johnson
 Option Agreement" has the meaning set forth in Section 2.02(b)(iv).

(aaa) "KeyBanc"
 has the meaning set forth in Section 6.02.

(bbb) "Knowledge
 of Bridgelink" means the knowledge, after and assuming due inquiry, of Mr. Johnson
 or of any manager, director or executive officer of Emergen or Bridgelink, after and assuming
 due inquiry.

(ccc) "Law"
 means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common
 law, judgment, decree, other requirement, or rule of law of any Governmental Authority.

(ddd) "Lease"
 has the meaning set forth in Section 3.23(e).

(eee) "Liabilities"
 means any liabilities, obligations or responsibilities of any nature whatsoever, whether
 direct or indirect, matured or un-matured, fixed or unfixed, known or unknown, asserted or
 unasserted, choate or inchoate, liquidated or unliquidated, secured or unsecured, absolute,
 contingent or otherwise, including any direct or indirect indebtedness, guaranty, endorsement,
 claim, loss, damage, deficiency, cost, or expense.

(fff) "Lien"
 means, with respect to any property or asset, any lien, security interest, mortgage, pledge,
 charge, claim, lease, agreement, right of first refusal, option, limitation on transfer or
 use or assignment or licensing, restrictive easement, charge or any other restriction of
 any kind, and any conditional sale or voting agreement or proxy, and including any restriction
 on the ownership, use, voting, transfer, possession, receipt of income, or other exercise
 of any attributes of ownership, in respect of such property or asset, and any agreement to
 give any of the foregoing.

(ggg) "Losses"
 and "Loss" means any losses, damages, deficiencies, Liabilities, assessments,
 fines, penalties, judgments, actions, claims, costs, disbursements, fees, expenses or settlements
 of any kind or nature, including legal, accounting and other professional fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "Material
 Adverse Effect", with respect to any Person, means any event, occurrence, fact, condition,
 or change that is, or could reasonably be expected to become, individually or in the aggregate,
 materially adverse to (a) the business, results of operations, condition (financial or otherwise)
 or assets of such Person, or (b) the ability of such Person to consummate the Transactions
 on a timely basis; provided, however, that "Material Adverse Effect" shall not
 include any event, occurrence, fact, condition, or change, directly or indirectly, arising
 out of or attributable to: (i) any changes, conditions or effects in the United States economies
 or securities or financial markets in general; (ii) changes, conditions, or effects that
 generally affect the industries in which such Person operates; (iii) any change, effect ,or
 circumstance resulting from an action required or permitted by this Agreement; or (iv) conditions
 caused by acts of terrorism or war (whether or not declared); provided further, however,
 that any event, occurrence, fact, condition, or change referred to in clauses (i), (ii),
 or (iv) immediately above shall be taken into account in determining whether a Material Adverse
 Effect on a subject Person has occurred to the extent that such event, occurrence, fact,
 condition, or change has a disproportionate effect on such Person compared to other participants
 in the industries in which such Person conducts its business.

(iii) "Material
 Contracts" has the meaning set forth in Section 3.16(a).

(jjj) "Material
 Non-Public Information" has the meaning set forth in Section 6.03(c).

(kkk) "Membership
 Interests" has the meaning set forth in the recitals.

(lll) "Mr.
 Tran" has the meaning set forth in Section 2.02(b)(ii).

(mmm) "Order"
 means any decree, order, judgment, writ, award, injunction, rule, injunction, stay, decree,
 judgment or restraining order or consent of or by a Governmental Authority.

(nnn) "Ordinary
 Course of Business" means, with respect to any Person, the ordinary and usual course
 of normal day-to-day operations of the business of such Person consistent with past custom
 and practice; provided, however, that in no event shall any breach of Law or violation of
 any permits, approvals, licenses, permits, consents, authorizations, qualifications, orders
 and certificates from Governmental Authorities necessary to conduct the business of such
 Person be considered ordinary or usual course of normal day-to-day operations of the business
 of such Person.

(ooo) "OTC
 Markets" has the meaning set forth in Section 5.01(e).

(ppp) "Party"
 and "Parties" have the meanings set forth in the introductory paragraph hereto.

(qqq) "Permits"
 means all permits, licenses, franchises, approvals, authorizations, registrations, certificates,
 variances and similar rights obtained, or required to be obtained, from Governmental Authorities.

(rrr) "Permitted
 Lien" means (i) mechanics', carriers', workers', repairers'
 and similar statutory Liens arising or incurred in the Ordinary Course of Business for amounts
 (A) that are not delinquent; (B) that are not material to the business, operations, and financial
 condition of any Bridgelink Party so encumbered, either individually or in the aggregate;
 and (C) that not resulting from a breach, default, or violation any Bridgelink Party of any
 Contract or Law; and (iii) liens for Taxes not yet due and payable or which are being contested
 in good faith by appropriate proceedings (and for which adequate accruals or reserves have
 been established in accordance to U.S. GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;(sss) "Person"
 means an individual, corporation, partnership (including a general partnership, limited partnership
 or limited liability partnership), limited liability company, association, trust or other
 entity or organization, including a government, domestic or foreign, or political subdivision
 thereof, or an agency or instrumentality thereof.

(ttt) "PMSA"
 has the meaning set forth in Section 2.02(a).

(uuu) "Reorganization"
 has the meaning set forth in Section 2.01(b).

(vvv) "Representative"
 means, with respect to any Person, any and all directors, officers, employees, consultants,
 financial advisors, counsel, accountants and other agents of such Person.

(www) "Rule
 144" has the meaning set forth in Section 3.13(g).

(xxx) "SEC
 Reports" has the meaning set forth in the introductory paragraph to Article IV.

(yyy) "SEC"
 means the U.S. Securities and Exchange Commission.

(zzz) "Securities
 Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated
 thereunder.

(aaaa) "Solar
 Development Projects" has the meaning set forth in Section 2.01(a)(ii).

(bbbb) "SPV"
 has the meaning set forth in Section 2.02(a).

(cccc) "Standstill
 Period" has the meaning set forth in Section 6.03(b).

(dddd) "Subsidiary"
 or "Subsidiaries" means one or more entities of which at least ten percent (10%)
 of the capital stock or share capital or other equity or voting securities are Controlled
 or owned, directly or indirectly, by the respective Person.

(eeee) "Supply
 Agreements" has the meaning set forth in Section 2.01(a)(i)(3).

(ffff) "Tangible
 Personal Property" has the meaning set forth in Section 3.30.

(gggg) "Tax(es)"
 means any federal, state, local or foreign tax, charge, fee, levy, custom, duty, deficiency,
 or other assessment of any kind or nature imposed by any Taxing Authority (including any
 income (net or gross), gross receipts, profits, windfall profit, sales, use, goods and services,
 ad valorem, franchise, license, withholding, employment, social security, workers compensation,
 unemployment compensation, employment, payroll, transfer, excise, import, real property,
 personal property, intangible property, occupancy, recording, minimum, alternative minimum,
 environmental or estimated tax), including any Liability therefor as a transferee (including
 under Section 6901 of the Code or similar provision of applicable Law) or successor, as a
 result of Treasury Regulation Section 1.1502-6 or similar provision of applicable Law or
 as a result of any Tax sharing, indemnification or similar agreement, together with any interest,
 penalty, additions to tax, or additional amount imposed with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "Taxing
 Authority" means the Internal Revenue Service and any other Governmental Authority
 responsible for the collection, assessment or imposition of any Tax or the administration
 of any Law relating to any Tax.

(iiii) "Termination
 Date" means April 24, 2024.

(jjjj) "Third-Party
 Claim" has the meaning set forth in Section 8.03(a).

(kkkk) "Tran
 Employment Agreement" has the meaning set forth in Section 2.02(b)(iii).

(llll) "Tran
 Option Agreement" has the meaning set forth in Section 2.02(b)(iv).

(mmmm) "Transaction
 Documents" means this Agreement, the Assignment, the PMSA, the Tran Employment Agreement,
 the Johnson Employment Agreement, the Tran Option Agreement, the Johnson Employment Agreement,
 and any other certificate, agreement, or document entered into or delivered in connection
 with the transactions as contemplated herein or therein.

(nnnn) "Transactions"
 means the transactions contemplated by the Transaction Documents.

(oooo) "U.S.
 GAAP" means U.S. generally accepted accounting principles, consistently applied.

(pppp) "Units"
 has the meaning set forth in Section 3.06(a).

Section 1.02 <u>Interpretive Provisions.</u> Unless the express context otherwise requires (i) the words "hereof," "herein," and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa; (iii) the terms "Dollars" and "$" mean United States Dollars; (iv) references herein to a specific Section, Subsection, Recital, or Exhibit shall refer, respectively, to Sections, Subsections, Recitals, or Exhibits of this Agreement; (v) wherever the word "include," "includes," or "including" is used in this Agreement, it shall be deemed to be followed by the words "without limitation"; (vi) references herein to any gender shall include each other gender; (vii) references herein to any Person shall include such Person's heirs, executors, personal Representatives, administrators, successors, and assigns; provided, however, that nothing contained herein is intended to authorize any assignment or transfer not otherwise permitted by this Agreement; (viii) references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity; (ix) references herein to any contract or agreement (including this Agreement) mean such contract or agreement as amended, supplemented, or modified from time-to-time in accordance with the terms thereof; (x) with respect to the determination of any period of time, the word "from" means "from and including" and the words "to" and "until" each mean "to, but excluding"; (xi) references herein to any Law or any license mean such Law or license, as amended, modified, codified, reenacted, supplemented, or superseded in whole or in part, and in effect from time-to-time; and (xii) references herein to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder.

**Article II. The Transactions**

Section 2.01 <u>Reorganization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties acknowledge that, as of the Effective Date, Emergen has no material assets and no
 material operations. Following the Effective Date, the Bridgelink Parties shall undertake
 and perform such actions as required to transfer from Bridgelink to Emergen the following
 assets and operations prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Certain
 rights to fully develop a portfolio of renewable energy development assets, which includes
 certain battery energy storage system ("BESS") projects with a cumulative storage
 capacity estimated at 1.965 gigawatts ("GW") located in the United States and
 further described in Exhibit A attached hereto along with certain term sheets and agreements
 with capital providers that Bridgelink has previously negotiated whether or not finalized
 (collectively, the "BESS Development Projects"). Each BESS Development Project
 shall consist of the following, to the extent it is available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Documents
 that substantiate Emergen's rights to own, lease, or otherwise acquire the right to
 use the real property where the BESS Development Projects will be located;

(2) Construction
 and engineering plans and contracts to construct the physical facility that will operate
 the BESS;

(3) Agreements
 that entitle Emergen to acquire the batteries and major system components necessary to operate
 each BESS Development Project (the "Supply Agreements");

(4) All
 permits and environmental studies, if any, necessary to obtain governmental approval and
 construct and operate each BESS Development Project; and

(5) All
 other contracts related to the development and operation of each BESS Development Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Certain
 rights to fully develop a portfolio of renewable energy development assets, which includes
 certain solar development projects with a cumulative capacity estimated at 3.840 GW located
 in the United States and further described in Exhibit B attached hereto along with certain
 term sheets and agreements with capital providers that Bridgelink has negotiated, whether
 or not finalized (collectively, the "Solar Development Projects"). Each Solar
 Development Project shall consist of the following, to the extent it is available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Documents
 that substantiate Emergen's rights to own, lease or otherwise acquire the right to
 use the real property where the Solar Development Projects will be located;

(2) Construction
 and engineering plans and contracts to construct the physical facility that will operate
 the Solar Development Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Agreements
 that entitle Emergen to acquire the solar development projects to operate each Solar Development
 Project;

(4) All
 permits and environmental studies, if any, necessary to obtain governmental approval and
 construct and operate each Solar Development Project; and

(5) All
 other contracts related to the development and operation of each Solar Development Project.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 actions as set forth in Section 2.01(a) are referred to collectively as the "Reorganization".
 The Parties shall reasonably cooperate to complete the Reorganization as soon as reasonably
 practicable, provided that all expenses and costs related thereto shall, as between the Parties,
 be paid by the Bridgelink Parties. The Bridgelink Parties shall take into consideration the
 requests of Bitech with respect to the Reorganization, and the final structure of the Reorganization
 and all documentation related thereto shall be subject to the reasonable approval of Bitech,
 such approval not to be unreasonably withheld, conditioned or delayed.

(c) Bitech
 holds certain rights or may obtain certain rights to fully develop a portfolio of renewable
 energy development assets, which are neither BESS Development Projects nor Solar Development
 Projects, located in the United States along with certain term sheets and agreements with
 capital providers negotiated, whether or not finalized (collectively, the " <u>Other Development Projects</u> ").

Section 2.02 <u>Additional Agreements and Actions Prior to and at the Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to the Closing, Mr. Johnson shall form a special purpose vehicle entity (the "SPV"),
 and, at the Closing, Bitech and the SPV shall enter into the Project Management Services
 Agreement in the form as attached hereto as Exhibit C (the "PMSA"), pursuant
 to which Bitech and the SPV will agree as to certain matters related to the operations of
 certain assets of Bitech following the Closing.

(b) At
 the Closing, Bitech and the Bitech Board shall undertake such actions as required to complete
 the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bitech
 shall expand the size of the Bitech Board such that the Bitech Board is comprised of five
 persons, and thereafter to name to the Bitech Board, effective as of the Closing, two persons
 as named by Bitech, two persons as named by Bridgelink, and one person jointly selected by
 Bitech and Bridgelink, which person shall meet the requirements of being an "independent
 director" pursuant to the rules and regulations of the Nasdaq Stock Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Bitech Board shall name Benjamin Tran ("Mr. Tran") as Chairman and interim Chief
 Executive Officer of the Bitech, and shall name Mr. Johnson as President of Bitech.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At
 the Closing, Bitech shall enter into an employment agreement with Mr. Tran in the form as
 attached hereto as Exhibit D-1 (the "Tran Employment Agreement") and shall enter
 into an employment agreement with Mr. Johnson in the form as attached hereto as Exhibit D-2
 (the "Johnson Employment Agreement" and, together with the Tran Employment Agreement,
 the "Employment Agreements"), with each such Employment Agreement having such
 additional terms and conditions as agreed to by the applicable parties thereto.

(iv) At
 the Closing, Bitech shall grant to Mr. Tran an option to acquire twenty million (20,000,000)
 shares of Bitech Common Stock, vesting over five (5) years, pursuant to the option agreement
 in the form as attached hereto as Exhibit E-1 (the "Tran Option Agreement"),
 and shall grant to Mr. Johnson an option to acquire sixty eight million (68,000,000) shares
 of Bitech Common Stock, vesting over five (5) years, pursuant to the option agreement in
 the form as attached hereto as Exhibit E-2 (the "Johnson Option Agreement").

Section 2.03 <u>The Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 the terms and subject to the conditions set forth in this Agreement, at the Closing, Bridgelink,
 which holds all of the Membership Interests, comprising one hundred percent (100%) of Emergen's
 equity interests, shall sell, assign, transfer, and deliver to Bitech all of the Membership
 Interests, free and clear of all Liens, pledges, encumbrances, charges, restrictions, or
 known claims of any kind, nature, or description.

(b) All
 of the Membership Interests shall be exchanged for a total of two hundred twenty-two million
 two hundred twenty-two thousand (222,222,000) shares of Bitech Common Stock (the "Exchange
 Shares"), which Exchange Shares shall be issued to Bridgelink at the Closing as the
 sole member of Emergen. The Exchange Shares shall be issued in book entry form and shall
 not be certificated.

(c) The
 exchange as set forth in this Section 2.03, subject to the other terms and conditions herein,
 is referred to collectively herein as the "Exchange".

(d) At
 the Closing (as defined below) Bridgelink shall, on transfer of the Membership Interests
 to Bitech, be recorded in the stock ledger of Bitech as the owner of the Exchange Shares.

Section 2.04 <u>Closing.</u> The closing of the Transactions (the "Closing") shall occur on second Business Day following the satisfaction or waiver (by the Party for whose benefit the conditions to exist) of the conditions to closing set forth in Section 5.01, Section 5.02 and Section 5.03, or at such other date, time, or place as the Parties may agree (the date and time at which the Closing is actually held being the "Closing Date"), via the exchange of electronic documents and other items as required herein.

Section 2.05 <u>Bridgelink Parties Deliverables at the Closing.</u> At the Closing, the Bridgelink Parties, as applicable, shall deliver to Bitech the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Bridgelink
 shall deliver to Bitech a membership interest assignment in the form as attached hereto as
 Exhibit A (the "Assignment"), duly completed and executed by Bridgelink.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Bridgelink
 shall deliver to Bitech a certificate of the Manager of Emergen, of Bridgelink and of Mr.
 Johnson, dated as of the Closing Date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certifying
 that the conditions set forth in Section 5.02(a), Section 5.02(b), and Section 5.02(c) have
 been satisfied and that the statements therein are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Attaching
 copies of the Emergen Organizational Documents, certified by the Delaware Secretary of State;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attaching
 a certificate of status issued by the Delaware Secretary of State for Emergen, dated as of
 a date within five (5) days of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Mr.
 Johnson shall deliver to Bitech a copy of the PMSA, duly executed by an authorized officer
 of the SPV.

(d) Emergen
 shall deliver to Bitech a copy of the Johnson Employment Agreement, and a copy of the Johnson
 Option Agreement, each duly executed by Mr. Johnson.

(e) The
 Bridgelink Parties shall deliver to Bitech reasonable evidence that the Reorganization has
 been completed, together with all documents and instruments related thereto, duly executed
 and completed by the applicable parties thereto.

Section 2.06 <u>Bitech Deliverables at the Closing.</u> At the Closing, Bitech shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Record
 Bridgelink in the books and records of Bitech as the owners of the applicable Exchange Shares;

(b) Deliver
 to Bridgelink a certificate of the Secretary of Bitech, dated as of the Closing Date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certifying
 that the conditions set forth in Section 5.03(a) and Section 5.03(b) have been satisfied
 and that the statements therein are true and correct; and

(ii) attaching
 a certificate of status issued by the Delaware Secretary of State for Bitech, dated as of
 a date within five (5) days of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Bitech
 shall deliver to Mr. Johnson a copy of the PMSA, duly executed by an authorized officer of
 Bitech.

(d) Bitech
 shall deliver to Mr. Johnson a copy of the Johnson Employment Agreement and a copy of the
 Johnson Option Agreement, each duly executed by an authorized officer of Bitech.

Section 2.07 <u>Additional Documents.</u> At and following the Closing, each of the Parties shall execute, acknowledge, and deliver (or shall ensure to be executed, acknowledged, and delivered), any and all certificates, opinions, financial statements, schedules, agreements, resolutions, rulings, or other instruments required by this Agreement to be so delivered at or prior to or following the Closing, together with such other items as may be reasonably requested by the Parties and their respective legal counsel in order to effectuate or evidence the Transactions.

Section 2.08 <u>Conveyance Taxes.</u> Each Bridgelink will pay all income, gain, sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer or gains, or similar Taxes incurred by Bridgelink Party as a result of the Transactions.

Section 2.09 <u>Transaction Document.</u> The Parties acknowledge and agree that each of the Assignment, PMSA, the Johnson Employment Agreement, the Johnson Option Agreement, the Tran Employment Agreement and the Tran Option Agreement as attached to this Agreement as Exhibits are the final, agreed forms of such documents and agreements, and such documents and agreements shall be the versions that are executed and delivered as and when required by this Agreement, and any modifications to the forms of any of the Assignment, PMSA, the Johnson Employment Agreement, the Johnson Option Agreement, the Tran Employment Agreement and the Tran Option Agreement as attached to this Agreement (other than minor completion items such as insertion of the signing date and completion of notice addresses) shall require the prior written consent of all of the Parties.

**Article III. Representations and Warranties of the Bridgelink Parties**

As an inducement to, and to obtain the reliance of Bitech, except as otherwise specifically set forth in the disclosure schedules of the Bridgelink Parties delivered to Bitech on the Effective Date ("Disclosure Schedules"), the Bridgelink Parties, jointly and severally, represent and warrant to Bitech, as of the Effective Date and as of the Closing Date, except as otherwise specifically set forth below as to representations and warranties which speak solely with respect to a particular date as follows:

Section 3.01 <u>Existence and Power.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Emergen
 is a limited liability company, duly organized, validly existing, and in good standing under
 the Laws of the state of Delaware, and has the limited liability company power and is duly
 authorized under all applicable Laws, regulations, ordinances, and orders of public authorities
 to carry on its business in all material respects as it is now being conducted and as now
 proposed to be conducted and to own or lease its properties and assets. Emergen has delivered
 to Bitech complete and correct copies of the Certificate of Formation and the Limited Liability
 Company Operating Agreement of the Emergen, and the other organizational documents and the
 minute books of Emergen as in effect on the Effective Date (the "Emergen Organizational
 Documents"). Emergen has full limited liability company power and authority to carry
 on its businesses as it is now being conducted and as now proposed to be conducted and to
 own or lease its properties and assets.

(b) Bridgelink
 is a limited liability company, duly organized, validly existing, and in good standing under
 the Laws of the state of Delaware, and has the limited liability company power and is duly
 authorized under all applicable Laws, regulations, ordinances, and orders of public authorities
 to carry on its business in all material respects as it is now being conducted and as now
 proposed to be conducted and to own or lease its properties and assets.

(c) Mr.
 Johnson is a natural person and has the power and is duly authorized under all applicable
 Laws, regulations, ordinances, and orders of public authorities to carry on his business
 in all material respects as it is now being conducted and as now proposed to be conducted
 and to own or lease his properties and assets.

Section 3.02 <u>Due Authorization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 execution, delivery, and performance of this Agreement does not, and the consummation of
 the Transactions will not, violate any provision of the Emergen Organizational Documents.
 Emergen has taken all actions required by Law, the Emergen Organizational Documents or otherwise
 to authorize the execution, delivery, and performance of this Agreement and to consummate
 the Transactions.

(b) The
 execution, delivery, and performance of this Agreement does not, and the consummation of
 the Transactions will not, violate any provision of the Certificate of Formation or any limited
 liability company operating agreement or other organizational document of Bridgelink, and
 Bridgelink has taken all actions required by Law, its organizational documents or otherwise
 to authorize the execution, delivery, and performance of this Agreement and to consummate
 the Transactions.

(c) The
 execution, delivery and performance of this Agreement does not, and the consummation of the
 Transactions will not, violate any provision of the Certificate of Formation or any limited
 liability company operating agreement or other organizational document of C&C, and C&C
 has taken all actions required by Law, its organizational documents or otherwise to authorize
 the execution, delivery, and performance of this Agreement and to consummate the Transactions.

(d) Mr.
 Johnson has taken all actions required by Law or otherwise to authorize the execution, delivery,
 and performance of this Agreement and to consummate the Transactions.

(e) Other
 than as specifically contemplated herein, neither the execution, delivery nor performance
 by any of the Bridgelink Parties of any of the Transaction Documents to which any of them
 are a party requires any consent, approval, license, or other action by or in respect of,
 or registration, declaration or filing with, any Governmental Authority.

Section 3.03 <u>Valid Obligation</u>. This Agreement and all Transaction Documents executed by each Bridgelink Party in connection herewith constitute the valid and binding obligations of each Bridgelink Party, as applicable, enforceable in accordance with its or their terms, except as may be limited by the Enforceability Exceptions.

Section 3.04 <u>No Conflict With Other Instruments.</u> None of the execution, delivery or performance by any Bridgelink Party of this Agreement or any other Transaction Document to which it is a party does or will (a) contravene or conflict with or constitute a violation of any provision of any Law or Order binding upon or applicable to any Bridgelink Party; (b) constitute a default under or breach of (with or without the giving of notice or the passage of time or both) or violate or give rise to any right of termination, cancellation, amendment or acceleration of any right or obligation of any Bridgelink Party or require any payment or reimbursement or to a loss of any material benefit relating to the business of any Bridgelink Party are entitled under any provision of any Permit, Contract or other instrument or obligations binding upon any Bridgelink Party or by which any of the assets of any Bridgelink Party is or may be bound or any Permit; (c) result in the creation or imposition of any Lien on any of the Membership Interests; (d) cause a loss of any material benefit relating to the business of any Bridgelink Party or any of the assets to which any Bridgelink Party are entitled under any provision of any Permit or Contract binding upon any Bridgelink Party; or (e) result in the creation or imposition of any Lien (except for Permitted Liens) on any of the assets to be held by Emergen as of the Closing, in the cases of (a) to (d), other than as would not be reasonably expected to, individually or in the aggregate, have a Material Adverse Effect on Emergen.

Section 3.05 <u>Governmental Authorization.</u> Neither the execution, delivery nor performance of this Agreement by any Bridgelink Party requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Governmental Authority.

Section 3.06 <u>Authorized Capital.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 authorized capital and equity interests of Emergen consist of one hundred (100) units of
 membership interests of Emergen (the "Units"), of which one hundred (100) Units
 are issued and outstanding, and which comprise one hundred percent (100%) of the membership
 interests of Emergen. All of the Membership Interests are held by Bridgelink.

(b) Emergen
 has no Derivatives or commitments to issue any Equity Securities of Emergen or Derivatives,
 and there are no outstanding securities convertible or exercisable into or exchangeable for
 Membership Interests or any other Equity Security of Emergen.

(c) Other
 than the Emergen Organizational Documents, there is no voting trust, agreement, or arrangement
 among any of the beneficial holders of Membership Interests affecting the nomination or election
 of managers, directors, or officers of Emergen or the exercise of the voting rights of Membership
 Interests.

(d) The
 offer, issuance, and sale of such shares of Membership Interests were (a) exempt from the
 registration and prospectus delivery requirements of the Securities Act; (b) registered or
 qualified (or were exempt from registration or qualification) under the registration or qualification
 requirements of all applicable state securities Laws; and (c) accomplished in conformity
 with all other applicable securities Laws. None of such shares of Membership Interests are
 subject to a right of withdrawal or a right of rescission under any federal or state securities
 or "Blue Sky" Law.

Section 3.07 <u>Validity of Interests.</u> The Membership Interests to be delivered at the Closing shall be duly and validly issued, fully paid, and non-assessable and free and clear of any Liens.

Section 3.08 <u>Title to and Issuance of the Membership Interests.</u> Bridgelink is, and on the Closing Date will be, the record and beneficial owner and holder of the Membership Interests, free and clear of all Liens. None of the Membership Interests is subject to pre-emptive or similar rights, either pursuant to any Emergen Organizational Document, requirement of Law, or any contract, and no Person has any pre-emptive rights or similar rights to purchase or receive any Membership Interests or other interests in Emergen from Bridgelink. If Bridgelink is an entity, the governing or managing body or persons of Bridgelink has authorized the execution and delivery of this Agreement by Bridgelink and has approved this Agreement and the Transactions.

Section 3.09 <u>Charter Documents.</u> Section 3.09 of the Disclosure Schedules included true and correct copies of the Emergen Organizational Documents, and such copies are each true and complete copies of such instruments, as amended and in effect on the Effective Date. No Bridgelink Party has taken any action in violation or derogation of its organizational Documents, other than as would not be reasonably expected to, individually or in the aggregate, have a Material Adverse Effect.

Section 3.10 <u>Corporate Records.</u> All proceedings of the manager and members of Emergen occurring since its formation, are maintained in the Ordinary Course of Business. The register of members or the equivalent documents of Emergen are complete and accurate. The register of members or the equivalent documents and minute book records of Emergen relating to all issuances and transfers of Equity Securities by Emergen, and all proceedings of the manager and members of Emergen, have been made available to Bitech, and are true, correct, and complete copies of the original register of members or the equivalent documents and minute book records of Emergen.

Section 3.11 <u>Assumed Names.</u> Section 3.11 of the Disclosure Schedules is a complete and correct list of all assumed or "doing business as" names currently or, within two (2) years prior to the Effective Date used by Emergen or Bridgelink, including names on any websites. Neither Emergen nor Bridgelink has used any assumed or "doing business as" name other than the names listed in Section 3.11 of the Disclosure Schedules to conduct the Business.

Section 3.12 <u>Subsidiaries.</u> Emergen has no Subsidiaries and does not own any Equity Securities of any other Person.

Section 3.13 <u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investment Purpose</u>. Bridgelink understands and agrees that the consummation of the Transactions
 including the delivery of the Exchange Shares to Bridgelink in exchange for the Membership
 Interests held by Bridgelink as contemplated hereby, constitutes the offer and sale of securities
 under the Securities Act and applicable state statutes and that the Exchange Shares are being
 acquired by Bridgelink are being acquired by Bridgelink for Bridgelink's own account
 and not with a present view towards the public sale or distribution thereof, except pursuant
 to sales registered or exempted from registration under the Securities Act.

(b) <u>Investor Status.</u> Bridgelink and each member of Bridgelink is an "accredited investor"
 as that term is defined in Rule 501(a) of Regulation D.

(c) <u>Information</u>.
 Bridgelink has been furnished with all documents and materials relating to the business,
 finances, and operations of Bitech and its subsidiaries and information that Bridgelink requested
 and deemed material to making an informed decision regarding this Agreement and the underlying
 transactions.

(d) <u>Reliance on Exemptions</u>. Bridgelink understands that the Exchange Shares are being offered and
 sold to Bridgelink in reliance upon specific exemptions from the registration requirements
 of United States federal and state securities Laws and that Bitech is relying upon the truth
 and accuracy of, and Bridgelink's compliance with, the representations, warranties,
 agreements, acknowledgments, and understandings of Bridgelink set forth herein in order to
 determine the availability of such exemptions and the eligibility of Bridgelink to acquire
 the Exchange Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Information</u>.
 Bridgelink and its advisors, if any, have been furnished with all materials relating to the
 business, finances, and operations of Bitech and materials relating to the offer and sale
 of the Exchange Shares which have been requested by Bridgelink or its advisors and which
 Bridgelink has deemed material to making an informed decision regarding this Agreement and
 the underlying transactions. Bridgelink has reviewed all of Bitech's SEC Reports. Bridgelink
 and its advisors, if any, have been afforded the opportunity to ask questions of Bitech.
 Bridgelink understands that its investment in the Exchange Shares involves a significant
 degree of risk. Bridgelink is not aware of any facts that may constitute a breach of any
 of Bitech's representations and warranties made herein.

(f) <u>Governmental Review</u>. Bridgelink understands that no United States federal or state agency or any other
 government or governmental agency has passed upon or made any recommendation or endorsement
 of the Exchange Shares.

(g) <u>Transfer or Resale</u>. Bridgelink understands that (i) the sale or re-sale of the Exchange Shares
 has not been and is not being registered under the Securities Act or any applicable state
 securities Laws, and the Exchange Shares may not be transferred unless (a) the Exchange Shares
 are sold pursuant to an effective registration statement under the Securities Act; (b) Bridgelink
 shall have delivered to Bitech, at the cost of Bridgelink, an opinion of counsel that shall
 be in form, substance, and scope customary for opinions of counsel in comparable transactions
 to the effect that the Exchange Shares to be sold or transferred may be sold or transferred
 pursuant to an exemption from such registration, which opinion shall be accepted by Bitech;
 (c) the Exchange Shares are sold or transferred to an "affiliate" (as defined
 in Rule 144 promulgated under the Securities Act (or a successor rule) ("Rule 144"))
 of Bridgelink who agree to sell or otherwise transfer the Exchange Shares only in accordance
 with this Section 3.13 and who is an Accredited Investor; (d) the Exchange Shares are sold
 pursuant to Rule 144, or (e) the Exchange Shares are sold pursuant to Regulation S under
 the Securities Act (or a successor rule) ("Regulation S"), and Bridgelink shall
 have delivered to Bitech, at the cost of Bridgelink, an opinion of counsel that shall be
 in form, substance and scope customary for opinions of counsel in corporate transactions,
 which opinion shall be accepted by Bitech; (ii) any sale of such Exchange Shares made in
 reliance on Rule 144 may be made only in accordance with the terms of said Rule and further,
 if said Rule is not applicable, any re-sale of such Exchange Shares under circumstances in
 which the seller (or the person through whom the sale is made) may be deemed to be an underwriter
 (as that term is defined in the Securities Act) may require compliance with some other exemption
 under the Securities Act or the rules and regulations of the SEC thereunder; and (iii) neither
 Bitech nor any other person is under any obligation to register such Exchange Shares under
 the Securities Act or any state securities Laws or to comply with the terms and conditions
 of any exemption thereunder (in each case). Notwithstanding the foregoing or anything else
 contained herein to the contrary, the Exchange Shares may be pledged as collateral in connection
 with a bona fide margin account or other lending arrangement.

(h) <u>Legends</u>.
 Bridgelink understands that the Exchange Shares, until such time as the Exchange Shares have
 been registered under the Securities Act, or may be sold pursuant to Rule 144 or Regulation
 S without any restriction as to the number of securities as of a particular date that can
 then be immediately sold, the Exchange Shares may bear a standard Rule 144 legend and a stop-transfer
 order may be placed against transfer of the certificates for such Exchange Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Removal</u>.
 The legend(s) referenced in Section 3.13(h) shall be removed and Bitech shall issue a certificate
 without such legend to the holder of any Exchange Shares upon which it is stamped, if, unless
 otherwise required by applicable state securities Laws, (a) the Exchange Shares are registered
 for sale under an effective registration statement filed under the Securities Act or otherwise
 may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number
 of securities as of a particular date that can then be immediately sold; or (b) such holder
 provides Bitech with an opinion of counsel, in form, substance and scope customary for opinions
 of counsel in comparable transactions, to the effect that a public sale or transfer of such
 Exchange Shares may be made without registration under the Securities Act, which opinion
 shall be accepted by Bitech so that the sale or transfer is effected. Bridgelink agrees to
 sell all Exchange Shares, including those represented by a certificate(s) from which the
 legend has been removed, in compliance with applicable prospectus delivery requirements,
 if any.

Section 3.14 <u>Liabilities</u>. Section 3.14 of the Disclosure Schedules sets forth (i) a true, correct, and complete list of all outstanding loans, lines of credit and other indebtedness incurred by Emergen, inclusive of any outstanding loans, lines of credit and other indebtedness incurred by Emergen, the repayment obligations for which are secured by any of Emergen's assets; (ii) with respect to each loan described in the foregoing clause, the remaining amounts due thereunder as of the Effective Date; and (iii) any other Liabilities of Emergen.

Section 3.15 <u>Litigation and Proceedings.</u> There are no actions, suits, proceedings, or investigations pending or, to the Knowledge of Bridgelink, threatened by or against Emergen or affecting Emergen or its properties, at Law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. To the Knowledge of Bridgelink, there is no default on its part with respect to any judgment, order, writ, injunction, decree, award, rule, or regulation of any court, arbitrator, or governmental agency or instrumentality, or any circumstance which after reasonable investigation would result in the discovery of such default.

Section 3.16 <u>Contracts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 3.16(a) of the Disclosure Schedules lists all material Contracts, including those related
 to the BESS Development Projects, the Solar Development Project and the Other Development
 Projects, oral or written (collectively, the "Material Contracts") to which Emergen
 is a party or to which Emergen will be a party following the Reorganization and which are
 currently in effect or which will be in effect as of the Closing, and which constitute the
 following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 Contracts that require annual payments or expenses by, or annual payments or income to, Emergen
 of ten thousand and 00/100 dollars ($10,000.00) or more (other than standard purchase and
 sale orders entered into in the Ordinary Course of Business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 sales, advertising, agency, lobbying, broker, sales promotion, market research, marketing
 or similar contracts and agreements, in each case requiring the payment of any commissions
 by Emergen in excess of ten thousand and 00/100 dollars ($10,000.00) annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 employment Contracts, employee leasing Contracts, and consultant and sales representatives
 Contracts with any current or former officer, director, employee or consultant of Emergen
 or other Person, under which Emergen (A) has continuing obligations for payment of annual
 compensation of at least ten thousand and 00/100 dollars ($10,000.00) (other than oral arrangements
 for at-will employment); (B) has material severance or post termination obligations to such
 Person (other than COBRA obligations); or (C) has an obligation to make a payment upon consummation
 of the transactions contemplated hereby or as a result of a change of control of Emergen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 Contracts creating a material joint venture, strategic alliance, limited liability company
 and partnership agreements to which Emergen is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 Contracts relating to any material acquisitions or dispositions of assets by Emergen in excess
 of ten thousand and 00/100 dollars ($10,000.00);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 Contracts for material licensing agreements, including Contracts licensing Intellectual Property
 Rights, other than (i) "shrink wrap" licenses, and (ii) non-exclusive licenses
 granted in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 Contracts relating to material secrecy, confidentiality and nondisclosure agreements substantially
 limiting the freedom of Emergen to compete in any line of business or with any Person or
 in any geographic area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all
 Contracts relating to material patents, trademarks, service marks, trade names, brands, copyrights,
 trade secrets, and other material Intellectual Property rights of Emergen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all
 Contracts providing for material guarantees, indemnification arrangements and other hold
 harmless arrangements made or provided by Emergen, including all ongoing agreements for repair,
 warranty, maintenance, service, indemnification, or similar obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
 Contracts with any member of Emergen to which Bridgelink Party or any present or former member
 or shareholder or manager of any Bridgelink Party is a party and which contract involves
 payments to any party thereto in excess of ten thousand and 00/100 dollars ($10,000.00) in
 any year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all
 Contracts relating to property or assets (whether real or personal, tangible or intangible)
 in which Emergen holds a leasehold interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all
 Contracts relating to outstanding indebtedness or Liabilities, including financial instruments
 of indenture or security instruments (typically interest-bearing) such as notes, mortgages,
 loans and lines of credit, except any such Contract with an aggregate outstanding principal
 amount not exceeding ten thousand and 00/100 dollars ($10,000.00);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 Contract relating to the voting or control of the equity interests of Emergen or the election
 of managers or directors of Emergen (other than the Emergen Organizational Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 Contract that can be terminated, or the provisions of which are altered, as a result of the
 consummation of the transactions contemplated by this Agreement or any of the Transaction
 Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any
 Contract for which any of the benefits, compensation or payments (or the vesting thereof)
 with respect to a director, officer, employee or consultant of Emergen will be increased
 or accelerated by the consummation of the Transactions or the amount or value thereof will
 be calculated on the basis of any of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all
 contracts required for the operation and transfer of the assets as referenced in Section
 2.01(a) or otherwise referenced in Section 2.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect on Emergen or set forth in Section 3.16(b) of the Disclosure Schedules, (i)
 each Material Contract is a valid and binding agreement, except as such enforceability may
 be limited by the Enforceability Exceptions, and is in full force and effect, and neither
 any member of Emergen nor, to the Knowledge of Bridgelink, any other party thereto, is in
 breach or default (whether with or without the passage of time or the giving of notice or
 both) under the terms of any such Material Contract; (ii) no member of Emergen has assigned,
 delegated, or otherwise transferred any of its rights or obligations with respect to any
 Material Contracts, or granted any power of attorney with respect thereto or to any of Emergen's
 assets; (iii) no Contract (A) requires any member of Emergen to post a bond or deliver any
 other form of security or payment to secure its obligations thereunder or (B) imposes any
 non-competition covenants that may be binding on, or restrict the business or require any
 payments by or with respect to Bitech or any of its Affiliates. Bridgelink has previously
 provided to Bitech true and correct fully executed copies of each written Material Contract.

(c) Except
 as would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect on Emergen, none of the execution, delivery or performance by any Bridgelink
 Party of any Transaction Document or the consummation by any Bridgelink Party of the Transactions
 constitutes a default under or gives rise to any right of termination, cancellation or acceleration
 of any obligation of any Bridgelink Party or to a loss of any material benefit to which Emergen
 is entitled under any provision of any Material Contract.

(d) Except
 would not reasonably be expected to, individually or in the aggregate, have a Material Adverse
 Effect on Emergen, Emergen is in compliance with all covenants, including all financial covenants,
 in all notes, indentures, bonds and other instruments, or agreements evidencing any Indebtedness.

(e) Except
 as would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect on Emergen, each of the transactions between Emergen and any shareholder,
 officer, employee, member or director of any member of Emergen or any Affiliate of any such
 Person (if any) entered into or occurring prior to the Closing (i) is arms-length transaction
 with fair market price, or (ii) is a transaction duly approved by the Manager of Emergen
 in accordance with the Emergen Organizational Documents.

Section 3.17 <u>Licenses and Permits.</u> Section 3.17 of the Disclosure Schedules correctly lists each material Permits held by Emergen or which will be held by Emergen as of the Closing (the "Emergen Permits"). Except as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect on Emergen or set forth in Section 3.17 of the Disclosure Schedules, such Emergen Permits are valid and in full force and effect, and none of the Emergen Permits will, assuming the related third party consent has been obtained or waived prior to the Closing Date, be terminated or impaired or become terminable as a result of the Transactions. Other than as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect on Emergen, Emergen has all Permits necessary to operate its business as contemplated to be comprised as of the Closing.

Section 3.18 <u>Financial Statements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 3.18 of the Disclosure Schedules includes the audited consolidated financial statements of
 Bridgelink as of and for the fiscal years ended December 31, 2023 and 2022, consisting of
 the audited consolidated balance sheets as of such dates, the audited consolidated income
 statements for the twelve (12) month periods ended on such dates, and the audited consolidated
 cash flow statements for the twelve (12) month periods ended on such dates, audited in accordance
 with the requirements of the Public Company Accounting Oversight Board (collectively, the
 "Financial Statements").

(b) The
 Financial Statements are complete and accurate and fairly present in all material respects,
 in conformity with its applicable accounting standards applied on a consistent basis in all
 material respects, the financial position of Bridgelink as of the dates thereof and the results
 of operations of Bridgelink for the periods reflected therein. The Financial Statements (i)
 were prepared from the books and records of Bridgelink; (ii) were prepared on an accrual
 basis in accordance with its applicable accounting standards consistently applied; (iii)
 contain and reflect all necessary adjustments and accruals for a fair presentation of Bridgelink's
 financial condition as of their dates including for all warranty, maintenance, service and
 indemnification obligations; and (iv) contain and reflect adequate provisions for all Liabilities
 for all material Taxes applicable to Bridgelink with respect to the periods then ended.

(c) Except
 as specifically disclosed, reflected or fully reserved against on the Financial Statements,
 and for liabilities and obligations of a similar nature and in similar amounts incurred in
 the Ordinary Course of Business since January 1, 2023, there are no material liabilities,
 debts, or obligations of any nature (whether accrued, fixed or contingent, liquidated or
 unliquidated, asserted or unasserted or otherwise) relating to Bridgelink. All material debts
 and liabilities, fixed or contingent, which should be included under U.S. GAAP on the Financial
 Statements are included therein.

(d) The
 Financial Statements accurately reflect in all material respects the outstanding Indebtedness
 of Bridgelink as of the date thereof. Except as set forth in Section 3.18 of the Disclosure
 Schedules, Bridgelink does not have any material Indebtedness.

Section 3.19 <u>Accounts Receivable and Payable; Loans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the Knowledge of Bridgelink, all accounts receivables and notes of Bridgelink reflected on
 the Financial Statements, and all accounts receivable and notes arising subsequent to the
 date thereof, represent valid obligations arising from services actually performed or goods
 actually sold by Bridgelink in the Ordinary Course of Business. To the Knowledge of Bridgelink,
 the accounts payable of Bridgelink reflected on the Financial Statements, and all accounts
 payable arising subsequent to the date thereof, arose from bona fide transactions in the
 Ordinary Course of Business of Bridgelink.

(b) To
 the Knowledge of Bridgelink, there is no contest, claim, or right of setoff in any agreement
 with any maker of an account receivable or note relating to the amount or validity of such
 account, receivables or note that could reasonably result in a Material Adverse Effect on
 Emergen or on Bridgelink. To the Knowledge of Bridgelink, except as set forth in Section
 3.19(b) of the Disclosure Schedules, all accounts, receivables, or notes are good and collectible
 in the Ordinary Course of Business.

(c) The
 information set forth in Section 3.19(c) of the Disclosure Schedules separately identifies
 any and all accounts receivables or notes of Bridgelink which are owed by any Affiliate of
 Bridgelink as of January 1, 2023. Except as set forth in Section 3.19(c) of the Disclosure
 Schedules, Bridgelink is not indebted to any of its Affiliates and no Affiliates are indebted
 to Bridgelink or to Emergen.

Section 3.20 <u>Pre-payments.</u> Neither Bridgelink nor Emergen has received any payments with respect to any services to be rendered or goods to be provided after the Closing.

Section 3.21 <u>Employees.</u> Emergen has no employees as of the Effective Date and shall have no employees as of the Closing, other than as may be agreed by Bitech.

Section 3.22 <u>Withholding.</u> Except as disclosed in Section 3.22 of the Disclosure Schedules, all obligations of Emergen applicable to its employees, whether arising by operation of Law, by contract, by past custom or otherwise, or attributable to payments by Emergen to trusts or other funds or to any governmental agency, with respect to unemployment compensation benefits, social security benefits, social insurance, housing fund contributions or any other benefits for its employees with respect to the employment of said employees through the Effective Date have been paid or adequate accruals therefor have been made on the Financial Statements, other than as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect on Emergen. Except as disclosed in Section 3.22 of the Disclosure Schedules, all reasonably anticipated obligations of Emergen with respect to such employees (except for those related to wages during the pay period immediately prior to the Closing Date and arising in the Ordinary Course of Business), whether arising by operation of Law, by contract, by past custom, or otherwise, for salaries and holiday pay, bonuses, and other forms of compensation payable to such employees in respect of the services rendered by any of them prior to the Effective Date have been or will be paid by Emergen prior to the Closing Date.

Section 3.23 <u>Real Property.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 3.23(a) of the Disclosure Schedules sets forth all the Real Property owned by Bridgelink
 or Emergen as of the Effective Date.

(b) Section
 3.23(b) of the Disclosure Schedules sets forth all the Real Property that will be owned by
 Emergen as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Section
 3.23(c) of the Disclosure Schedules sets forth all the Real Property leased by Bridgelink
 or Emergen as of the Effective Date.

(d) Section
 3.23(d) of the Disclosure Schedules sets forth all the Real Property that will be leased
 by Emergen as of the Closing Date.

(e) With
 respect to each lease or other Contract for the lease of any Real Property (each, a "Lease"):
 (i) each Lease is valid, binding and in full force and effect; (ii) all rents and additional
 rents and other sums, expenses and charges due thereunder have been paid; (iii) the lessee
 has been in peaceable possession since the commencement of the original term thereof; (iv)
 no waiver, indulgence or postponement of the lessee's obligations thereunder has been
 granted by the lessor; (v) there exist no default or event of default thereunder by Bridgelink
 or Emergen; and (vi) there are no outstanding claims of breach or indemnification or notice
 of default or termination thereunder, in cases of each of clauses (i) through (vi), other
 than as would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect on Emergen. Bridgelink or Emergen, as applicable, holds the leasehold estate
 on the Lease free and clear of all Liens, except for the Permitted Liens and the Liens of
 mortgagees of the Real Property in which such leasehold estate is located.

(f) As
 of the Closing, Emergen will have good and marketable title in fee simple to all Real Property
 owned by it, in each case free and clear of all Liens and, except for Liens as do not materially
 affect the value of such property and do not materially interfere with the use made and proposed
 to be made of such property by Emergen and Liens for the payment of federal, state or other
 Taxes, the payment of which is neither delinquent nor subject to penalties.

Section 3.24 <u>Environmental Laws.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) None
 of the Bridgelink Parties has (i) received any written notice of any alleged claim, violation
 of or Liability under any Environmental Law which has not heretofore been cured or for which
 there is any remaining liability; (ii) disposed of, emitted, discharged, handled, stored,
 transported, used or released any Hazardous Materials, arranged for the disposal, discharge,
 storage or release of any Hazardous Materials, or exposed any employee or other individual
 to any Hazardous Materials so as to give rise to any Liability or corrective or remedial
 obligation under any Environmental Laws; or (iii) entered into any agreement that may require
 it to guarantee, reimburse, pledge, defend, hold harmless or indemnify any other Person with
 respect to liabilities arising out of Environmental Laws or the Hazardous Materials Activities
 of Bridgelink or Emergen, except in each case as would not, individually or in the aggregate,
 have a Material Adverse Effect on Emergen.

(b) To
 the Knowledge of Bridgelink, there are no Hazardous Materials in, on, or under any properties
 owned, leased or used at any time by Bridgelink or Emergen such as could give rise to any
 material liability or corrective or remedial obligation of Emergen under any Environmental
 Laws.

Section 3.25 <u>Compliance with Laws.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of Bridgelink and Emergen has complied in all material respects, and are now complying in
 all material respects, with all Laws applicable to it or its business, properties or assets.
 All prior issuances of securities of Emergen have been either registered under the Securities
 Act, or exempt from registration.

(b) All
 material Permits required for Bridgelink and Emergen to conduct their respective business
 have been obtained by Bridgelink or Emergen, as applicable, and are valid and in full force
 and effect, except as would reasonably be expected to result in a Material Adverse Effect
 on Emergen. All fees and charges with respect to such Permits have been paid in full. To
 the Knowledge of Bridgelink, no event has occurred that, with or without notice or lapse
 of time or both, would reasonably be expected to result in the revocation, suspension, lapse
 or limitation of any Permit material to the operations of Bridgelink or Emergen. No Bridgelink
 Party has received any notice of proceedings relating to the revocation or modification of
 any such Permit.

(c) Neither
 Emergen nor Emergen is, and neither has been, and the past and present officers, members,
 managers and affiliates of Emergen or Bridgelink are not and have not, been the subject of,
 nor does any officer, member, manager or affiliate of Bridgelink or Emergen have any reason
 to believe that Bridgelink or Emergen or any of their respective officers, members, managers
 or Affiliates will be the subject of (i) any civil or criminal proceeding or investigation
 by any federal or state agency alleging a violation of Laws, or (ii) any civil, criminal
 or administrative investigation or proceeding brought by any federal or state agency.

Section 3.26 <u>General Compliance</u>. To the Knowledge of Bridgelink, each of Bridgelink and Emergen is not: (i) in default under or in violation of (and no event has occurred that has not been waived that, with notice, lapse of time or both, would result in a default by Bridgelink or Emergen under), nor has Bridgelink or Emergen received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) in violation of any judgment, decree or order of any court, arbitrator or other Governmental Authority; or (iii) or has not been, in violation of any statute, rule, ordinance or regulation of any Governmental Authority, including without limitation all foreign, federal, state and local Laws relating to Taxes, registration as a charitable organization, and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

Section 3.27 <u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 3.27 of the Disclosure Schedules contains a list of all contracts, agreements, franchises,
 license agreements, debt instruments or other commitments to which Emergen is a party as
 of the Effective Date or will be a party as of the Closing Date or by which it or any of
 its assets, products, technology, or properties are bound as of the Effective Date or the
 Closing Date. In the case of oral agreements, of the Disclosure Schedules contains a description
 thereof.

(b) All
 Contracts, agreements, franchises, license agreements, and other commitments to which Emergen
 is a party as of the Effective Date or will be a party as of the Closing Date, or by which
 its properties are bound or will be bound and which are or which will be material to the
 operations of Emergen taken as a whole as of the Effective Date or as of the Closing Date
 are valid and enforceable by Emergen in all respects, except as limited by the Enforceability
 Exceptions; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as included or described in of the Disclosure Schedules, Emergen is not as of the Effective
 Date, and will not be as of the Closing Date, a party to any oral or written (i) contract
 for the employment of any officer or employee; (ii) profit sharing, bonus, deferred compensation,
 stock option, severance pay, pension benefit or retirement plan; (iii) agreement, contract,
 or indenture relating to the borrowing of money; (iv) guaranty of any obligation; (vi) collective
 bargaining agreement; or (vii) agreement with any present or former officer or manager of
 Emergen, which, in each case cannot be terminated by Emergen on notice of no more than thirty
 (30) days at a cost of no more than five thousand and 00/100 ($5,000.00).

Section 3.28 <u>Bank Accounts; Power of Attorney</u>. Section 3.28 of the Disclosure Schedules sets forth a true and complete list of (i) all accounts with banks, money market mutual funds or securities or other financial institutions maintained by or Emergen within the past twelve (12) months, the account numbers thereof, and all Persons authorized to sign or act on behalf of Emergen; (ii) all safe deposit boxes and other similar custodial arrangements maintained by Emergen within the past twelve (12) months; (iii) the check ledger for the last twelve (12) months, and (iv) the names of all Persons holding powers of attorney from Emergen or who are otherwise authorized to act on behalf of Emergen with respect to any matter, other than its officers and managers, and a summary of the terms of such powers or authorizations.

Section 3.29 <u>Intellectual Property.</u> The representations and warranties in this Section 3.29 are given as of the completion of the Restructuring and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Emergen
 owns or possess adequate rights or licenses to use all material trademarks, trade names,
 service marks, service mark registrations, service names, patents, patent rights, copyrights,
 inventions, licenses, approvals, governmental authorizations, trade secrets, and rights necessary
 and all other Intellectual Property and technology to conduct its businesses as now conducted.

(b) None
 of Emergen's material Intellectual Property has expired or terminated, or, by the terms
 and conditions thereof, could expire or terminate within two years from the date of this
 Agreement. To the Knowledge of Bridgelink there is no infringement by Emergen of any material
 Intellectual Property of others, or of any such development of similar or identical trade
 secrets or technical information by others, and there is no claim, action or proceeding being
 made or brought against, or to the Knowledge of Bridgelink, being threatened against, Emergen
 regarding the infringement of any Intellectual Property, which could reasonably be expected
 to have a Material Adverse Effect.

(c) Without
 limiting the generality of the foregoing, Emergen has entered into binding (except to the
 extent that the enforceability thereof may be limited by the Enforceability Exceptions),
 written agreements with every current and former employee of Emergen, and with every current
 and former independent contractor, whereby such employees and independent contractors (i)
 assign to Emergen any ownership interest and right they may have in Intellectual Property
 owned by Emergen; and (ii) acknowledge Emergen's exclusive ownership of all Intellectual
 Property owned by Emergen. Emergen has provided Bitech with true and complete copies of all
 such agreements. To the Knowledge of Bridgelink, Emergen is in material compliance with all
 legal requirements applicable to Intellectual Property owned by Emergen and Emergen's
 ownership and use thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 required filings and fees related to the Intellectual Property owned by Emergen that are
 either subject to any issuance, registration, application or other filing by, to or with
 any Governmental Authority or authorized private registrar in any jurisdiction (collectively,
 the "Intellectual Property Registrations") have been timely filed with and paid
 to the relevant Governmental Authorities and authorized registrars, and all Intellectual
 Property Registrations are otherwise in good standing. Emergen has provided Bitech with true
 and complete copies of file histories, documents, certificates, office actions, correspondence
 and other materials related to all Intellectual Property Registrations.

(e) Emergen
 has taken all reasonable measures to protect and preserve its rights in Intellectual Property
 owned by Emergen and the confidentiality of all trade secrets owned, exploited, held for
 exploitation, appropriated, or otherwise obtained or possessed by Emergen.

Section 3.30 <u>Condition and Sufficiency of Assets.</u> Except for ordinary wear and tear, the buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property of Emergen following the completion of the Restructuring and as of the Closing Date (the "Tangible Personal Property") are structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles, and other items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles, and other items of tangible personal property currently owned or leased by Emergen following the completion of the Restructuring and as of the Closing Date, together with all other properties and assets of Emergen following the completion of the Restructuring and as of the Closing Date, are sufficient for the conduct of Emergen's business as conducted as of the Closing and constitute all of the rights, property, and assets necessary to conduct the business of Emergen as conducted as of the Closing.

Section 3.31 <u>Properties; Title to Emergen's Assets.</u> The representations and warranties in this Section 3.31 are given as of the completion of the Restructuring and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect on Emergen, the material items of Tangible Personal Property have no defects,
 are in good operating condition and repair and function in accordance with their intended
 uses (ordinary wear and tear excepted) and have been properly maintained, and are suitable
 for their present uses and meet all specifications and warranty requirements with respect
 thereto; and all of the Tangible Personal Property is in the control of Emergen.

(b) Emergen
 has good, valid and marketable title in and to, or in the case of the Leases as set forth
 in Section 3.23(d) of the Disclosure Schedules and the assets which are leased or licensed
 pursuant to Contracts, a valid leasehold interest or license in or a right to use, all of
 their assets reflected on the Financial Statements, other than as would not reasonably be
 expected to, individually or in the aggregate, have a Material Adverse Effect on Emergen.
 No such asset is subject to any Liens other than Permitted Liens. Other than as would not
 reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect
 on Emergen, Emergen's assets constitute all of the assets of any kind or description
 whatsoever, including goodwill, for Emergen to operate the Business immediately after the
 Closing in the same manner as the Business is currently being conducted.

Section 3.32 <u>Accounts Receivable</u>. The accounts receivable reflected on the books and records of Emergen and the accounts receivable arising after the date thereof (a) have arisen from bona fide transactions entered into by Emergen involving the sale of goods or the rendering of services in the Ordinary Course of Business; (b) constitute only valid, undisputed claims of Emergen not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the Ordinary Course of Business; and (c) are collectible in full within ninety (90) calendar days after billing.

Section 3.33 <u>Certain Business Practices.</u> None of Bridgelink, Emergen, any director, officer, agent, manager or employee of Bridgelink or Emergen, in their capacities as such, has (i) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (ii) made any unlawful payment to foreign or domestic government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign Corrupt Practices Act of 1977 or (iii) made any other unlawful payment. None of Bridgelink, Emergen, any; director, officer, agent, manager or employee of Bridgelink or Emergen, in their capacities as such, (nor any Person acting on behalf of any of the foregoing) has, since September 2015, directly or indirectly, given or agreed to give any gift or similar benefit in any material amount to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder Emergen or assist Emergen in connection with any actual or proposed transaction, in each case, which, if not given could reasonably be expected to have had a Material Adverse Effect on Emergen, or which, if not continued in the future, could reasonably be expected to adversely affect the business of Emergen that could reasonably be expected to subject Emergen to suit or penalty in any private or governmental litigation or proceeding.

Section 3.34 <u>Tax Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Emergen
 is a single member limited liability company, and, therefore, is disregarded for federal
 income tax purposes.

(b) Except
 in each case as to matters that would not reasonably be expected to have, individually or
 in the aggregate, a Material Adverse Effect on any of C&C, Bridgelink or Emergen, (i)
 C&C has reported or caused the reporting of all federal and state income tax taxable
 attributes of each of itself, Bridgelink and Emergen on Tax Returns which are required to
 be filed respect to federal and state income tax taxable attributes arising in respect of
 the said entities, and has paid all Taxes which have become due in respect of the said taxable
 attributes of said entities, if any; (ii) all such Tax Returns are true, correct, complete
 and accurate and disclose all Taxes required to be paid; (iii) all such Tax Returns have
 been examined by the relevant Taxing Authority or the period for assessment for Taxes in
 respect of such Tax Returns has expired; (iv) there is no Action, pending, proposed in writing
 or threatened with respect to Taxes attributable to its own taxable attributes or the taxable
 attributes of Bridgelink or Emergen or for which a Lien may be imposed upon any of its own
 assets or the assets of Bridgelink or Emergen; (v) no statute of limitations in respect of
 the assessment or collection of any Taxes attributable to its own federal or state taxable
 attributes, or those of Bridgelink or Emergen for which a Lien may be imposed on any of said
 parties' assets has been waived or extended, which waiver or extension is in effect,
 except for any automatic extensions of time to file Tax Returns obtained in the Ordinary
 Course of Business; (vi) C&C has complied with all applicable Laws relating to the reporting,
 payment, collection and withholding of Taxes attributable to its own taxable attributes and
 to those of Bridgelink and Emergen in all material respects and has duly and timely withheld
 or collected, paid over to the applicable Taxing Authority and reported all Taxes (including
 federal and state income, social, security and other payroll Taxes) required to be withheld
 or collected in respect of its own taxable attributes, as well as those of Bridgelink and
 Emergen; (vii) to the Knowledge of C&C as regarding itself, Bridgelink and Emergen, no
 stock transfer Tax, sales Tax, use Tax, real estate transfer Tax or other similar Tax will
 be imposed on the transfer of the securities of Emergen to Bitech pursuant to this Agreement
 or otherwise with respect to or as a result of any transaction contemplated by this Agreement;
 (viii) none of the assets of Bridgelink which are to be transferred to Emergen in the Reorganization
 is required to be treated as owned by another Person for U.S. federal income Tax purposes
 pursuant to Section 168(f)(8) of the Code (as in effect prior to its amendment by the Tax
 Reform Act of 1986); (ix) there is no Lien (other than Permitted Liens) for Taxes upon any
 of its own assets or those of Bridgelink, or Emergen as of the Effective Date and there will
 be no Lien (other than Permitted Liens) for Taxes upon any of its own assets or those of
 Bridgelink, or Emergen as of the Closing Date; (x) there is no outstanding request for a
 ruling from any Taxing Authority, request for a consent by a Taxing Authority for a change
 in a method of accounting, subpoena or request for information by any Taxing Authority, or
 closing agreement with any Taxing Authority (within the meaning of Section 7121 of the Code
 or any analogous provision of the applicable Law), with respect to itself, Bridgelink, or
 Emergen; (xi) except as set forth in Section 3.34 of the Disclosure Schedules, no claim has
 been made by a Taxing Authority in a jurisdiction in which C&C has not paid or caused
 the payment of any tax or has not filed or caused the filing of any Tax Returns in respect
 of its own taxable attributes or those of Bridgelink, or Emergen, asserting that it, or Bridgelink,
 or Emergen, is or may be subject to Tax in any such jurisdiction; (xii) there is no outstanding
 power of attorney from C&C with respect to itself, or with respect to Bridgelink, or
 Emergen, authorizing anyone to act with respect to any of said entities in connection with
 any Tax, Tax Return or Action relating to any Tax or Tax Return with respect to the taxable
 attributes of Bridgelink, or Emergen; (xiii) C&C is not now nor has it ever been a party
 to any Tax sharing or Tax allocation Contract respective to its own taxable attributes or
 those of Bridgelink, or Emergen, other than any customary commercial contract the principal
 subject of which is not Taxes; and (xiii) none of C&C, Bridgelink, or Emergen is currently,
 and none has ever been included in any consolidated, combined or unitary Tax Return other
 than a Tax Return of C&C with respect to its own taxable attributes and those of Bridgelink,
 and Emergen.

(c) The
 unpaid Taxes attributable to its own taxable attributes and those of Bridgelink, and Emergen
 for the current fiscal year (i) did not, as of the most recent fiscal month end, exceed any
 reserve for Tax liability (other than any reserve for deferred Taxes as may have been established
 to reflect timing differences between book and Tax income) set forth on the Financial Statements;
 and (ii) will not exceed any such reserve as adjusted for the passage of time through the
 Closing Date in accordance with the past custom and practice of C&C as regards itself,
 Bridgelink, and Emergen in filing its Tax Return.

(d) No
 claim has been made by any taxing authority in any jurisdiction where C&C does not file
 Tax Returns that it is, or may be, subject to Tax by that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(e) As
 of the Closing Date, there are no Encumbrances for Taxes (other than for current Taxes not yet due and payable) upon the assets of
 C&C, Bridgelink, or Emergen.

(f) None
 of C&C, Bridgelink or Emergen is a party to, or bound by, any Tax indemnity, Tax-sharing or Tax allocation agreement. None of
 C&C, Bridgelink, or Emergen is a party to, or bound by, any closing agreement or offer in compromise with any taxing authority.
 No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into or issued
 by any taxing authority with respect to and of C&C, Bridgelink, or Emergen.

(g) Other
 than as it would relate to the inclusion of the applicable of their respective taxable attributes in the Tax Return of C&C, neither
 Bridgelink nor Emergen is nor have either been a member of any other affiliated, combined, consolidated or unitary Tax group for
 Tax purposes. None of C&C, Bridgelink, or Emergen has any Liability for Taxes of any Person (except with respect to C&C,
 with respect to its own taxable attributes and those of Bridgelink and Emergen) under Treasury Regulations Section
 1.1502-6 (or any corresponding provision of state, local or foreign Law), as transferee or successor, by Contract, or otherwise.
 C&C has not agreed to make, nor has there been any requirement to make, in respect of itself, Bridgelink, or Emergen, any adjustment
 under Sections 481(a) or 263A of the Code or any comparable provision of state, local or foreign Tax Laws by reason of a change in
 accounting method or otherwise. C&C has not taken any action respect to itself, Bridgelink or Emergen that could defer a Liability
 for Taxes in respect of itself, Bridgelink or Emergen from any period prior to the Closing to any period following the Closing.

(h) None
 of C&C, Emergen, or Bridgelink is a "foreign person" as that term is used in Treasury Regulations Section 1.1445-2.
 None of C&C, Bridgelink, or Emergen is and has never been a United States real property holding corporation (as defined in Section
 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(a) of the Code. None of C&C, Bridgelink, or
 Emergen has been a "distributing corporation" or a "controlled corporation" in connection with a distribution
 described in Section 355 of the Code. None of C&C, Bridgelink, or Emergen is or has been a party to, or a promoter of, a "reportable
 transaction" within the meaning of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011-4(b). There is currently
 no limitation on the utilization of net operating losses, capital losses, built-in losses, tax credits or similar items of any of
 C&C, Bridgelink, or Emergen under Sections 269, 382, 383, 384 or 1502 of the Code and the Treasury Regulations thereunder (and
 comparable provisions of state, local or foreign Law).

(i) None
 of C&C, Bridgelink, or Emergen have entered into a gain recognition agreement pursuant to Treasury Regulations Section 1.367(a)-8.
 None of C&C, Bridgelink, or Emergen has transferred an intangible the transfer of which would be subject to the rules of Section
 367(d) of the Code.

(j) None
 of the assets of C&C, Bridgelink, or Emergen is property that any of them, respectively, is required to treat as being owned
 by any other person pursuant to the so-called "safe harbor lease" provisions of former Section 168(f)(8) of the Internal
 Revenue Code of 1954, as amended.

Section 3.35 <u>Insurance.</u> As of the Closing Date, Emergen will be insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of Emergen believes to be prudent and customary in the businesses in which Emergen is engaged. Emergen has not been refused any insurance coverage sought or applied for, and Emergen has no reason to believe that it will not be able to renew any existing insurance coverage as of the Closing Date as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business or operations of Emergen, taken as a whole.

Section 3.36 <u>Controls.</u> Emergen maintains a system of internal accounting controls appropriate for its size. There is no transaction, arrangement, or other relationship between Emergen and an unconsolidated or other off balance sheet entity that is not disclosed by Emergen in its financial statements or otherwise that would be reasonably likely to have a Material Adverse Effect on Emergen.

Section 3.37 <u>Transactions with Affiliates.</u> None of the officers or directors of Emergen and, to the Knowledge of Bridgelink, none of the employees of Emergen, is presently a party to any transaction with Emergen (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Knowledge of Bridgelink, 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 the lesser of (i) one hundred twenty thousand and 00/100 dollars ($120,000.00) or (ii) one percent (1%) of the average of Emergen's total assets at year-end for the last two completed fiscal years, other than for: (i) payment of salary or consulting fees for services rendered; (ii) reimbursement for expenses incurred on behalf of Emergen; and (iii) other employee benefits, including stock option agreements under any stock option plan of Emergen.

Section 3.38 <u>Foreign Corrupt Practices.</u> Neither Emergen, nor, to the Knowledge of Bridgelink, any agent or other Person acting on behalf of Emergen, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity; (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds; (iii) failed to disclose fully any contribution made by Emergen (or made by any Person acting on its behalf of which Emergen is aware) which is in violation of Law; or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

Section 3.39 <u>Money Laundering Laws.</u> The operations of Emergen are and have been conducted at all times in compliance with applicable money laundering Laws in all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority, and no Action involving Emergen with respect to such Laws is pending or, to the Knowledge of Bridgelink, threatened. Emergen is in compliance with, and has not previously violated, the USA PATRIOT ACT of 2001 and all other applicable U.S. and non-U.S. anti-money laundering Laws and regulations, including, but not limited to, the Laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i) Executive Order 13224 of September 23, 2001 entitled, "Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism" (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

Section 3.40 <u>Illegal or Unauthorized Payments; Political Contributions.</u> Neither Emergen nor, to the Knowledge of Bridgelink, any of the officers, directors, employees, agents or other representatives of Bridgelink or Emergen or any other business entity or enterprise with which Bridgelink or Emergen is or has been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services, whether or not in contravention of applicable Law, (a) as a kickback or bribe to any Person or (b) to any political organization, or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving the direct or indirect use of funds of Bridgelink or Emergen.

Section 3.41 <u>No Disqualification Events.</u> None of Bridgelink, Emergen, any of their predecessors, any affiliated issuer, any director, executive officer, other officer of Bridgelink or Emergen, any beneficial owner of twenty percent (20%) or more of Bridgelink or Emergen's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with Bridgelink or Emergen in any capacity at the time of sale (each, an "Issuer Covered Person") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. Emergen has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

Section 3.42 <u>Approval of Agreement.</u> The Manager of Emergen and Bridgelink as the sole member of Emergen have each authorized the execution and delivery of this Agreement by Emergen and have approved this Agreement and the Transactions.

Section 3.43 <u>Disclosure</u>. All disclosure provided to Bitech regarding Emergen, its business and Transactions, including the Disclosure Schedules, furnished by or on behalf of Emergen with respect to the representations and warranties made herein are true and correct with respect to such representations and warranties and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, provided that such information shall not be deemed to amend or modify the representations and warranties of the Bridgelink Parties as set forth herein unless specifically so provided herein.

Section 3.44 <u>No Brokers</u>. No Bridgelink Party has retained any broker or finder in connection with any of the Transactions, and no Bridgelink Party not incurred or agreed to pay, or taken any other action that would entitle any Person to receive, any brokerage fee, finder's fee or other similar fee or commission with respect to any of the Transactions.

**Article IV.** **Representations and Warranties of Bitech**

As an inducement to, and to obtain the reliance of Emergen and Bridgelink, Bitech represents and warrants to Emergen and Bridgelink, as of the Effective Date and as of the Closing Date except as otherwise specifically set forth below as to representations and warranties which speak solely with respect to a particular date, and other than as set forth in the reports and filings made by Bitech with the SEC pursuant to the Securities Act or the Exchange Act (the "SEC Reports"), as follows:

Section 4.01 <u>Corporate Existence and Power</u>. Bitech is a corporation duly organized, validly existing, and in good standing under the Laws of the State of Delaware and has the corporate power and is duly authorized under all applicable Laws, regulations, ordinances, and orders of public authorities to carry on its business in all material respects as it is now being conducted. The SEC Reports contain copies of the articles of incorporation and bylaws of Bitech as in effect on the Effective Date (the "Bitech Organizational Documents"). The execution and delivery of this Agreement does not, and the consummation of the Transactions will not, violate any provision of Bitech Organizational Documents. Bitech has taken all action required by Law, Bitech Organizational Documents, or otherwise to authorize the execution and delivery of this Agreement, and Bitech has full power, authority, and legal right and has taken all action required by Law, Bitech Organizational Documents or otherwise to consummate the Transactions.

Section 4.02 <u>Due Authorization.</u> The execution, delivery and performance of this Agreement does not, and the consummation of the Transactions will not, violate any provision of Bitech Organizational Documents. Bitech has taken all actions required by Law, Bitech Organizational Documents, or otherwise to authorize the execution, delivery and performance of this Agreement and to consummate the Transactions.

Section 4.03 <u>Valid Obligation</u>. This Agreement and all agreements and other documents executed by Bitech in connection herewith constitute the valid and binding obligations of Bitech, enforceable in accordance with its or their terms, except as may be limited the Enforceability Exceptions.

Section 4.04 <u>No Conflict With Other Instruments.</u> The execution of this Agreement by Bitech and the consummation of the Transactions by Bitech will not result in the breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of, any indenture, mortgage, deed of trust, or other material agreement or instrument to which Bitech is a party or to which any of its assets, properties or operations are subject.

Section 4.05 <u>Governmental Authorization.</u> Neither the execution, delivery nor performance of this Agreement by Bitech requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Governmental Authority.

Section 4.06 <u>Authorized Shares and Capital</u>. The authorized capital stock and the issued and outstanding capital stock of Bitech is as set forth in the SEC Reports.

Section 4.07 <u>Validity of Shares.</u> The Exchange Shares to be delivered at the Closing shall be duly and validly issued, fully paid and non-assessable and free and clear of any Liens other than any Liens imposed by Bitech's Certificate of Incorporation, Bylaws, other organizational documents, or as imposed by applicable Laws.

Section 4.08 <u>Approval of Agreement.</u> The Bitech Board has authorized the execution and delivery of this Agreement by Bitech and has approved this Agreement and the Transactions.

Section 4.09 <u>No Brokers</u>. Bitech has not retained any broker or finder in connection with any of the Transactions, and Bitech has not incurred or agreed to pay, or taken any other action that would entitle any Person to receive, any brokerage fee, finder's fee or other similar fee or commission with respect to any of the Transactions.

**Article V.** **Conditions to the Closing**

Section 5.01 <u>Conditions to the Obligations of all of the Parties.</u> The obligations of all of the Parties to consummate the Closing are subject to the satisfaction, or waiver by each of the Parties, at or before the Closing Date of all the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 provisions of any applicable Law, and no Order shall prohibit or impose any condition or prohibition on the consummation of the Closing.

(b) There
 shall not be any Action brought by a third-party non-Affiliate to enjoin or otherwise restrict the consummation of the Closing.

(c) The
 Parties shall have received all necessary approvals from all required Governmental Authorities to consummate the Transactions.

(d) All
 other regulatory, third person and other approvals, consents, waivers, orders, exemptions, agreements and all amendments and modifications
 to agreements, indentures, and arrangements which the Parties shall consider necessary in order to consummate the Transactions shall
 have been obtained in form reasonably satisfactory to the Parties.

(e) At
 the Closing Date, Bitech shall be current on all of its filings with the OTC Markets Group, Inc. OTCQB tier (the "OTC Markets"),
 including, but not limited to the filing of an Annual Report for the period ended December 31, 2023 and the annual Attorney Letter
 for the period ended December 31, 2023, none of which filings shall contain a material misstatement or omission, and which shall
 be compliant in all material respects with the OTC Markets rules and regulations.

(f) At
 the Closing Date, all of Bitech's SEC Reports for the two (2) years preceding the Closing Date shall have been filed on a timely
 basis or Bitech shall have received a valid extension of such time of filing and shall have filed any such SEC Reports prior to the
 expiration of any such extension.

(g) Emergen
 and Bitech shall have filed all required franchise tax reports and federal income tax returns for the period ended December 31, 2023.

(h) The
 Bitech Common Stock shall be a participant in the Depository Trust Company Fast Automated Securities Transfer Program DTC eligible.

(i) The
 Bitech Common Stock shall be quoted on the OTCQB tier of the OTC Markets and there shall have been no notice of delisting or threat
 thereof with respect to the Bitech Common Stock. Bitech shall have paid all applicable OTC Market fees.

(j) The
 Bitech Board shall have approved this Agreement and the Transactions and shall not have withdrawn such approval.

Section 5.02 <u>Conditions to the Obligations of Bitech.</u> The obligations of Bitech to consummate the Closing are subject to the satisfaction (or waiver by Bitech), at or before the Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties made by the Bridgelink Parties in this Agreement shall have been true and correct when made and shall
 be true and correct in all material respects (other than representations and warranties which are qualified as to materiality and
 the representations and warranties in Section 3.06, Section 3.07, Section 3.08 and Section 3.13, which shall each be true and correct
 in all respects) at the Closing Date with the same force and effect as if such representations and warranties were made at and as
 of the Closing Date, except for changes therein permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Bridgelink Parties shall have performed or complied with all covenants and conditions required by this Agreement to be performed
 or complied with by Bridgelink Parties prior to or at the Closing;

(c) There
 shall have occurred no Material Adverse Effect with respect to Emergen between the Effective Date and the Closing Date.

(d) As
 of the Closing Date, Emergen shall have no Liens of encumbrances on the BESS Development Projects.

(e) The
 Reorganization shall have been completed, to the reasonable approval of Bitech. Bitech shall have completed its due diligence review
 and examination of Emergen and the Due Diligence Materials (as defined below) to its satisfaction in its sole discretion.

Section 5.03 <u>Condition to the Obligations of the Bridgelink Parties</u>. The obligations of the Bridgelink Parties to consummate the Closing are subject to the satisfaction (or waiver by Bridgelink), at or before the Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties made by Bitech in this Agreement shall have been true and correct when made and shall be true and
 correct in all material respects (other than representations and warranties which are qualified as to materiality, which shall each
 be true and correct in all respects) at the Closing Date with the same force and effect as if such representations and warranties
 were made at and as of the Closing Date, except for changes therein permitted by this Agreement; and

(b) Bitech
 shall have performed or complied with all covenants and conditions required by this Agreement to be performed or complied with by
 Bitech prior to or at the Closing.

**Article VI.** **Additional Covenants of the Parties**

Section 6.01 <u>Required Financial Statements.</u> In the event that the Closing occurs, Bridgelink covenants and agrees that, within 70 days of the Closing Date, Bridgelink shall provide to Bitech audited financial statements for Emergen and related auditor reports thereon from a Public Company Accounting Oversight Board-registered auditor, which consents to the inclusion of its statements in SEC public filings, for each of the two (2) most recently ended fiscal years and any other period audited or unaudited but reviewed financials are required to be included in the SEC Reports following the Closing pursuant to applicable Law, and unaudited statements for any other required interim periods.

Section 6.02 <u>Due Diligence Period.</u> Between Effective Date and the Termination Date (the "Due Diligence Period") each of the Parties shall use commercially reasonable efforts to promptly provide the other Parties or its respective Representatives with any information in its possession or control relating to it and its subsidiaries, subject to confidentiality obligations, attorney client privilege and applicable Laws, so that the other Party may complete its due diligence investigations in connection with the Transactions (the "Due Diligence Materials"). The Due Diligence Materials to be provided by Bridgelink shall include, but not be limited to all documents, records, and data pertinent to the Development Projects and related agreements, any of the documents, information, or materials provided to or by KeyBanc Capital Markets ("KeyBanc") in connection with the preparation of any estimates or valuations of the Development Projects and access to KeyBanc representatives relating thereto, the books and records of Bridgelink, material contracts related to the Development Projects; real and personal properties; pending, threatened and contemplated legal proceedings; employees; assets and liabilities, including contingencies and commitments; and other information reasonably requested by Bitech. In the event that Bitech, at any time during the Due Diligence Period, determines that its due diligence review of the Bridgelink Parties is not satisfactory to Bitech for a commercially reasonably reason, Bitech shall have the right to terminate this Agreement upon notice to Bridgelink.

Section 6.03 <u>Confidentiality.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 connection with the transactions contemplated herein, each Party will be providing the Due Diligence Materials to the other as provided
 for in Section 6.02. As a condition to the furnishing of such information, each Party, as the receiving Party of such information
 of each of the other Parties as the disclosing Party, agrees, to treat confidentially the Due Diligence Materials and any other information
 furnished to the receiving Party by the other disclosing Parties, whether furnished before or after the Effective Date, and all analyses,
 compilations, studies and other material (collectively, the "Evaluation Material"). Notwithstanding the foregoing, Evaluation
 Material shall not include material that was publicly available prior to disclosure to the receiving Party, material that becomes
 generally available after the Effective Date not as a result of a breach of this agreement by the receiving Party, or material that
 was independently developed by the receiving Party without reference to the Evaluation Material of the disclosing Party. Each Party
 agrees that it will not use the Evaluation Material of any other Party in any way detrimental to the other Parties, and that such
 Evaluation Material will be kept confidential by such receiving Party, its agents and Representatives; provided, however, that any
 of such information may be disclosed to directors, officers, employees and Representatives, and to individuals acting in similar
 capacities who need to know such information for the purpose of evaluating a possible transaction (it being understood that such
 directors, officers, employees, representatives and agents shall be informed of the confidential nature of such information and shall
 be directed to treat such information confidentially).

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Bridgelink Parties acknowledge and agree that Bitech is a public company, currently trading on the OTC Markets. Each of the Bridgelink
 Parties agrees that, for as long as any information, including Evaluation Material of Bitech, continues to meet the definition of
 Material Non-Public Information (as defined below) as set forth herein (the "Standstill Period"), each of the Bridgelink
 Parties shall not, and each of the Bridgelink Parties shall ensure that none of its affiliates or representatives shall: (i) buy
 or sell any securities or derivative securities of or related to Bitech, or any interest therein; (ii) undertake any actions or activities
 that would reasonably be expected to result in a violation of the Securities Act, as amended, or the rules and regulations thereunder,
 or of the Exchange Act, including, without limitation, Section 10(b) thereunder, or the rules and regulations thereunder, including,
 without limitation, Rule 10b-5 promulgated thereunder; (iii) effect, seek, offer or propose (whether publicly or otherwise) to effect,
 or cause or participate in, or in any way assist any other Person to effect, seek, offer or propose (whether publicly or otherwise)
 to effect or participate in (1) any acquisition of any securities (or beneficial ownership thereof) or all or substantially all of
 the assets of Bitech or any of its subsidiaries; (2) any tender or exchange offer, merger or other business combination involving
 Bitech or any of its subsidiaries; (3) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction
 with respect to Bitech or any of its subsidiaries; or (4) any "solicitation" of "proxies" (as such terms
 are used in the proxy rules of the SEC) or consents to vote any voting securities of Bitech; (iv) form, join or in any way participate
 in a "group" (as defined under the Exchange Act) with respect to the securities of Bitech; (v) make any public announcement
 with respect to, or submit an unsolicited proposal for or offer of (with or without condition), any extraordinary transaction involving
 Bitech or its securities or assets; (vi) otherwise act, alone or in concert with others, to seek to control or influence the management,
 Bitech Board or policies of Bitech; (vii) take any action which might force Bitech to make a public announcement regarding any of
 the types of matters set forth in clause (iii) of this Section 6.03(b); or (viii) enter into any discussions or arrangements with
 any third party with respect to any of the foregoing. Each of the Bridgelink Parties also agrees during the Standstill Period not
 to request Bitech (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this
 Section 6.03(b) (including this sentence).

(c) For
 purposes of this Agreement "Material Non-Public Information" shall mean any information obtained by any Bridgelink Party,
 whether otherwise constituting Evaluation Material or not, with respect to which there is a substantial likelihood that a reasonable
 investor would consider such information important or valuable in making any of his, her or its investment decisions or recommendations
 to others with respect to Bitech or any of its equity securities or debt, or any derivatives thereof, or information that is reasonably
 certain to have an effect on the price, value or trading price of Bitech's equity securities or debt, or any derivatives thereof,
 whether positive or negative.

Section 6.04 <u>Delivery of Books and Records.</u> At the Closing, Emergen shall deliver to Bitech the originals of the corporate minute books, books of account, contracts, records, and all other books or documents of Emergen now in the possession of Emergen or its Representatives.

Section 6.05 <u>Third Party Consents and Certificates.</u> Bitech and the Bridgelink Parties agree to cooperate with each other in order to obtain any required third party consents to this Agreement and the Transactions.

Section 6.06 <u>Notices of Certain Events</u>. In addition to any other notice required to be given by the terms of this Agreement, each of the Parties shall promptly notify each of the other Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with any
 of the Transactions;

(b) any
 notice or other communication from any governmental or regulatory agency or authority in connection with the Transactions; and

(c) any
 actions, suits, claims, investigations, or proceedings commenced or, to its knowledge threatened against, relating to or involving
 or otherwise affecting such Party that, if pending on the date of this Agreement, would have been required to have been disclosed
 pursuant hereto or that relates to the consummation of the Transactions.

Section 6.07 <u>Ordinary Course of Business.</u> Other than as contemplated herein, between the Effective Date and the Closing or the earlier termination of this Agreement as set forth herein, Bridgelink shall, and shall cause Emergen to, conduct each of their operations as previously conducted in the Ordinary Course of Business.

Section 6.08 <u>Nasdaq Uplisting.</u> Following the Closing, Bitech shall take all commercially reasonable steps necessary to uplist the Company to the NASDAQ stock exchange to enhance the Company's visibility and access to a broader investor base. This effort shall be pursued promptly and diligently.

Section 6.09 <u>Reliance</u>. The Parties acknowledge and agree that, notwithstanding any investigation made by Bitech or any of its Representatives, or any rights to conduct such investigations, and notwithstanding any knowledge of facts determined or determinable by Bitech as a result of such investigation or right of investigation, and notwithstanding any statements of Bitech, including any press releases or other disclosures or statements made by Bitech or any of its Representatives, Bitech has the unqualified right to rely upon the representations and warranties made by the Bridgelink Parties in this Agreement or in any other Transaction Documents. All representations and warranties of the Bridgelink Parties made in this Agreement or pursuant hereto, or in any other Transaction Documents, shall survive, and shall not be affected by any such investigation, knowledge or statements.

**Article VII.** **Termination; Survival**

Section 7.01 <u>Termination</u>. This Agreement may be terminated on or prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;(a) By
 the mutual written consent of the Parties;

(b) By
 Bitech (i) if the conditions to the Closing as set forth in Section 5.01 and Section 5.02 have not been satisfied or waived by Bitech,
 which waiver Bitech may give or withhold in its sole discretion, by the Termination Date, provided, however, that Bitech may not
 terminate this Agreement pursuant to this clause (i) of this Section 7.01(b) if the reason for the failure of any such condition
 to occur was the breach of the terms of this Agreement by Bitech; or (ii) if there has been a material violation, breach or inaccuracy
 of any representation, warranty, covenant or agreement of any of the Bridgelink Parties contained in this Agreement, which violation,
 breach or inaccuracy would cause any of the conditions set forth in Section 5.02 not to be satisfied, and such violation, breach
 or inaccuracy has not been waived by Bitech or cured by the Bridgelink Parties, as applicable, within five (5) Business Days after
 receipt by the Bridgelink Parties of written notice thereof from Bitech or is not reasonably capable of being cured prior to the
 Termination Date;

(c) By
 the Bridgelink Parties, acting together (i) if the conditions to Closing as set forth in Section 5.01 and Section 5.03 have not been
 satisfied or waived by the Bridgelink Parties, which waiver the Bridgelink Parties may give or withhold in their sole discretion,
 by the Termination Date, provided, however, that the Bridgelink Parties may not terminate this Agreement pursuant to this clause
 (i) of this Section 7.01(c) if the reason for the failure of any such condition to occur was the breach of the terms of this Agreement
 by any of the Bridgelink Parties; or (ii) if there has been a material violation, breach or inaccuracy of any representation, warranty,
 covenant or agreement of Bitech contained in this Agreement, which violation, breach or inaccuracy would cause any of the conditions
 set forth in Section 5.03 not to be satisfied, and such violation, breach or inaccuracy has not been waived by the Bridgelink Parties
 or cured by Bitech, applicable, within five (5) Business Days after receipt by Bitech of written notice thereof from the Bridgelink
 Parties or is not reasonably capable of being cured prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;(d) By
 any Party, if a court of competent jurisdiction or other Governmental Authority shall have issued an order or taken any other action
 permanently restraining, enjoining, or otherwise prohibiting the Transactions and such order or action shall have become final and
 nonappealable; or

(e) By
 Bitech, pursuant to the provisions of Section 6.02.

Section 7.02 <u>Specific Enforcement.</u> Notwithstanding the foregoing, the Parties acknowledge and agree that (i) if Bitech has a right to terminate this Agreement pursuant to the provisions of clause (ii) of Section 7.01(b), Bitech may elect not to terminate this Agreement and may instead seek to specifically enforce this Agreement pursuant to the provisions of Section 9.05; and (ii) if the Bridgelink Parties have a right to terminate this Agreement pursuant to the provisions of clause (ii) of Section 7.01(c), the Bridgelink Parties may elect not to terminate this Agreement and may instead seek to specifically enforce this Agreement pursuant to the provisions of Section 9.05.

Section 7.03 <u>Survival After Termination.</u> If this Agreement is terminated by in accordance with Section 7.01, this Agreement shall become void and of no further force and effect with no liability to any Person on the part of any Party hereto (or any officer, agent, employee, direct or indirect holder of any equity interest or securities, or Affiliates of any Party); provided, however, that this Section 7.03 and Article IX shall survive the termination of this Agreement and nothing herein shall relieve any Party from any liability for fraud or any willful and material breach of the provisions of this Agreement prior to the termination of this Agreement.

**Article VIII.** **Indemnification**

Section 8.01 <u>Indemnification of Bitech</u>. Provided that the Closing occurs, Bridgelink, C&C and Mr. Johnson, jointly and severally, hereby agree to indemnify and hold harmless to the fullest extent permitted by applicable Law, Bitech, each of its Affiliates and each of its and their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees (each a "Bitech Indemnified Party"), against and in respect of any and all Losses incurred or sustained by any Bitech Indemnified Party as a result of or in connection with (i) any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements of the Bridgelink Parties contained herein or in any of the additional agreements or any certificate or other writing delivered pursuant hereto; or (ii) any claim for brokerage commissions in connection with the transactions contemplated hereby as a result of the actions or agreements of any of the Bridgelink Parties or any of their Representatives.

Section 8.02 <u>Indemnification of the Bridgelink Parties.</u> Provided that the Closing occurs, Bitech hereby agrees to indemnify and hold harmless to the fullest extent permitted by applicable Law. the Bridgelink Parties and each of their officers, directors, employees, stockholders, attorneys and agents and permitted assignees (each a "Bridgelink Indemnified Party"), against and in respect of any and all Losses incurred or sustained by any Bridgelink Indemnified Party as a result of or in connection with (i) any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements of Bitech contained herein or in any of the additional agreements or any certificate or other writing delivered pursuant hereto; or (ii) any claim for brokerage commissions in connection with the transactions contemplated hereby as a result of the actions or agreements of any of Bitech or any of its Representatives.

Section 8.03 <u>Procedure.</u> The following shall apply with respect to all claims by any Bridgelink Indemnified Party or Bitech Indemnified Party for indemnification with respect to actions by third-parties (with any references herein to an "Indemnified Party" being a reference to a Bridgelink Indemnified Party or a Bitech Indemnified Party, as applicable, and any references herein to an "Indemnifying Party" being a reference to Bitech or Bridgelink, as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third-Party Claims*. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person
 who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a "Third-Party
 Claim") against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification
 under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any
 event not later than thirty (30) calendar days after receipt of such notice of such Third-Party Claim. The failure to give such prompt
 written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent
 that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe
 the Third-Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the
 estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
 Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of any
 Third-Party Claim at the Indemnifying Party's expense and by the Indemnifying Party's own counsel, and the Indemnified
 Party shall cooperate in good faith in such defense. In the event that the Indemnifying Party assumes the defense of any Third-Party
 Claim, subject to Section 8.03(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal
 or make counterclaims pertaining to any such Third-Party Claim in the name and on behalf of the Indemnified Party. The Indemnified
 Party shall have the right to participate in the defense of any Third-Party Claim with counsel selected by it subject to the Indemnifying
 Party's right to control the defense thereof, provided that the fees and disbursements of such counsel shall be at the expense
 of the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Settlement of Third-Party Claims*. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
 of any Third-Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 8.03(b).
 If a firm offer is made to settle a Third-Party Claim without leading to liability or the creation of a financial or other obligation
 on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from
 all liabilities and obligations in connection with such Third-Party Claim and the Indemnifying Party desires to accept and agree
 to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party
 consents to such firm offer the Indemnifying Party may settle the Third-Party Claim upon the terms set forth in such firm offer to
 settle such Third-Party Claim. If the Indemnified Party objects to such offer, or does not provide a response to such firm offer
 within ten days after its receipt of such notice (in which case the Indemnified Party shall be deemed to not have consented to such
 offer), the Indemnified Party shall thereafter assume the defense of such Third-Party Claim and shall continue to contest or defend
 such Third-Party Claim and in such event the maximum liability of the Indemnifying Party as to such Third-Party Claim shall not exceed
 the amount of such settlement offer. If the Indemnified Party has assumed the defense pursuant to this Section 8.03(b), the Indemnified
 Party shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably
 withheld or delayed).

(c) *Direct Claims*. Any Action by an Indemnified Party on account of a Loss which does not result from a Third-Party Claim (a "Direct
 Claim") shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof,
 but in any event not later than thirty (30) calendar days after the Indemnified Party becomes aware of such Direct Claim. The failure
 to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except
 and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
 Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
 indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.
 The Indemnifying Party shall have thirty (30) calendar days after its receipt of such notice to respond in writing to such Direct
 Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance
 alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and
 the Indemnified Party shall assist the Indemnifying Party's investigation by giving such information and assistance as the
 Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying Party does not so respond within
 such thirty (30) calendar day period, the Indemnifying Party shall be deemed to have accepted liability for such claim, in which
 case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject
 to the provisions of this Agreement.

(d) *Cooperation*.
 Upon a reasonable request made by the Indemnifying Party, each Indemnified Party seeking indemnification hereunder in respect of
 any Direct Claim, hereby agrees to consult with the Indemnifying Party and act reasonably to take actions reasonably requested by
 the Indemnifying Party in order to attempt to reduce the amount of Losses in respect of such Direct Claim. Any costs or expenses
 associated with taking such actions shall be included as Losses hereunder.

Section 8.04 <u>Periodic Payments.</u> Any indemnification required by this Article VIII for costs, disbursements or expenses of any Indemnified Party in connection with investigating, preparing to defend or defending any Action shall be made by periodic payments by the Indemnifying Party to each Indemnified Party during the course of the investigation or defense, as and when bills are received or costs, disbursements or expenses are incurred.

Section 8.05 <u>Insurance.</u> Any indemnification payments hereunder shall take into account any insurance proceeds or other third-party reimbursement actually received.

Section 8.06 <u>Time Limit.</u> The obligations of Bridgelink and Bitech under Section 8.01 and Section 8.02 shall expire two (2) years from the Closing Date, except with respect to (i) an indemnification claim asserted in accordance with the provisions of this Article VIII which remains unresolved, for which the obligation to indemnify shall continue until such claim is resolved; and (ii) resolved claims for which payment has not yet been paid to the Indemnified Party.

Section 8.07 <u>Certain Limitations.</u> The indemnification provided for in Section 8.01 and Section 8.02 shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Bridgelink,
 C&C and Mr. Johnson shall not be liable to Bitech Indemnified Parties for indemnification under Section 8.01 until the aggregate
 amount of all Losses in respect of indemnification under Section 8.01 exceeds ten thousand and 00/100 ($10,000.00) (the "Basket"),
 in which event Bridgelink, C&C and Mr. Johnson shall be required to pay or be liable for all such Losses in excess of the Basket
 up to a maximum amount equal to the value of the Exchange Shares as of the Closing Date, as determined based on the closing trading
 price of the Bitech Common Stock on its primary trading market as of the Closing Date (the "Cap").

(b) Bitech
 shall not be liable to the Bridgelink Indemnified Parties for indemnification under Section 8.02 until the aggregate amount of all
 Losses in respect of indemnification under Section 8.02 exceeds the Basket, in which event Bitech shall be required to pay or be
 liable for all such Losses in excess of the Basket up to a maximum amount equal to the Cap, which shall in such case be applied to
 all of Bridgelink as a group.

Section 8.08 <u>Effect of Investigation.</u> The representations, warranties and covenants of the Indemnifying Party, and any indemnified party's right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf of the any indemnified party's or by reason of the fact that such indemnified party knew or should have known that any such representation or warranty is, was or might be inaccurate.

Section 8.09 <u>Exclusive Remedy.</u> In the event that the Closing occurs, the indemnification provisions contained in this Article VIII shall be the sole and exclusive remedy of the Parties with respect to the Transactions for any and all breaches or alleged breaches of any representations, warranties, covenants or agreements of the Parties hereto or any other provision of this Agreement or arising out of the Transactions, except (i) with respect to any equitable remedy to which such Party may be entitled to with respect to any claims or causes of action arising from the breach of any covenants or agreement of a Party that is to be performed subsequent to the Closing Date; or (ii) with respect to a Party, an actual and intentional fraud with respect to this Agreement and the Transactions. In furtherance of the foregoing, each Party hereto, for itself and on behalf of its Affiliates, hereby waives, from and after the Closing, to the fullest extent permitted under applicable Law and except as otherwise specified in this Article VIII, any and all rights, claims and causes of action it may have against any other Party hereto relating to the subject matter of this Agreement or any other agreement, certificate or other document or instrument delivered pursuant to this Agreement, arising under or based upon any applicable Law.

**Article IX.** **Miscellaneous**

Section 9.01 <u>Governing Law; Jurisdiction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement or arising from this Agreement or the
 transactions contemplated herein, including, without limitation, tort claims, statutory claims and contract claims, shall be interpreted,
 construed, governed and enforced under and solely in accordance with the substantive and procedural Laws of the State of Delaware,
 in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed
 wholly within the State of Delaware.

(b) Each
 of the Parties (a) irrevocably consents and agrees that any legal or equitable action or proceedings arising under or in connection
 with this Agreement shall be brought exclusively in the state or federal courts of the United States with jurisdiction in Orange
 County, California. By execution and delivery of this Agreement, each Party hereto irrevocably submits to and accepts, with respect
 to any such action or proceeding, generally and unconditionally, the jurisdiction of the aforesaid courts, and irrevocably waives
 any and all rights such Party may now or hereafter have to object to such jurisdiction.

Section 9.02 <u>Waiver of Jury Trial.</u> EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 9.02. Each of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal counsel selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

Section 9.03 <u>Dispute Resolution.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 any dispute over or in any way related to the provisions of this Agreement and in all other disputes among the Parties hereto, including
 issues of enforceability, termination, and arbitrability, the dispute shall be resolved as set forth in this Section 9.03.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties shall first negotiate in good faith to attempt to resolve the Dispute.

(c) In
 the event that the Parties are unable to resolve the dispute as set forth in Section 9.03(b) within thirty (30) days) of the commencement
 of efforts to do so, then the dispute shall then be submitted to non-binding mediation. The Parties shall apply to the American Arbitration
 Association for a mediator, with the mediation to take place via remote teleconference means unless otherwise agreed between the
 Parties.

(d) In
 the event that the mediation as set forth in Section 9.03(c) fails to resolve all of the issues between or among the Parties, or
 if mediation is not held within sixty (60) days of the commencement of efforts to resolve the dispute pursuant to Section 9.03(b),
 then the matter or any remaining matters shall be submitted to final, non-appealable and binding arbitration before a panel of three
 (3) arbitrator. The arbitration shall be held by the American Arbitration Association (the "AAA") in accordance with
 the Commercial Arbitration Rules of the AAA. The arbitration will be conducted in English. Each of Bitech and Mr. Johnson shall choose
 one (1) arbitrator to serve on the arbitration tribunal, with those two (2) arbitrators choosing the third arbitrator to serve on
 the arbitration tribunal. Arbitration shall be held via remote teleconference means unless otherwise agreed between the Parties,
 and if required by the arbitrators to be held in person, shall be held in Orange County, California. The arbitrators may issue any
 preliminary, injunctive, and/or equitable relief.

(e) Nothing
 in this Section 9.03 will serve to restrict the ability to apply for emergency relief.

(f) Any
 Party may, after failure of the negotiation and mediation procedures above, commence arbitration of the dispute by sending a written
 request for arbitration to all other Parties. The request shall state the nature of the dispute to be resolved by arbitration, and
 arbitration shall be commenced as soon as practical after such Parties receive a copy of the written request. The Parties may not
 bring suit regarding any disputes, controversies, or claims subject to this Section 9.03 in any venue other than an arbitration pursuant
 to this Section 9.03, except in order to enforce this Section 9.03 or enforce an arbitral award made pursuant to this Section 9.03.
 In the event that a Party attempts to bring an action in violation of this Section 9.03, the Parties agree that the other Parties
 will be entitled to the arbitrators or judge entering an injunction to enjoin such unauthorized action.

(g) All
 Parties shall initially share the cost of arbitration, but the prevailing Party or Parties shall be awarded attorneys' fees,
 costs, and other expenses of arbitration as determined by the arbitrators. All arbitration decisions shall be final, binding, and
 conclusive on all the Parties to arbitration, and legal judgment may be entered based upon such decision in accordance with applicable
 Law in any court having jurisdiction to do so. The Parties agree that the arbitral award shall be recognized by any applicable courts
 pursuant to all applicable statutes, conventions, and treaties. This Section 9.03 shall survive any expiration or termination of
 this Agreement, any merger or integration clause, and shall continue to inure to the benefit of the Parties hereto, for all purposes.

(h) The
 Laws of the State of Delaware shall apply to any arbitration hereunder. In any arbitration hereunder, this Agreement and any agreement
 contemplated hereby shall be governed by the Laws of the State of Delaware applicable to a contract negotiated, signed, and wholly
 to be performed in the State of Delaware, which Laws the arbitrators shall apply in rendering their decision. The arbitrators shall
 issue a written decision, setting forth findings of fact and conclusions of Law, within sixty (60) days after they shall have been
 selected. The arbitrators shall have no authority to award punitive or other exemplary damages.

&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 application to the arbitrators, any Party shall have rights to discovery to the same extent as would be provided under the Federal
 Rules of Civil Procedure, and the Federal Rules of Evidence shall apply to any arbitration under this Agreement; provided, however,
 that the arbitrators shall limit any discovery or evidence such that his decision shall be rendered within the period referred to
 in Section 9.03(h).

(j) Any
 judgment upon any award rendered by the arbitrators may be entered in and enforced by any court of competent jurisdiction. The Parties
 expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) located in Orange County, California to enforce
 any award of the arbitrators or to render any provisional, temporary, or injunctive relief in connection with or in aid of the arbitration.
 The Parties expressly consent to the personal and subject matter jurisdiction of the arbitrators to arbitrate any and all matters
 to be submitted to arbitration hereunder. None of the Parties hereto shall challenge any arbitration hereunder on the grounds that
 any party necessary to such arbitration (including the Parties) shall have been absent from such arbitration for any reason, including
 that such Party shall have been the subject of any bankruptcy, reorganization, or insolvency proceeding.

Section 9.04 <u>Limitation on Damages.</u> **In no event will any Party be liable to any other Party under or in connection with this Agreement or in connection with the Transactions for special, general, indirect or consequential damages, including damages for lost profits or lost opportunity, even if the Party sought to be held liable has been advised of the possibility of such damage.**

Section 9.05 <u>Specific Performance.</u> The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by them in accordance with the terms hereof or were otherwise breached and that each Party hereto shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of the provisions hereof and to enforce specifically the terms and provisions hereof, without the proof of actual damages, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that (a) the other Party has an adequate remedy at law, or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity.

Section 9.06 <u>Notices.</u> Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand or recognized courier service, by 4:00PM on a business day, addressee's day and time, on the date of delivery, and otherwise on the first business day after such delivery; (b) if by fax or email, on the date that transmission is confirmed electronically, if by 4:00PM Central Standard Time on a business day, addressee's day and time, and otherwise on the first business day after the date of such confirmation; or (c) five (5) days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective Parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a Party shall specify to the others in accordance with these notice provisions:

If to Bitech, to:

Bitech Technologies Corporation

Attention: Benjamin Tran

895 Dove Street, Suite 300

Newport Beach, CA 92660

Email: ben@bitech.tech

With a copy, which shall not constitute notice, to:

Anthony, Linder & Cacomanolis, PLLC

Attn: John Cacomanolis and Lazarus Rothstein

1700 Palm Beach Lakes Blvd., Suite 820

West Palm Beach, FL 33401

Email: jcacomanolis@alclaw.com; lrothstein@alclaw.com

If any Bridgelink Party, to:

Bridgelink Development, LLC

Attention: Cole Johnson

777 Main St Ste 3000

Fort Worth, TX 76102-5365

Email: cole.johnson@cwj-bl.com

with a copy, which shall not constitute notice, to:

Kearney, McWilliams & Davis, PLLC

Attn: Bridgelink 77036

55 Waugh #150

Houston, TX 77007

Email: bnevills@kmd.law; jwalters@kmd.law; vpatel@kmd.law

Section 9.07 <u>Attorneys' Fees.</u> In the event that any Party institutes any action or suit to enforce this Agreement or to secure relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all costs, including reasonable attorneys' fees, incurred in connection therewith and in enforcing or collecting any judgment rendered therein.

Section 9.08 <u>Third Party Beneficiaries.</u> This contract is strictly between the Parties, and except as specifically provided herein, no other Person and no director, officer, members, stockholder, employee, agent, independent contractor or any other Person shall be deemed to be a third-party beneficiary of this Agreement.

Section 9.09 <u>Expenses.</u> Subject to Article VIII, Section 9.03 and Section 9.07, and other than as specifically set forth herein, whether or not the Exchange is consummated, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with the Exchange or any of the other Transactions.

Section 9.10 <u>Entire Agreement.</u> This Agreement and the other Transaction Documents represent the entire agreement between the Parties relating to the subject matter thereof and supersede all prior agreements, understandings and negotiations, written or oral, with respect to such subject matter.

Section 9.11 <u>Survival.</u> The representations, warranties, and covenants of the respective Parties shall survive the Closing Date and the consummation of the Transactions for a period of two years.

Section 9.12 <u>Amendment; Waiver.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement cannot be amended, except by a writing signed by each of the Parties and cannot be terminated orally or by course of conduct.
 No provision hereof can be waived, except by a writing signed by the Party against whom such waiver is to be enforced, and any such
 waiver shall apply only in the particular instance in which such waiver shall have been given.

(b) Neither
 any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein nor any course
 of dealing shall constitute a waiver of or prevent any Party from enforcing any right or remedy or from requiring satisfaction of
 any condition. No notice to or demand on a Party waives or otherwise affects any obligation of that Party or impairs any right of
 the Party giving such notice or making such demand, including any right to take any action without notice or demand not otherwise
 required by this Agreement. No exercise of any right or remedy with respect to a breach of this Agreement shall preclude exercise
 of any other right or remedy, as appropriate to make the aggrieved Party whole with respect to such breach, or subsequent exercise
 of any right or remedy with respect to any other breach.

(c) Except
 as otherwise expressly provided herein, no statement herein of any right or remedy shall impair any other right or remedy stated
 herein or that otherwise may be available.

Section 9.13 <u>Arm's Length Bargaining; No Presumption Against Drafter.</u> This Agreement has been negotiated at arm's-length by parties of equal bargaining strength, each represented by counsel or having had but declined the opportunity to be represented by counsel and having participated in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship between the Parties, and no such relationship otherwise exists. No presumption in favor of or against any Party in the construction or interpretation of this Agreement or any provision hereof shall be made based upon which Person might have drafted this Agreement or such provision.

Section 9.14 <u>Headings.</u> The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties.

Section 9.15 <u>No Assignment or Delegation.</u> This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect.

Section 9.16 <u>Commercially Reasonable Efforts.</u> Subject to the terms and conditions herein provided, each Bridgelink Party and Bitech shall use their respective commercially reasonable efforts to perform or fulfill all conditions and obligations to be performed or fulfilled by it under this Agreement so that the Transactions shall be consummated as soon as practicable, and to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate and make effective this Agreement and the Transactions.

Section 9.17 <u>Further Assurances.</u> From and after the Effective Date, each Party shall execute and deliver such documents and take such action, as may reasonably be considered within the scope of such Party's obligations hereunder, necessary to effectuate the Transactions.

Section 9.18 <u>Counterparts.</u> This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signature Pages Follow]*

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Bitech Technologies Corporation | Bitech Technologies Corporation |
| By: |  |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| Emergen Energy LLC | Emergen Energy LLC |
| By: |  |
| Name: | Cole Johnson |
| Title: | Manager |
| Bridgelink Development, LLC | Bridgelink Development, LLC |
| By: |  |
| Name: | Cole Johnson |
| Title: | Chief Executive Officer |
| C & C Johnson Holdings LLC | C & C Johnson Holdings LLC |
| By: |  |
| Name: | Cole Johnson |
| Title: | Manager |
| Cole Johnson | Cole Johnson |
| By: |  |
| Name: | Cole Johnson |

---

Annex 1

Membership Interest Assignment

(Attached)

Exhibit A

BESS Development Projects

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ISO** | **State** | **Zone** | **BESS (Mwac)** | **BESS (MWhr)** |
| Redbird BESS | TX | ERCOT-Houston | 100 | 400 |
| Wildfire BESS | TX | ERCOT-South | 100 | 400 |
| Friendship | TX | ERCOT/West | 60 | 240 |
| Lady Bird | TX | ERCOT/West | 60 | 240 |
| Longhorn | TX | ERCOT/West | 60 | 240 |
| Pecan | TX | ERCOT/West | 60 | 240 |
| Prickly Pear | TX | ERCOT/West | 60 | 240 |
| Yellow Rose | TX | ERCOT/West | 60 | 240 |
| Bright Light | TX | ERCOT/West | 60 | 240 |
| TPLT 1-10 BESS | TX | ERCOT/West | 100 | 400 |
| WR Ranch TX BESS 1 | TX | ERCOT/North | 120 | 480 |
| **ERCOT** <br>|  |  | **840** <br>| **3360** <br>|
| **WECC** <br>|  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| TPL EPE | TX | WECC | 25 | 100 |
| X-One Solar Ranch 1 | AZ | WECC | 100 | 400 |
| Dudden Ranch 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 2 | AZ | WECC | 100 | 400 |
| **TOTAL** |  |  | **425** | **1700** |
| **PJM** |  |  |  |  |
| BL PJM BESS 1 | VA | PJM | 50 | 200 |
| BL PJM BESS 2 | PA | PJM | 50 | 200 |
| **TOTAL** |  |  | **100** | **400** |
| **MISO** |  |  |  |  |
| Gibbs Ranch BESS 1 | LA | MISO | 120 | 480 |
| Gibbs Ranch BESS 2 | LA | MISO | 120 | 480 |
| TG BESS 1 | LA | MISO | 120 | 480 |
| TG BESS 2 | LA | MISO | 120 | 480 |
| Neighbors BESS 1 | LA | MISO | 120 | 480 |
| **TOTAL** |  |  | **600** | **2400** |
| **TOTAL Mwac** |  |  | **1965** | **7860** |

---

Exhibit B

Solar Development Projects

---

| | | | |
|:---|:---|:---|:---|
| **ISO** | **State** | **Zone** | **Solar (MWac)** |
| **ERCOT** |  |  |  |
| Redbird Solar | TX | ERCOT-Houston | 100 |
| Wildfire Solar | TX | ERCOT-South | 100 |
| Friendship | TX | ERCOT/West | 120 |
| Lady Bird | TX | ERCOT/West | 120 |
| Longhorn | TX | ERCOT/West | 120 |
| Pecan | TX | ERCOT/West | 120 |
| Prickly Pear | TX | ERCOT/West | 120 |
| Yellow Rose | TX | ERCOT/West | 120 |
| Bright Light | TX | ERCOT/West | 120 |
| **TOTAL** |  |  | **1040** |
| **WECC** |  |  |  |
| TPL EPE | TX | WECC | 50 |
| X-One Solar Ranch 1 | AZ | WECC | 250 |

---

---

| | | | |
|:---|:---|:---|:---|
| X-One Solar Ranch 2 | AZ | WECC | 250 |
| X-One Solar Ranch 3 | AZ | WECC-PURPA | 75 |
| X-One Solar Ranch 4 | AZ | WECC-PURPA | 75 |
| Dudden Ranch 1 | AZ | WECC | 325 |
| Dudden Ranch 2 | AZ | WECC-PURPA | 75 |
| Aldahra Farm 1 | AZ | WECC | 250 |
| Aldahra Farm 2 | AZ | WECC | 250 |
| **TOTAL** |  |  | **1600** |
| **PJM** |  |  |  |
| BL PJM Solar 1 | VA | PJM | 100 |
| BL PJM Solar 2 | PA | PJM | 150 |
| **TOTAL** |  |  | **250** |
| **MISO** |  |  |  |
| Gibbs Ranch Solar 1 | LA | MISO | 250 |
| Gibbs Ranch Solar 2 | LA | MISO | 250 |
| Gibbs Ranch Solar 3 | LA | MISO | 225 |
| Gibbs Ranch Solar 4 | LA | MISO | 225 |
| **TOTAL** |  |  | **950** |
| **TOTAL Mwac** |  |  | **19384065** |

---

Exhibit C

Project Management Services Agreement

(Attached)

Exhibit D-1

Benjamin Tran Employment Agreement

(Attached)

Exhibit D-2

Cole Johnson Employment Agreement

(Attached)

Exhibit E-1

Benjamin Tran Option Agreement

(Attached)

Exhibit E-2

Cole Johnson Option Agreement

(Attached)

## Exhibit 10.28

**Exhibit 10.28**

**Project Sale Agreement**

**BY AND BETWEEN**

**EMERGEN ENERGY LLC**

**AND**

**Bridgelink Development LLC**

**PROJECT SALE AGREEMENT**

This Project Sale Agreement (the "Agreement") is made by and between **Emergen Energy LLC**, a Delaware limited liability company ("Emergen"), a wholly owned subsidiary of Bitech Technologies Corporation, a Delaware Corporation, ("Bitech"), and **Bridgelink Development LLC,** a Delaware limited liability company ("Bridgelink"), hereafter collectively referred to as the "Parties" and individually, generally, as a "Party." The effective date of this Agreement shall be May 30, 2024 (the "Effective Date").

**<u>WITNESSETH</u>:**

**WHEREAS,** Bridgelink is presently a party to a certain Purchase Agreement (the "Purchase Agreement") by and between Bridgelink and a third-party ("Purchaser"), whereby Purchaser shall pay certain funds to Bridgelink pursuant to the Purchase Agreement;

**WHEREAS,** Emergen shall convey, transfer, assign, deliver, and contribute over certain rights and interests to projects, listed in the Exhibit A attached to this Agreement;

**WHEREAS,** in consideration of the transfer of the projects contemplated and described immediately above, Bridgelink shall compensate Emergen subject to the terms of this Agreement for the proceeds and consideration received by Bridgelink from Purchaser pursuant to the Purchase Agreement related only to the Greenfield Projects totaling 2,425 MW listed in Exhibit A;

**WHEREAS,** the consideration to Emergen is contemplated and agreed upon by the Bitech Board of Directors based on the terms of the Purchase Agreement in which Bridgelink cannot alter the terms of the Purchase Agreement without the written consent of Bitech;

**WHEREAS,** Bridgelink is a related party to Bitech by way of a common principal and ownership (Cole W. Johnson), hence this related party transaction is being done at arm's length at terms subject to the Purchase Agreement and agreement of the terms by the Bitech Board of Directors.

**NOW, THEREFORE,** in consideration of the covenants and mutual promises contained herein, and in reliance on the respective representations and warranties made to them, and intending to be legally bound thereby, the Parties hereby agree as follows:

**ARTICLE ONE**

**DEFINITIONS AND INTERPRETATION**

**1.1 Definitions.** For purposes of this Agreement, the following terms have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Agreement.** *Agreement* means this Project Sale Agreement.

**(b)** **Legal Representative.** With respect to any individual, *Legal Representative* means a person's
 guardian, conservator, executor, administrator, trustee, or any other person representing
 a person or the person's estate. With respect to any person, Legal Representative means
 all directors, officers, employees, consultants, financial advisors, counsel, accountants,
 and other agents of the person.

Project Sale AgreementBridgelink - Emergen Page 2 of 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Liabilities.** *Liabilities* means, collectively, any obligations, debts, liabilities, claims,
 damages, or losses related to the projects or revenue transferred as contemplated and described
 herein.

**(d)** **Net Proceeds.** *Net Proceeds* is defined in Section 2.2.

**1.2 Interpretation.** The following general provisions and rules of construction apply to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Singular and Plural; Gender.** Unless the context requires otherwise, words denoting the singular
 may be construed as plural and words of the plural may be construed as denoting the singular.
 Words of one (1) gender may be construed as denoting another gender as is appropriate within
 the context. The word *or*, when used in a list of more than two (2) items, may function
 as both a conjunction and a disjunction as the context requires or permits.

**(b)** **Headings of Articles, Sections, and Subsections.** The headings of Articles, Sections, and Subsections
 used within this Agreement are included solely for the reader's convenience and reference.
 They have no significance in the interpretation or construction of this Agreement.

**(c)** **Days and Business Days.** In this Agreement, *days*, without further qualification, means
 calendar days and *business days* means any day other than a Saturday, Sunday, or a
 day on which national banks are allowed by the Federal Reserve to be closed.

**(d)** **Delivery.** Delivery is taken in its ordinary sense and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) personal
 delivery to a Party;

(ii) mailing
 by certified United States mail to the last known address of the Party to whom delivery is
 made, with return receipt requested to the Party making delivery;

(iii) facsimile
 transmission to a Party when receipt is confirmed in writing or by electronic transmission
 back to the sending Party; or

(iv) electronic
 mail transmission to a Party when receipt is confirmed in writing or by electronic mail transmission
 back to the sending Party.

The effective date of delivery is the date of personal delivery or the date of the return receipt, if received by the sending Party. If no return receipt is provided, the effective date is the date the transmission would have normally been received by certified mail if there is evidence of mailing. If receipt is not confirmed or transmitted back to the sending Party, delivery is made by electronic mail on the date it is sent by the sending Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Include, Includes, and Including.** In this Agreement, the words *include*, *includes*,
 and *including* mean "include," without limitation, "includes,"
 without limitation, and "including," without limitation, respectively. *Include*, *includes*, and *including* are words of illustration and enlargement, not words
 of limitation or exclusivity.

**(f)** **Words of Obligation and Discretion.** Unless otherwise specifically provided in this Agreement
 or by the context in which used, the word *shall* is used to impose a duty, to command,
 to direct, or to require. Terms such as *may*, *is authorized to*, *is permitted to*, *is allowed to*, *has the right to*, or any variation or other words of
 discretion are used to allow, to permit, or to provide the discretion to choose what should
 be done in a particular situation, without any other requirement. Unless the decision of
 another party is expressly required by this Agreement, words of permission give the decision-
 maker the sole and absolute discretion to make the decision required in the context.

Project Sale AgreementBridgelink - Emergen Page 3 of 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **References to Property or Assets.** Any reference in this Agreement to *property* or *assets*,
 without further qualification, must be construed broadly to include, as to any person, all
 property of any kind—real or personal, tangible or intangible, legal or equitable—whether
 now owned or subsequently acquired. The following items are each considered *assets* or *property* or a person: money, stock, accounts receivable, contract rights, franchises,
 value as a going concern, causes of action, undivided fractional ownership interests, intellectual
 property rights, and anything of any value that can be made available for or appropriated
 to the payment of debts.

**(h)** **References to Individuals and Entities.** Unless further qualified in the context, any reference in
 this Agreement to a *person*, *party*, or *individual*, or the use of indefinite
 pronouns like *anyone*, *someone*, or *no one* must be construed broadly to
 include any individual, trust, estate, partnership, association, company, corporation, or
 other entity or non-entity capable of having legal rights and duties. *Person*, without
 further qualification, has the same broad meaning as defined in Code Section 7701(a)(1) and
 includes any individual trust, estate, partnership, association, company, or corporation.
 Bridgelink, Bitech, Purchaser, and Emergen, and their respective successors, assigns, heirs,
 and personal representatives are all considered *persons* for purposes of this Agreement. *Natural Person* is used to distinguish a human being from a *juridical person*,
 such as a trust, estate, partnership, association, company, or corporation. Bridgelink, Bitech,
 Purchaser, EIP and Emergen are all considered juridical persons.

**(i)** **Internal References.** Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference
 to Articles, Sections, and Exhibits mean the Articles and Sections of, and Exhibits attached
 to, if any, this Agreement;

(ii) reference
 to an agreement, instrument, or other document means the agreement, instrument, or other
 document as amended, supplemented, and modified from time-to-time to the extent permitted
 by its provisions; and

(iii) reference
 to a statute means the statute as amended from time-to-time and includes any successor legislation
 to its and any regulations promulgated under it.

The Exhibits referred to in this Agreement, if any, must be construed with, and as an original part of, this Agreement to the same extent as if they were set forth verbatim in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **No Presumption against Drafting Party.** This Agreement is to be construed without giving
 force to any presumption or rule requiring construction or interpretation against the drafting
 party.

Project Sale AgreementBridgelink - Emergen Page 4 of 12

**ARTICLE TWO**

**RIGHT TO PROCEEDS AND RETURN OF PROJECTS**

**2.1 Proceeds Basis.** The proceeds contemplated by this Agreement, and to which Emergen is granted a right and further specified in Section 2.3, below, are those solely generated by the proceeds realized by Bridgelink pursuant to the Greenfield Projects, listed in Exhibit A attached to this Agreement, under the Purchase Agreement. Pursuant to the payment of sums under the Purchase Agreement, including any cash payment and further proceeds such as development fees, Bridgelink shall distribute One Hundred percent (100%) of the proceeds due to Emergen, thereafter Emergen shall distribute 62.5% of the proceeds Energy Independent Partners LLC, a Delaware limited liability company, ("EIP") in accordance with Bitech's Project Management Services Agreement by and between (i) Bitech; (ii) Emergen; and (iii) EIP and the remaining 37.5% of the proceeds shall be retained by Emergen. Attached to this Agreement as Exhibit B is a distribution schedule.

**2.2 Emergen's Contribution.** In consideration of the proceeds interest granted to Emergen by Bridgelink pursuant to this Agreement, as further discussed and defined in Section 2.3 of this Agreement, immediately below, Emergen shall convey, transfer, assign, deliver, and contribute over certain rights and interests to the projects listed in the Exhibit A attached to this Agreement (collectively, the "Projects") currently held and owned by Emergen to Bridgelink. Bitech acknowledges, understands, and agrees that Bitech shall execute documents needed to convey, transfer, assign, deliver, and contribute over such rights and interests to the Projects as contemplated and described in this Agreement.

**2.3 Emergen's Proceeds Interest.** In consideration of Emergen's contribution of the Projects, as contemplated and described herein, Bridgelink hereby agrees to distribute the Net Proceeds directly to Emergen, a wholly owned subsidiary of Bitech, received by Bridgelink from Purchaser pursuant to the Greenfield Projects portion of the Purchase Agreement, in which Emergen shall retain 37.5% of the Net Proceeds and Emergen shall distribute the remaining 62.5% of the Net Proceeds to EIP. For purposes of this Agreement, Net Proceeds shall mean the all proceeds realized and received by Bridgelink from Purchaser pursuant to the Greenfield Projects portion of the Purchase Agreement.

**2.4 Proceeds Distributions.** Emergen's proceeds interest arising from the Greenfield Projects portion of the Purchase Agreement shall be distributed by Bridgelink to Emergen within five (5) business days from when the proceed are being received under the Purchase Agreement from Purchaser to Bridgelink. Emergen upon receipt of the proceeds from Bridgelink shall then pay EIP within five (5) business days, which such proceeds shall be applied towards the liabilities of EIP. Such payment shall be made via wire or ACHor in a method to be mutually agreed between Bridgelink, Emergen, and EIP in writing. ACH/Wire instructions are attached as Exhibit C.

**2.5 Purchaser's Return of Projects.** In the event that Purchaser, under the Purchase Agreement, Purchaser decides to transfer any Project along with its interests and liabilities related thereto to Bridgelink or any creditworthy entity designated by Bridgelink "("Returned Project"), Bridgelink shall provide written notice to Emergen within ten (10) business days of receipt of such notice from the Purchaser and Bridgelink shall convey, transfer, assign, deliver, and contribute over certain rights and interests to the Returned Project to Emergen within ten (10) business days of receipt of such Returned Project, unless otherwise agreed upon by Emergen in writing. For clarity, any creditworthy entity designated by Bridgelink shall be confirmed in writing by Emergen.

Project Sale AgreementBridgelink - Emergen Page 5 of 12

**ARTICLE THREE**

**TERM OF ENGAGEMENT**

**3.1 Term of Agreement.** The term of this Agreement begins on the Effective Date first recited above and ends upon the expiration or termination of the Purchase Agreement, unless and until terminated earlier pursuant to Section 4.2 of this Agreement (the "Term").

**3.2 Termination.** This Agreement may be terminated at any time prior to the expiration of the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the mutual written consent of the Parties;

(b) by
 Emergen, if Bridgelink has violated or breached any of the covenants or agreements of Bridgelink
 set forth herein, or if any of the representations or warranties of Bridgelink set forth
 herein have become inaccurate or untrue, which violation, breach, inaccuracy, or untruth,
 if reasonably capable of cure, has not been cured by Bridgelink, within twenty (20) Business
 Days after receipt by Bridgelink of written notice thereof from Emergen ;

(c) by
 Bridgelink, if Emergen has violated or breached any of the covenants or agreements of Emergen
 set forth herein, or if any of the representations or warranties of Emergen set forth herein
 have become inaccurate or untrue, which violation, breach, inaccuracy, or untruth, if reasonably
 capable of cure, has not been cured by Emergen, within twenty (20) Business Days after receipt
 by Emergen of written notice thereof from Bridgelink; or

(d) by
 any Party, if an arbitrator, arbitration tribunal, or court of competent jurisdiction or
 other governmental authority shall have issued an order or taken any other action permanently
 restraining, enjoining, or otherwise prohibiting the transactions contemplated and described
 within this Agreement and such order or action shall have become final and non-appealable.

Termination will be effective immediately upon either Party's liquidation, dissolution, or ceasing of existence. Upon termination, all matured but unpaid proceeds distributions due to Emergen up to and through the termination date will be paid by Bridgelink within twenty (20) Business days of said termination, and Bridgelink and Emergen shall have no further duties or obligations to one another besides the provisions of this Agreement that survive such termination, if any, as stated herein.

**ARTICLE FOUR**

**ALTERNATIVE DISPUTE RESOLUTION**

**4.1 Mediation/Arbitration.** In any dispute over or in any way related to the provisions of this Agreement and in all other disputes among the Parties, (the "Disputing Parties") (including issues of enforceability, termination, and arbitrability), the dispute shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be
 professionally, promptly, and commercially reasonably presented and negotiated in good faith
 between the Disputing Parties.

(b) In
 the event that negotiation fails or upon the expiration of thirty (30) days of the event(s)
 giving rise to the dispute, whichever is sooner, the dispute shall then be submitted to non-binding
 mediation. The Disputing Party shall apply to the American Arbitration Association for a
 mediator, with the mediation to take place via remote telecommunication, unless otherwise
 agreed upon by the Disputing Parties.

Project Sale AgreementBridgelink - Emergen Page 6 of 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event mediation fails to resolve all of the issues between or among the Disputing Parties,
 or if mediation is not held within sixty (60) days of the event(s) giving rise to the dispute,
 then the matter or any remaining matters shall be submitted to final, non- appealable, binding
 arbitration. The arbitration shall be held by the American Arbitration Association in accordance
 with the Commercial Arbitration Rules of the American Arbitration Association. The place
 of arbitration shall take place via remote telecommunication, unless otherwise agreed upon
 by the Disputing Parties. The arbitration will be conducted in English. The arbitrator may
 issue any preliminary, injunctive, and/or equitable relief. Nothing in this Paragraph will
 serve to restrict the ability to apply for emergency relief. Any party may, after failure
 of the negotiation and mediation procedures above, commence arbitration of the dispute by
 sending a written request for arbitration to all other Disputing Parties. The request shall
 state the nature of the dispute to be resolved by arbitration, and arbitration shall be commenced
 as soon as practical after such Parties receive a copy of the written request. The Parties
 may not bring suit regarding any disputes, controversies, or claims subject to this Paragraph
 of this Agreement in any venue other than an arbitration pursuant to this Paragraph of the
 Agreement, except in order to enforce this Paragraph or enforce an arbitral award made pursuant
 to this paragraph. In the event that a Party attempts to bring an action in violation of
 this paragraph, the Parties agree that the other Party will be entitled to the arbitrator
 or judge entering an injunction to enjoin such unauthorized action. All Parties shall initially
 share the cost of arbitration, but the prevailing Party or Parties shall be awarded attorney
 fees, costs, and other expenses of arbitration. All arbitration decisions shall be final,
 binding, and conclusive on all the Parties to arbitration, and legal judgment may be entered
 based upon such decision in accordance with applicable law in any court having jurisdiction
 to do so. The Parties agree that the arbitral award shall be recognized by any applicable
 courts pursuant to all applicable statutes, conventions, and treaties. The Parties agree
 that this Agreement concerns interstate commerce for purposes of the Federal Arbitration
 Act and the Federal Arbitration Act shall apply.

**ARTICLE FIVE**

**GENERAL PROVISIONS**

**5.1 Acceptance.** Each Party has reviewed this Agreement, accepts all its provisions, and agrees to be bound by all its terms.

**5.2 Survival of Provisions.** All covenants, representations, warranties, guarantees, and indemnitees contained herein shall survive the termination of this Agreement and any investigation made by or on behalf of the Parties.

**5.3 Successors, Assigns, and Assignment.** This Agreement is personal in nature and neither Party shall assign its rights, or delegate its obligations, pursuant to this Agreement unless and until any such assignment or delegation shall first be consented to in a written instrument executed by the other Party, which consent shall not be unreasonably withheld. All obligations contained in this Agreement shall extend to and be binding upon the Parties and their respective successors, assigns, and designees.

Project Sale AgreementBridgelink - Emergen Page 7 of 12

**5.4 No Binding Agreement for Transaction.** The Parties agree that neither Party will be under any legal obligation of any kind whatsoever with respect to any other transaction by virtue of this Agreement, except for the matters specifically agreed to herein. The Parties further acknowledge and agree that they each reserve the right, in their sole and absolute discretion, to reject any and all proposals and to terminate discussions and negotiations with respect to any other transaction at any time. This Agreement does not create a joint venture or partnership between the Parties. If any other transaction goes forward, the non-disclosure provisions of any applicable transaction documents entered into between the Parties (or their respective affiliates) for said transaction shall supersede this Agreement. In the event such provision is not provided for in said transaction documents, this Agreement shall control.

**5.5 Severability.** If any provision of this Agreement is held illegal, invalid, or unenforceable, such illegality, invalidity, or unenforceability will not affect any other provision contain herein. Such provision shall, in such circumstances, be deemed modified only to the extent necessary to render the problematic provision and all remaining provisions enforceable.

**5.6 Amendments and Waiver.** Any failure by either Party to enforce the other Party's strict performance of any provision of this Agreement will not constitute a waiver of its right to subsequently enforce such provision or any other provision of this Agreement.

**5.7 No Third-Party Beneficiary.** This Agreement is made solely and specifically among and for the benefit of Parties, and their respective successors and assigns, subject to the express provisions contained herein relating to successors and assigns, and no other person has or will have any rights, interest, or claims hereunder or be entitled to any benefits under, or on account of, this Agreement, as a third-party beneficiary or otherwise.

**5.8 Further Assurances.** The Parties agree to execute and deliver additional documents and instruments and to perform all additional acts and things necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated herein.

**5.9 Caption and Headings.** Paragraph headings used in this Agreement are for reference only and shall not be used upon in the interpretation of this Agreement.

**5.10 Entire Agreement.** This Agreement constitutes the entire understanding between Bridgelink and Emergen and supersedes any and all prior or contemporaneous understandings and agreements, whether oral or written, between Parties, with respect to the subject matter and provisions contained herein. This Agreement can only be modified by a written amendment signed by the Party against whom enforcement of such modification is sought.

**5.11 Costs.** The Parties shall each bear its own costs, including attorney's fees, in connection with the preparation of this Agreement and the transactions contemplated thereby.

**5.12 Applicable Law.** This Agreement shall be governed by, interpreted, construed, and administered under the laws of the State of Texas, as from time- to- time amended, and any applicable federal law. No effect is given to any choice-of-law or conflict-of-law provision of rule (whether of the State of Texas or any other jurisdiction) that would cause the application of the law of any jurisdiction other than those of the State of Texas.

Project Sale AgreementBridgelink - Emergen Page 8 of 12

**5.13 Equitable Remedies.** The Parties acknowledge that their respective breach or threatened breach of any of their respective obligations under this Agreement would give rise to irreparable harm to the other Party and monetary damages would not be an adequate remedy. Therefore, Parties agree that if either Party breaches or threatens to breach any of its obligations, the non-breaching or non-threatening Party shall be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance, and any other equitable relief available from an arbitrator or arbitration tribunal (without any requirement to post bond). These equitable remedies are in addition to all other rights that may be available in respect of such breach.

**5.14 Interpretation.** The Parties acknowledge, agree, and represent that they each participated in the drafting and negotiation of this Agreement. Accordingly, this Agreement, or any Section hereof, shall not be construed against either Party due to the fact that this Agreement, or any Section hereof, was drafted by solely Emergen or solely Bridgelink.

**5.15 Consideration.** This Agreement is made by the Parties in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

**5.16 Counterparts.** This Agreement may be executed simultaneously in one (1) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**5.17 Notices Generally.** Any notices or communication required or permitted to be given pursuant to this Agreement may be delivered by hand, deposited with a nationally recognized overnight carrier, electronic-mail, or mailed by certified mail, return receipt requested, postage prepaid, in each case, to the address of the other Party first indicated above (or such other addressee as may be furnished by a Party in accordance with this paragraph). All such notices of communications shall be deemed to have been given and received as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of personal delivery or electronic-mail, on the date of such delivery;

(b) in
 the case of delivery by a nationally recognized overnight carrier, on the third business
 day following dispatch; and

(c) in
 the case of mailing, on the seventh business day following such mailing.

**5.18 Binding Effect.** Subject to the provisions governing assignment, this Agreement shall be binding upon and inure to the benefit of the members, managers, officers, contractors, agents, representatives, successors, and assigns of the Parties.

**5.19 Computation of Time.** In computing any period of time pursuant to this Agreement, the day of the act, event, or default from which the designated period of time begins to run shall be included, unless it is a Saturday, Sunday, or a legal holiday, in which event the period shall begin to run on the next day which is not a Saturday, Sunday, or legal holiday.

Project Sale AgreementBridgelink - Emergen Page 9 of 12

**5.20 Attorney's Fees.** If any Party to this Agreement institutes any legal cause of action— including arbitration—against the other Party arising out of or relating to this Agreement, the prevailing Party will be entitled to the costs incurred in conducting the cause of action, including reasonable attorney's fees and expenses and costs of court.

**5.21 Modification for Legal Events.** If any arbitrator or arbitration tribunal of competent jurisdiction determines that any provision or any art of a provision set forth in this Agreement is unenforceable because of its duration or geographic scope, the Court has the power to modify the unenforceable provision instead of severing it from this Agreement in its entirety. The modification may be made by rewriting the offending provision, by deleting all or a portion of the offending provision, by adding additional language to this Agreement, or by making other modifications as it determines necessary to carry out the Parties' intent to the maximum extent permitted by applicable law. The Parties expressly agree that this Agreement as modified by the Court is bind upon and enforceable against each of them.

**5.22 Separate Counsel.** By signing this Agreement, each Party acknowledges that this Agreement is the product of arms-length negotiations between the Parties and should be construed as such. Each Party acknowledges that he or she has been advised to seek separate counsel and has had adequate opportunity to do so.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed, as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| Bridgelink Development LLC | Bridgelink Development LLC | Emergen Energy, LLC | Emergen Energy, LLC |
| By: | */s/ Cole W Johnson* | By: | */s/ Benjamin Tran* |
| Name: | Cole Johnson | Name: | Benjamin Tran |
| Position/Title: | CEO | Position/Title: | Manager |
| Date: | May 30, 2024 | Date: | May 30, 2024 |

---

Project Sale AgreementBridgelink - Emergen Page 10 of 12

**<u>EXHIBIT A</u>**

**PROJECTS** 

---

| | |
|:---|:---|
| **Name** | **Project Name** |
| Wildfire Solar, LLC | Wildfire Solar |
| X-One Solar 1, LLC | X-One Solar Ranch 1 |
| X-One Solar 2, LLC | X-One Solar Ranch 2 |
| DR Solar 1, LLC | Dudden Ranch 1 Solar |
| DR Solar 2, LLC | Dudden Ranch 2 Solar |
| BL PJM Solar 1, LLC | BL PJM Solar 1 |
| BL PJM Solar 2, LLC | BL PJM Solar 2 |
| GR Solar 1, LLC | Gibbs Ranch Solar 1 |
| GR Solar 2, LLC | Gibbs Ranch Solar 2 |
| GR Solar 3, LLC | Gibbs Ranch Solar 3 |
| GR Solar 4, LLC | Gibbs Ranch Solar 4 |
| GR Solar 5, LLC | Gibbs Ranch Solar 5 |
| **Total Megawatts** | **2425** |

---

Project Sale AgreementBridgelink - Emergen Page 11 of 12

**<u>EXHIBIT B</u>**

**PROCEEDS DISTRIBUTION SCHEDULE**

**Total Proceeds:**

The Greenfield Projects have an estimated 2,425 Megawatts with a value of $0.008/W. The total proceeds under the Greenfield Projects are estimated to be $19,400,000.00 ("Total Proceeds").

**Cash Proceeds:**

Greenfield Projects portion of the $1,850,000 under the Purchase Agreement: $943,500.00 ("Cash Proceeds")

 

*Cash Distribution*:

EIP - 62.5% of $943,500.00: $589,687.50

Emergen - 37.5% of $943,500.00: $353,812.50

**Remaining Proceeds:**

Greenfield Projects' portion of remaining proceeds of the Total Proceeds is projected to be $19,400,000.00 less Cash Proceeds, which is equal to $18,456,500.00 ("Remaining Proceeds").

Remaining Proceeds can also be referred to as "Future Proceeds," which are proceeds that are derived from future generation of proceeds from Greenfield Projects.

 

*Remaining Proceeds Distribution:*

EIP - 62.5% of the Remaining Proceeds or up to $11,535,312.50

Bitech - 37.5% of the Remaining Proceeds or up to $6,921,187.50

Project Sale AgreementBridgelink - Emergen Page 12 of 12

## Exhibit 10.30

**Exhibit 10.30**

**FIRST AMENDMENT TO PROJECT MANAGEMENT SERVICES AGREEMENT**

This First Amendment to Project Management Services Agreement (this "Amendment"), dated as of April 24, 2024 (the "Agreement") is made and entered into as of June 28, 2024 the ("Amendment Effective Date") by and between: (i) Bitech Technologies Corporation, a Delaware corporation ("Bitech"); (ii) Emergen Energy LLC, a Delaware limited liability company and a wholly owned subsidiary of Bitech ("Emergen"); and (iii) Energy Independent Partners LLC, a Delaware limited liability company ("EIP"). Each of Bitech, Emergen, and EIP may be referred to herein collectively as the "Parties" and separately as a "Party".

**WHEREAS,** the Parties entered into the Agreement as of June 28, 2024; and

**WHEREAS,** the Parties now desire to amend the Agreement as set forth in this Amendment;

**NOW, THEREFORE**, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Section 2.07 Timing of Payment of Fees.</u> Section 2.07 is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 BESS Initial Fee and the Solar Initial Fee shall be due and payable upon (i) Bitech, or any
 of its Affiliates, receiving project financing directly related to and collateralized by
 BESS Projects, this specifically excludes any general public or private offerings by Bitech
 not directly related to financing a BESS Project , and (ii) when the "Redbird BESS"
 project, identified in Exhibit A, has achieved land agreements, which shall include, but
 is not limited to, an option agreement, letter of intent, or lease agreement. Subject to
 (i) and (ii) herein and above, the BESS Initial Fee shall equate to $9,825,000.00 and the
 Solar Initial Fee shall equate to $19,200,000.00, which totals $29,025,000.00, which the
 total shall be paid in three (3) equal portions to EIP per any three (3) BESS Projects achieving
 land agreements, which shall include, but is not limited to, an option agreement, letter
 of intent, or lease agreement. Upon the sale of any of the BESS Projects or Solar Projects
 the appropriate portion of the BESS Initial Fee or the Solar Initial Fee that is paid to
 EIP shall be deducted from the amount still due proportionately among the BESS Projects or
 Solar Projects not yet accepted by the financing party for Development Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Acceleration
 of Payment Clause: Within ninety (90) days (i) of the effective date of a Change of Control
 or (ii) the removal of Cole W. Johnson as an employee or consultant to Emergen and/or the
 head of the BESS and Solar Division of Bitech, any remaining BESS Initial Fee and Solar Initial
 Fee shall become due and payable. A "Change of Control" shall be deemed to have
 occurred if, after the Effective Date, (x) the beneficial ownership (as defined in Rule 13d-3
 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of
 securities representing more than 50% of the combined voting power of the Company is acquired
 by any "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other
 than the Company, any subsidiary of the Company, or any trustee or other fiduciary holding
 securities under an employee benefit plan of the Company); (y) the merger or consolidation
 of the Company with or into another corporation where the shareholders of the Company, immediately
 prior to the consolidation or merger, would not, immediately after the consolidation or merger,
 beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly
 or indirectly, shares representing in the aggregate 50% or more of the combined voting power
 of the securities of the corporation issuing cash or securities in the consolidation or merger
 (or of its ultimate parent corporation, if any) in substantially the same proportion as their
 ownership of the Company immediately prior to such merger or consolidation; or (z) the sale
 or other disposition of all or substantially all of the Company's assets to an entity,
 other than a sale or disposition by the Company of all or substantially all of the Company's
 assets to an entity, at least 50% of the combined voting power of the voting securities of
 which are owned directly or indirectly by shareholders of the Company, immediately prior
 to the sale or disposition, in substantially the same proportion as their ownership of the
 Company immediately prior to such sale or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 any Development Projects pursuant to the Agreement are sold by Emergen to a third-party then
 EIP would be due the lesser of: (i) any unpaid Initial Fee and Development Fee defined in
 Section 2.06; or (ii) 62.5% of the proceeds less any Initial Fees paid under Section 2.07
 (a) as provided in this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject
 to the requirements as set forth in clause (ii) of Section 2.06(a) and the other limitations
 herein, the BESS RTB Fees shall be payable at the time that Bitech has obtained project financing
 with respect to the applicable BESS Development Project to be able to pay such BESS RTB Fees.
 Subject to the requirements as set forth in clause (ii) of Section 2.06(b) and the other
 limitations herein, the Solar RTB Fees shall be payable at the time that Bitech has obtained
 project financing with respect to the applicable Solar Development Project to be able to
 pay such Solar RTB Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 to the requirements as set forth in Section 2.06(e) and the other limitations herein, the
 timing and other requirements for the payment of Other Development Fees shall be as agreed
 in writing by the Parties via an addendum to this Agreement prior to the Parties undertaking
 such Other Development Projects.

<u>2.</u> <u>Effect of Amendment.</u> Except as expressly amended by this Amendment, all terms and conditions
 of the Agreement shall remain in full force and effect. In the event of any conflict between
 the terms of this Amendment and the Agreement, the terms of this Amendment shall control.

<u>3.</u> <u>No Waiver.</u> This Amendment is not intended to operate as, and shall not be construed as,
 a waiver of any Event of Default, whether known to either Party or unknown, as to which all
 rights of the Parties shall remain reserved.

<u>4.</u> <u>Entire Agreement.</u> This Amendment, together with the Agreement, constitutes the entire agreement
 between the Parties with respect to the subject matter hereof and supersedes all prior agreements,
 understandings, and representations, whether written or oral, relating to such subject matter.

<u>5.</u> <u>Counterparts.</u> This Amendment may be executed in one or more counterparts, each of which shall be deemed
 an original, but all of which together shall constitute one and the same instrument. Facsimile
 and electronic signatures shall be deemed to be of equal force and effect as original signatures.

<u>6.</u> <u>Governing Law.</u> This Amendment shall be governed by and construed in accordance with the laws of
 the State of California, without regard to its conflict of law principles.

<u>7.</u> <u>Binding Nature.</u> This Amendment shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and
 assigns

[***signature page to follow***]

*First Amendment to Project Management Service Agreement dated April 24, 2024*

Page **2** of **3**

 **IN WITNESS WHEREOF,** the Parties have executed this Amendment as of the Amendment Effective Date.

---

| | |
|:---|:---|
| **Bitech Technologies Corporation** | **Bitech Technologies Corporation** |
| By: | */s/ Benjamin Tran* |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| **Emergen Energy LLC** | **Emergen Energy LLC** |
| By: | */s/ Benjamin Tran* |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| **Energy Independent Partners LLC** | **Energy Independent Partners LLC** |
| By: | */s/ Cole W. Johnson* |
| Name: | Cole W. Johnson |
| Title: | Chief Executive Officer |

---

*First Amendment to Project Management Service Agreement dated April 24, 2024*

 

Page **3** of **3**

## Exhibit 10.31

**Exhibit 10.31**

![](ex10-31_001.jpg)

![](ex10-31_002.jpg)

## Exhibit 10.32

**Exhibit 10.32**

![](ex10-32_001.jpg)

![](ex10-32_002.jpg)

![](ex10-32_003.jpg)

![](ex10-32_004.jpg)

## Exhibit 10.33

**Exhibit 10.33**

**Definitive Agreement**

**BY AND BETWEEN**

**Emergen Energy, LLC**

**AND**

**RelyEZ Energy Group**

**DEFINITIVE AGREEMENT**

This Definitive Agreement (the "Agreement") is entered into by and between Emergen Energy, LLC, a Delaware Limited Liability Company ("<u>Emergen</u>") and wholly owned subsidiary of Bitech Technologies Corporation ("Bitech"), a California corporation, and RelyEZ Energy Group ("<u>RelyEZ</u>"), pursuant to a Letter of Agreement ("LOA") dated March 25, 2025 and is made effective on April 20, 2025 (the "Effective Date"). Emergen and RelyEZ may hereafter be collectively referred to as the "Parties" and, individually, generally, as a "Party."

**<u>WITNESSETH</u>:**

**WHEREAS,** Emergen and RelyEZ entered into a LOA dated March 25, 2025, wherein the Parties agreed to establish a joint venture regarding implementation of up to 2000MW of energy storage projects between 2025-2027, with a focus on utility-scale Battery Energy Storage Systems ("BESS") utilizing 2-to-4-hour batteries tier one, ("Joint Venture" or "JV");

**WHEREAS,** the Parties desire to memorialize the relationship of the JV in this Agreement, which shall supersede the LOA;

**WHEREAS,** Emergen shall transfer over selected projects located in the United States and detailed in Exhibit A ("Projects"), to wholly-owned subsidiaries or controlled affiliates ("Special Purpose Vehicles" or "SPVs", individually "SPV") of both Emergen and RelyEZ pursuant to the terms herein;

**WHEREAS,** RelyEZ shall develop and construct the Projects pursuant to the terms herein;

**WHEREAS,** Emergen and RelyEZ desire to work in conjunction with one another in a business relationship whereby the Parties shall jointly execute, implement, and advance the Projects through to their Commercial Operation Date ("COD"), as defined herein; and

**WHEREAS**, the Parties' will allocate and distribute the profits from each Project pursuant to the terms and provisions of this Agreement.

**NOW, THEREFORE,** in consideration of the covenants and mutual promises contained herein, and in reliance on the respective representations and warranties made to them, and intending to be legally bound thereby, the Parties hereby agree as follows:

**ARTICLE ONE <br> DEFINITIONS AND INTERPRETATION**

**Section 1.1 Definitions.** For purposes of this Agreement, the following terms have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Acceptance.** Acceptance means the formal approval of a Project by the Joint Venture upon execution of the Limited Notice to Proceed (LNTP) and
 the corresponding Operating Agreement, in accordance with Section 2.2 of this Agreement and the conditions set forth in the LOA.

**(b)** **Agreement.** *Agreement* means this Joint Venture Agreement.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 2 of 19

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Commercial Operation Date.** *Commercial Operation Date* or *COD* shall mean the date when a BESS project is fully constructed,
 commissioned, tested, and officially begins commercial operations.

**(d)** **Confidential Information.** *Confidential Information* is defined in Section 4.1.

**(e)** **Construction Phase.** *Construction Phase* shall be the period between the commencement of the Limited Notice to Proceed ("LNTP")
 Agreement and the Commercial Operation Date.

**(f)** **Development Phase**. *Development Phase* shall mean the point up to the Construction Phase.

**(g)** **Independent Engineer.** *Independent Engineer* ("IE") shall mean an individual, selected mutually by Emergen and RelyEZ, with
 the necessary qualifications to determine a Project's status from the following: (i) Ready to Build (RTB); (ii) Mid-Stage Development
 Project; and (iii) Early-Stage Development Project to qualify the project for acceptance of the JV.

**(h)** **Intellectual Property.** *Intellectual Property* is defined in Section 5.1.

**(i)** **Notice to Proceed.** *Notice to Proceed or NTP* shall mean when a Project has permitting to commence construction, equipment has been
 identified, and the engineering, procurement and construction vendor has been selected

**(j)** **Principal.** Principal means the total value of all contributions made by RelyEZ to the Joint Venture, including both (i) cash contributions and
 (ii) the net present value of extended payment terms for equipment as defined in Section 2.2(h), calculated according to the agreed
 payment milestones and timelines specified in the Master Supply Agreement. To be specific, the extended payment terms are calculated
 as the financial value derived from the time gap between the final agreed payment terms set in the MSA and the standard payment terms
 (20% down payment, 20% upon an approved third-party factory inspection, 50% upon arrival onsite, and 10% upon 60 days after goods
 on site), accounting for the time value of money.

**(k)** **Projects.** The *Projects*, first identified in the Recitals above.

**(l)** **Ready-to-Build Status.** *Ready-to-Build Status" or RTB* shall mean with respect to any Project, the Parties good faith determination
 that the criteria set forth on Exhibit B hereto have been satisfied.

**(m)** **Refinancing.** *Refinancing* shall mean the process by which the Project SPV replaces existing short-term debt, typically secured during the
 construction phase, with new long- term debt or financing arrangements upon substantial completion or commercial operation of the
 Project, in order to optimize financing terms and reduce capital costs

**ARTICLE TWO <br> TERMS OF JOINT VENTURE**

**Section 2.1 Generally.** RelyEZ and Emergen shall work in good faith to implement up to 2000MW of Projects between 2025-2027, with a focus on BESS utilizing 2 to 4 hour batteries tier one. The projects are attached to this Agreement as Exhibit A (individually "Project", collectively "Projects"). All Projects shall be located within U.S. Independent System Operator ("ISO") regions, ensuring compliance with market regulations.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 3 of 19

**Section 2.2 Projects**. During the existence of the JV, the JV shall undertake Projects to reach approximately 2,000 MW of BESS in the United States. Emergen shall provide the JV with Projects that have reached the Ready-to-Build ("RTB") or Notice-to-Proceed ("NTP") stage, upon acceptance by the JV, Emergen shall transfer a Project to the JV upon acceptance by the JV, and thereafter the Parties shall work with the objective of jointly executing, implementing, and advancing these projects through to their Commercial Operation Date ("COD").

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Projects</u>. Within the first six (6) months from the Effective Date, unless otherwise agreed upon by the Parties in writing, the
 JV shall undertake the following four (4) Projects: Dos Rios, Redbird, White Rock, and Oak Hill (collectively, "Initial Projects")
 once an Initial Project achieves RTB or NTP. In the event an Initial Project is non-financeable or does not achieve NTP, then Emergen
 shall be responsible for addressing said issues or replacing the Initial Project.

(b) <u>Additional Projects</u>. Emergen agrees to grant the JV a Right of First Offer (ROFO) on any new project not provided for in Exhibit A ("Additional
 Project") when such Addtiional Project reaches the RTB of NTP. The JV shall have twenty (20) days upon written notice to determine
 if the JV shall accept the Additional Project. Once an Additional Project is accepted by the JV it shall become a Project.

(c) <u>Project Documents</u>. Each Project shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Documents
 that substantiate the rights to own, lease or otherwise acquire the right to use the real property where the Development Projects
 will be located;

(ii) Construction
 and engineering plans and executed and non-executed to construct the physical facility that will operate the Development Project;

(iii) Agreements
 that entitle each Project to acquire the batteries and major system components necessary to operate the respective Project (the "Master
 Supply Agreement", attached here to as Exhibit G is a template form the Master Supply Agreement); All Project equipment and
 supply arrangements must adhere to the pricing, warranties, and delivery milestones confirmed in the Master Supply Agreement executed
 with RelyEZ or its designated affiliate.

(iv) All
 permits and environmental studies, if any, necessary to obtain governmental approval and construct and operate each Development Project;
 and

(v) All
 other executed and non-executed contracts related to the development and operation of each Development Project.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Project Ownership</u> *.* During the Development Phase and Construction Phase each Project will be held by a Special Purpose Vehicle ("SPV"), which shall be solely owned and controlled by Emergen during the early development or acquisition period. Within thirty (30) days of a Project reaching RTB, the Parties shall enter into a Limited Notice to Proceed ("LNTP") Agreement outlining all costs, timing of construction, and COD. A template form of the LNTP Agreement is attached to this Agreement as Exhibit C. Upon the execution of an LNTP, simultaneously, the Parties shall enter into an operating agreement ("Operating Agreement") providing for the terms of the governance of the SPV and Master Interest Purchase Agreement ("MIPA") for the transfer of ownership interest. A template form of the Operating Agreement for each SPV is attached to this Agreement as Exbibit E. <br> A template form of the MIPA for each SPV is attached to this Agreement as Exbibit F. Upon Acceptance and the execution of the LNTP and Operating Agreement for a Project ("Acceptance"), Emergen shall assign 100% of the membership interests of the respective SPV to the JV, which shall immediately reassign eighty percent (80%) to RelyEZ and twenty percent (20%) to Emergen, in accordance with the LOA. This structure shall remain valid throughout the Construction Phase and until refinancing is completed.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 4 of 19

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Project Responsibilities</u>. Prior to the commencement of the Construction Phase, Emergen shall
 be responsible for completing the financing of the funds required for a Project to achieve
 COD, including but not limited to the project capitalization, consulting fees, equipment
 purchase costs, engineering costs, interest costs, etc., in order to ensure that a Project
 will not be discontinued due to insufficient funds after the commencement of the construction,
 or thus adversely affect the SPV. In the event of any shortfall in financing required to
 reach COD, RelyEZ may, at its discretion, offer extended payment terms or bank guarantees
 for equipment supply only, provided such support shall be recognized as part of the Principal
 Contribution.

(f) <u>Project Authority and Costs</u>. Emergen shall be responsible for the following development costs
 of each Project up until Acceptance: feasibility studies, permits, licenses, taxes, and engineering
 services, Independent Engineering services, interconnection agreements cost/guarantees (collectively,
 "Acceptance Costs"). After Acceptance of a Project, RelyEZ shall retain decision-making
 authority for a Project and the SPV shall be responsible for any remaining costs, including
 any Acceptance Costs not paid for by Emergen prior to Acceptance. Notwithstanding the foregoing,
 all Project costs shall be agreed upon by both Parties in the LNTP and MSA prior to the commencement
 of a Project, ensuring mutual understanding and alignment on financial responsibilities.
 All such costs shall be pre- approved in writing by both Parties and attached as part of
 the LNTP Agreement.

(g) <u>Project Termination.</u> The Parties, upon mutual agreement, reserves the right to terminate a Project
 under the following circumstances: (i) if the Project fails to reach Commercial Operation
 Date (COD) status within twelve (12) months from the RTB specified in the LNTP agreement,
 or within another timeline mutually agreed upon in writing by the Parties; or (ii) if, following
 RTB or NTP, the Parties identify material risks ("Risks") that, in their joint
 reasonable judgment, adversely affect the successful execution, financing, or commercial
 viability of the Project. In the event of termination due to a Risk then the JV may sell
 or transfer the Project, and Emergen shall be granted a Right of First Offer (ROFO) with
 thirty (30) days written notice to purchase the Project at a mutually agreed price, as well
 as a Right of First Refusal (ROFR) with thirty (30) days written notice on any third-party
 offer received by the JV.

(h) <u>Ownership Adjustments</u>. Upon the Tax Equity and Refinancing of an SPV, Emergen (or its designated
 assignee) shall purchase from the JV any remaining interest in the SPV not already owned
 by Emergen within sixty (60) days after the re-financing or tax credit financing is done,
 in accordance with the following formula: RelyEZ's Principal Contribution plus a Twelve
 Percent (12%) annual interest rate applied to the RelyEZ Principal Contribution amount, calculated
 from the date of contribution until repayment or as provided for in the LNTP Agreement. Emergen
 shall be obligated to complete such repurchase within sixty (60) calendar days from the refinancing
 or tax equity close date, unless otherwise extended by mutual agreement in writing. If Emergen
 fails to complete the SPV repurchase within twelve (12) months from the commencement of construction,
 RelyEZ (i) shall have the right to retain its equity interest and continue as a full shareholder,
 or (ii) may require formal liquidation of SPV assets via a jointly supervised bid process,
 with priority repayment of RelyEZ's Principal Contribution plus accrued interest, or
 (iii) take another path mutually agreed in writing.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 5 of 19

The extended payment terms are calculated as the financial value derived from the time gap between the final agreed payment terms and the standard payment terms - Twenty Percent (20%) as a down payment, Twenty Percent (20%) upon an approved third-party factory inspection, Fifty Percent (50%) upon arrival onsite, and Ten Percent (10%) upon sixty (60) days after goods on site, accounting for the time value of money.

For purposes of this Section 2.2(h), "RelyEZ Principal Contribution" includes: (i) any direct monetary injection into the JV by RelyEZ; and (ii) contributions in the form of extended payment terms for equipment, calculated as the time value of the payment gap between the final agreed payment terms and RelyEZ's standard payment terms as set forth in Section 1(f).

After reaching COD, a Project must be refinanced as provided for in the LNTP. In the event that a Project is not refinanced by the date provided for in the LNTP or as mutually agreed upon by the Parties, then Emergen (or its assignee) shall retain a Right of First Offer (ROFO) with thirty (30) days written notice to purchase the Project at a mutually agreed price, as well as a Right of First Refusal (ROFR) with thirty (30) days written notice on any third-party offer received by the JV. After the date provided for refinancing of a Project in the LNTP then (a) RelyEZ shall have the right to retain its ownership interest in the SPV and participate proportionally in all rights, revenues, and obligations of the SPV as a continuing equity partner; or (b) RelyEZ may require the immediate liquidation of the SPV's assets and distribution of proceeds on a pro-rata basis according to each Party's respective equity interests through a formal bid process controlled by both Parties equally, with priority repayment of RelyEZ's Principal Contribution plus accrued interest as specified above or provided for in the LNTP Agreement; or (c) unless otherwise mutually agreed in writing by the Parties. In the event that any of the above scenarios (a), (b), or (c) occur, the SPV shall be exempt from paying the unexecuted development fees to Emergen, as outlined in Section 2.3(c) and the DSA.

**Section 2.3 Development Fee Compensation for Development Services.** During the Construction Phase, the Parties shall contribute the required capital based on a Project's progress and actual needs. These contributions may be made in the form of debt or equity investments, aligned with the agreed-upon equity ratio, to support the development and construction of the project.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>RelyEZ Contribution.</u> The total principal commitment from RelyEZ, including both capital contributions and extended payment terms for
 equipment, shall not exceed Fifty Million U.S. Dollars ($50,000,000.00).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Initial Capital Investment.* RelyEZ shall make an initial capital investment of Ten Million U.S. Dollars ($10,000,000.00) ("Initial
 Capital Investment") to the JV to support the Initial Projects, which shall be funded within ten (10) days following the achievement
 of the following milestones: execution of the Definitive Agreement, execution of the additional Closing Documents, establishment
 of the JV entity, and the opening of the JV bank account.

(ii) *Remaining Capital Investment.* The remaining Forty Million U.S. Dollars ($40,000,000.00) ("Remaining Capital Investment") may
 be contributed in multiple installments, or as needed, through extended payment terms or bank guarantees to support the closure of
 construction period financing. Disbursement will be subject to mutually agreed milestones and conditions, as outlined in LNTP agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Emergen Contribution</u>* <u>.</u> With each RelyEZ contribution, Emergen shall also contribute its proportionate share of capital, up
 to twelve million five hundred thousand U.S. Dollars ($12,500,000.00), and such contributions shall be made in the amount necessary
 for the JV to disburse funds for the acquisition of any SPV related to the approved Projects.

(c) <u>SPV Funding</u>. The JV shall provide the necessary funding to each SPV, in the form of either debt or equity investment, after the project
 has been jointly evaluated and approved by both the Parties. The SPV shall first pay Emergen's contributions to advancing the
 Project within the respective SPV, which will be stated in a Development Service Agreement ("DSA"). A template form of
 the DSA is attached to this Agreement as Exhibit D. Additionally, Emergen shall be entitled to recoup from a Project's SPV
 Emergen's actual procurement costs for long lead time equipment related to each Project, provided that such equipment was procured
 and paid for prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 JV's acceptance of the Project. Reimbursement shall occur within thirty (30) days following the JV's formal acceptance
 of the Project;

(ii) the
 Project's SPV has been transferred under the JV; and

(iii) shall
 be limited to verifiable equipment costs only, excluding any other development or indirect expenses.

Pursuant to each DSA, the DSA shall provide Emergen payments ("Development Fees") which shall be calculated based on the Project's stage of readiness to be determined by an Independent Engineer. Upon Acceptance and during the Construction Phase, the SPV shall pay Emergen a total of Eighty Thousand U.S. Dollars ($80,000.00) per MW per Project according to the following milestones:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Forty-Five
 Thousand U.S. Dollars ($45,000.00) per MW upon Acceptance of a Project by the SPV;

(ii) Twenty-Five
 Thousand U.S. Dollars ($25,000.00) per MW upon (x) the release of project refinancing (including but not limited to long-term bank
 loans, tax credit financing, etc.) to the SPV and (y) after the membership interest held by the JV is transferred back to Emergen;
 and

(iii) Ten
 Thousand U.S. Dollars ($10,000.00) per MW upon the Project achieving COD.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 7 of 19

**ARTICLE THREE<br> RECORDS AND INSPECTION**

**Section 3.1 Recordkeeping.** Each Party shall maintain or cause to be maintained full, complete, and auditable records regarding their contributions, activities, and services related to the JV, the Projects, and respective SPVs. Such records must be made available for review and audit by the other Party, or by an independent auditor mutually appointed by the Parties, upon written request. Such records shall include any services provided, the materials required to complete same, the costs associated with such materials, the personnel involved in rendering same, and any hours expended by such personnel, as well as any actions or endeavors undertaken through each Project or by the Parties on the Project's behalf.

**Section 3.2 Bookkeeping.** The Parties shall maintain complete and accurate books, records, and related information to verify all services, materials provided for same, and all other associated information relating to the transactions contemplated or described by this Agreement, including, but not limited to, the acquisition, development, and sale of each Project.

**Section 3.3 Inspection.** Upon reasonable prior written notice to either Party, the non- requesting Party shall provide the requesting Party with access to all of the books, records, and related background information required to conduct a review or audit of all services related to the Project or any further transactions contemplated or described by this Agreement. Access will be made available: (a) during normal business hours; (b) in a manner reasonably designed to facilitate the requesting Party's review or audit without unreasonable disruption to the operation of the joint venture contemplated by this Agreement.

**ARTICLE FOUR**

**NON-DISCLOSURE, NON-COMPETITION, AND NON-SOLICITATION PROVISIONS**

**Section 4.1 Confidential Information.** For purposes of this Agreement, *Confidential Information* means any data or information that is proprietary to the Parties and not generally known to the public, whether in tangible or intangible form, whenever and however disclosed, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 marketing strategies, plans, financial information or projections, operations, sales estimates, business plans and performance results
 relating to the past, present, or future business activities of the Parties, their affiliates, subsidiaries, and affiliated companies;

(b) plans
 for products or services, and customer or supplier lists;

(c) any
 scientific or technical information, invention, design, process, procedure, formula, improvement, technology, or method;

(d) any
 concepts, reports, data, know-how, works-in-progress, designs, development tools, specifications, computer software, source code,
 object code, flow charts, databases, inventions, information, and trade secrets regarding Battery Energy Storage Systems;

(e) any
 documents, drawing, sketches, blueprints, schematics, data, or other written instrument or written information concerning the Parties'
 Intellectual Property, inventions, discoveries, improvements, methods, business plans, ventures, practices, enterprises, exploration,
 production, transmission, or operation, or any other information affecting the business operations of the Parties;

(f) any
 information related to the Projects, as defined in this Agreement, generally; and

(g) any
 other information that should reasonably be recognized as confidential information of the Parties.

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Confidential Information need not be novel, unique, patentable, copyrightable, or constitute a trade secret in order to be designated Confidential Information. The Parties acknowledge that their respective Confidential Information, unrelated to the Project, is proprietary to one another, has been developed and obtained through great efforts by one another, and that the Parties regard all of their Confidential Information as trade secrets.

**Section 4.2 Non-Confidential Information.** Notwithstanding anything in the foregoing to the contrary, Confidential Information shall not include information which:

&nbsp;&nbsp;&nbsp;&nbsp;(a) was
 known by either Party prior to receiving the Confidential Information from the other Party;

(b) becomes
 rightfully known to either Party from a third-party source not known (after diligent inquiry) by the discovering Party to be under
 an obligation to the other Party to maintain confidentiality;

(c) is
 or becomes publicly available through no fault of or failure to act by either Party in breach of this Agreement;

(d) is
 required to be disclosed in a judicial or administrative proceeding, or is otherwise requested or required to be disclosed by law
 or regulation; and

(e) is
 or has been independently developed by employees, consultants, or agents of either Party without violation of the provisions of this
 Agreement or reference or access to any Confidential Information.

**Section 4.3 Disclosure of Confidential Information.** From time to time, either Party may disclose Confidential Information to the other Party. Upon such disclosure, the receiving Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) keep
 all Confidential Information strictly confidential by using a reasonable degree of care, but not less than the degree of care used
 by the receiving Party in safeguarding the receiving Party's own confidential and proprietary information, and

(b) not
 disclose any Confidential Information received by the receiving Party to any third- parties (except as otherwise provided herein).
 The receiving Party shall be responsible for any breach of this Agreement by any of the receiving Party's agents or representatives.

**Section 4.4 Use of Confidential Information.** The Parties agree to use the Confidential Information related to the Project solely in connection with the intentions and joint venture contemplated by this Agreement and not for any purpose other than as authorized by this Agreement, without the prior written consent of the Parties. No other right or license, whether express or implied, in the Confidential Information is granted to the Parties hereunder. Title to the Confidential Information will remain solely in the Party producing such Confidential Information, respectively. All use of Confidential Information by either Party shall be for the benefit of the Parties and the joint venture contemplated by this Agreement, and any modifications and improvements thereof by either Party shall be the sole property of the developing Party. The Parties agree to, and shall be fully responsible for, all confidential or proprietary information of either Party in the other Party's possession and the Parties shall promptly, upon the other Party's own initiative or on demand by said Party, return all such information and reproductions to the other Party. Notwithstanding any of the foregoing, neither Party shall use, retain, withhold, or exploit any of the Parties' Confidential Information in any way that would hinder, impede, or otherwise prevent the operation of the joint venture contemplated by this Agreement, provided that neither Party shall be required to compromise the integrity or security of the Parties' Confidential Information in order to serve the joint venture contemplated by this Agreement.

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**Section 4.5 Compelled Disclosure of Confidential Information.** Notwithstanding anything in the foregoing to the contrary, the Parties may disclose Confidential Information pursuant to any governmental, judicial, or administrative order, subpoena, discovery request, regulatory request, or similar method, provided that the disclosing Party promptly notifies, to the extent practicable, the non-disclosing Party in writing of such demand for disclosure so that the non-disclosing Party, at its sole expense, may seek to make such disclosure subject to a protective order or other appropriate remedy to preserve the confidentiality of the Confidential Information; provided in the case of a broad regulatory request with respect to the disclosing Party (not targeted at the non- disclosing Party), the disclosing Party may promptly comply with such request provided the disclosing Party agrees that it shall not oppose and shall cooperate with efforts by, to the extent practicable, the non-disclosing Party with respect to any such request for a protective order or other relief. Notwithstanding the foregoing, if the non-disclosing Party is unable to obtain or does not seek a protective order and the disclosing Party is legally requested or required to disclose such Confidential Information, disclosure of such Confidential Information may be made without liability.

**Section 4.6 Return of Confidential Information.** The Parties shall immediately return and deliver to the other Party, at the non-requesting Party's expense, all tangible material embodying the Confidential Information provided pursuant to this Agreement and all notes, summaries, memoranda, drawings, manuals, records, excerpts or derivative information deriving therefrom, and all other documents or materials ("Notes") (and all copies of any of the foregoing, including "copies" that have been converted to computerized media in the form of image, data, or word processing files either manually or by image capture) based on or including any Confidential Information, in whatever form of storage or retrieval, upon the earlier of: (a) the completion or termination of this Agreement; or (b) at such time as a Party may so request. Alternatively, the non-requesting Party, with the written consent of the requesting Party, may (or in the case of Notes, at requesting Party's option) immediately destroy any of the foregoing embodying Confidential Information (or in the reasonably non-recoverable data erasure of computerized data) and, upon request, certify in writing such destruction by the non-requesting Party, directly supervising the destruction.

**Section 4.7 Notice of Breach.** The Parties shall notify one another immediately upon discovery of any unauthorized use or disclosure of Confidential Information by either Party, its agents, or its representatives, or any other breach of this Agreement by the Parties, its agents, or its representatives, and will cooperate with efforts by the non-breaching Party to help the non- breaching Party regain possession of Confidential Information and prevent its further unauthorized use.

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**Section 4.8 Remedies.** The Parties understand that either Party will suffer irreparable harm in the event that the Parties, their agents, or their representatives breach any of the obligations set out in this Agreement and that monetary damages will be inadequate to compensate the non-breaching Party for said breach. Accordingly, the Parties agree that in the event of a breach or threatened breach by either Party, their agents, or their representatives for any part of this Agreement, the non-breaching Party, in addition to any other rights or remedies available, shall be entitled to temporary restraining orders, temporary injunctions, and permanent injunctions in order to prevent or to restrain any such breach. The Parties agree that if either Party, their agents, or their representatives violates any of the covenants or provisions herein, the non-breaching Party shall be entitled to a claim for damages and reasonable attorney's fees arising from said violation(s); this remedy shall be in addition to any injunctive relief, liquidated damages, or other remedies to which the non-breaching Party may be entitled to pursue.

**Section 4.9 Non-Solicitation.** In the event this Agreement is terminated, the Parties each agree that, for a period of twelve (12) months from the date of termination of this Agreement, the Parties will not, directly or indirectly, solicit for employment or hire, in any capacity, any employee of the other Party or any of its affiliates, or directly or indirectly solicit, entice, or attempt to solicit or entice any clients, customers, or suppliers of either Party or any subsidiary of either Party to divert that Party's business or services from the other Party or any subsidiary of the other Party; provided, however, that the foregoing provision will not prevent either Party from employing any such person who contacts either Party on said person's initiative without any direct or indirect solicitation or encouragement from either Party.

**Section 4.10 Time & Scope.** The Parties explicitly acknowledge, understand, and agree that the limitations and restrictions set forth in this Article Four are fair and reasonable in both time and scope and are reasonably required for the fulfillment of the intentions and joint venture contemplated by this Agreement.

**ARTICLE FIVE<br> INTELLECTUAL PROPERTY**

**Section 5.1 Ownership of Intellectual Property.** All Intellectual Property produced as a result of the joint venture contemplated by this Agreement shall belong jointly to the Parties unless agreed upon otherwise in writing. All Intellectual Property that belonged to either Party before the initiation of the joint venture contemplated by this Agreement shall belong exclusively to that Party, its successors, and its assigns, irrespective of any copyright notices or confidentiality legends to the contrary which may have been used or placed upon any product of work performed by the Parties, their agents, their representatives, or any other person or entity. The immediately preceding sentence further applies to all right, title, and interest throughout the world in and to all the results and proceeds of all Intellectual Property. If by operation of law any such Intellectual Property created through operation of the joint venture contemplated by this Agreement, related copyrights, or otherwise is not jointly owned or owned exclusively by the Parties, as applicable, automatically upon creation thereof, then the Party in which such Intellectual Property automatically vests agrees to assign, and hereby assigns, to the other Party, and its successors and assigns, an equal percentage of ownership of such Intellectual Property. For purposes of this Agreement, *Intellectual Property* shall mean all ideas, concepts, designs, inventions, discoveries, and improvements that are the direct or indirect result of the Parties' labor and/or efforts or services. This includes all patents, copyrights, trademarks, trade secrets, and other intellectual property rights, whether made solely or jointly with others; whether or not patentable; and whether or not the conception, discovery, or making involves the use of the Parties' time, facilities, equipment, or personnel. Each Party shall retain sole ownership of its pre-existing IP, background know-how, trade secrets, and proprietary technologies, including tools, platforms, or manufacturing processes not specifically developed under the scope of this JV.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 11 of 19

**Section 5.2 License to Use Pre-Existing Materials.** The Parties may include in the development of Intellectual Property pre-existing work or materials only if they are provided by the Parties or if they are owned or licensable without restriction by the Parties. To the extent that pre-existing work or materials owned or licensed by the Parties are included in the development of Intellectual Property, the Parties shall identify any such work or materials prior to commencement of any work or services involving such work or materials. In the execution of this Agreement, the Parties grant to the joint venture an irrevocable, non-exclusive, worldwide, royalty-free right and license to use, execute, reproduce, display, modify, and distribute (internally and externally) copies of, and prepare derivative works based upon, such pre-existing work and materials, and the right to authorize others to do any of the foregoing. Any pre-existing work contributed must be accompanied by a written declaration of origin and supporting documentation verifying clear title or license held by the contributing Party.

**Section 5.3 Association Free of Encumbrances.** The Parties warrant that the Parties will not infringe any Intellectual Property rights or other proprietary interests of third-parties. If either Party become aware of any such possible infringement during the term of the joint venture, the Parties shall immediately notify the other Party in writing. The Parties shall indemnify, defend, and hold harmless one another from and against all claims for actual or alleged infringement or misappropriation of any such Intellectual Property rights or other proprietary interests of third- parties based upon or related to this Agreement. The Parties shall, at their expense, defend all such claims and shall pay all attorney's and consultants' fees and all costs or other expenses related thereto.

**Section 5.4 Joint Ownership of Developments.** The Parties shall jointly own all Developments related to the Project. For purposes of this Agreement, *Developments* shall mean all rights, titles, and interest throughout the world in and to all the results and proceeds of all modifications, alterations, enhancements, betterments, ideas, or discoveries that are the direct or indirect result of the Parties' access to Confidential Information.

**ARTICLE SIX <br> INDEMNITY**

**Section 6.1 Indemnification by RelyEZ for Claims Against Emergen.** RelyEZ agrees to defend, protect, and hold harmless Emergen and Emergen's officers, directors, agents, representatives, consultants, and employees from all claims by RelyEZ or RelyEZ's subcontractors, officers, directors, agents, representatives, or employees for bodily injury, death, or damage to property that results directly or indirectly from any performance pursuant to this Agreement due to the fault, negligence, strict liability, or breach of warranty, in whole or in part, by Emergen. This indemnity shall apply only to the extent such loss or damage arises from gross negligence, willful misconduct, or material breach of this Agreement by RelyEZ, and shall exclude any consequential, incidental, or punitive damages.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 12 of 19

**Section 6.2 Indemnification by Emergn for Claims Against RelyEZ.** Emergen agrees to defend, protect, and hold harmless RelyEZ and RelyEZ's officers, directors, agents, representatives, consultants, and employees from all claims by Emergen or Emergen's subcontractors, officers, directors, agents, representatives, or employees for bodily injury, death, or damage to property that results directly or indirectly from any performance pursuant to this Agreement due to the fault, negligence, strict liability, or breach of warranty, in whole or in part, by RelyEZ. This indemnity shall apply only to the extent such loss or damage arises from gross negligence, willful misconduct, or material breach of this Agreement by Emergen, and shall exclude any consequential, incidental, or punitive damages.

**Section 6.3 Third-Party Claims.** If any third-party claim (each, a *Third-Party Claim*) is made by or against a Party (the *Claiming Party*) that, if sustained, would give rise to a liability of the other Party or Parties pursuant to this Agreement and the relationship arising out of this Agreement (collectively, *Indemnifying Party*), that Claiming Party will promptly deliver written notice to the Indemnifying Party, and will afford the Indemnifying party and its counsel (who must be reasonably acceptable to the Claiming Party), at the Indemnifying Party's sole expense, the opportunity to defend or settle the Third-Party Claim. Any notice of a Third-Party Claim will state, with reasonable specification, the alleged basis for the claim and the amount of liability asserted by or against the Claiming Party or Claiming Parties. If this notice is not given, the Indemnifying Party is released from the obligations pursuant to this Article Six, but only to the extent the Indemnifying Party's ability to defend against the Third-Party Claim is actually prejudiced by the lack of notice. Alternatively, if notice is given and the Indemnifying Party fails to assume the defense of the claim within ten (10) days with counsel satisfactory to the Claiming Party, the Claiming Party may defend, compromise, or settle the Third-Party Claim without the Indemnifying Party's consent and the Indemnifying party will remain liable pursuant to this Article Six. The Claiming Party must fully cooperate with counsel for the Indemnifying Party, at the expense of the Indemnifying Party. The Indemnifying Party shall cause its counsel to consult with the Claiming party, as appropriate, as to the defense of the claim. The Claiming Party may, at its own expense, participate in the defense, assistance, or enforcement of the claim, but the Indemnifying Party will control the defense, assistance, or enforcement.

The Indemnifying Party may settle any Third-Party Claim that it is defending pursuant to this Section if the Third-Party Claim only involves monetary damages and only if the settlement amount is to be paid entirely by the Indemnifying Party pursuant to this Article Six. The Indemnifying party may not enter into a settlement of a Third-Party Claim that involves a non- monetary remedy or that will not be paid entirely by the Indemnifying Party pursuant to this Article Six without the Claiming Party's written consent; such consent not to be unreasonably withheld.

Any indemnification pursuant to this Agreement will be reduced by any insurance proceeds paid to the Claiming Party because of the loss or other matter for which indemnification is sought, adjusted for any increased insurance premiums resulting from the tender of the claim to the insurance carrier. The Claiming Party is obligated to submit to its insurance carrier all coverable claims and to pursue these claims against its insurance carrier in good faith. The Claiming Party may not abandon or compromise any such claim without the Indemnifying Party's consent; such consent not to be unreasonably withheld. The Indemnifying Party shall not settle or compromise any Third-Party Claim in a manner that (i) imposes non-monetary obligations on the Claiming Party or (ii) includes an admission of liability by the Claiming Party, without prior written consent.

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**Section 6.4 EXCEPT AS OTHERWISE EXPRESSLY STATED OR LIMITED IN THIS AGREEMENT, IT IS THE INTENT OF THE PARTIES THAT ALL INDEMNITY DUTIES AND/OR LIABILITIES ASSUMED BY THE PARTIES PURSUANT TO THIS AGREEMENT BE ENFORCEABLE ONLY TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, AND SHALL IN NO EVENT EXTEND TO CLAIMS ARISING FROM THE SOLE NEGLIGENCE OF THE INDEMNIFIED PARTY. EACH PARTY'S LIABILITY UNDER THIS SECTION SHALL BE CAPPED AT THE GREATER OF (I) THE AMOUNT OF INSURANCE COVERAGE ACTUALLY AVAILABLE FOR SUCH CLAIM, OR (II) THE TOTAL AMOUNT OF CAPITAL CONTRIBUTED BY THE INDEMNIFYING PARTY UNDER THIS AGREEMENT.**

**ARTICLE SEVEN<br> ALTERNATIVE DISPUTE RESOLUTION**

**Section 7.1 Mediation/Arbitration.** In any dispute arising out of, or relating to, this Agreement or the breach, termination, enforcement, interpretation, or validity thereof (collectively, a "Dispute"), including the determination of the scope or applicability of this arbitration provision, the following shall apply: In any dispute over or in any way related to the provisions of this Agreement and in all other disputes among the Parties, (the "Disputing Parties") (including issues of enforceability, termination, and arbitrability), the dispute shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Be
 professionally, promptly, and on commercially reasonable terms presented and negotiated in good faith between the Disputing Parties.

(b) In
 the event that negotiation fails or upon the expiration of thirty (30) days of the event(s) giving rise to the dispute, whichever
 is sooner, the dispute may be submitted to non-binding mediation upon mutual agreement of the Parties despite the terms of the LOA.
 The Disputing Party shall apply to the American Arbitration Association for a mediator, with the mediation to take place in Houston,
 Texas, unless otherwise agreed upon by the Parties.

(c) In
 the event negotiation and/or mediation fails to resolve all of the issues between or among the Disputing Parties, then the matter
 or any remaining matters shall be submitted to final, non-appealable, binding arbitration. The arbitration shall be held by the American
 Arbitration Association in accordance with the Commercial Arbitration Rules. The place of arbitration shall be Houston, Texas. The
 arbitration will be conducted in English. The arbitrator may issue any preliminary, injunctive, and/or equitable relief. Nothing
 in this Paragraph will serve to restrict the ability to apply for emergency relief. Any Party may, after failure of the negotiation
 and mediation procedures above, commence arbitration of the dispute by sending a written request for arbitration to all other Disputing
 Parties. The request shall state the nature of the dispute to be resolved by arbitration, and arbitration shall be commenced as soon
 as practical after such Parties receive a copy of the written request. Parties may not bring suit regarding any disputes, controversies,
 or claims subject to this Paragraph of this Agreement in any venue other than an arbitration pursuant to this Paragraph of the Agreement,
 except in order to enforce this Paragraph or enforce an arbitral award made pursuant to this paragraph. In the event that a party
 attempts to bring an action in violation of this paragraph, Parties agree that the other Party will be entitled to the arbitrator
 or judge entering an injunction to enjoin such unauthorized action. All Parties shall initially share the cost of arbitration, but
 The prevailing Party in any arbitration shall be entitled to recover its reasonable attorney's fees, expert costs, and arbitration
 expenses. All arbitration decisions shall be final, binding, and conclusive on all the Parties to arbitration, and legal judgment
 may be entered based upon such decision in accordance with applicable law in any court having jurisdiction to do so. The Parties
 agree that the arbitral award shall be recognized by any applicable courts pursuant to all applicable statutes, conventions, and
 treaties. The Parties agree that this Agreement concerns interstate commerce for purposes of the Federal Arbitration Act and the
 Federal Arbitration Act shall apply.

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**ARTICLE EIGHT <br> TERM AND TERMINATION**

**Section 8.1 Term.** This Agreement shall continue for an indefinite term until terminated by a Party in accordance with the termination provisions contained within this Agreement.

**Section 8.2 Terminable Events.** This Agreement shall terminate upon an event of material breach committed by either Party as defined by this Agreement. Either Party may be deemed to have materially breached this Agreement if either Party becomes involved in bankruptcy materially affecting the operation of the joint venture contemplated by this Agreement.

**Section 8.3 Period to Cure.** In the event of default or breach by either Party to perform any of the conditions, covenants, or requirements of this Agreement, the breaching Party shall have thirty (30) days from the date of receipt of written notice of breach delivered to the breaching Party by the non-breaching Party to correct such default or breach. The cure period may be extended for up to an additional thirty (30) days by the breaching Party. If the breaching Party fails to cure then the non-breaching Party may terminate this agreement upon a ten (10) day written notice.

**Section 8.4 Termination Generally.** No termination of this Agreement shall serve to divest either Party of their respective share of profit for any Project that has been undertaken by the JV.

**Section 8.5 Termination Not Waiver.** No termination of this Agreement shall constitute a termination or waiver of any rights of either Party against the other Party accruing at or prior to the time of such termination.

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**ARTICLE NINE**

**GENERAL PROVISIONS**

**Section 9.1 Review of Agreement.** Each Party has reviewed this Agreement, accepts all its provisions, and agrees to be bound by all its terms.

**Section 9.2 Survival of Provisions.** All covenants, representations, warranties, guarantees, and indemnitees contained herein shall survive the termination of this Agreement and any investigation made by or on behalf of the Parties.

**Section 9.3 Successors, Assigns, and Assignment.** This Agreement is personal in nature and neither Party shall assign its rights, or delegate its obligations, under this Agreement unless and until any such assignment or delegation shall first be consented to in a written instrument executed by the other Party, including any change of control, merger, or acquisition involving either Party, which shall require the prior written consent of the other Party. All obligations contained in this Agreement shall extend to and be binding upon the Parties and their respective successors, assigns, and designees.

**Section 9.4 No Binding Agreement for Other Transactions.** The Parties agree that neither Party will be under any legal obligation of any kind whatsoever with respect to any other transaction unrelated to the operation of the joint venture contemplated by this Agreement by virtue of this Agreement, except for the matters specifically agreed to herein.

**Section 9.5 Severability.** If any provision of this Agreement is held illegal, invalid, or unenforceable, such illegality, invalidity, or unenforceability will not affect any other provision contained herein. Such provision shall, in such circumstances, be deemed modified only to the extent necessary to render the problematic provision and all remaining provisions enforceable.

**Section 9.6 Amendments and Waiver.** Any failure by either Party to enforce the other Party's strict performance of any provision of this Agreement will not constitute a waiver of its right to subsequently enforce such provision or any other provision of this Agreement.

**Section 9.7 No Third-Party Beneficiary.** This Agreement is made solely and specifically among and for the benefit of the Parties and their respective successors and assigns, subject to the express provisions contained herein relating to successors and assigns, and no other person has or will have any rights, interest, or claims hereunder or be entitled to any benefits under, or on account of, this Agreement, as a third-party beneficiary or otherwise.

**Section 9.8 Further Assurances.** The Parties agree to execute and deliver additional documents and instruments and to perform all additional acts and actions necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated herein.

**Section 9.9 Caption and Headings.** Paragraph headings used in this Agreement are for reference only and shall not be used in the interpretation of this Agreement.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 16 of 19

**Section 9.10 Entire Agreement.** This Agreement constitutes the entire understanding between the Parties and supersedes any and all prior or contemporaneous understandings and agreements, whether oral or written, between the Parties with respect to the subject matter and provisions contained herein. This Agreement can only be modified by a written amendment signed by the Party against whom enforcement of such modification is sought. Notwithstanding the foregoing, the LOA dated March 25, 2025 shall remain in full force to the extent not inconsistent with this Agreement, and any inconsistency shall be resolved to preserve the economic intent of both documents.

**Section 9.11 Costs.** The Parties shall each bear their own costs, including attorney's fees, in connection with the preparation of this Agreement and the transactions contemplated thereby.

**Section 9.12 Applicable Law.** This Agreement shall be governed by, interpreted, construed, and administered under the laws of the State of Texas, as from time-to-time amended, and any applicable federal law. No effect is given to any choice-of-law or conflict-of-law provision of rule (whether of the State of Texas or any other jurisdiction) that would cause the application of the law of any jurisdiction other than those of the State of Texas.

**Section 9.13 Interpretation.** The Parties acknowledge, agree, and represent that they each participated in the drafting and negotiation of this Agreement. Accordingly, this Agreement, or any Section hereof, shall not be construed against either Party due to the fact that this Agreement, or any Section hereof, was drafted by solely by one Party or the other.

**Section 9.14 Consideration.** This Agreement is made by the Parties in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

**Section 9.15 Counterparts.** This Agreement may be executed simultaneously in one (1) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Section 9.16 Notices Generally.** Any notices or communication required or permitted to be given pursuant to this Agreement may be delivered by hand, deposited with a nationally recognized overnight carrier, electronic-mail, or mailed by certified mail, return receipt requested, postage prepaid, in each case, to the address of the other Party first indicated above (or such other addressee as may be furnished by a Party in accordance with this Section 9.16). All such notices of communications shall be deemed to have been given and received as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of personal delivery, facsimile transmission, or electronic mail, on the date of such delivery;

(b) in
 the case of delivery by a nationally recognized overnight carrier, on the third (3rd) business day following dispatch; and

(c) in
 the case of mailing, on the seventh (7th) business day following such mailing.

(d) Notices
 sent by email shall be considered delivered upon sender's receipt of a read receipt or email response confirming delivery.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 17 of 19

if to Emergen: 895 Dove Street, Suite 300

Newport Beach, CA 92660

Attention : Cole W. Johnson

Email : cwjohnson@bitech.tech, info@bitech.tech

*with a copy, which shall not constitute notice, to:*

Kearney, McWilliams & Davis PLLC <br> Attn: 77036

55 Waugh #150

Houston, Texas 77007

Attention: Vikesh Patel and Bradley Nevills <br> Email: vpatel@kmd.law and bnevills@kmd.law

if to RelyEZ:

3603 Building II A

Shenzhen Bay Science and Technology

No. 16 Keji South Road, Nanshan District, Shenzhen <br> Attention : Naomi Zhang

Email : naomi@relyez.com

with a copy, which shall not constitute notice, to:

___________________________________

___________________________________

___________________________________

___________________________________

**Section 9.17 Binding Effect.** Subject to the provisions governing assignment, this Agreement shall be binding upon and inure to the benefit of the members, managers, officers, employees, agents, representatives, successors, and assigns of the Parties.

**Section 9.18 Computation of Time.** In computing any period of time pursuant to this Agreement, the day of the act, event, or default from which the designated period of time begins to run shall be included, unless it is a Saturday, Sunday, or a legal holiday, in which event the period shall begin to run on the next day which is not a Saturday, Sunday, or legal holiday.

**Section 9.19 Modification for Legal Events.** If any arbitrator or arbitration panel of competent jurisdiction determines that any provision or any part of a provision set forth in this Agreement is unenforceable because of its duration or geographic scope, the arbitrator or arbitration panel has the power to modify the unenforceable provision instead of severing it from this Agreement in its entirety. The modification may be made by rewriting the offending provision, by deleting all or a portion of the offending provision, by adding additional language to this Agreement, or by making other modifications as it determines necessary to carry out the Parties' intent to the maximum extent permitted by applicable law. The Parties expressly agree that this Agreement as modified by the arbitration panel is binding upon and enforceable against each of them.

**Section 9.20 Separate Counsel.** By signing this Agreement, each Party acknowledges that this Agreement is the product of arms-length negotiations between the Parties and should be construed as such. Each Party acknowledges that he or she has been advised to seek separate counsel and has had adequate opportunity to do so.

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 18 of 19

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed, as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **Emergen Energy, LLC** | **Emergen Energy, LLC** | **RELYEZ** | **RELYEZ** |
| By: | */s/ Cole W. Johnosn* | By: | */s/ Jiajing Zhang* |
| Name: | Cole W. Johnosn | Name: | Jiajing Zhang |
| Title/ | Position: President | Title/ | Position: CEO |
| Date: | May 7, 2025 | Date: | May 7, 2025 |

---

Definitive Agreement: Emergen & RelyEZ <br> Initials: _______; ________ Page 19 of 19

**EXHIBIT A PROJECTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Projects** | **Initial Projects** | **Initial Projects** | **Initial Projects** | **Initial Projects** | **Initial Projects** | **Initial Projects** |
| **Project** | **State** | **Zone** | **BESS**<br> **(Mwac)** | **BESS**<br> **(Mwac)** | **BESS**<br> **(MWhr)**  | **BESS**<br> **(MWhr)**  |
| Redbird BESS | TX | ERCOT-Houston |  | 100 |  | 400 |
| Dos Rios BESS | TX | ERCOT-North |  | 82 |  | 164 |
| Oak Hill BESS | TX | ERCOT-South |  | 10 |  | 45 |
| White Rock BESS | TX | ERCOT/North |  | 82 |  | 164 |
| **BESS** |  |  |  | **274** |  | **773** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Remaining Projects** | **Remaining Projects** | **Remaining Projects** | **Remaining Projects** | **Remaining Projects** |
| **Project** | **State** | **Zone** | **BESS**<br> **(Mwac)** | **BESS**<br> **(MWhr)** |
| Wildfire BESS | TX | ERCOT-South | 100 | 400 |
| Friendship | TX | ERCOT/West | 60 | 240 |
| Lady Bird | TX | ERCOT/West | 60 | 240 |
| Longhorn | TX | ERCOT/West | 60 | 240 |
| Pecan | TX | ERCOT/West | 60 | 240 |
| Prickly Pear | TX | ERCOT/West | 60 | 240 |
| Yellow Rose | TX | ERCOT/West | 60 | 240 |
| Bright Light | TX | ERCOT/West | 60 | 240 |
| TPLT 1-10 BESS | TX | ERCOT/West | 100 | 400 |
| WR Ranch TX BESS 1 | TX | ERCOT/North | 120 | 480 |
| TPL EPE | TX | WECC | 25 | 100 |
| X-One Solar Ranch 1 | AZ | WECC | 100 | 400 |
| Dudden Ranch 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 1 | AZ | WECC | 100 | 400 |
| Aldahra Farm 2 | AZ | WECC | 100 | 400 |
| BL PJM BESS 1 | VA | PJM | 50 | 200 |
| BL PJM BESS 2 | PA | PJM | 50 | 200 |
| Gibbs Ranch BESS 1 | LA | MISO | 120 | 480 |
| Gibbs Ranch BESS 2 | LA | MISO | 120 | 480 |
| TG BESS 1 | LA | MISO | 120 | 480 |
| TG BESS 2 | LA | MISO | 120 | 480 |
| Neighbors BESS 1 | LA | MISO | 120 | 480 |
| Dolce BESS | TX | ERCOT | 100 | 400 |
| Motif BESS | TX | ERCOT | 200 | 800 |
| Moonlight Sonata BESS | TX | ERCOT | 200 | 800 |
| Caladium BESS | TX | ERCOT | 200 | 800 |
| Pianissimo BESS | TX | ERCOT | 200 | 800 |
| Blanket Ranch North BESS | TX | ERCOT | 50 | 100 |
| Blanket Ranch South BESS | TX | ERCOT | 33 | 66 |
| Data Centers (1<sup>st</sup> Stage) | " " | Various | 500 | 2000 |
| Data Centers (2<sup>nd</sup> Stage) | " " | Various | 500 | 2000 |
| **BESS** |  |  | **3848** | **15226** |

---

Definitive Agreement: Emergen & RelyEZ, Exhibit A Page 1 of 1

**EXHIBIT B**

**READY-TO-BUILD STATUS CRITERIA**

With respect to any Project, JV's good faith determination that the following have been obtained and that construction can commence:

1) A layout of the BESS, including design of the project

2) a title commitment, mineral ownership report, and limited surface ownership report;

3) all Real Property rights, including the full execution of any lease agreements, all necessary rights of ways, and easements.

4) a wetlands delineation;

5) a habitat assessment;

6) an ecological assessment;

7) a Phase I Environmental Site Assessment;

8) a critical issues analysis (CIA);

9) a permitting matrix.

10) a signed interconnection agreements is signed.

11) geotechnical Surveys for foundation design and construction readiness (when applicable)

12) Financing availability: The project's financing must ensure sufficient funds are available during the construction period to cover equipment procurement, construction activities, and required services until the project's COD.

Definitive Agreement: Emergen & RelyEZ, Exhibit B Page 1 of 1

**EXHIBIT C**

**TEMPLATE FORM LIMITED NOTICE TO PROCEED AGREEMENT**

Definitive Agreement: Emergen & RelyEZ, Exhibit C Page 1 of 1

**EXHIBIT D**

**TEMPLATE FORM DEVELOPMENT SERVICES AGREEMENT**

Definitive Agreement: Emergen & RelyEZ, Exhibit D Page 1 of 1

**EXHIBIT E**

**TEMPLATE FORM OPERATING AGREEMENT FOR SPV**

Definitive Agreement: Emergen & RelyEZ, Exhibit E Page 1 of 1

**EXHIBIT F**

**TEMPLATE FORM MASTER INTEREST PURCHASE AGREEMENT**

Definitive Agreement: Emergen & RelyEZ, Exhibit F Page 1 of 1

**EXHIBIT G**

**TEMPLATE FORM MASTER SUPPLY AGREEMENT**

Definitive Agreement: Emergen & RelyEZ, Exhibit G Page 1 of 1

## Exhibit 10.34

**Exhibit 10.34**

**THIRD AMENDMENT TO PROJECT MANAGEMENT SERVICES AGREEMENT**

This Third Amendment to Project Management Services Agreement (this "Third Amendment"), dated as of April 24, 2024 (the "Agreement") is made and entered into on April 24, 2025 and effective as of June 28, 2024 the ("Amendment Effective Date") by and between: (i) Bitech Technologies Corporation, a Delaware corporation ("Bitech"); (ii) Emergen Energy LLC, a Delaware limited liability company and a wholly owned subsidiary of Bitech ("Emergen"); and (iii) Energy Independent Partners LLC, a Delaware limited liability company ("EIP"). Each of Bitech, Emergen, and EIP may be referred to herein collectively as the "Parties" and separately as a "Party".

**WHEREAS,** the First and Second Amendments to Project Management Services Agreement (the "First and Second Amendments") were effective as of June 28, 2024;

**WHEREAS,** the Parties now desire to amend the Agreement and any subsequent amendments, including the First and Second Amendment, as set forth in this Third Amendment;

**NOW, THEREFORE**, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

1. <u>Amendment to Section 2.04 Project Management Services.</u> Section 2.04 is deleted in its entirety and replaced with the following:

(a) During the Term (as defined below), and in consideration of the payments as set forth herein, EIP shall provide to Emergen the following project management services in connection with the development and operation of each of the Development Projects (collectively, the "Services"):

(i) EIP shall assist as needed with qualifying the Development Projects for financing;

(ii) EIP shall assist as needed with achieving RTB Status for Development Projects; and

(iii) If Emergen decides to forego the development of a Development Project, EIP shall assist as needed with marketing the Development Project to a third party.

(b) Notwithstanding the definition of the "Services" as set forth above, it is acknowledged and agreed by the Parties that EIP carries no professional licenses, and is not rendering legal advice or performing accounting services, nor acting as an investment advisor or broker/dealer within the meaning of the applicable state and federal securities laws, and that EIP shall specifically not provide any of the following services to the Bitech or any of its Affiliates: (i) negotiation for the sale of any of Bitech's or any of its Affiliates' securities or participation in discussions between Bitech or any of its Affiliates and potential investors; (ii) assisting in structuring any transactions involving the sale of any of Bitech's or any of its Affiliates'; (iii) engaging in any pre-screening of potential investors to determine their eligibility to purchase any securities or engaging in any pre-selling efforts for the Bitech's or any of its Affiliates' securities; (iv) discussing details of the nature of the securities sold or whether recommendations were made concerning the sale of the securities; (v) engaging in due diligence activities; (vi) providing advice relating to the valuation of or the financial advisability of any investments in Bitech or any of its Affiliates; or (vii) handling any funds or securities on behalf of the Bitech or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Effect of Amendment.</u> Except as expressly amended by this Amendment, all terms and conditions
 of the Agreement shall remain in full force and effect. In the event of any conflict between
 the terms of this Amendment and the Agreement, the terms of this Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Waiver.</u> This Amendment is not intended to operate as, and shall not be construed as,
 a waiver of any Event of Default, whether known to either Party or unknown, as to which all
 rights of the Parties shall remain reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Entire Agreement.</u> This Amendment, together with the Agreement, constitutes the entire agreement
 between the Parties with respect to the subject matter hereof and supersedes all prior agreements,
 understandings, and representations, whether written or oral, relating to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts.</u> This Amendment may be executed in one or more counterparts, each of which shall be deemed
 an original, but all of which together shall constitute one and the same instrument. Facsimile
 and electronic signatures shall be deemed to be of equal force and effect as original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law.</u> This Amendment shall be governed by and construed in accordance with the laws of
 the State of California, without regard to its conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Binding Nature.</u> This Amendment shall be binding upon and inure to the benefit of the Parties
 hereto and their respective successors and assigns.

[***signature page to follow***]

**IN WITNESS WHEREOF,** the Parties have executed this Amendment as of the Amendment Effective Date.

---

| | |
|:---|:---|
| **Bitech Technologies Corporation** | **Bitech Technologies Corporation** |
| By: | */s/ Benjamin Tran* |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| **Emergen Energy LLC** | **Emergen Energy LLC** |
| By: | */s/ Benjamin Tran* |
| Name: | Benjamin Tran |
| Title: | Chief Executive Officer |
| **Energy Independent Partners LLC** | **Energy Independent Partners LLC** |
| By: | */s/ Cole W. Johnson* |
| Name: | Cole W. Johnson |
| Title: | Chief Executive Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | 18012 Sky Park Circle, Suite 200<br> Irvine, California 92614<br> tel 949-852-1600<br> fax 949-852-1606<br> www.rjicpas.com |

---

<u>**Consent of Independent Registered Public Accounting Firm**</u>

We consent to the inclusion in Amendment No. 9 to the Registration Statement on Form S-1 (File No. 333-280668) of our report dated May 30, 2025, except for the matters described in Notes 2 and 13, as to which the date is June 24, 2025, relating to the consolidated financial statements of Bimergen Energy Corporation (the "Company") included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

/s/ Ramirez Jimenez International CPAs

Irvine, California

October 22, 2025