Document:

EXHIBIT 10.1

 

NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

Principal Amount: $53,750.00Issue Date:
July 19, 2021 Purchase Price: $53,750.00

 

CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE
RECEIVED, BANTEC, INC., a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to the
order of GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”) the sum of
$53,750.00 together with any interest as set forth herein, on July 19, 2022 (the “Maturity Date”), and to pay interest on
the unpaid principal balance hereof at the rate of ten percent (10%)(the “Interest Rate”) per annum from the date hereof (the
“Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise.
This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest
on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof
until the same is paid (“Default Interest”). Interest shall commence accruing on the date that the Note is fully paid and
shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder (to the extent not
converted into common stock, $0.0001 par value per share (the “Common Stock”) in accordance with the terms hereof) shall be
made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to
the Borrower by written notice made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise
defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which
this Note was originally issued (the “Purchase Agreement”).

 

This Note is free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar
rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The following terms shall apply to this Note:

 

ARTICLE I. CONVERSION RIGHTS

 

1.1              
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the date which
is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date
of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount of this Note to convert
all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common Stock, as
such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common
Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided
herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion
of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially
owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership
of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a
limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable
upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in
beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the
proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in
clause (1) of such proviso. The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the
Holder. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion
Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the
form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with
Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably
expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion
Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next
business day. The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal
amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if
any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder’s
option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the
Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

    1

     

    

 

1.2               Conversion
Price. The Conversion Price shall be equal to the Variable Conversion Price (as defined herein)(subject to equitable adjustments
for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities
of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar
events). The "Variable Conversion Price" shall mean 65% multiplied by the Market Price (as defined herein) (representing a
discount rate of 35%). “Market Price” means the average of the two (2) lowest Trading Prices (as defined below) for the
Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.
“Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets
electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service
(“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for
such security, the closing bid price of such security on the principal securities exchange or trading market where such security is
listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the
closing bid prices of any market makers for such security that are listed in the “pink sheets”. If the Trading Price
cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value
as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the
calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day”
shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange
or other securities market on which the Common Stock is then being traded.

 

1.3              
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its
authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have authorized
and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99% limitation
set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as defined in Section 1.2) in effect
from time to time, initially 96,340,552 shares)(the “Reserved Amount”). The Reserved Amount
shall be increased (or decreased with the written consent of the Holder) from time to time in accordance with the Borrower’s obligations
hereunder. The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In
addition, if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares
of Common Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make
proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to
issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If, at any time the Borrower does not maintain
the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

		1.4	Method of Conversion.

 

(a)               
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning on
the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and
(ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to
time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of
communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering
this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

The Holder shall be entitled to deduct
$500.00 from the conversion amount in each Notice of Conversion to cover Holder's deposit fees associated with each Notice of Conversion.
Any additional expenses incurred by Holder with respect to the Borrower's transfer agent, for the issuance of the Common Stock into which
this Note is convertible into, shall immediately and automatically be added to the balance of the Note at such time as the expenses are
incurred by Holder.

 

If at any time the Conversion Price
as determined hereunder for any conversion would be less than the par value of the Common Stock, then at the sole discretion of the
Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion
may be increased to include Additional Principal, where "Additional Principal" means such additional amount to be added to
the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the
same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value
price.

 

    2

     

    

 

(b)               
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal
amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted and
the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to require
physical surrender of this Note upon each such conversion.

 

(c)                
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or
other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and
the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this
Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect
to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities,
cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein,
the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of the Borrower to the Holder in connection with such conversion.

 

(d)               
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder
by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”)
system.

 

(e)               
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of
this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $2,000
per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to Deliver Fee”);
provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and
not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common
Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the
option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall
be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note
and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees
that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference
with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 1.4(e) are justified.

 

    3

     

    

 

1.5              
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless:
(i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5
and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any restrictive
legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed and the Borrower shall
issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall have received
an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion shall
be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon conversion
of this Note, such security is registered for sale by the Holder under an effective registration statement filed under the Act; or otherwise
may be sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the opinion of counsel
provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such as Rule 144), at the
Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

		1.6	Effect of Certain Events.

 

(a)               
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than
50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with
or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default
(as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition
to such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b)                Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all of
the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as
a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or
substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then
the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms
and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such
stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in
full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case
appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the
provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5)
days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date,
the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale
of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity
(if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to
successive consolidations, mergers, sales, transfers or share exchanges.

 

    4

     

    

 

(c)                
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its
assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or
distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e.,
a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note after the
date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been
payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such
shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

1.7              
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on the table
immediately following this paragraph (the “Prepayment Periods”) or as otherwise agreed to between the Borrower and the Holder,
the Borrower shall have the right, exercisable on not more than three (3) Trading Days prior written notice to the Holder of the Note
to prepay the outstanding Note (principal and accrued interest), in full, in accordance with this Section 1.7. Any notice of prepayment
hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall
state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three

(3) Trading Days from the date
of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall
make payment of the Optional Prepayment Amount (as defined below) to Holder, or upon the direction of the Holder as specified by the
Holder in a writing to the Borrower (which shall direction to be sent to Borrower by the Holder at least one (1) business day prior
to the Optional Prepayment Date). If the Borrower exercises its right to prepay the Note, the Borrower shall make payment to the
Holder of an amount in cash equal to the percentage (“Prepayment Percentage”) as set forth in the table immediately
following this paragraph opposite the applicable Prepayment Period, multiplied by the sum of: (w) the then outstanding principal
amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the Optional
Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any
amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment Amount”).

 

	Prepayment Period	Prepayment Percentage
	
    1.       The period beginning
    on the Issue Date and ending on

    the date which is thirty (30) days following the Issue Date.
	112%
	
    2.       The
    period beginning on the date which is thirty-one

    (31) days following the Issue Date and ending
    on the date which is

    sixty (60) days following the Issue Date.
	117%
	
    3.       The period beginning
    on the date which is sixty-one

    (61) days following the Issue Date and ending on the date
    which is ninety (90) days following the Issue Date.
	122%
	
    4.       The period beginning
    on the date that is ninety-one

    (91) day from the Issue Date and ending one hundred twenty (120)
    days following the Issue Date.
	127%
	
    5.       The
    period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred

    eighty (180) days following the Issue Date.
	135%

 

After the expiration of the Prepayment Periods
set forth above, the Borrower may submit an Optional Prepayment Notice to the Holder. Upon receipt by the Holder of the Optional Prepayment
Notice post Prepayment Periods, the prepayment shall be subject to the Holder’s and the Borrower’s agreement with respect
to the applicable Prepayment Percentage.

 

Notwithstanding anything contained
herein to the contrary, the Holder’s conversion rights herein shall not be affected in any way until the Note is fully paid (funds
received by the Holder) pursuant to an Optional Prepayment Notice.

 

    5

     

    

 

1.8              
ACH Option. Notwithstanding anything contained herein to the contrary, upon the occurrence of an Event of Default, at the Investor’s
option, in addition to the right to conversion as set forth above and any other rights and remedies as set forth herein, the Investor,
or its affiliate or assignee, may deduct daily ACH payments from the bank account of the Borrower (or any of its subsidiaries) in the
amount of $636.90 per day until such time as the Borrower has paid (or the Investor has converted) an amount equal to the principal balance,
interest, accrued interest, Default Amount and any other fees as set forth in the Note.

 

ARTICLE II. CERTAIN COVENANTS

 

2.1 Sale of Assets.
So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s written consent,
sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent to the
disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

ARTICLE III. EVENTS OF DEFAULT

 

If any of the following events of default (each, an “Event
of Default”) shall occur:

3.1              
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note,
whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

 

3.2              
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the
obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3              
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and
any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days
after written notice thereof to the Borrower from the Holder.

 

3.4              
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5              
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply
for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

 

3.6              
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for
relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary
of the Borrower.

 

    6

     

    

 

3.7              
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which
specifically includes the quotation platforms maintained

by the OTC Markets Group) or an
equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American
Stock Exchange.

 

3.8              
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act;
and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9              
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10           
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its
debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern”
shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11           
Financial Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC at any time
after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

 

3.12           
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13           
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach
or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all
applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other
Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under
the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder
and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other Agreements”
shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other
loan transaction and with all other existing and future debt of Borrower to the Holder.

 

    7

     

    

 

Upon the occurrence and during
the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or
interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the
Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). UPON THE
OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND
PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE
DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default
specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note upon
a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or
3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the “Default Notice”), and upon
the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal
hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable
and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the greater of (i)
150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid
interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus
(y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder
pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) or (ii) the
“parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number of shares of Common
Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I, treating the Trading Day
immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes of determining the lowest
applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a specific Conversion Date in
which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest Closing Price for the Common
Stock during the period beginning on the date of first occurrence of the Event of Default and ending one day prior to the Mandatory
Prepayment Date (the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable,
all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without
limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies
available at law or in equity.

 

If the Borrower fails to pay the Default
Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall have the right at any
time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require
the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower
equal to the Default Amount divided by the Conversion Price then in effect.

 

ARTICLE IV. MISCELLANEOUS

 

4.1              
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to,
and not exclusive of, any rights or remedies otherwise available.

 

    8

     

    

 

4.2              
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such

notice is to be received), or the
first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to
such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If to the
Borrower, to:

 

BANTEC, INC.

195 Paterson Avenue

Little Falls, NJ 07424

Attn: Michael Bannon, Chief Executive Officer Fax:

Email: mike@bantecinc.com

 

If
to the Holder:

 

GENEVA ROTH REMARK HOLDINGS, INC.

111 Great Neck Road, Suite 214 Great Neck, NY 11021

Attn: Curt Kramer, Chief Executive
Officer e-mail: genevarothremark@gmail.com

 

With a copy by fax only to (which
copy shall not constitute notice):

 

Naidich Wurman LLP

111 Great Neck Road, Suite 216

Great Neck, NY 11021 Attn: Allison Naidich facsimile: 516-466-3555

e-mail: allison@nwlaw.com

 

4.3              
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder.
The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes
issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4              
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of
the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in Rule
501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be pledged as
collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned by the Holder without
the consent of the Borrower.

 

4.5              
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

    9

     

    

 

4.6              
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this
Note shall be brought only in the state courts of New York or in the federal courts located in the state and county of Nassau. The parties
to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert
any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower and Holder waive trial by jury.
The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any
provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process
and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document
delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law.

 

4.7              
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.8              
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity,
and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this
Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond
or other security being required.

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be signed in its name by its duly authorized officer this on July 19, 2021

 

BANTEC, INC.

 

		By:	/s/ Michael Bannon	 
	 	 	 Michael Bannon	 
	 	 	Chief Executive Officer	 

 

    10

     

    

 

EXHIBIT A -- NOTICE OF CONVERSION

 

 

The undersigned
hereby elects to convert $principal amount of the Note (defined below) into that number of shares of Common Stock to be issued
pursuant to the conversion of the Note (“Common Stock”) as set forth below, of BANTEC, INC., a Delaware corporation (the “Borrower”)
according to the conditions of the convertible note of the Borrower dated as of July 19, 2021 (the “Note”), as of the date
written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box Checked as to applicable instructions:

 

	 	[ ]	The Borrower
shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its
nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).
	 	 	 
	 	 	Name of DTC Prime Broker:
	 	 	Account Number:
	 	 	 
	 	[ ]	The undersigned
hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth below (which
numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space
is necessary, on an attachment hereto:

 

GENEVA ROTH REMARK HOLDINGS, INC.

111 Great Neck Road, Suite 214 Great Neck, NY 11021 Attention:
Certificate Delivery

e-mail: genevarothremark@gmail.com

 

	 	Date of conversion:	 	 	 
	 	Applicable Conversion Price:	$	 	 
	 	Number of shares of common stock to be issued pursuant to
      conversion of the Notes:

	 	 	 
	 	Amount of Principal Balance due remaining under
      the Note after this conversion:

	 	 	 

 

	 	GENEVA ROTH REMARK HOLDINGS, INC.
	 	 	 
	 	By:	 	 
	 	Name:	Curt Kramer	 
	 	Title:	 Chief Executive Officer	 

 

	 	Date	 	 

 

    11Exhibit
4.4

 

Sera
Prognostics, Inc.

Public
Offering of Common Stock

 

,
2021

 

Citigroup
Global Markets Inc.

Cowen
and Company, LLC

William
Blair & Company, L.L.C.

  As
Representatives of the several Underwriters

 

c/o
Citigroup Global Markets Inc.

388
Greenwich Street

New
York, New York 10013

 

c/o
Cowen and Company, LLC

599
Lexington Avenue

New
York, New York 10022

 

c/o
William Blair & Company, L.L.C.

150
North Riverside Plaza

Chicago,
Illinois 60606

 

Ladies
and Gentlemen:

 

This
letter is being delivered to you in connection with the proposed underwriting agreement (the “Underwriting Agreement”),
between Sera Prognostics, Inc., a Delaware corporation (the “Company”), and each of you as representatives (the “Representatives”)
of a group of Underwriters named therein, relating to an underwritten public offering of Common Stock, $0.0001 par value (the “Common
Stock”), of the Company (the “Offering”).

 

In
order to induce you and the other Underwriters to enter into the Underwriting Agreement, the undersigned will not, without the prior
written consent of the Representatives, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction
which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in
privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in
the filing) of a registration statement with the U.S. Securities and Exchange Commission (“SEC”) in respect of,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the
SEC promulgated thereunder with respect to, any shares of capital stock of the Company or any securities convertible into, or
exercisable or exchangeable for such capital stock, or publicly announce an intention to effect any such transaction, for a period
from the date hereof until 180 days after the date of the Underwriting Agreement (the “Restricted Period”). If the
undersigned is an officer or director of the Company, the
undersigned further agrees that the foregoing restrictions shall be equally applicable to any issuer-directed shares of Common Stock
the undersigned may purchase in the Offering.

 

    1

     

    

 

The
provisions of the immediately preceding paragraph shall not apply to or prohibit any of the following:

 

		(i)	transfers
                                            of shares of capital stock of the Company or any securities convertible into or exercisable
                                            or exchangeable for such capital stock as a bona fide gift or gifts;

 

		(ii)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock to any trust for the direct or indirect
                                            benefit of the undersigned or the immediate family of the undersigned or if the undersigned
                                            is a trust, to a trustor or beneficiary of the trust or to the estate of the beneficiary
                                            of such trust, in each case, in a transaction not involving a disposition for value;

 

		(iii)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock to any corporation, partnership, limited
                                            liability company or other entity, all of the beneficial ownership interests of which are
                                            held by the undersigned or the immediate family of the undersigned, in a transaction not
                                            involving a disposition for value;

 

		(iv)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock by will, other testamentary document
                                            or intestate succession to the legal representative, heir, beneficiary or a member of the
                                            immediate family of the undersigned; provided that if a filing pursuant to Section 16(a)
                                            of the Exchange Act is required in connection with such transfer or disposition, such filing
                                            shall describe the nature of the transfer;

 

		(v)	distributions
                                            of shares of capital stock of the Company or any securities convertible into or exercisable
                                            or exchangeable for such capital stock to partners, members or stockholders of the undersigned;

 

		(vi)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock pursuant to a bona fide third-party
                                            tender offer, merger, consolidation, business combination, stock purchase or other similar
                                            transaction or series of related transactions approved by the board of directors of the Company
                                            and made to all holders of the Company’s capital stock involving a Change in Control
                                            (defined herein), provided that in the event that such tender offer, merger, consolidation,
                                            business combination, stock purchase or similar transaction or series of related transactions
                                            is not completed, the shares of capital stock of the Company or any securities convertible
                                            into or exercisable or exchangeable for such capital stock held by the undersigned shall
                                            remain subject to the restrictions set forth herein;

 

    2

     

    

 

		(vii)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock by operation of law, such as pursuant
                                            to a qualified domestic order, divorce settlement, divorce decree, separation agreement or
                                            court order; provided that if a filing pursuant to Section 16(a) of the Exchange Act is required
                                            in connection with such transfer or disposition, such filing shall describe the nature of
                                            the transfer;

 

		(viii)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock to the undersigned’s affiliates
                                            or to any investment fund or other entity controlled or managed by the undersigned;

 

		(ix)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock pursuant to any contractual arrangement
                                            described in the final prospectus relating to the Offering (the “Prospectus”)
                                            that provides for the repurchase by the Company of securities of the Company held by the
                                            undersigned in connection with the termination of the undersigned’s employment with,
                                            or service to, the Company; provided that if a filing pursuant to Section 16(a) of the Exchange
                                            Act is required in connection with such transfer or disposition, such filing shall describe
                                            the nature of the transfer; and

 

		(x)	transfers
                                            or dispositions of shares of capital stock of the Company or any securities convertible into
                                            or exercisable or exchangeable for such capital stock by surrender or forfeiture of shares
                                            of Common Stock or other securities of the Company to the Company to satisfy tax withholding
                                            obligations upon exercise or vesting or the exercise price upon a cashless net exercise,
                                            in each case, of stock options, restricted stock, other equity awards, warrants or other
                                            rights to acquire shares of Common Stock as described in the Prospectus; provided that if
                                            a filing pursuant to Section 16(a) of the Exchange Act is required in connection with such
                                            transfer or disposition, such filing shall describe the nature of the transfer;

 

provided,
that in the case of any transfer, disposition or distribution pursuant to clause (i), (ii), (iii), (iv), (v), (vii) or (viii), each transferee,
donee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this letter; and provided further
that, in the case of any transfer, disposition or distribution pursuant to clause (i), (ii), (iii), (v) or (viii), no filing by any
party (donor, donee, transferor or transferee) under the Exchange Act or other public announcement reporting a reduction in the beneficial
ownership of Common Stock held by the undersigned shall be required or shall be made voluntarily in connection with such transfer, disposition
or distribution (other than a filing on a Form 5 or Schedule 13F made after the expiration of the restrictions set forth herein). For
purposes of this letter, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than
first cousin, and “Change in Control” shall mean the transfer (whether by tender offer, merger, consolidation or other similar
transaction), in one transaction or a series of related transactions, in each case occurring subsequent to the Offering, to a person
or group of affiliated persons (other than an Underwriter pursuant to the Offering), of the Company’s voting securities if, after
such transfer, such
person or group of affiliated persons would hold more than 50% of the outstanding voting securities of the Company (or the surviving
entity).

 

    3

     

    

 

Notwithstanding
the restrictions imposed by this letter, the undersigned may, without the prior written consent of the Representatives, (a) exercise
an option to purchase shares of Common Stock granted under any stock incentive plan or stock purchase plan of the Company or
exercise outstanding warrants to purchase shares of the Company’s capital stock, provided that the underlying shares
issuable upon exercise thereof shall continue to be subject to the restrictions on transfer set forth in this letter, (b) establish
a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, provided that such
plan does not provide for any transfers of Common Stock, and no filing with the SEC or other public announcement shall be required
or voluntarily made by the undersigned or any other person in connection therewith, in each case during the period that the
restrictions set forth herein are in effect, (c) transfer or dispose of shares of Common Stock purchased in the Offering from the
Underwriters (other than any issuer-directed shares of Common Stock purchased in the Offering by an officer or director of the
Company) or on the open market following the Offering and (d) convert outstanding
shares of preferred stock, warrants to acquire preferred stock or convertible securities or warrants to acquire shares of Common
Stock into shares of Common Stock; provided that any such shares of Common Stock or warrants received upon such conversion
shall be subject to the restrictions on transfer set forth in this letter.

 

If
the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the
effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, the Representatives
will notify the Company of the impending release or waiver, and (ii) 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 business days before the effective date of
the release or waiver. Any release or waiver granted by the Representatives hereunder to any such officer or director shall only be effective
two 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 not for consideration and (b) the transferee has agreed in writing to be bound by the
same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

    4

     

    

 

In
the event that, during the Restricted Period, the Representatives agree to an Exception (as defined below), the Representatives
shall be deemed to have also granted the same Exception with respect to the prohibitions set forth in this agreement that would
otherwise have applied to the undersigned with respect to the same percentage of the undersigned’s shares of Common Stock as
the relative percentage of aggregate shares held by such party benefitting from the Exception that are being transferred pursuant to
such Exception. The provisions of this paragraph will not apply unless and until the Representatives have granted an Exception with
respect to more than 1.5%, in the aggregate (or more than 1% of outstanding shares of Common Stock with respect to any individual
holder), of outstanding shares of Common Stock subject to this agreement or a similar letter agreement, provided, however, that this
1.5% “de minimis” exception shall not apply to an Exception granted to a director or officer of the Company (and for the
avoidance of doubt, an Exception granted to a director or officer of the Company would cause an Exception to be automatically
granted with respect to the undersigned’s shares of Common Stock in accordance with the first sentence hereof) unless
such waiver is granted due to financial hardship as reasonably determined by the Representatives or if the Exception is effective
solely to permit a transfer not involving a disposition for value if the transferee agrees in writing to be bound by the same terms
described in this Agreement. Furthermore, if the release, in full or in part, of any shares of Common Stock from the restrictions of
this agreement is in connection with an underwritten follow-on offering that includes such released shares (a “Follow-On
Offering”), then the shares of Common Stock held by the undersigned shall be released only to the extent that the undersigned
has a contractual right to demand or require the registration of the undersigned’s Common Stock or otherwise
“piggyback” on a registration statement filed by the Company in connection with the Follow-On Offering, and the
undersigned agrees to participate as a selling stockholder in the Follow-On Offering and to sell any of the shares of Common Stock
released from the restrictions of this agreement in such Follow-On Offering, provided that the undersigned enters into a new lock-up
letter with the underwriters with respect to the shares of Common Stock that are not being released, upon terms and conditions
reasonably satisfactory to the underwriters but with restrictions that will be no more restrictive than those set forth herein
(other than that the expiration of the new lock-up shall be until the later of the Restricted Period hereunder or 90 days from the
date of such Follow-On Offering). In the event that, as a result of this paragraph, any of the undersigned’s shares of Common
Stock are released from the restrictions imposed by this agreement, the Company shall use its commercially reasonable efforts to
notify the undersigned within three business days after the Company has been advised by the Representatives of such release that the
same percentage of shares of Common Stock held by the undersigned has been released, provided that the failure to give such notice
shall not give rise to any claim or liability against the Company or the underwriters. For purposes of this Letter Agreement, an
“Exception” shall mean any release or waiver (no matter how effectuated, including through an amendment, a new agreement
or otherwise) by the Representatives during the Restricted Period of any prohibition set forth in this Letter Agreement or a similar
letter agreement on the disposition or transfer of Common Stock held by any person or entity that beneficially owns 1% or more of
the outstanding shares of Common Stock (each, a “Significant Holder”), any director of the Company or any officer of the
Company.

 

    5

     

    

 

This
letter shall automatically terminate and the undersigned shall be released from all obligations under this letter upon the earliest to
occur, if any, of (i) either the Company, on the one hand, or the Representatives, on the other hand, advising the other in writing,
prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the Offering, (ii) the Underwriting
Agreement being terminated prior to the Closing Date (as defined in the Underwriting Agreement), (iii) the registration statement filed
with the SEC with respect to the Offering being withdrawn and (iv) September 30, 2021 in the event that the Underwriting Agreement has
not been executed by such date.

 

This
letter and any claim, controversy or dispute arising under or related to this letter will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the State of New York.

 

The
undersigned understands that the Company and the Underwriters are relying upon this letter agreement in proceeding toward
consummation of the Offering. The undersigned further understands that this letter agreement is irrevocable and shall be binding
upon the undersigned’s heirs, legal representatives, successors, and assigns. This letter agreement 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 www.echosign.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.

 

	 	Yours very truly, 
	 	 
	 	By:	/s/ Marcin Czernik
	 	Name: 	Marcin Czernik
	 	Title:	Director, Chione Limited

 

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]