Document:

Exhibit
10.1

EMPLOYMENT
AND NON-COMPETITION AGREEMENT

 

This EMPLOYMENT
AND NON-COMPETITION AGREEMENT (this “Agreement”), dated as of November 30, 2022, is among CURO Group Holdings Corp., a Delaware
corporation (“CURO”), CURO Management LLC, a Nevada limited liability company (“CMLLC”), and Ismail Dawood (“Employee”).
As used in this Agreement, the term “CURO” includes both CURO and CMLLC, unless the context clearly indicates otherwise.

 

1.       Employment.
CURO hereby employs Employee, and Employee hereby accepts employment, upon the terms and subject to the conditions hereinafter set forth.

 

2.       Duties.
Employee shall be employed as the Chief Financial Officer of CURO. In such capacity, Employee shall have the responsibilities and duties
customary for such office and such other executive responsibilities and duties which are consistent with Employee’s position. At
all times during the performance of this Agreement, Employee will adhere to the rules and regulations (the “Policies”) that
have been or may hereafter be established by the Board of Directors (the “Board”) of CURO (and any committee thereof) for
the conduct of employees of CURO and its subsidiaries or for the position or positions held by Employee. Employee agrees to devote substantially
all of Employee’s time and best efforts to the performance of Employee’s duties to CURO.

 

3.       Term.
Employee’s term of employment shall be effective as of January 3, 2023 (the “Effective Date”) and shall continue until
terminated in accordance with Section 6 below.

 

4.       Compensation
and Benefits. Until the termination of Employee’s employment hereunder, in consideration for the services of Employee, CURO
shall compensate Employee as follows:

 

(a)       Base
Salary. As referenced in the terms sheet dated November 22, 2022 (the “Terms Sheet”), CURO shall pay Employee, in accordance
with CURO’s then current payroll practices, an annual base salary (the “Base Salary”). As of the Effective Date, Employee’s
Base Salary is $550,000. The Base Salary shall be periodically reviewed by CURO and may be increased but not decreased.

 

(b)       Short-Term
Incentive Compensation. For each calendar year during the term of this Agreement, Employee shall be eligible to participate in CURO’s
annual short-term incentive program, with a target annual short-term incentive compensation award as determined annually by the full Board
(the “STIP Award”). Employee’s target 2023 STIP Award is set forth in the Terms Sheet. Subject to the foregoing, the
performance targets, allocation of the aggregate award among those performance targets and threshold and stretch potential shall be approved
annually by the Board and shall be substantially similar to the terms and conditions applicable to awards made to other executive officers.
Except as otherwise provided for in this Agreement, any STIP Award actually earned by Employee in any calendar year shall be paid to Employee
at the same time and manner as CURO pays annual short-term incentive compensation awards to other

    	 		 

     

    

executive officers, subject
to Employee’s employment through the applicable performance period.

 

(c)
       Long-Term Incentive Compensation. For each calendar year during the term of this Agreement,
Employee shall be eligible to participate in CURO’s long-term incentive compensation program (the “LTIP Award”). The
LTIP Award shall be in the amount and form of equity (subject to vesting and other terms) as determined annually by the full Board and
shall be evidenced by an award agreement in the form used by CURO for other senior executives; provided, however, that with respect
to the annual LTIP Award to be made in 2023 (the “2023 LTIP Award”) only, if Employee’s employment is terminated prior
to the second anniversary of the Effective Date by the Company under Section 6(d) or by Employee under Section 6(e), any unvested time-based
restricted stock units (“RSUs”) under the 2023 LTIP Award will accelerate and become vested as of the Employee’s last
date of employment. Employee’s expected target 2023 LTIP Award is set forth in the Terms Sheet.

 

(d)       Sign-On
Equity Grant. Subject to approval by the Board or relevant committee, Employee shall be entitled to receive a grant of 100,000 RSUs
under the Company’s 2017 Incentive Plan with a grant date of the Effective Date, which shall vest ratably over four years (the “Sign-On
Grant”). The Sign-On Grant will be evidenced by a Restricted Stock Unit Agreement in the form used by CURO for other senior executives,
subject to the following terms. If Employee’s employment is terminated by the Company under Section 6(d) or by Employee under Section
6(e), any unvested RSUs under the Sign-On Grant will accelerate and become vested as of Employee’s last date of employment.

(e)       Vacation.
Employee shall be part of CURO’s flexible paid time off program which has no fixed number or predetermined amount of vacation or
sick days per year. Any vacation shall be taken at the reasonable and mutual convenience of CURO and Employee.

 

(f)       Insurance;
Other Benefits. Employee shall be entitled to receive any health, accident, disability and life insurance and other employee benefits
provided by CURO under group health, accident, disability and life insurance plans and other employee benefit plans and fringe benefits
maintained by CURO for its full-time, salaried executive employees as such benefits may be modified from time-to-time by the Board. In
addition, Employee is entitled to participate in CURO’s Non-Qualified Deferred Compensation Plan on terms consistent with other
senior executives of CURO.

 

(g)       Withholding.
All amounts payable by CURO to Employee hereunder (including, but not limited to, Base Salary and STIP Award) shall be reduced prior to
the delivery of such payment to Employee by an amount sufficient to satisfy any applicable federal, state, local or other withholding
tax requirements.

 

5.       Expenses.
CURO shall reimburse Employee for all documented reasonable expenses of types authorized by CURO and incurred by Employee in the performance
of Employee’s duties hereunder. Employee shall comply with such budget limitations and approval and reporting requirements with
respect to expenses as CURO may establish from time-to-time.

 

    	 		 

     

    

6.       Termination.
Employee’s employment hereunder shall commence on the Effective Date and continue until the expiration of the term as contemplated
by Section 3 above, except that the employment of Employee hereunder shall earlier terminate:

 

(a)       Death.
Upon Employee’s death.

 

(b)       Disability.
At the option of CURO, in the event of Employee’s Disability (as defined below), upon 30 days’ written notice from CURO.
For purposes hereof, Employee shall be deemed to have a “Disability” if Employee is unable (as reasonably determined in good
faith by the Board), on account of a physical or mental illness, injury or disease or combination thereof, to substantially perform Employee’s
material duties and obligations under this Agreement for a period of more than 90 consecutive days or for a total of 180 days within any
12-month period.

 

(c)       For
Cause. For “Cause” immediately upon written notice by CURO to Employee. For purposes of this Agreement, a termination
shall be for Cause if the Board shall reasonably determine, that any one or more of the following has occurred:

 

(i)  
Employee shall have committed an act of fraud, embezzlement, misappropriation or breach of fiduciary duty against CURO or any of its
subsidiaries (CURO and all of its subsidiaries, collectively, the “Companies”), including, but not limited to, the
offer, payment, solicitation or acceptance of any unlawful bribe or kickback with respect to the business of any of the
Companies;

 

(ii)  
Employee shall have committed or been convicted by a court of competent jurisdiction of, or pleaded guilty or nolo contendere to, any
felony or any other crime that could reasonably be expected to have a material adverse effect on the business or reputation of any
of the Companies;

 

(iii)  
Employee shall have committed a material breach of any of the covenants, terms and provisions of Sections 7, 8 or 9 hereof or of
CURO’s Code of Business Conduct and Ethics or other written policy adopted by the Board;

 

(iv)  
Employee shall have breached in any material respects any one or more of the provisions of this Agreement (excluding §§7,
8 and 9 hereof), and such breach, if curable, shall have continued or not been remedied for a period of 10 days after written
notice to Employee specifying such breach in reasonable detail (and during which time Employee may be suspended with pay);

 

(v)  
Employee shall have refused, after written notice, to obey any lawful resolution of or direction by the Board which is consistent
with Employee’s duties hereunder;

 

(vi)  
Employee shall be chronically absent from work (excluding disability (as defined in the applicable plan or program), vacation,
illnesses or leaves of absence approved by the Board) and such absence shall continue following written notice to Employee;

    	 		 

     

    

(vii)  
Employee, subject to Section 1 hereof, shall have failed to devote substantially all of Employee’s full time and best
efforts to the performance of Employee’s duties to CURO and such failure continues for more than 10 days after written
notice of such failure has been given to Employee; or

 

(viii)  
Employee shall have engaged in the unlawful use (including being under the influence) or possession of illegal drugs or shall have
possessed illegal, unpermitted or unregistered weapons, in each case on the premises of CURO or any of its direct or indirect
subsidiaries.

 

(d)       Resignation
or Termination Without Cause. At any time, upon written notice by either CURO or Employee to the other party hereto.

 

(e)       Resignation
For Good Reason. Employee may terminate employment for “Good Reason” upon prior written notice to CURO, provided that
(x) such notice shall be provided by Employee no later than 90 days after the applicable Good Reason event, (y) CURO shall have an opportunity
to cure for a period of 30 days (or shorter period as provided below), and (iii) such termination of employment shall occur no later than
90 days after CURO has failed to cure. For purposes of this Agreement, the term “Good Reason” shall mean:

 

(i)
a material breach by CURO of any of its obligations under this Agreement that shall have continued for a period of 30 days
after written notice to CURO specifying such breach in reasonable detail and that is continuing as of the date of termination;
or

 

(ii)  
any other action by CURO which results in a material diminution in Employee’s title, position, compensation, status, reporting
relationships, authority, duties or responsibilities, other than insubstantial or inadvertent actions not taken in bad faith which
are remedied by CURO within 10 business days after receipt of notice thereof given by Employee.

 

(f)       Rights
and Remedies on Termination.

 

(i)  
If Employee’s employment hereunder is terminated for any reason (including those reasons specified in Sections 6(a) through
6(e)), then Employee (or Employee’s estate, as applicable) shall be entitled to receive (i) any accrued but unpaid Base Salary
through the date of termination of employment, (ii) any accrued but unused vacation time through the date of termination of
employment, subject to and in accordance with all applicable CURO policies, (iii) reimbursement for any unreimbursed business
expenses incurred through the date of termination of employment, and (iv) all other compensatory payments and employee benefits to
which Employee is entitled upon termination of employment under the terms of any compensatory arrangement or employee benefit plan
(collectively, the “Accrued Obligations”).

 

(ii)  
If Employee’s employment hereunder is terminated by CURO pursuant to Section 6(d) or by Employee pursuant to Section 6(e),
then Employee shall be entitled to receive, in addition to the Accrued Obligations, (a) payment, in accordance with
CURO’s then-current payroll practices, of Employee’s Base Salary in effect at the time of such termination (the
“Termination Date”) for a 12-month period following such termination (the “Severance Period”); 

    	 		 

     

    

(b) any STIP Award earned for a completed calendar
year pursuant to Section 4(b) but not yet paid as of the Termination Date; (c) to the extent that the Board determines that CURO
was on track to meet the current calendar year STIP Award targets contemplated by Section 4(b) at the Termination Date and those targets
are actually met for such calendar year, the amount of the applicable STIP Award prorated for the number days elapsed (out of 365) in
such year prior to such Termination Date (it being understood and agreed that any STIP Award or prorated STIP Award payable pursuant
to clauses (b) or (c) above shall be paid at such time as such STIP Awards would have otherwise been payable under Section 4(b));
(d) to the extent permitted by applicable law without any penalty to Employee or CURO and subject to Employee’s election of
COBRA continuation coverage under CURO’s group health plan for Employee and/or Employee’s spouse or other eligible dependents,
on the first regularly scheduled payroll date of each month of the Severance Period during which Employee and/or Employee’s spouse
or eligible dependents are receiving COBRA continuation coverage under CURO’s group health plan (the “COBRA Continuation
Period”), CURO will pay Employee an amount equal to the “applicable percentage” of the monthly COBRA premium cost for
such coverage; provided that the payments pursuant to this clause (d) shall be made on an after-tax basis and cease earlier than the
expiration of the COBRA Continuation Period in the event (and to the extent) that Employee becomes eligible to receive any health benefits,
including through a spouse’s employer, during the COBRA Continuation Period or Employee and/or Employee’s spouse or other
eligible dependents otherwise cease receiving COBRA continuation coverage; and (e) outplacement services up to $25,000. For purposes
hereof, the “applicable percentage” shall be the percentage of Employee’s health care premium costs for the applicable
coverage that is paid by CURO as of the date of termination. Notwithstanding the foregoing, (x) Employee’s right to receive
the foregoing payments and benefits is expressly conditioned upon receipt by CURO, within the time frame specified by Section 11(i)(iv),
of a written release executed by Employee, in form and substance reasonably satisfactory to CURO, of any and all claims or causes of
action of any nature relating directly or indirectly to such Employee’s employment or termination of employment by CURO, and (y) in
the event that Employee breaches any of the covenants, terms or provisions of Sections 7, 8 or 9 hereof, without limiting any other rights
that CURO may have, CURO’s obligation to make payments under this Section 6(f)(ii) shall immediately terminate.

 (iii)  
In the event any payments or benefits otherwise payable to Employee, whether or not pursuant
to this Agreement, (a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”), and (b) but for this Section 6(f)(iii), would be subject to the excise tax imposed by Section
4999 of the Code, then such payments and benefits will be either (x) delivered in full, or (y) delivered as to such lesser extent that
would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the
foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed
by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by Employee on an after-tax basis,
of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section
4999 of the Code. Unless CURO and Employee otherwise agree in writing, any determination required under this Section 6(f)(iii) will be
made in writing by the public accounting firm that is retained by CURO as of the date immediately prior to the change in control (“Accountants”).
In the event that the Accountants are serving as accountant or auditor for the individual, entity, or group 

    	 		 

     

    

effecting the change in control,
Employee will appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting
firm will then be referred to as the “Accountants”). The determination of the Accountants will be conclusive and binding
upon Employee and CURO for all purposes. For purposes of making the calculations required by this Section 6(f)(iii), the Accountants
(1) may make reasonable assumptions and approximations concerning applicable taxes, (2) may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code, and (3) shall take into account a “reasonable compensation”
(within the meaning of Q&A-9 and Q&A-40 to Q&A 44 of the final regulations under Section 280G of the Code) analysis of the
value of services provided or to be provided by Employee, including any agreement by Employee (if applicable) to refrain from performing
services pursuant to a covenant not to compete or similar covenant applicable to Employee that may then be in effect (including, without
limitation, those contemplated by Section 8 of this Agreement). CURO and Employee agree to furnish to the Accountants such information
and documents as the Accountants may reasonably request in order to make a determination under this provision. CURO will bear all costs
the Accountants may reasonably incur in connection with any calculations contemplated by this provision.

 

To the extent such aggregate
parachute payment amounts are required to be so reduced, the parachute payment amounts due to Employee (but no non-parachute payment
amounts) shall be reduced in the following order: (A) the parachute payments that are payable in cash shall be reduced (if
necessary, to zero) with amounts that are payable last reduced first; (B) payments and benefits due in respect of any equity, valued
at full value (rather than accelerated value) (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24)
shall be reduced in each case in reverse order beginning with payments or benefits which are to be paid the furthest in time; and
(C) all other non-cash benefits not otherwise described in clause (B) of this Section 6(f)(v) reduced last. In applying these
principles, any reduction or elimination of the payments shall be made in a manner consistent with the requirements of Section 409A
of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis but not below zero.

 

(iv)  Except
as otherwise set forth in this Section 6(f) and Sections 4(c) and 4(d), Employee shall not be entitled to any severance, bonus or other
compensation after termination.

 

7.       Inventions;
Assignment. All rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto)
related to the business of any of the Companies, whether or not patentable, copyrightable, registrable as a trademark or reduced to writing,
that Employee may discover, invent or originate during the term of Employee’s employment hereunder, either alone or with others
and whether or not during working hours or by the use of the facilities of any of the Companies (“Inventions”), shall be
the exclusive property of the Companies. Employee shall promptly disclose all Inventions to CURO, shall execute at the request of CURO
any assignments or other documents CURO may deem necessary to protect or perfect the rights of the Companies therein, and shall assist
the Companies, at the Companies’ expense, in obtaining, defending and enforcing the Companies’ rights therein. Employee hereby
appoints CURO and each of the other Companies, individually, as Employee’s attorney in fact to execute on Employee’s behalf
any assignments or other 

    	 		 

     

    

documents deemed necessary by CURO or any of the other Companies to protect or perfect their rights to any Inventions.

 

8.       Confidential
Information.

(a)               
Employee recognizes and acknowledges that certain assets of, and information relating to, the Companies,
including, without limitation, information regarding the Companies’ methods of operation, financial information, strategic planning,
operational budgets and strategies, payroll data, management systems programs, computer systems, marketing plans and strategies, merger
and acquisition strategies and customer lists (“Confidential Information”) are valuable, special and unique assets or information
of the Companies and their affiliates. Employee shall not, during or after Employee’s term of employment, disclose any or any part
of the Confidential Information to any person, firm, corporation, association or any other entity for any reason or purpose whatsoever,
directly or indirectly, except as may be required pursuant to Employee’s employment hereunder; provided, that Confidential Information
shall in no event include (i) Confidential Information which was generally available to the public at the time of disclosure by
Employee or (ii) Confidential Information which becomes publicly available other than as a consequence of the breach by Employee
of Employee’s confidentiality obligations hereunder. In the event of the termination of Employee’s employment, whether voluntary
or involuntary and whether by CURO or Employee, Employee shall deliver to CURO all documents and data pertaining to the Confidential
Information and shall not take with Employee any documents or data of any kind or any reproductions (in whole or in part) or extracts
of any items relating to the Confidential Information. In the event that Employee is legally compelled to disclose any of the Confidential
Information, Employee shall provide CURO with prompt written notice so that CURO, at its sole cost and expense, may seek a protective
order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order
or other remedy is not obtained, or that Employer waives compliance with the provisions of this Agreement, Employee shall furnish only
that portion of the Confidential Information that Employee is advised by counsel is legally required to be disclosed. 

(b)              
In addition, Employee understands that nothing in this Agreement shall be construed to prohibit
Employee from (i) filing a charge or complaint with, participating in an investigation or proceeding conducted by, or reporting
possible violations of law or regulation to any federal, state or local government agency, (ii) truthfully responding to or complying
with a subpoena, court order or other legal process or (iii) exercising any rights Employee may have under applicable labor laws
to engage in concerted activity with other employees; provided however, that Employee agrees to forgo any monetary benefit from the filing
of a charge or complaint with a government agency except pursuant to a whistleblower program or where Employee’s right to receive
such a monetary benefit is otherwise not waivable by law. 

(c)              
Employee understands that the Defend Trade Secrets Act provides that Employee may not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in
confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for the purpose
of reporting or investigating a suspected violation of law; or that is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. In the event that Employee 

    	 		 

     

    

files a lawsuit for retaliation by any of the
Companies for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use the
trade secret information in the court proceeding, if Employee files any document containing the trade secret under seal and does not
disclose the trade secret, except pursuant to court order.

 

9.       Post
Termination Covenants. During the term of Employee’s employment hereunder and for 12 months (“the Designated Period”)
after termination of Employee’s employment hereunder, Employee will not (a) anywhere within any county in which any of the
Companies conducts business, engage, directly or indirectly, alone or as a shareholder (other than as a holder of less than 1% of the
common stock of any publicly traded corporation), partner, officer, director, employee, consultant or advisor, or otherwise in any way
participate in or become associated with, any other business organization that is engaged or becomes engaged in any business that provides
the same or any substantially similar services or products offered by any of the Companies during the term of Employee’s employment
or at the time of Employee’s termination or that any of the Companies has notified Employee at any time prior to the time of such
termination that it proposes to conduct and for which any of the Companies have, prior to the time of such termination, expended substantial
resources (the “Designated Industry”), (b) solicit any employee of any of the Companies to leave its employ for alternative
employment, or hire or offer employment to any person to whom Employee actually knows any of the Companies has offered employment, (c)
solicit, or attempt to divert or otherwise interfere with the relationship with, any customers or suppliers of the Companies, and (d)
disparage the Companies or any of their officers, directors or employees other than in the performance of Employee’s duties to the
Companies. For purposes of this Section 9 only, the term “Companies” shall apply only to CURO and any subsidiary of CURO for
which Employee has provided material services or obtained material Confidential Information. Employee acknowledges that the provisions
of this Section 9 are essential to protect the business and goodwill of the Companies. Employee will continue to be bound by the provisions
of this Section §9 until their expiration and shall not be entitled to any compensation from CURO with respect thereto except as
provided above. If at any time the provisions of this Section 9 shall be determined to be invalid or unenforceable by reason of being
vague or unreasonable as to area, duration or scope of activity, this Section 9 shall be considered divisible and shall become and be
immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court
or other body having jurisdiction over the matter; and Employee agrees that this Section 9 as so amended shall be valid and binding as
though any invalid or unenforceable provision had not been included herein. Employee hereby acknowledges that Employee has agreed to be
bound by the provisions of this Section 9 in consideration for the compensation, severance and other benefits to be provided by CURO to
Employee pursuant to the terms of this Agreement.

 

10.       Recoupment.
Any compensation paid or payable under this Agreement or any other agreement or arrangement between the
Employee and CURO shall be subject to any policy of CURO regarding the recoupment or clawback of compensation as in effect at the date
of this Agreement or as hereafter adopted or amended by the Board or required by applicable law, including to conform to regulations related
to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

 

    	 		 

     

    

11.       General.

 

(a)       Notices.
All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly
given if delivered personally or if mailed by certified mail, return receipt requested, postage prepaid or sent by written telecommunication
or telecopy, to the relevant address set forth below, or to such other address as the recipient of such notice or communication shall
have specified to the other party hereto in accordance with this Section 10(a):

 

If to CURO, to:

 

CURO Group Holdings Corp.

3615 North Ridge Road

Wichita, Kansas 67205

Attention: Chief Executive Officer

 

If to Employee, to Employee’s
last known address, as reflected in CURO’s records.

 

(b)       Equitable
Remedies. Each of the parties hereto acknowledges and agrees that upon any breach by Employee of Employee’s obligations under
Sections 7, 8 and 9 hereof, CURO will have no adequate remedy at law, and accordingly will be entitled to specific performance and other
appropriate injunctive and equitable relief.

 

(c)       Severability.
If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality
and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

 

(d)       Waivers.
No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege,
nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of
any other right, power or privilege.

 

(e)       Counterparts.
This Agreement may be executed in multiple counterparts (including by telecopier), each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

(f)       Assigns.
This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto, including any
entity which acquires substantially all of the assets or stock of CURO.

 

(g)       Entire
Agreement. This Agreement, together with the Terms Sheet and the documents containing the terms and conditions of the STIP Award
and LTIP Award, contain the entire understanding of the parties and supersedes all prior agreements and understandings relating to the
subject matter hereof, including, without limitation, any other employment agreements or any other agreements or memoranda entitling
Employee to compensation 

    	 		 

     

    

(including any bonus) from CURO or any of the Companies. This Agreement shall not be amended except by a written
instrument hereafter signed by each of the parties hereto.

 

(h)       Governing
Law. This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Kansas,
without giving effect to any principles of conflicts of laws.

 

(i)       Section
409A.

 

(i)  Purpose.
This Agreement is intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended and the rules and regulations
promulgated thereunder (collectively, “Section 409A”), to the fullest extent possible, partially as an involuntary separation
pay plan as that term is understood under Treasury Regulation § 1.409A-1(b)(9) and partially as providing for short-term deferrals
as that term is understood under Treasury Regulation § 1.409A-1(b)(4) and will be interpreted and operated consistently with those
intentions. If an amount is to be paid under this Agreement in two or more installments, each installment shall be treated as a separate
payment for purposes of Section 409A. To the extent Section 409A is found to be applicable to this Agreement, this Agreement is to be
interpreted to comply with Section 409A and will be interpreted and operated consistently with those intentions. However, CURO does not
warrant to Employee that all compensation paid or delivered to Employee for Employee’s services will be exempt from, or paid in
compliance with, Section 409A.

 

(ii)  Amounts
Payable on Account of Termination. CURO will pay and provide Employee with the payments and benefits provided for under Section 6
of the Agreement if Employee’s employment terminates during the term of this Agreement in a manner that constitutes a “separation
from service” as that term is defined by Section 409A.

 

(iii)  Reimbursements.
Any taxable reimbursement of business or other expenses as specified under this Agreement shall be subject to the following conditions:
(1) the expenses eligible for reimbursement in one taxable year shall not affect the expenses eligible for reimbursement in any other
taxable year; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which
such expense was incurred; and (3) the right to reimbursement shall not be subject to liquidation or exchange for another benefit.

 

(iv)  Releases.
Any amounts otherwise payable on account of Employee’s separation from service under this Agreement which (1) are conditioned
in any part on a release of claims and (2) would otherwise be paid (assuming the release is given) prior to the last day on which
the release could become irrevocable assuming Employee’s latest possible execution and delivery of the release (such last day, the
“Release Deadline”) shall be paid, if ever, no sooner than the 60th day after Employee’s separation from
service, unless CURO elects to start such payments up to 30 days earlier.

 

(v)  Interpretative
Rules. In applying Section 409A to amounts paid pursuant to this Agreement, any right to a series of installment payments under
this Agreement shall be treated as a right to a series of separate payments.

       

    	 		 

     

    

(vi)  Delay
Period. Notwithstanding any other timing provision in this Agreement, if, at the time any payment that is not exempt from Section
409A would commence due to a separation from service, and Employee is a “specified employee” as that term is defined by Section
409A of the Code, then no such payment under this Agreement may be paid before the date that is six months after Employee’s separation
from service (or, if earlier, before the date of the individual’s death). Payments that are not exempt from Section 409A and that
Employee would otherwise have been entitled to during those six months will be accumulated and paid on the first payroll date after six
months following Employee’s separation from service (or, if earlier, following the individual’s death). All payments that
are exempt from Section 409A, or that would otherwise be made more than six months following Employee’s separation from service,
will be made in accordance with the general timing provisions described above.

 

 

[Remainder of page intentionally
left blank; signature page follows]

 

 

    	 		 

     

    

IN WITNESS WHEREOF, and intending to be legally
bound hereby, the parties hereto have caused this Agreement to be duly executed as of the date and year first above written.

	CURO GROUP HOLDINGS CORP.	EMPLOYEE 

                                        

	By:	/s/Jillian Slagter	 	By:	/s/
    Ismail Dawood
	 	Jillian Slagter	 	 	Ismail Dawood
	Title:	Chief Administrative and HR Officer	 	 	 
	 	 	 	 	 
	Date: 	December 1, 2022	 	Date:	November 30, 2022

 

 

	CURO MANAGEMENT LLC	  

                                      

	By:	/s/Jillian Slagter	 	
	 	Jillian Slagter	 	 
	Title: 	Vice President and HR Officer	 	
			 	 
	Date: 	December 1, 2022Exhibit
4.3

 

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 [●], 202[●] (THE “EFFECTIVE
DATE”) TO ANYONE OTHER THAN (I) BOUSTEAD SECURITIES, LLC OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS
PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION (THE “OFFERING”), OR (II) A BONA FIDE OFFICER OR PARTNER
OF BOUSTEAD SECURITIES, LLC.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2022 (THE DATE OF ISSUANCE). VOID AFTER 5:00 P.M., EASTERN TIME, [●], 202_
(THE DATE THAT IS FIVE YEARS FROM THE COMMENCEMENT OF SALES OF SHARES IN THE OFFERING).

 

WARRANT
TO PURCHASE AMERICAN DEPOSITARY SHARES

 

For
the Purchase of

[●]
Shares of American Depositary Shares

Representing
[●] Common Shares

 

of

SYLA
Technologies Co., Ltd.

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Boustead Securities, LLC (“Holder”),
as registered owner of this Purchase Warrant, to SYLA Technologies Co., Ltd., a joint stock corporation with limited liability organized
under the laws of Japan (the “Company”), Holder is entitled, at any time or from time to time beginning [●],
202_ (the “Issue Date”), and at or before 5:00 p.m., Eastern time, [●], 202_1 (the “Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●] American Depositary
Shares (the “Shares”), each Share representing [●] common share[s] of the Company, subject to adjustment as
provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this
Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the
period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $[●] per Share2; provided, however, that upon the occurrence
of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share
and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.
Each exercise hereof shall be irrevocable.

 

 

1
[To be five years from the Effective Date.]

2
[To be 125% of the public offering price per Share]

 

    	 

    	 

    

 

2.2
Cashless Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion
thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which
event the Company will issue to Holder Shares in accordance with the following formula:

 

	X	=	Y(A-B)
	 	 	     A

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value means, for any date, the price determined by the first of the following clauses that
applies: (a) if the Shares are then listed or quoted on an Eligible Market, the value shall be deemed to be the highest intra-day or
closing price on any trading day on such Eligible Market on which the Shares are 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)) during the five trading days preceding
the exercise, (b) if OTCQB or OTCQX is not an Eligible Market, the value shall be deemed to be the highest intra-day or closing price
on any trading day on the OTCQB or OTCQX on which the Shares are then 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)) during the five trading days preceding the exercise, as applicable,
(c) if the Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Shares 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 “OTC Markets Group”, the value shall be deemed to be the highest intra-day or closing price on any trading day on the
Pink Sheets on which the Shares are then quoted as reported by OTC Markets Group (based on a Trading Day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, or (d) in all other cases, the fair market
value of a Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
state law which, in the opinion of counsel to the Company, is available.”

 

    	 

    	 

    

 

2.4
Resale of Shares. Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance
of the SEC has published Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that
the holder of securities issued in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish
an exemption from registration requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for
the resale of such shares in the following manner: (a) provided that six months has elapsed since the last sale under the registration
statement, an underwriter or finder may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except
for the notice requirement; (b) a purchaser of the shares from an underwriter receives restricted securities unless the sale is made
with an appropriate, current prospectus, or unless the sale is made pursuant to the conditions contained in (a) above; (c) a purchaser
of the shares from an underwriter who receives restricted securities may include the underwriter’s holding period, provided that
the underwriter or finder is not an affiliate of the issuer; and (d) if an underwriter transfers the shares to its employees, the employees
may tack the firm’s holding period for purposes of Rule 144(d), but they must aggregate sales of the distributed shares with those
of other employees, as well as those of the underwriter or finder, for a six-month period from the date of the transfer to the employees.
Holder and the Company also acknowledge that the Staff of the Division of Corporation Finance of the SEC has advised in various no-action
letters that the holding period associated with securities issued without registration to a service provider commences upon the completion
of the services, which the Company agrees and acknowledges shall be the final closing of the Offering, and that Rule 144(d)(3)(ii) provides
that securities acquired from the issuer solely in exchange for other securities of the same issuer shall be deemed to have been acquired
at the same time as the securities surrendered for conversion (which the Company agrees is the date of the initial issuance of this Purchase
Warrant). In the event that following a reasonably-timed written request by Holder to transfer the Shares in accordance with Compliance
& Disclosure Interpretation 528.04 counsel for the Company in good faith concludes that Compliance & Disclosure Interpretation
528.04 no longer may be relied upon as a result of changes in applicable laws, regulations, or interpretations of the SEC Division of
Corporation Finance, or as a result of judicial interpretations not known by the Company or its counsel on the date hereof, then the
Company shall promptly, and in any event within five (5) business days following the request, provide written notice to Holder of such
determination. As a condition to giving such notice, the parties shall negotiate in good faith a single demand registration right pursuant
to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding anything to the contrary, the obligations
of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the Effective Date. In the absence of such conclusion
by counsel for the Company, the Company shall, upon such a request of Holder given no earlier than six months after the final closing
of the Offering, instruct its transfer agent to permit the transfer of such shares in accordance with Compliance & Disclosure Interpretation
528.04, provided that Holder has provided such documentation as shall be reasonably be requested by the Company to establish compliance
with the conditions of Compliance & Disclosure Interpretation 528.04. Notwithstanding anything to the contrary, pursuant to FINRA
Rule 5110(g)(8)(B)-(D), the Holder shall not be entitled to more than one demand registration right hereunder and the duration of the
registration rights hereunder shall not exceed five years from the Effective Date.

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not for a period of one hundred eighty (180) days following the Effective Date: (a) sell, transfer, assign, pledge or hypothecate
this Purchase Warrant to anyone other than: (i) Boustead Securities LLC (“Boustead”) or an underwriter, placement
agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Boustead or of any such underwriter,
placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) cause this Purchase Warrant
or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2).
After 180 days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company
shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase
Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number
of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) if required by applicable law, the Company has received the opinion of counsel for the Company that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company
and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable
state securities law has been established.

 

    	 

    	 

    

 

4.
Piggyback Registration Rights.

 

4.1
Grant of Right. Whenever the Company proposes to register any securities under the Act (other than (i) a registration effected
solely to implement an employee benefit plan or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement
on Form S-4, S-8 or any successor form thereto or another form not available for registering the Shares issuable upon exercise of this
Purchase Warrant for sale to the public, whether for its own account or for the account of one or more stockholders of the Company (a
“Piggyback Registration”), the Company shall give prompt written notice (in any event no later than ten (10) Business Days
prior to the filing of such registration statement) to the Holder of the Company’s intention to effect such a registration and,
subject to the remaining provisions of this Section 4.1, shall include in such registration such number of Shares underlying this Purchase
Warrant (the “Registrable Securities”) that the Holders have (within ten (10) Business Days of the respective Holder’s
receipt of such notice) requested in writing (including such number) to be included within such registration. If a Piggyback Registration
is an underwritten offering and the managing underwriter advises the Company that it has determined in good faith that marketing factors
require a limit on the number of securities to be included in such registration, including all Shares issuable upon exercise of this
Purchase Warrant (if the Holder has elected to include such Shares in such Piggyback Registration) and all other Shares proposed to be
included in such underwritten offering, the Company shall include in such registration (i) first, the number of securities that the Company
proposes to sell and (ii) second, the number of securities, if any, requested to be included therein by selling stockholders (including
the Holder) allocated pro rata among all such persons on the basis of the number of securities then owned by each such person. If any
Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select the investment
banking firm or firms to act as the managing underwriter or underwriters in connection with such offering. Notwithstanding anything to
the contrary, the obligations of the Company pursuant to this Section 4.1 shall terminate on the earlier of (i) the fifth anniversary
of the Effective Date and (ii) the date that Rule 144 would allow the Holder to sell its Registrable Securities during any ninety (90)
day period.

 

4.2
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 Act or Section 20 (a)
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other out-of-pocket expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the 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 Boustead contained in the Underwriting Agreement between Boustead and the Company, dated as of [●], 202_. 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 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 the Underwriting Agreement pursuant to which Boustead has agreed to indemnify the Company.

 

4.3
Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.4
Documents Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the
correspondence and memoranda described below, 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, during normal business hours, as any such Holder shall
reasonably request.

 

    	 

    	 

    

 

4.5
Underwriting Agreement. The Holders shall be parties to any underwriting agreement relating to a Piggyback Registration. 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 Shares and the amount and nature of their ownership thereof and their intended methods of distribution.

 

4.6
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.

 

4.7
Damages. Should the Company fail 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.

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the
Company, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the
part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the
Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the
Exercise Price shall be proportionately increased.

 

    	 

    	 

    

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any
share reconstruction or amalgamation or consolidation or merger of the Company with or into another corporation (other than a consolidation
or share reconstruction or amalgamation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity
of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the
number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification
also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Issue Date or
the computation thereof.

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation or merger
of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation or merger which
does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant
then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive,
upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such
consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant
might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer.
Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section
6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations or
mergers.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.
Reservation. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of
issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as
a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall deliver to each Holder a copy of
each notice relating to such events given to the other shareholders of the Company at the same time and in the same manner that such
notice is given to the shareholders.

 

    	 

    	 

    

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following
address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

 

Boustead
Securities, LLC

6
Venture, Suite 395

Irvine,
CA 92618

Attention:
Keith Moore, Chief Executive Officer

Fax
No: (815) 301-8099

 

with
a copy (which shall not constitute notice) to:

 

Bevilacqua
PLLC

1050
Connecticut Avenue NW, Suite 500

Washington,
DC 20036

Attn:
Louis Bevilacqua, Esq.

Fax
No.: (202) 869-0889

 

If
to the Company:

 

SYLA
Technologies Co., Ltd.

Ebisu
Prime Square Tower 7F, 1-1-39

Hiroo,
Shibuya-ku, Tokyo, Japan

Attention:
Hiroyuki Sugimoto, Chief Executive Officer

Fax
No: [*]

 

with
a copy (which shall not constitute notice) to:

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, Florida 33401

Attention:
Laura Anthony, Esq.

Attention:
Craig D. Linder, Esq.

Fax
No: [*]

 

    	 

    	 

    

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and Boustead may from time to time supplement or amend this Purchase Warrant without the approval of any
of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Boustead may deem necessary or desirable and that the Company and Boustead deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of
Purchase Warrants then-exercisable for at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

 

9.2
Headings. 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 Purchase Warrant.

 

9.3.
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior or other agreements and understandings of the parties, oral and written, with respect to the subject matter hereof,
including but not limited to, any acquisition rights agreement that may be entered into between the Company and the Holder relating to
the securities being issued hereunder. 

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative 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 Purchase Warrant or any provisions
herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced
in accordance with the laws of the State of California, 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 Purchase Warrant shall be brought
and enforced in the courts located in Los Angeles, California, or in the United States District Court located in Los Angeles, California,
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 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 8 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 and the Holder agree 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 the Holder hereby irrevocably waive, 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.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant 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.

 

9.7
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Boustead enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of
[●], 202_.

 

	SYLA
    Technologies Co., Ltd.	 
	 	 	 
	By:	          	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ American Depositary Shares (the “Shares”),
each share representing [●] common share[s] of the Company, and hereby makes payment of $____ (at the rate of $____ per Share)
in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance
with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase
Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______
Shares, as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	 	 	 	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature
_____________________________________________

 

Signature
Guaranteed ____________________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase Shares of SYLA Technologies Co.,
Ltd., a joint stock corporation with limited liability organized under the laws of Japan (the “Company”), evidenced
by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

Signature
____________________________________________

 

Signature
Guaranteed ___________________________________

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.

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