Document:

Exhibit 10.17

 

Execution Version

 

 

PLEDGE AND SECURITY AGREEMENT

 

This Pledge and Security Agreement
(as it may be amended or modified from time to time, this “Security Agreement”) is entered into as of May 25,
2022, by and between Shaolin Capital Master Fund, Ltd.; MAP 214 Segregated Portfolio, a segregated portfolio of LMA SPC; DS Liquid DIV
RVA SCM LLC; and Shaolin Capital Partners SP, a segregated portfolio of PC MAP SPC, each as secured party (individually in such capacity,
a “Secured Party” and, collectively, the “Secured Parties”), TH International Limited,
a Cayman Islands exempted company, as pledgor (“Pledgor”) and Shaolin Capital Management LLC, as collateral
agent for the Secured Parties, as further set forth in Section 8 hereof (in such capacity, the “Collateral Agent”).

 

Reference is made herein
to (1) that certain Equity Support Agreement dated as of March 8, 2022 among Shaolin Capital Management LLC (as “Subscriber”
thereunder) and Pledgor (as such may be amended, modified, supplemented or restated from time to time, the “Equity Support
Agreement”) and (2) the assignment pursuant to Section 14(e) of the Equity Support Agreement, by Shaolin Capital Management
LLC of all its rights and obligations under the Equity Support Agreement to Shaolin Capital Master Fund, Ltd.; MAP 214 Segregated Portfolio,
a segregated portfolio of LMA SPC; DS Liquid DIV RVA SCM LLC; and Shaolin Capital Partners SP, a segregated portfolio of PC MAP SPC (each
of which became a “Subscriber” under the Equity Support Agreement with effect as of May 25, 2022 and subject to the respective
 “Maximum Subscription Amount” (as defined in the Equity Support Agreement) set forth in the terms of such assignment). Capitalized
terms used but not defined herein shall have the meanings given such terms in the Equity Support Agreement.

 

WHEREAS, each Secured
Party has required, as a condition to the obligation of such Secured Party to consummate the purchase and sale of the Equity Support Shares
under the Equity Support Agreement, that Pledgor executes and delivers this Security Agreement;

 

WHEREAS, in connection
with the Equity Support Agreement, the Pledgor has established or will establish the Collateral Account (as defined below), which Collateral
Account will be subject to a control agreement (the “Control Agreement”) pursuant to which the Custodian (as
defined below) will agree to act as Securities Intermediary (as defined in the UCC) on behalf of Pledgor, as debtor, and Collateral Agent,
as collateral agent on behalf of the Secured Parties.

 

WHEREAS, Pledgor agrees
to grant a security interest in, and pledge and assign as applicable, the Collateral (as defined below) to each Secured Party, as herein
provided.

 

NOW, THEREFORE, for
valuable consideration, the receipt and sufficiency of which are hereby acknowledged and agreed, the parties hereto agree as follows:

 

1.           
Security Interest. For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Pledgor hereby
pledges, collaterally assigns and grants to each Secured Party, as collateral agent for the benefit of itself and each other Secured Party,
a continuing first priority security interest in and lien on, and a right of set-off against, the Collateral to secure the payment and
the performance of the Secured Obligations.

 

    1

     

    

 

2.            Collateral.
Each security interest granted hereunder to each Secured Party is in all of Pledgor’s right, title and interest in and to, or
otherwise with respect to, the following property and assets whether now owned or existing or hereafter acquired or arising and
regardless of where located (collectively, the “Collateral”):

 

(a)            
the Collateral Account (as defined below) and any cash, cash equivalents, securities, general intangibles, investment property, financial
assets, and other property that may from time to time be deposited, credited, held or carried in the Collateral Account or that is required
to be transferred to and/or deposited into the Collateral Account pursuant to this Security Agreement or the Equity Support Agreement;
all security entitlements as defined in §8-102(a)(17) of the Uniform Commercial Code as in effect from time to time in the State
of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests
(the “UCC”) with respect to any of the foregoing and all income and profits on any of the foregoing, all dividends,
interest and other payments and distributions with respect to any of the foregoing, all other rights and privileges appurtenant to any
of the foregoing, including any voting rights and any redemption rights, and any substitutions for any of the foregoing, and any proceeds
of any of the foregoing, in each case whether now existing or hereafter arising; and

 

(b)           
all of Pledgor’s rights, title and interest in and to the Equity Support Agreement and this Security Agreement, whether now existing
or hereafter arising; and

 

(c)           
all Proceeds (as defined below) of the Collateral described in the foregoing clauses (a) and (b).

 

“Collateral Account”
means a custody account of Pledgor established and maintained by U.S. Bank, National Association (“Custodian”),
pledged to each Secured Party and subject to the Control Agreement, in each case, including any sub-account, substitute, successor or
replacement securities or deposit account related thereto, or any related securities, custodial or other such account in or to which any
financial assets, cash or cash equivalents is now or hereafter held or credited in accordance with this Security Agreement and the Equity
Support Agreement. Any renumbering of a Collateral Account by Pledgor, any Secured Party or Custodian shall not limit the rights of any
Secured Party hereunder, and, to the extent necessary, such renumbering shall be automatically incorporated into the definition of Collateral
Account.

 

“Proceeds”
means all proceeds of, and all other profits, products, rents or receipts, in whatever form, arising from the collection, sale, lease,
exchange, assignment, or other disposition of, or other realization upon, any Collateral.

 

The security interest granted
hereunder is granted as security only and shall not subject any Secured Party to, or transfer or in any way affect or modify, any obligation
or liability of Pledgor with respect to any of the Collateral or any transaction in connection therewith.

 

Notwithstanding anything to
the contrary, the lien and security interest created by this Security Agreement shall not extend to, and the term “Collateral”
shall not include, and the component definitions thereof shall not include, any assets not required to be credited to the Collateral Account
pursuant to this Security Agreement or the Equity Support Agreement.

 

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 3.             Collateral Maintenance and Administration.

 

(a)            
Prior to Closing, Pledgor shall use commercially reasonable efforts (i) to appoint Custodian to hold all the Collateral, subject to a
custody agreement reasonably acceptable to each Secured Party (it being understood that the Custodian’s standard form of custody
agreement shall be deemed reasonably acceptable) (the “Custody Agreement”), (ii) to establish the Collateral Account
on the books of Custodian and (iii) to enter into a Control Agreement in form and substance reasonably satisfactory to Collateral Agent.

 

(b)           
Promptly upon written demand of any Secured Party, Pledgor shall pay to such Secured Party the amount of any Taxes that such Secured Party
may be required to pay with respect to the Collateral by reason of the security interest granted herein or to free any Collateral from
any Lien thereon. Pledgor shall indemnify and hold harmless each Secured Party with respect to any Taxes to which this Section 3(b) applies.

 

(c)           
The parties hereto agree that at all times prior to the release of any Collateral to any Secured Party, Pledgor shall be treated as the
owner of the Collateral for U.S. Federal and state tax purposes.

 

4.           
Secured Obligations. All obligations of Pledgor to each Secured Party, agents or their respective related parties pursuant to the
Equity Support Agreement (collectively, the “Secured Obligations”) are secured by this Security Agreement. Failure
to timely pay and perform the Secured Obligations if and as required by the Equity Support Agreement shall be referred to herein as a
 “Secured Obligations Default”).

 

5.           
Pledgor’s Representations and Warranties. Pledgor hereby represents and warrants to each Secured Party and Collateral Agent,
as of the date hereof and any subsequent date on which Collateral is deposited into or credited to the Collateral Account or delivered
to any Secured Party, Collateral Agent or Custodian, that:

 

(a)            
Pledgor is the direct, sole beneficial owner and sole holder of record of the Collateral, free and clear of any lien, security interest,
option or other charge or encumbrance (each, a “Lien”) except for the security interest created by this Agreement
and any Lien granted on or prior to the date hereof to the Custodian pursuant to the Control Agreement in respect of the Collateral Account
(such Liens, the “Permitted Liens”).

 

(b)           
Pledgor has full power and authority to grant to each Secured Party the security interest in such Collateral granted pursuant hereto.
The security interest in the Collateral granted to each Secured Party pursuant to this Security Agreement is a valid and binding security
interest in the Collateral (subject to no other Liens other than the Permitted Liens).

 

(c)            
Subject to the execution of the Control Agreement with respect to the Collateral Account by the parties thereto, (i) the security interest
created in favor of each Secured Party in the Collateral Account and the security entitlements in respect of the financial assets credited
thereto will constitute a perfected first priority security interest securing the Secured Obligations, (ii) each Secured Party will have
control (within the meaning of Sections 8-106, 9-104 and 9-106 of the UCC) thereof and (iii) no action based on an adverse claim to such
security entitlement or any such financial asset, whether framed in conversion, replevin, constructive trust, equitable lien or other
theory, may be asserted against any Secured Party.

 

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(d)           
With respect to all Collateral that may be perfected by filing a financing statement pursuant to the UCC, when a UCC financing statement
in the form of Exhibit A hereto is filed in the appropriate office against Pledgor in the location listed on Schedule 1 (naming Pledgor
as the debtor and each Secured Party as the secured party), each Secured Party will have a valid and perfected first priority security
interest in such Collateral as security for the payment and performance of the Secured Obligations.

 

(e)           
No consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other
Person is required for the pledge by Pledgor of the Collateral pursuant to this Security Agreement or for the execution, delivery and
performance of this Security Agreement by Pledgor, or for the exercise by any Secured Party of the voting or other rights provided for
in this Security Agreement or for the remedies in respect of the Collateral pursuant to this Security Agreement, except as may be required
in connection with such disposition by laws affecting the offering and sale of securities generally.

 

(f)           
To Pledgor’s actual knowledge, after reasonable inquiry, no financing statement or security agreement describing all or any portion
of the Collateral which has not lapsed or been terminated naming Pledgor as debtor has been filed or is of record in any jurisdiction
except for financing statements or security agreements naming Collateral Agent, on behalf of each Secured Party, as secured party. Pledgor
has not authorized the filing of any such financing statements.

 

 6.              Pledgor’s Covenants. During the term of this Security Agreement:

 

(a)           
Pledgor shall defend the Collateral against all claims and demands of all persons at any time claiming any interest therein adverse to
any Secured Party. Pledgor shall not, at any time, (i) sell or transfer any Collateral other than with respect to any Collateral that
is being released in accordance with the Equity Support Agreement, (ii) file or knowingly suffer to be on file, or authorize or permit
to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which
the Secured Parties are not named as the sole secured parties, or (iii) permit any contractual restriction on any transfer, sale, or pledge
of the Collateral.

 

(b)            
Pledgor shall pay all costs to defend and enforce the security interest created by this Security Agreement, collect the Secured
Obligations, and defend, enforce and collect the Collateral, including but not limited to taxes, assessments, reasonable
attorney’s fees, legal expenses and expenses of sales. Whether the Collateral is or is not in any Secured Party’s or
Collateral Agent’s possession, and without any obligation to do so and without waiving Pledgor’s default for failure to
make any such payment, any Secured Party and/or Collateral Agent at its option may, following notice to Pledgor when it may
reasonably do so without prejudice, pay any such costs and expenses and discharge encumbrances on the Collateral, and any payments
of such costs and expenses and any payments to discharge such encumbrances shall be a part of the Secured Obligations and bear
interest at a rate of 9.00% per annum. Pledgor agrees to reimburse each Secured Party and Collateral Agent, as applicable, on demand
for any payments of such costs and expenses and any payments to discharge such encumbrances.

 

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(c)           
Pledgor shall take such other actions as any Secured Party or Collateral Agent shall reasonably deem necessary or appropriate to perfect
and duly record the Lien created under this Security Agreement in the Collateral, including executing, delivering, filing and/or recording,
in such locations and jurisdictions as such Secured Party or Collateral Agent shall specify, any financing statement, notice, instrument,
document, agreement or other papers that may be necessary or desirable (in the judgment of such Secured Party or Collateral Agent, as
applicable) to create, preserve, perfect, protect or validate the security interest granted pursuant hereto and the priority thereof or
to enable such Secured Party or Collateral Agent to exercise and enforce its respective rights under this Security Agreement with respect
to such security interest, including, without limitation, executing and delivering or causing the execution and delivery of a control
agreement with respect to the Collateral Account and/or, in the event that any Collateral (other than cash or cash equivalents) is not
held through DTC or another clearing corporation (as defined in the UCC), causing any or all of the Collateral to be transferred of record
into the name of such Secured Party, Collateral Agent or their respective nominee. Without prejudice to the generality of the foregoing,
the Pledgor shall promptly, and in any event within three Business Days, following execution of this Agreement deliver to Collateral Agent
a copy of its updated register of mortgages and charges with an entry containing particulars of the Lien created under this Security Agreement.

 

(d)           
Pledgor shall (i) promptly furnish each Secured Party and Collateral Agent any information with respect to the Collateral reasonably requested
by such Secured Party or Collateral Agent (as applicable) and (ii) allow each Secured Party or its representatives to inspect and copy,
or furnish each Secured Party or its representatives with copies of, all records relating to the Collateral (other than, in each case,
information or records Pledgor is prohibited from disclosing due to applicable law). Notwithstanding the foregoing, to the extent any
information requested by any Secured Party or Collateral Agent is not then available, Pledgor will furnish, or cause to be furnished,
to such Secured Party and Collateral Agent (as applicable) such information as soon as reasonably practicable after such request.

 

(e)           
Without at least thirty (30) days’ prior written notice to each Secured Party and Collateral Agent, Pledgor shall not (i) maintain
any of Pledgor’s books and records with respect to the Collateral at any office, or maintain Pledgor’s place of business (or,
if Pledgor has more than one place of business, Pledgor’s chief executive office) at any place other than at the address indicated
in the Equity Support Agreement or (ii) change Pledgor’s name, or the name under which Pledgor does business, or the form or jurisdiction
of Pledgor’s organization from the name, form and jurisdiction set forth on the first page of this Security Agreement.

 

(f)            
Pledgor shall not close the Collateral Account or transfer any Collateral held therein or credited thereto without (i) obtaining the
prior written consent of Collateral Agent and (ii) entering into such agreements as Collateral Agent may in its sole discretion require
to ensure the continued priority and perfection of its lien on such Collateral, on behalf of each Secured Party, in respect of the Collateral
or portion thereof.

 

(g)           
Any delivery of Collateral to Collateral Agent, on behalf of each Secured Party, by Pledgor shall be effected, (A) in the case of securities
in respect of which security entitlements are held by Pledgor through a securities intermediary, by the crediting of such securities,
accompanied by any required transfer tax stamps, to a securities account of Custodian at such securities intermediary or, at the option
of Custodian, at another securities intermediary satisfactory to Custodian and the crediting by Custodian of such securities to the Collateral
Account, (B) in the case of cash, by the wire transfer of such cash to Custodian and the crediting thereof by Custodian to the Collateral
Account or (C) in any other case, by complying with such delivery instructions as Collateral Agent shall provide to Pledgor in writing.

 

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7.           
Remedies. Upon and during the continuation of a Secured Obligations Default, each Secured Party individually and Collateral Agent
on behalf of each Secured Party shall have all of the rights and remedies available to a secured creditor at law or in equity, including,
without limitation, the rights and remedies under Article 9 of the Uniform Commercial Code.

 

8.           
Collateral Agent. Each Secured Party hereby appoints Collateral Agent as its collateral agent for purposes of the security interest
granted to such Secured Party hereunder and authorizes Collateral Agent to take such actions on its behalf, including to enter into the
Control Agreement on such terms as Collateral Agent may see appropriate in order to perfect such Secured Party’s security interest
in the Collateral , and to exercise such powers as are contemplated by the terms hereof or the Control Agreement, together with such powers
as are reasonably incidental thereto (such agency being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3),
8-301(b)(2), 9-104 and 9-313(c) of the UCC). Collateral Agent hereby accepts such appointment. The provisions of this Section 8 are solely
for the benefit of each Secured Party, and Pledgor shall not have rights as a third-party beneficiary of such provisions.

 

 9.            General.

 

(a)           
Successors and Assigns. The provisions of this Security Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, except that (i) Pledgor may not assign or otherwise transfer any of its rights or
obligations hereunder or under the Equity Support Agreement without the prior written consent of each Secured Party (and any attempted
assignment or transfer by Pledgor without such consent shall be null and void), (ii) no Secured Party may assign or otherwise transfer
its rights or obligations hereunder except in accordance with the Equity Support Agreement and (iii) Collateral Agent may not assign
or otherwise transfer its rights and obligations hereunder without the prior written consent of each Secured Party. Nothing in this Security
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors
and assigns permitted under the Equity Support Agreement) any legal or equitable right, remedy or claim under or by reason of this Security
Agreement.

 

(b)            
No Waiver. No failure or delay by any Secured Party in exercising any right or power hereunder or under the Equity Support Agreement
or by Collateral Agent in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of Collateral Agent and each Secured Party hereunder
and, with respect to each Secured Party, under the Equity Support Agreement are cumulative and are not exclusive of any rights or remedies
that it would otherwise have. No waiver of any provision of the Security Agreement or the Equity Support Agreement or consent to any departure
by Pledgor therefrom shall in any event be effective unless the same shall be permitted by the Equity Support Agreement, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on Pledgor
in any case shall entitle Pledgor to any other or further notice or demand in similar or other circumstances or constitute a waiver of
the rights of any Secured Party or Collateral Agent to any other or further action in any circumstances without notice or demand.

 

    6

     

    

 

(c)            
Continuing Agreement; Release of Collateral. This Security Agreement shall constitute a continuing agreement and shall continue
in effect until the earliest to occur of (i) the termination of the Equity Support Agreement pursuant to Section 8 thereof and (ii) the
time at which the Secured Obligations (other than contingent indemnification obligations for which no claim has been asserted or accrued)
have been paid in full, at which time the Collateral (or portion specified above, if less) shall automatically be released from the Liens
created hereby, and this Security Agreement and all obligations (other than those expressly stated to survive such termination) of each
Secured Party, Collateral Agent and Pledgor hereunder shall terminate, all without delivery of any instrument or performance of any act
by any party, and all rights to the Collateral shall revert to Pledgor. At the request and sole expense of Pledgor following any such
termination, each Secured Party shall deliver, or cause to be delivered, to Pledgor any Collateral held by or on behalf of Secured Party
hereunder, and execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination, including
notice from Collateral Agent to any securities intermediary terminating the Control Agreement. No Collateral shall be released prior
to the payment in full of the Secured Obligations (other than contingent indemnification obligations for which no claim has been asserted
or accrued), except as otherwise agreed between the parties. Notwithstanding the foregoing, if at any time, any payment in respect of
the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations, whether as a result
of any proceedings in insolvency, bankruptcy or reorganization or otherwise, the rights and obligations of the parties hereunder, and
the Liens of each Secured Party and Collateral Agent on the Collateral shall be automatically reinstated and Pledgor shall promptly deliver
any documentation reasonably requested by any Secured Party or Collateral Agent (as applicable) to evidence such reinstatement. 

 

(d)            
Definitions. Unless the context indicates otherwise, definitions in the UCC apply to words and phrases in this Security Agreement;
if UCC definitions conflict, Article 8 and/or 9 definitions apply.

 

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(e)            Notice. The provisions
of Section 17 of the Equity Support Agreement shall apply mutatis mutandis to this Security Agreement as if such provisions were
fully set forth herein, with the following address for the Collateral Agent:

 

Shaolin Capital Management

7620 NE 4th Court, Miami, FL 33138

Attn: Rahul Singhal,
Anthony Giraulo

Email: rahul.singhal@shaolincapital.com; 

anthony.giraulo@shaolincapital.com; pipes@shaolincapital.com;

shaolinoperations@shaolincapital.com

 

(f)            
Modifications. No provision hereof shall be modified or limited except pursuant to Section 14(j) of the Equity Support Agreement.
The provisions of this Security Agreement shall not be modified or limited by course of conduct or usage of trade.

 

(g)           
Financing Statement. Pledgor hereby irrevocably authorizes each Secured Party (or its designee) at any time and from time to time
to file in any jurisdiction any financing or continuation statement and amendment thereto or any registration of charge, mortgage or otherwise,
containing any information required under the UCC or the law of any other applicable jurisdiction (in each case without the signature
of Pledgor to the extent permitted by applicable law), necessary or appropriate in the judgment of such Secured Party to perfect or evidence
its security interest in and lien on the Collateral. Pledgor agrees to provide to each Secured Party (or its designees) any and all information
required under the UCC or the law of any other applicable jurisdiction for the effective filing of a financing statement and/or any amendment
thereto or any registration of charge, mortgage or otherwise.

 

(h)           
Counterparts; Integration; Effectiveness. This Security Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Security Agreement and the Equity Support Agreement constitute the entire contract among the parties relating to the subject
matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof and thereof. In the event of any conflict or inconsistency between the provisions of this Agreement and the Custody Agreement,
this Agreement will prevail as among Pledgor, Collateral Agent and Secured Parties. This Security Agreement shall become effective when
it shall have been executed by each Secured Party and when each Secured Party shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Security Agreement
by facsimile or electronic transmission shall be effective as delivery of an original executed counterpart of such signature page.

 

(i)            Severability.
Any provision of this Security Agreement or the Equity Support Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

(j)           
WAIVER OF MARSHALING. EACH OF PLEDGOR, COLLATERAL AGENT AND EACH SECURED PARTY ACKNOWLEDGES AND AGREES THAT IN EXERCISING ANY
RIGHTS UNDER OR WITH RESPECT TO THE COLLATERAL HEREUNDER OR UNDER ANY OTHER SECURITY AGREEMENT: (A) SUCH SECURED PARTY IS UNDER NO OBLIGATION
TO MARSHAL ANY SUCH COLLATERAL; AND (B) SUBJECT TO APPLICABLE LAW, SUCH SECURED PARTY MAY, IN ITS ABSOLUTE DISCRETION, REALIZE UPON SUCH
COLLATERAL IN ANY ORDER AND IN ANY MANNER IT SO ELECTS. PLEDGOR WAIVES ANY RIGHT TO REQUIRE THE MARSHALING OF ANY SUCH COLLATERAL.

 

(k)            Governing Law; Submission
to Jurisdiction. The provisions of Section 14(q) of the Equity Support Agreement shall apply mutatis mutandis to this Security
Agreement as if such provisions were fully set forth herein; provided that as to Collateral located in any jurisdiction other than
the state of New York, each Secured Party and Collateral Agent shall have, in addition to any rights under the law of the State of New
York, all of the rights to which a secured party is entitled under the law of such other jurisdiction. Each Secured Party’s jurisdiction
for the purpose of section 9-304 of the UCC with respect to any Collateral Account maintained on the books of such Secured Party shall
be the State of New York. As permitted by Article 4 of the Convention on the Law Applicable to Certain Rights in Respect of Securities
Held with an Intermediary (the “Hague Convention”), the parties hereto expressly agree that the law of the State
of New York shall govern the Collateral Account and the issues specified in Article 2(1) of the Hague Convention.

 

[Signature Pages Follows]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Security Agreement to be duly executed by their duly authorized representatives as of the date first above written.

 

PLEDGOR:

 

TH INTERNATIONAL LIMITED

 

	By:	 	 
	 	 	 
	 	Name:
	 	Title:

  

[Signature Page to Security Agreement]

 

     

     

    

 

SECURED PARTIES:

 

SHAOLIN CAPITAL MASTER FUND, LTD

 

	By:	/s/ Carl Winter	 
	 	Name:    Carl Winter	 
	 	Title:     Director of Operations	 

  

[Signature Page to Security Agreement]

 

     

     

    

 

MAP 214 SEGREGATED PORTFOLIO, A

SEGREGATED PORTFOLIO OF LMA SPC

 

	By:	/s/ Carl Winter	 
	 	Name:    Carl Winter	 
	 	Title:     Authorized Signatory	 

  

[Signature Page to Security Agreement]

 

     

     

    

 

DS LIQUID DIV RVA SCM LLC 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

  

[Signature Page to Security Agreement]

 

     

     

    

 

SHAOLIN CAPITAL PARTNERS SP, A SEGREGATED

PORTFOLIO OF PC MAP SPC

 

	By:	/s/ Carl Winter	 
	 	Name:    Carl Winter	 
	 	Title:     Authorized Signatory	 

  

[Signature Page to Security Agreement]

 

     

     

    

 

COLLATERAL AGENT:

 

SHAOLIN CAPITAL MANAGEMENT LLC

 

	By:	/s/ Carl Winter	 
	 	Name:    Carl Winter	 
	 	Title:      Director of Operations	 

  

[Signature Page to Security Agreement]

 

     

     

    

 

Schedule 1

 

UCC Filing Location

 

1.       Delaware

 

     

     

    

 

Exhibit A

 

Form of UCC Financing Statement

 

[Attached]Exhibit 10.13

 

Form of Underwriters’
Warrant Agreement

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE
WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY
(180) DAYS FOLLOWING THE LATER OF THE EFFECTIVE DATE (DEFINED BELOW) OR THE COMMENCEMENT OF SALES OF THE OFFERING TO WHICH THIS PURCHASE
WARRANT RELATES TO ANYONE OTHER THAN (I) ____________ OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II)
A BONA FIDE OFFICER OR PARTNER OF ____________ OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT
EXERCISABLE PRIOR TO [DATE THAT IS SIX MONTHS FROM THE CLOSING DATE OF THE OFFERING].

 

VOID AFTER 5:00 P.M., EASTERN
TIME, [DATE THAT IS FIVE YEARS FROM THE CLOSING DATE OF THE OFFERING].  

 

WARRANT TO PURCHASE COMMON SHARES

LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.

 

Warrant Shares: ________________

 

Initial Exercise Date: [DATE THAT IS SIX MONTHS
FROM THE CLOSING DATE OF THE OFFERING]

 

THIS WARRANT TO PURCHASE COMMON SHARES (the “Warrant”)
certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, at any time on or after _____________, 20___ (the “Initial
Exercise Date”)2 and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on
_____________, 202_3 (the “Termination Date”), but not thereafter, to subscribe for and purchase from
Lytus Technologies Holdings PTV. LTD., a British Virgin Islands corporation (the “Company”), up to _______________
common shares, par value $0.01 per share (the “Common Shares”), of the Company (the “Warrant Shares”),
as subject to adjustment hereunder. The purchase price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

 

		2	Six months from the Closing Date

		3	Five years from Initial Exercise Date

 

    

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effective Date”
means the effective date of the registration statement on Form F-1 (File No. 333- ), including any related prospectus or prospectuses,
for the registration of the Company’s Common Shares and the Warrant Shares under the Securities Act, that the Company has filed
with the Commission.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading Day”
means a day on which the principal Trading Market located in the United States is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Shares is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or
any successors to any of the foregoing).

 

“Underwriting Agreement” means the underwriting
agreement, dated ________________, 2022, by and between the Company and Spartan Capital Securities, LLC, as representative of the underwriters
set forth therein.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of a Common Share for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Shares is not
then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common 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 most recent
bid price per Common Share so reported, or (d) in all other cases, the fair market value of the Common Shares as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

    2

     

    

 

Section 2. Exercise.

 

a. Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire
transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares
purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

b. Exercise
Price. The exercise price per share of the Common Shares under this Warrant shall be $_______4, subject to adjustment
hereunder (the “Exercise Price”).

 

c. Cashless
Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive the number of
Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1)
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such
Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the
close of “regular trading hours” on such Trading Day;

 

(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and

 

(X) = the number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are issued
in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants
being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to
this Section 2(c).

 

 

		4	125% of the public offering price per Common Share in the offering.

 

    3

     

    

 

d. Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer
agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through DWAC if the Company is then a participant in such system and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by
the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by
the Holder prior to the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading
Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). If
the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company,
any legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company
of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the
Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the
Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable
to the issuance of unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale
pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the second (2nd) Trading Day following the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day
(increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading
Day after the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
such exercise.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the
Holder shall be required to return any Warrant Shares or Common Shares subject to any such rescinded exercise notice concurrently with
the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s
right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such
restored right).

 

    4

     

    

 

iv. Compensation for
Buy-In on Failure to Timely Deliver Warrant Shares upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the
Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of
Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such
exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale
price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall
be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the
Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares
upon exercise of the Warrant as required pursuant to the terms hereof.

 

v. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

viii. Signature.
This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise
this Purchase Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Purchase Warrant. No
additional legal opinion, other information or instructions shall be required of the Holder to exercise this Purchase Warrant. The Company
shall honor exercises of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms,
conditions and time periods set forth herein.

 

    5

     

    

 

e. Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and
its Affiliates shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Shares equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the
Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of Common Shares outstanding.
Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder
the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as
of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be [4.99]%
of the number of shares of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon
exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common
Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and
the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

Section 3. Certain
Adjustments.

 

a. Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities payable in Common Shares
(which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common
Shares into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Shares any shares of capital shares
of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common
Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the
purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any subsidiary thereof,
as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Shares or Common Shares equivalents, at an effective
price per share less than the Exercise Price then in effect.

 

    6

     

    

 

b.  [RESERVED]

 

c. Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Shares equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any
class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue
or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result
in the Holder exceeding the Beneficial Ownership Limitation).

 

d. Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other
distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including,
without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of
this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, to the extent that
the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common
Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution
shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

    7

     

    

 

e. Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related
transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person)
is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory
share exchange pursuant to which the Common Shares is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common
Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party
to, such share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to
any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Common Shares as a result of such Fundamental Transaction for each Common Share for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital shares of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the Exercise Price hereunder to such shares of capital shares (but taking into account the relative
value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital shares, such number of shares
of capital shares and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to
the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under
this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

f. Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of
Common Shares (excluding treasury shares, if any) issued and outstanding.

 

g. Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant
Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    8

     

    

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall
authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital shares
of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, or any compulsory share exchange whereby the Common Shares is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be mailed a notice to the Holder at its last address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, stating (x)
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record
shall be entitled to exchange their shares of the Common Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Report on Form 6-K or 8-K, as applicable. The Holder shall remain entitled to exercise
this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except
as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Warrant.

 

a Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the effective economic disposition of the securities by any person for a period of 180 days immediately following the Effective Date
or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

 

 i. by operation of
law or by reason of reorganization of the Company;

 

 ii. to any FINRA member
firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction in this Section 4(a) for the remainder of the time period;

 

 iii. if the aggregate
amount of securities of the Company held by the Holder or related person do not exceed one percent (1%) of the securities being offered;

 

 iv. that is beneficially
owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund, and participating members in the aggregate do not own more than ten percent (10%) of the equity in the fund;
or

 

 v. the exercise or
conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder
of the time period.

 

    9

     

    

 

Subject to the foregoing restriction,
any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of
the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days
of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b. New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c. Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.

 

d. Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Section 5. Registration
Rights.

 

a. Demand
Registration.

 

i. Grant of Right. The
Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants and/or the underlying
Warrant Shares, agrees to register on Form F-3 (if available) or Form F-1 (if Form F-3 is not available), on one occasion, all or any
portion of the Warrant Shares underlying the Warrants (collectively, the “Registrable Securities”). On such occasion,
the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt
of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject
to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice
if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant
to Section 5(b) hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or
(ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered
by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration
may be made at any time beginning on the Initial Exercise Date. The Company covenants and agrees to give written notice of its receipt
of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten (10)
days after the date of the receipt of any such Demand Notice.

 

    10

     

    

 

ii. Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5(a)(i),
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its best efforts to cause the filing required
herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by
the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in
which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to
general service of process in such State or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital
shares of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section 5(a)(i)
to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities
covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the
prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement, and will immediately cease to
use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material
misstatement or omission. Notwithstanding the provisions of this Section 5(a)(ii), the Holder shall be entitled to a demand registration
under this Section 5(a)(ii) on only one (1) occasion and such demand registration right shall terminate on the fifth (5th)
anniversary of the Effective Date or commencement of sales of the offering pursuant to which this Warrant is being issued in accordance
with FINRA Rule 5110(f)(2)(G)(iv).

 

b. “Piggy-Back”
Registration.

 

i. Grant
of Right. In addition to the demand right of registration described in Section 5(a) hereof, the Holder shall have the right, for a
period of no more than five years from the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Registrable Securities
as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection
with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
discretion, impose a limitation on the number of Common Shares which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be
obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the
Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be
included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first
excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement
or are not entitled to pro rata inclusion with the Registrable Securities.

 

ii. Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5(b)(i) hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date
of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed
by the Company during the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities
have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for
herein by giving written notice within five (5) days of the receipt of the Company’s notice of its intention to file a registration
statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 5(b)(ii); provided, however, that such registration rights shall terminate on the fifth (5th) anniversary
of the date of the Underwriting Agreement in accordance with FINRA Rule 5110(f)(2)(G)(v).

 

    11

     

    

 

c. General
Terms.

 

i. Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities
Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 7(a) of the Underwriting Agreement.
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become
subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or
their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 7(a) of the Underwriting Agreement.

 

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

 

iii. Documents
Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the correspondence
and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company,
its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement
and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA.
Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with
its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably
request.

 

 iv. Intentionally
Omitted.

 

v. 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.

 

vi. Damages.
Should the registration or the effectiveness thereof required by Sections 5(a) or 5(b) hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.

 

Section 6. Miscellaneous.

 

a. No
Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b. Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make
and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

 

    12

     

    

 

c. Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

 

d. Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the extent as
waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company
will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such
increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain
all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable
the Company to perform its obligations under this Warrant.

 

Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company
shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or
bodies having jurisdiction thereof.

 

e. Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Underwriting Agreement.

 

f. Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g. Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which
results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs
and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h. Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Underwriting Agreement.

 

i. Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

    13

     

    

 

j. Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

k. Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

l. Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m. Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n. Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

    14

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    15

     

    

 

NOTICE OF EXERCISE

 

TO: LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.

 

(1) The
undersigned hereby elects to purchase _____________ Warrant Shares of the Company pursuant to the terms of the attached Warrant, and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment
shall take the form of (check applicable box):

 

		☐	in lawful money of the United States; or

 

		☐	if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the
formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant
to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please
register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

The Warrant Shares shall be delivered to the following
DWAC Account Number or by physical delivery of a certificate to:

 

[________________________]

[________________________]

[________________________]

 

(4) Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 
	 	 
	Signature of Authorized Signatory of Investing Entity:	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	Date:	 
	 	 	 	 

    16

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [ ] all of or [ ] shares of
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	 	 	whose address is.	 
	 	 	 	 
	 	 	Dated: ,	 
	 	 	 	 
	 	Holder’s Signature: 	 	 
	 	 	 	 
	 	Holder’s Address:	 	 
	 	 	 	 

  

NOTE: The signature to this Assignment Form must correspond with the
name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and
those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    17

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