Document:

Exhibit 10.2

 

SENIOR SECURED CONVERTIBLE NOTE

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
ARRANGEMENT SECURED BY THE SECURITIES.

 

ANY
TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 20(a) HEREOF.
THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE
AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE.

 

THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE
DISCOUNT (“OID”). PURSUANT TO TREASURY REGULATION §1.1275-3(b)(1), EREZ SIMHA, A REPRESENTATIVE OF THE COMPANY HEREOF
WILL, BEGINNING TEN DAYS AFTER THE ISSUANCE DATE OF THIS NOTE, PROMPTLY MAKE AVAILABLE TO THE HOLDER UPON REQUEST THE INFORMATION DESCRIBED
IN TREASURY REGULATION §1.1275-3(b)(1)(i). EREZ SIMHA MAY BE REACHED AT TELEPHONE NUMBER +6589401200.

 

Genius
Group Limited

 

Senior
Secured Convertible Note

 

	Issuance Date:  August 26, 2022	Original Principal Amount: US$18,130,000

 

FOR
VALUE RECEIVED, Genius Group Limited, a Singapore public limited company (the “Company”), hereby promises
to pay to the order of Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B or its registered assigns (“Holder”)
the amount set forth above as the Original Principal Amount (as may be reduced pursuant to the terms hereof pursuant to redemption, conversion
or otherwise, the “Principal”) when due, whether upon the Maturity Date, on any Installment Date with respect to the
Installment Amount due on such Installment Date (each as defined below), or upon acceleration, redemption or otherwise (in each case in
accordance with the terms hereof) and to pay interest (“Interest”) on the Outstanding Principal Value of this Note
at the applicable Interest Rate (as defined below) from the date set forth above as the Issuance Date (the “Issuance Date”)
until the same becomes due and payable, whether upon the Maturity Date, on any Installment Date with respect to the Installment Amount
due on such Installment Date, or upon acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof).
This Senior Secured Convertible Note (including all Senior Secured Convertible Notes issued in exchange, transfer or replacement hereof,
this “Note”) is one of an issue of Senior Secured Convertible Notes issued pursuant to the Securities Purchase Agreement,
dated as of August 24, 2022 (the “Subscription Date”), by and among the Company and the investors (the “Buyers”)
referred to therein, as amended from time to time (collectively, the “Notes”, and such other Senior Secured Convertible
Notes, the “Other Notes”). Certain capitalized terms used herein are defined in Section 33.

 

     

     

    

 

1.            PAYMENTS.
On each Installment Date, the Company shall pay to the Holder an amount equal to the Installment Amount due on such Installment Date in
accordance with Section 8. On the Maturity Date, the Company shall pay to the Holder an amount in cash (excluding any amounts paid
in Ordinary Shares on the Maturity Date in accordance with Section 8) representing the Outstanding Value of this Note as of the Maturity
Date. Other than as specifically permitted by this Note, the Company may not prepay any portion of the outstanding Principal, Make-Whole
Amount, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal, Make-Whole Amount and Interest, if any. Notwithstanding
anything herein to the contrary, with respect to any conversion or redemption hereunder, as applicable, the Company shall convert or redeem,
as applicable, First, all accrued and unpaid Late Charges on any Principal and Interest hereunder and under any other Notes held
by the Holder and all other amounts owed to the Holder under any other Transaction Document, Second, all accrued and unpaid Interest
and all Make Whole Amount hereunder and under any other Notes held by such Holder, Third, all other amounts (other than Principal)
outstanding under any other Notes held by such Holder and, Fourth, all Principal outstanding hereunder and under any other Notes
held by such Holder, in each case, allocated pro rata among this Note and such other Notes held by such Holder.

 

2.            INTEREST;
INTEREST RATE.

 

(a)            Interest
on this Note shall commence accruing on the Issuance Date and shall be computed on the Outstanding Principal Value of this Note and on
basis of a 360-day year and twelve 30-day months and shall be payable in arrears on each Interest Date and shall compound each calendar
month and shall be payable in accordance with the terms of this Note. Interest shall be paid (i) on each Interest Date occurring
on an Installment Date in accordance with Section 8 as part of the applicable Installment Amount due on the applicable Installment
Date and (ii) with respect to each other Interest Date, on such Interest Date in cash.

 

(b)            Prior
to the payment of Interest on an Interest Date, Interest on this Note shall accrue at the Interest Rate and be payable by way of
inclusion of the Interest in the Conversion Amount on each Conversion Date in accordance with Section 3(b)(i) or upon any redemption
in accordance with Section 13 or any required payment upon any Bankruptcy Event of Default. From and after the occurrence and during
the continuance of any Event of Default (regardless of whether the Company has delivered an Event of Default Notice to the Holder or if
the Holder has delivered an Event of Default Redemption Notice to the Company or otherwise notified the Company that an Event of Default
has occurred), the Interest Rate shall automatically be increased to fifteen percent (15.0%) per annum (the “Default Rate”).
In the event that such Event of Default is subsequently cured (and no other Event of Default then exists, including, without limitation,
for the Company’s failure to pay such Interest at the Default Rate on the applicable Interest Date), the adjustment referred to
in the preceding sentence shall cease to be effective as of the calendar day immediately following the date of such cure; provided that
the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to
the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event
of Default.

 

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3.            CONVERSION
OF NOTES. At any time after the Issuance Date, this Note shall be convertible into validly issued, fully paid and non-assessable Ordinary
Shares (as defined below), on the terms and conditions set forth in this Section 3.

 

(a)            Conversion
Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder shall be entitled
to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly issued, fully paid and non-assessable
Ordinary Shares in accordance with Section 3(c), at the Conversion Rate (as defined below). The Company shall not issue any fraction
of an Ordinary Share upon any conversion. If the issuance would result in the issuance of a fraction of an Ordinary Share, the Company
shall round such fraction of an Ordinary Share up to the nearest whole share. The Company shall pay any and all transfer, stamp, issuance
and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent (as defined below)) that
may be payable with respect to the issuance and delivery of Ordinary Shares upon conversion of any Conversion Amount.

 

(b)            Conversion
Rate. The number of Ordinary Shares issuable upon conversion of any Conversion Amount pursuant to Section 3(a) shall be
determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

(i)            “Conversion
Amount” means the sum of (A) the portion of the Outstanding Principal Value of this Note to be converted, redeemed or otherwise
with respect to which this determination is being made, (B) accrued and unpaid Interest with respect to such Outstanding Principal
Value of this Note, (C) the Make-Whole Amount, (D) accrued and unpaid Late Charges with respect to such Outstanding Principal
Value of this Note, Make-Whole Amount and Interest, and (E) any other unpaid amounts pursuant to the Transaction Documents, if any.

 

(ii)            “Conversion
Price” means, as of any Conversion Date or other date of determination, $5.17, subject to adjustment as provided herein.

 

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(c)            Mechanics
of Conversion.

 

(i)            Optional
Conversion. To convert any Conversion Amount into Ordinary Shares on any date (a “Conversion Date”), the Holder
shall deliver (whether via electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York time, on such date, a copy of
an executed notice of conversion in the form attached hereto as Exhibit I (each, a “Conversion Notice”)
to the Company. If required by Section 3(c)(iii), within two (2) Trading Days following a conversion of this Note as aforesaid,
the Holder shall surrender this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification
undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 20(b)). On or before
the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by electronic mail an acknowledgment,
in the form attached hereto as Exhibit II, of confirmation of receipt of such Conversion Notice and representation as to whether
such Ordinary Shares may then be resold pursuant to Rule 144 or an effective and available registration statement (each, an “Acknowledgement”)
to the Holder and the Company’s transfer agent (the “Transfer Agent”) which confirmation shall constitute an
instruction to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On or before the second (2nd)
Trading Day following the date on which the Company has received a Conversion Notice (or such earlier date as required pursuant to the
Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date
of such Ordinary Shares issuable pursuant to such Conversion Notice) (the “Share Delivery Deadline”), the Company shall
(1) provided that the Transfer Agent is participating in The Depository Trust Company’s (“DTC”) Fast Automated
Securities Transfer Program (“FAST”), credit such aggregate number of Ordinary Shares to which the Holder shall be
entitled pursuant to such conversion to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system or (2) if the Transfer Agent is not participating in FAST, upon the request of the Holder, issue and deliver
(via reputable overnight courier) to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder
or its designee, for the number of Ordinary Shares to which the Holder shall be entitled pursuant to such conversion. If this Note is
physically surrendered for conversion pursuant to Section 3(c)(iii) and the Outstanding Principal Value of this Note is greater
than the Outstanding Principal Value portion of the Conversion Amount being converted, then the Company shall as soon as practicable and
in no event later than two (2) Business Days after receipt of this Note and at its own expense, issue and deliver to the Holder (or
its designee) a new Note (in accordance with Section 20(d)) representing the Outstanding Principal Value of this Note not converted.
The Person or Persons entitled to receive the Ordinary Shares issuable upon a conversion of this Note shall be treated for all purposes
as the record holder or holders of such Ordinary Shares on the Conversion Date. In the event of a partial conversion of this Note pursuant
hereto, the Outstanding Principal Value of this Note converted shall be deducted from the Installment Amount(s) relating to the Installment
Date(s) as set forth in the applicable Conversion Notice. Notwithstanding anything to the contrary contained in this Note or the
Registration Rights Agreement, after the effective date of the Registration Statement and prior to the Holder’s receipt of the notice
of an Allowable Grace Period (as defined in the Registration Rights Agreement), the Company shall cause the Transfer Agent to deliver
unlegended Ordinary Shares to the Holder (or its designee) in connection with any sale of Registrable Securities (as defined in the Registration
Rights Agreement) with respect to which the Holder has entered into a contract for sale, and delivered a copy of the prospectus included
as part of the particular Registration Statement to the extent applicable, and for which the Holder has not yet settled.

 

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(ii)            Company’s
Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share Delivery
Deadline, either (I) if the Transfer Agent is not participating in FAST, to issue and deliver to the Holder (or its designee) a certificate
for the number of Ordinary Shares to which the Holder is entitled and register such Ordinary Shares on the Company’s share register
or, if the Transfer Agent is participating in FAST, to credit the balance account of the Holder or the Holder’s designee with DTC
for such number of Ordinary Shares to which the Holder is entitled upon the Holder’s conversion of this Note (as the case may be)
or (II) if the Registration Statement covering the resale of the Ordinary Shares that are the subject of the Conversion Notice (the
 “Unavailable Conversion Shares”) is not available for the resale of such Unavailable Conversion Shares and the Company
fails to promptly, but in no event later than as required pursuant to the Registration Rights Agreement (x) so notify the Holder
and (y) deliver the Ordinary Shares electronically without any restrictive legend by crediting such aggregate number of Ordinary
Shares to which the Holder is entitled pursuant to such conversion to the Holder’s or its designee’s balance account with
DTC through its Deposit/Withdrawal At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter
referred as a “Notice Failure” and together with the event described in clause (I) above, a “Conversion
Failure”), then, in addition to all other remedies available to the Holder, (1) the Company shall pay in cash to the Holder
on each day after such Share Delivery Deadline that the issuance of such Ordinary Shares is not timely effected an amount equal to 1.5%
of the product of (A) the sum of the number of Ordinary Shares not issued to the Holder on or prior to the Share Delivery Deadline
and to which the Holder is entitled, multiplied by (B) any trading price of the Ordinary Shares selected by the Holder in writing
as in effect at any time during the period beginning on the applicable Conversion Date and ending on the applicable Share Delivery Deadline
and (2) the Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have returned
(as the case may be) any portion of this Note that has not been converted pursuant to such Conversion Notice, provided that the voiding
of a Conversion Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the date of such
notice pursuant to this Section 3(c)(ii) or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Deadline
either (A) if the Transfer Agent is not participating in FAST, the Company shall fail to issue and deliver to the Holder (or its
designee) a certificate and register such Ordinary Shares on the Company’s share register or, if the Transfer Agent is participating
in FAST, the Transfer Agent shall fail to credit the balance account of the Holder or the Holder’s designee with DTC for the number
of Ordinary Shares to which the Holder is entitled upon the Holder’s conversion hereunder or pursuant to the Company’s obligation
pursuant to clause (II) below or (B) a Notice Failure occurs, and if on or after such Share Delivery Deadline the Holder acquires
(in an open market transaction, stock loan or otherwise) Ordinary Shares corresponding to all or any portion of the number of Ordinary
Shares issuable upon such conversion that the Holder is entitled to receive from the Company and has not received from the Company in
connection with such Conversion Failure or Notice Failure, as applicable (a “Buy-In”), then, in addition to all other
remedies available to the Holder, the Company shall, within two (2) Business Days after receipt of the Holder’s request and
in the Holder’s discretion, either: (I) pay cash to the Holder in an amount equal to the Holder’s total purchase price
(including brokerage commissions, stock loan costs and other out-of-pocket expenses, if any) for the Ordinary Shares so acquired (including,
without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point
the Company’s obligation to so issue and deliver such certificate (and to issue such Ordinary Shares) or credit the balance account
of such Holder or such Holder’s designee, as applicable, with DTC for the number of Ordinary Shares to which the Holder is entitled
upon the Holder’s conversion hereunder (as the case may be) (and to issue such Ordinary Shares) shall terminate, or (II) promptly
honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such Ordinary Shares or credit the
balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of Ordinary Shares to which the
Holder is entitled upon the Holder’s conversion hereunder (as the case may be) and pay cash to the Holder in an amount equal to
the excess (if any) of the Buy-In Price over the product of (x) such number of Ordinary Shares multiplied by (y) the lowest
Closing Sale Price of the Ordinary Shares on any Trading Day during the period commencing on the date of the applicable Conversion Notice
and ending on the date of such issuance and payment under this clause (II) (the “Buy-In Payment Amount”). Nothing
shall limit the 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 certificates representing
Ordinary Shares (or to electronically deliver such Ordinary Shares) upon the conversion of this Note as required pursuant to the terms
hereof.

 

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(iii)           Registration;
Book-Entry. The Company shall maintain a register (the “Register”) for the recordation of the names and addresses
of the holders of each Note and the principal amount of the Notes held by such holders (the “Registered Notes”). The
entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company and the holders of the Notes
shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes (including, without limitation,
the right to receive payments of Outstanding Principal Value, Interest and Make-Whole Amount hereunder) notwithstanding notice to
the contrary. A Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or sale
on the Register. Upon its receipt of a written request to assign, transfer or sell all or part of any Registered Note by the holder thereof,
the Company shall record the information contained therein in the Register and issue one or more new Registered Notes in the same aggregate
principal amount as the principal amount of the surrendered Registered Note to the designated assignee or transferee pursuant to Section 20,
provided that if the Company does not so record an assignment, transfer or sale (as the case may be) of all or part of any Registered
Note within two (2) Business Days of such a request, then the Register shall be automatically deemed updated to reflect such assignment,
transfer or sale (as the case may be). Notwithstanding anything to the contrary set forth in this Section 3, following conversion
of any portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to
the Company unless (A) the full Conversion Amount represented by this Note is being converted (in which event this Note shall be
delivered to the Company following conversion thereof as contemplated by Section 3(c)(i)) or (B) the Holder has provided the
Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical
surrender of this Note. The Holder and the Company shall maintain records showing the Outstanding Principal Value, Interest, Make-Whole
Amount and Late Charges converted and/or paid (as the case may be) and the dates of such conversions, and/or payments (as the case may
be) or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of
this Note upon conversion. If the Company does not update the Register to record such Outstanding Principal Value, Interest, Make-Whole
Amount and Late Charges converted and/or paid (as the case may be) and the dates of such conversions, and/or payments (as the case may
be) within two (2) Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence.

 

(iv)           Pro
Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder of Notes for the same
Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for conversion, the Company, subject
to Section 3(d) and Section 3(e), shall convert from each holder of Notes electing to have Notes converted on such date
a pro rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount of Notes submitted
for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted for conversion on such date.
In the event of a dispute as to the number of Ordinary Shares issuable to the Holder in connection with a conversion of this Note, the
Company shall issue to the Holder the number of Ordinary Shares not in dispute and resolve such dispute in accordance with Section 25.

 

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(d)            Limitations
on Conversions. The Company shall not effect the conversion of any portion of this Note, and the Holder shall not have the right to
convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion shall be null and void and
treated as if never made, to the extent that after giving effect to such conversion, the Holder together with the other Attribution Parties
collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the Ordinary Shares outstanding
immediately after giving effect to such conversion. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially
owned by the Holder and the other Attribution Parties shall include the number of Ordinary Shares held by the Holder and all other Attribution
Parties plus the number of Ordinary Shares issuable upon conversion of this Note with respect to which the determination of such sentence
is being made, but shall exclude Ordinary Shares which would be issuable upon (A) conversion of the remaining, nonconverted portion
of this Note beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred
shares or warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise
analogous to the limitation contained in this Section 3(d). For purposes of this Section 3(d), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act. For purposes of determining the number of outstanding Ordinary
Shares the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder may rely on the number
of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Report of a Foreign
Private Issuer on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement
by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of Ordinary
Shares outstanding (the “Reported Outstanding Share Number”). If the Company receives a Conversion Notice from the
Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company
shall notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Conversion Notice would
otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 3(d), to exceed the Maximum Percentage,
the Holder must notify the Company of a reduced number of Ordinary Shares to be purchased pursuant to such Conversion Notice. For any
reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally
and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note,
by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event
that the issuance of Ordinary Shares to the Holder upon conversion of this Note results in the Holder and the other Attribution Parties
being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as
determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s and the other
Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall
be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares.
Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase not effective until the
sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess
of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the
sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply
only to the Holder and the other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the Holder.
For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of this Note in excess of the Maximum Percentage shall not
be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of
the Exchange Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability of the
provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(d) to the extent
necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended beneficial
ownership limitation contained in this Section 3(d) or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this
Note.

 

(e)            Stockholder
Approvals. If, due to the Company’s failure to timely obtain any Subsequent Singapore Stockholder Approval, the Company is prohibited
from issuing Ordinary Shares (the “Capped Shares”), the Company shall pay cash in exchange for the cancellation of
such portion of this Note convertible into such Capped Shares at a price equal to the product of (x) such number of Exchange Cap
Shares multiplied by (y) the Closing Sale Price on the day before the date that the Holder became entitled to receipt of such shares
hereunder.

 

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(f)            Right
of Alternate Conversion Upon an Event of Default.

 

(i)            General.
Subject to Section 3(d), at any time during an Event of Default Redemption Right Period (as defined below) with respect to an Alternate
Conversion Event of Default, the Holder may, at the Holder’s option, convert (each, an “Alternate Conversion”,
and the date of such Alternate Conversion, each, an “Alternate Conversion Date”) all, or any part of, the Conversion
Amount (such portion of the Conversion Amount subject to such Alternate Conversion, each, an “Alternate Conversion Amount”)
into Ordinary Shares at the Alternate Conversion Price.

 

(ii)            Mechanics
of Alternate Conversion. On any Alternate Conversion Date, the Holder may voluntarily convert any Alternate Conversion Amount pursuant
to Section 3(c) (with “Alternate Conversion Price” replacing “Conversion Price” for all
purposes hereunder with respect to such Alternate Conversion and with “Redemption Premium of the Conversion Amount” replacing
 “Conversion Amount” in clause (x) of the definition of Conversion Rate above with respect to such Alternate Conversion)
by designating in the Conversion Notice delivered pursuant to this Section 3(f) of this Note that the Holder is electing to
use the Alternate Conversion Price for such conversion. Notwithstanding anything to the contrary in this Section 3(f), but subject
to Section 3(f), until the Company delivers Ordinary Shares representing the applicable Alternate Conversion Amount to the Holder,
such Alternate Conversion Amount may be converted by the Holder into Ordinary Shares pursuant to Section 3(c) without regard
to this Section 3(d).

 

4.            RIGHTS
UPON EVENT OF DEFAULT.

 

(a)            Event
of Default. Each of the following events shall constitute an “Event of Default” and each of the events in clauses
(ix), (x) and (xi) shall constitute a “Bankruptcy Event of Default”:

 

(i)            [Intentionally
Omitted];

 

(ii)            while
the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration Rights Agreement,
the effectiveness of the applicable Registration Statement lapses for any reason (including, without limitation, the issuance of a stop
order) or such Registration Statement (or the prospectus contained therein) is unavailable to any holder of Registrable Securities (as
defined in the Registration Rights Agreement) for sale of all of such holder’s Registrable Securities in accordance with the terms
of the Registration Rights Agreement, and such lapse or unavailability continues for a period of five (5) consecutive days or for
more than an aggregate of ten (10) days in any 365-day period (excluding days during an Allowable Grace Period (as defined in the
Registration Rights Agreement));

 

(iii)            the
suspension (or threatened suspension) from trading or the failure (or threatened failure) of the Ordinary Shares to be trading or listed
(as applicable) on an Eligible Market for a period of five (5) consecutive Trading Days;

 

(iv)            the
Company’s (A) failure to cure a Conversion Failure by delivery of the required number of Ordinary Shares within five (5) Trading
Days after the applicable Conversion Date or (B) notice, written or oral, to any holder of the Notes, including, without limitation,
by way of public announcement or through any of its agents, at any time, of its intention not to comply, as required, with a request for
conversion of any Notes into Ordinary Shares that is requested in accordance with the provisions of the Notes, other than pursuant to
Section 3(d);

 

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(v)            [Intentionally
Omitted];

 

(vi)           the
Company’s or any Subsidiary’s failure to pay to the Holder any amount of Outstanding Value of this Note or other amounts when
and as due under this Note (including, without limitation, the Company’s or any Subsidiary’s failure to pay any Interest,
Late Charges redemption payments or amounts hereunder) or any other Transaction Document (as defined in the Securities Purchase Agreement)
or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and
thereby, if such failure remains uncured for a period of at least five (5) Trading Days;

 

(vii)          the
Company fails to remove any restrictive legend on any certificate or any Ordinary Shares issued to the Holder upon conversion of the Notes
as and when required by such Securities or the Securities Purchase Agreement, unless otherwise then prohibited by applicable federal securities
laws, and any such failure remains uncured for at least five (5) days;

 

(viii)         the
occurrence of any default under, redemption of or acceleration prior to maturity of at least an aggregate of US$250,000 of Indebtedness
of the Company or any of its Subsidiaries, other than with respect to any Other Notes;

 

(ix)            bankruptcy,
insolvency, administration, judicial management, reorganization or liquidation proceedings or other proceedings for the relief of debtors
shall be instituted by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party,
shall not be dismissed within thirty (30) days of their initiation;

 

(x)            the
commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy,
insolvency, administration, judicial management, reorganization, liquidation or other similar law or of any other case or proceeding to
be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect
of the Company or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
administration, judicial management, reorganization, liquidation or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, administrator, judicial manager, assignee, trustee, sequestrator or other similar official of the Company
or any Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the
execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by
it in writing of its inability to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary
in furtherance of any such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or
any other similar action under federal, state or foreign law;

 

    	9	 

     

    

 

(xi)            the
entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary
or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, administration, judicial management,
reorganization, liquidation or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company
or any Subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement,
adjustment, administration, judicial management or composition of or in respect of the Company or any Subsidiary under any applicable
federal, state or foreign law or (iii) a decree, order, judgment or other similar document appointing a custodian, receiver, liquidator,
administrator, judicial manager, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any
substantial part of its property, or ordering the administration, judicial management, winding up or liquidation of its affairs, and the
continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document
unstayed and in effect for a period of thirty (30) consecutive days;

 

(xii)           a
final judgment or judgments for the payment of money aggregating in excess of US$250,000 are rendered against the Company and/or any of
its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending
appeal, or are not discharged within thirty (30) days after the expiration of such stay; provided, however, any judgment which is covered
by insurance or an indemnity from a credit worthy party shall not be included in calculating the US$250,000 amount set forth above so
long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement shall be
reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company or such
Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such
judgment;

 

(xiii)          the
Company and/or any Subsidiary, individually or in the aggregate, either (i) fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of US$250,000 due to any third party (other than, with respect to unsecured
Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and
with respect to which adequate reserves have been set aside for the payment thereof in accordance with IFRS) or is otherwise in breach
or violation of any agreement for monies owed or owing in an amount in excess of US$250,000, which breach or violation permits the other
party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii) suffer to exist any other circumstance
or event that would, with or without the passage of time or the giving of notice, result in a default or event of default under any agreement
binding the Company or any Subsidiary, which default or event of default would or is likely to have a material adverse effect on the business,
assets, operations (including results thereof), liabilities, properties, condition (including financial condition) or prospects of the
Company or any of its Subsidiaries, individually or in the aggregate;

 

(xiv)         other
than as specifically set forth in another clause of this Section 4(a), the Company or any Subsidiary breaches any representation
or warranty in any respect, or any covenant, except, in the case of a breach of a covenant that is curable, only if such breach remains
uncured for a period of five (5) consecutive Trading Days;

 

(xv)          a
false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the Equity
Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Event of Default has occurred;

 

    	10	 

     

    

 

(xvi)         any
breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 15 of this Note;

 

(xvii)         any
Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs;

 

(xviii)       The
occurrence of any Public Information Failure (as defined in the Securities Purchase Agreement) that remains uncured for at least 10 calendar
days (it being understood that a Current Public Information Failure shall not have occurred for purposes of this Section 4(a)(xviii) until
the expiration of any extension afforded by Rule 12b-25 under the Exchange Act) or any restatement of any the financial statements
included in any Annual Report on Form 20-F or Report of a Foreign Private Issuer on Form 6-K of the Company;

 

(xix)          [Intentionally
Omitted];

 

(xx)           any
provision of any Transaction Document (including, without limitation, the Security Documents and the Subsidiary Guaranty) shall at any
time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against the parties
thereto, or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by the
Company or any Subsidiary or any governmental authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability
thereof, or the Company or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under
any Transaction Document (including, without limitation, the Security Documents and the Subsidiary Guaranty);

 

(xxi)          any
Security Document shall for any reason fail or cease to create a separate valid and perfected and, except to the extent permitted by the
terms hereof or thereof, first priority Lien (as defined in the Securities Purchase Agreement) on the Collateral (as defined in the applicable
Security Documents) in favor of the Collateral Agent (as defined in the Securities Purchase Agreement) or any material provision of any
Security Document shall at any time for any reason cease to be valid and binding on or enforceable against the Company or the validity
or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by the Company or any governmental
authority having jurisdiction over the Company, seeking to establish the invalidity or unenforceability thereof;

 

(xxii)         any
material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo,
condemnation, act of God or public enemy, or other casualty which causes, for more than fifteen (15) consecutive days, the cessation or
substantial curtailment of revenue producing activities at any facility of the Company or any Subsidiary, if any such event or circumstance
could have a Material Adverse Effect;

 

(xxiii)        if
either (i) Roger James Hamilton ceases to be the Chief Executive Officer of the Company or (ii) Erez Simha ceases to be the
Chief Financial Officer of the Company, and in either case, a qualified replacement, reasonably acceptable to the Holder, is not appointed
within twenty (20) Trading Days; or

 

(xxiv)        the
failure of (x) the Initial Singapore Stockholder Approval to remain in full force and effect following the First Cash Release Notice
Date and (y) Company to timely obtain any Subsequent Singapore Stockholder Approval necessary or appropriate for the Company’s
performance of its obligations under this Note and the other Transaction Documents or any such Subsequent Singapore Stockholder approval
fails to remain in full force and effect;

 

    	11	 

     

    

 

(xxv)         any
breach of the Voting Agreement (as defined in the Securities Purchase Agreement) by any shareholder of the Company signatory thereto;

 

(xxvi)        the
Company fails to satisfy any of the conditions set forth in Section 2.4 of the Securities Purchase Agreement within the time period
set forth therein; or

 

(xxvii)       any
Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

(b)            Notice
of an Event of Default; Redemption Right. Upon the occurrence of an Event of Default with respect to this Note or any Other Note,
the Company shall within one (1) Business Day deliver written notice thereof via electronic mail and overnight courier (with next
day delivery specified) (an “Event of Default Notice”) to the Holder. At any time after the earlier of the Holder’s
receipt of an Event of Default Notice and the Holder becoming aware of an Event of Default (such earlier date, the “Event of
Default Right Commencement Date”) and ending (such ending date, the “Event of Default Right Expiration Date”,
and each such period, an “Event of Default Redemption Right Period”) on the sixtieth (60th) Trading Day
after the later of (x) the date such Event of Default is cured and (y) the Holder’s receipt of an Event of Default Notice
that includes (I) a reasonable description of the applicable Event of Default, (II) a certification as to whether, in the opinion
of the Company, such Event of Default is capable of being cured and, if applicable, a reasonable description of any existing plans of
the Company to cure such Event of Default and (III) a certification as to the date the Event of Default occurred and, if cured on
or prior to the date of such Event of Default Notice, the applicable Event of Default Right Expiration Date, the Holder may, regardless
of whether such Event of Default has been cured, require the Company to redeem on or prior to the Event of Default Right Expiration Date)
all or any portion of this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to
the Company, which Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to redeem. Each portion
of this Note subject to redemption by the Company pursuant to this Section 4(b) shall be redeemed by the Company at a price
equal to the product of (A) the Alternate Conversion Amount to be redeemed (calculated in accordance with Section 3(f) assuming
an Alternate Conversion as of the date of the Event of Default Redemption Notice) multiplied by (B) the Redemption Premium (the “Event
of Default Redemption Price”). Redemptions required by this Section 4(b) shall be made in accordance with the provisions
of Section 13. For greater certainty, nothing in this Section 4(b) is intended to limit or prejudice Holder’s rights
under Section 3(f) and all of the Holder’s rights and remedies set forth in this Section 4(b) are in addition
to, and not in limitation of, the Holder’s rights and remedies under Section 3(f). To the extent redemptions required by this
Section 4(b) are deemed or determined by a court of competent jurisdiction to be prepayments of this Note by the Company, such
redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 4(b), but subject
to Section 3(d), until the Event of Default Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion
Amount submitted for redemption under this Section 4(b) (together with any Late Charges thereon) may be converted, in whole
or in part, by the Holder into Ordinary Shares pursuant to the terms of this Note. In the event of a partial redemption of this Note pursuant
hereto, the Outstanding Principal Value of this Note redeemed shall be deducted from the Installment Amount(s) relating to the applicable
Installment Date(s) as set forth in the Event of Default Redemption Notice. In the event of the Company’s redemption of any
portion of this Note under this Section 4(b), the Holder’s damages would be uncertain and difficult to estimate because of
the parties’ inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment
opportunity for the Holder. Accordingly, any redemption premium due under this Section 4(b) is intended by the parties to be,
and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty. Any redemption
upon an Event of Default shall not constitute an election of remedies by the Holder, and all other rights and remedies of the Holder shall
be preserved. For the avoidance of doubt, the provisions of this Section 4(b) shall apply to successive Events of Default.

 

    	12	 

     

    

 

(c)            Mandatory
Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding any conversion that
is then required or in process, upon any Bankruptcy Event of Default, whether occurring prior to or following the Maturity Date, the Company
shall immediately pay to the Holder an amount in cash representing (i) the Outstanding Value of this Note, multiplied by (ii) the
Redemption Premium, in addition to any and all other amounts due hereunder, without the requirement for any notice or demand or other
action by the Holder or any other person or entity, provided that the Holder may, in its sole discretion, waive such right to receive
payment upon a Bankruptcy Event of Default, in whole or in part, and any such waiver shall not affect any other rights of the Holder hereunder,
including any other rights in respect of such Bankruptcy Event of Default, any right to conversion, and any right to payment of the Event
of Default Redemption Price or any other Redemption Price, as applicable.

 

5.              RIGHTS
UPON FUNDAMENTAL TRANSACTION.

 

(a)            Assumption.
The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in writing all
of the obligations of the Company under this Note and the other Transaction Documents in accordance with the provisions of this Section 5(a) pursuant
to written agreements in form and substance satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction,
including agreements to deliver to each holder of Notes in exchange for such Notes a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to the Notes, including, without limitation, having a principal amount and interest
rate equal to the principal amounts then outstanding and the interest rates of the Notes held by such holder, having similar conversion
rights as the Notes and having similar ranking and security to the Notes, and reasonably satisfactory to the Holder and (ii) the
Successor Entity (including its Parent Entity) is a publicly traded corporation whose common shares is quoted on or listed for trading
on an Eligible Market. Upon the occurrence of any 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 Note and the other Transaction Documents 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 Note and the other Transaction Documents with the same effect as if such Successor
Entity had been named as the Company herein. Upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to the
Holder confirmation that there shall be issued upon conversion or redemption of this Note at any time after the consummation of such Fundamental
Transaction, in lieu of the Ordinary Shares (or other securities, cash, assets or other property (except such items still issuable under
Sections 6 and 17, which shall continue to be receivable thereafter)) issuable upon the conversion or redemption of the Notes prior to
such Fundamental Transaction, such shares of the publicly traded common shares (or their equivalent) of the Successor Entity (including
its Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Note
been converted immediately prior to such Fundamental Transaction (without regard to any limitations on the conversion of this Note), as
adjusted in accordance with the provisions of this Note. Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery
of written notice to the Company to waive this Section 5(a) to permit the Fundamental Transaction without the assumption of
this Note. The provisions of this Section 5 shall apply similarly and equally to successive Fundamental Transactions and shall be
applied without regard to any limitations on the conversion of this Note.

 

    	13	 

     

    

 

(b)            Notice
of a Change of Control; Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior
to the consummation of a Change of Control (the “Change of Control Date”), but not prior to the public announcement
of such Change of Control, the Company shall deliver written notice thereof via electronic mail and overnight courier to the Holder (a
 “Change of Control Notice”). At any time during the period beginning after the Holder’s receipt of a Change of
Control Notice or the Holder becoming aware of a Change of Control if a Change of Control Notice is not delivered to the Holder in accordance
with the immediately preceding sentence (as applicable) and ending on twenty (20) Trading Days after the later of (A) the date of
consummation of such Change of Control or (B) the date of receipt of such Change of Control Notice or (C) the date of the announcement
of such Change of Control, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof
(“Change of Control Redemption Notice”) to the Company, which Change of Control Redemption Notice shall indicate the
Change of Control Conversion Amount the Holder is electing to redeem. The portion of this Note subject to redemption pursuant to this
Section 5 shall be redeemed by the Company in cash at a price equal to the greater of (i) the product of (w) the Change
of Control Redemption Premium multiplied by (y) the Change of Control Conversion Amount being redeemed, and (ii) the product
of (x) the Change of Control Redemption Premium multiplied by (y) the product of (A) the Change of Control Conversion Amount
being redeemed multiplied by (B) the quotient determined by dividing (I) the greatest Closing Sale Price of the Ordinary Shares
during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the applicable Change
of Control and (2) the public announcement of such Change of Control and ending on the date the Holder delivers the Change of Control
Redemption Notice by (II) the Conversion Price then in effect (the “Change of Control Redemption Price”). Redemptions
required by this Section 5 shall be made in accordance with the provisions of Section 13 and shall have priority to payments
to shareholders in connection with such Change of Control. To the extent redemptions required by this Section 5(b) are deemed
or determined by a court of competent jurisdiction to be prepayments of this Note by the Company, such redemptions shall be deemed to
be voluntary prepayments. Notwithstanding anything to the contrary in this Section 5, but subject to Section 3(d), until the
Change of Control Redemption Price (together with any Late Charges thereon) is paid in full, the Change of Control Conversion Amount submitted
for redemption under this Section 5(a) (together with any Late Charges thereon) may be converted, in whole or in part, by the
Holder into Ordinary Shares pursuant to Section 3. In the event of a partial redemption of this Note pursuant hereto, the Outstanding
Principal Value of this Note redeemed shall be deducted from the Installment Amount(s) relating to the applicable Installment Date(s) as
set forth in the Change of Control Redemption Notice. In the event of the Company’s redemption of any portion of this Note under
this Section 5(a), the Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability
to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder.
Accordingly, any redemption premium due under this Section 5(a) is intended by the parties to be, and shall be deemed, a reasonable
estimate of the Holder’s actual loss of its investment opportunity and not as a penalty.

 

    	14	 

     

    

 

6.            RIGHTS
UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)            Purchase
Rights. In addition to any adjustments pursuant to Sections 7 or 17 below, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase shares, warrants, securities or other property pro rata to all or substantially
all of the record holders of any class of Ordinary 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 Ordinary Shares acquirable upon complete conversion of this Note (without taking into account any limitations
or restrictions on the convertibility of this Note and assuming for such purpose that the Note was converted at the Alternate Conversion
Price as of the applicable record date) immediately prior to 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 Ordinary Shares are to be determined for the
grant, issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate
in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial
ownership of such Ordinary Shares as a result of such Purchase Right (and beneficial ownership) to the extent of any such excess) and
such Purchase Right to such extent shall be held in abeyance (and, if such Purchase Right has an expiration date, maturity date or other
similar provision, such term shall be extended by such number of days held in abeyance, if applicable) for the benefit of the Holder until
such time or times, if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial
Purchase Right or on any subsequent Purchase Right held similarly in abeyance (and, if such Purchase Right has an expiration date, maturity
date or other similar provision, such term shall be extended by such number of days held in abeyance, if applicable)) to the same extent
as if there had been no such limitation).

 

(b)            Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets with respect to or in exchange
for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate provision to ensure that the Holder will
thereafter have the right to receive upon a conversion of this Note, at the Holder’s option (i) in addition to the Ordinary
Shares receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such
Ordinary Shares had such Ordinary Shares been held by the Holder upon the consummation of such Corporate Event (without taking into account
any limitations or restrictions on the convertibility of this Note) or (ii) in lieu of the Ordinary Shares otherwise receivable upon
such conversion, such securities or other assets received by the holders of Ordinary Shares in connection with the consummation of such
Corporate Event in such amounts as the Holder would have been entitled to receive had this Note initially been issued with conversion
rights for the form of such consideration (as opposed to Ordinary Shares) at a conversion rate for such consideration commensurate with
the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the Holder. The
provisions of this Section 6 shall apply similarly and equally to successive Corporate Events and shall be applied without regard
to any limitations on the conversion or redemption of this Note.

 

    	15	 

     

    

 

7.            RIGHTS
UPON ISSUANCE OF OTHER SECURITIES.

 

(a)            Adjustment
of Conversion Price upon Subdivision or Combination of Ordinary Shares. Without limiting any provision of Section 6 or Section 7,
if the Company at any time on or after the Subscription Date subdivides (whether by any share split or other similar transaction) one
or more classes of its outstanding Ordinary Shares into a greater number of shares, the Conversion Price in effect immediately prior to
such subdivision will be proportionately reduced. Without limiting any provision of Section 6 or Section 17, if the Company
at any time on or after the Subscription Date combines (whether by any share combination or other similar transaction) one or more classes
of its outstanding Ordinary Shares into a smaller number of shares, the Conversion Price in effect immediately prior to such combination
will be proportionately increased. Any adjustment pursuant to this Section 7(a) shall become effective immediately after the
effective date of such subdivision or combination. If any event requiring an adjustment under this Section 7(a) occurs during
the period that a Conversion Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately
to reflect such event.

 

(b)            Adjustment
of Conversion Price upon Issuance of Ordinary Shares. If and whenever on or after the Subscription Date the Company grants, issues
or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 7(b) is deemed to have granted,
issued or sold, any Ordinary Shares (including the granting, issuance or sale of Ordinary Shares owned or held by or for the account of
the Company, but excluding any Excluded Securities granted, issued or sold or deemed to have been granted, issued or sold) for a consideration
per share (the “New Issuance Price”) less than a price equal to the Conversion Price in effect immediately prior to
such granting, issuance or sale or deemed granting, issuance or sale (such Conversion Price then in effect is referred to herein as the
 “Applicable Price”) (the foregoing a “Dilutive Issuance”), then, immediately after such Dilutive
Issuance, the Conversion Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing
(including, without limitation, determining the adjusted Conversion Price and the New Issuance Price under this Section 7(b)), the
following shall be applicable:

 

		i.	Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement
to grant, issue or sell) any Options and the lowest price per share for which one Ordinary Share is at any time issuable upon the exercise
of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or
otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary Share shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the granting, issuance or sale of such Option for such price per share.
For purposes of this Section 7(b)(i), the “lowest price per share for which one Ordinary Share is at any time issuable upon
the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such
Option or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts
of consideration (if any) received or receivable by the Company with respect to any one Ordinary Share upon the granting, issuance or
sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon
exercise of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for
which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof, minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) with respect
to any one Ordinary Share upon the granting, issuance or sale of such Option, upon exercise of such Option and upon conversion, exercise
or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value
of any other consideration (including, without limitation, consideration consisting of cash, debt forgiveness, assets or any other property)
received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no
further adjustment of the Conversion Price shall be made upon the actual issuance of such Ordinary Share or of such Convertible Securities
upon the exercise of such Options or otherwise pursuant to the terms thereof or upon the actual issuance of such Ordinary Shares upon
conversion, exercise or exchange of such Convertible Securities.

 

    	16	 

     

    

 

		ii.	Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into
any agreement to issue or sell) any Convertible Securities and the lowest price per share for which one Ordinary Share is at any time
issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price,
then such Ordinary Share shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance
or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per
share. For the purposes of this Section 7(b)(ii), the “lowest price per share for which one Ordinary Share is at any time issuable
upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower
of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one Ordinary
Share upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price
set forth in such Convertible Security for which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions)
upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or
payable to the holder of such Convertible Security (or any other Person) with respect to any one Ordinary Share upon the issuance or sale
(or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or
receivable (including, without limitation, any consideration consisting of cash, debt forgiveness, assets or other property) by, or benefit
conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the
Conversion Price shall be made upon the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Convertible
Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise
of any Options for which adjustment of the Conversion Price has been or is to be made pursuant to other provisions of this Section 7(b),
except as contemplated below, no further adjustment of the Conversion Price shall be made by reason of such issuance or sale.

 

    	17	 

     

    

 

		iii.	Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in
any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities,
or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases
at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to
in Section 7(a) above), the Conversion Price in effect at the time of such increase or decrease shall be adjusted to the Conversion
Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate (as the case may be) at the time initially granted,
issued or sold. For purposes of this Section 7(b)(iii), if the terms of any Option or Convertible Security (including, without limitation,
any Option or Convertible Security that was outstanding as of the Subscription Date) are increased or decreased in the manner described
in the immediately preceding sentence, then such Option or Convertible Security and the Ordinary Shares deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant
to this Section 7(b) shall be made if such adjustment would result in an increase of the Conversion Price then in effect.

 

		iv.	Calculation of Consideration Received. If any Option and/or Convertible Security and/or Adjustment
Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined
by the Holder, the “Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary
Securities”), together comprising one integrated transaction (or one or more transactions if such issuances or sales or deemed
issuances or sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are consummated
in reasonable proximity to each other and/or (C) are consummated under the same plan of financing), the aggregate consideration per
Ordinary Share with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price per share
for which one Ordinary Share was issued (or was deemed to be issued pursuant to Section 7(b)(i) or 7(b)(ii) above, as applicable)
in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities,
the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value (as determined
by the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment Right, if any, and (III) the
fair market value (as determined by the Holder) of such Convertible Security, if any, in each case, as determined on a per share basis
in accordance with this Section 7(b)(iv). If any Ordinary Shares, Options or Convertible Securities are issued or sold or deemed
to have been issued or sold for cash, the consideration received therefor (for the purpose of determining the consideration paid for such
Ordinary Share, Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will
be deemed to be the net amount of consideration received by the Company therefor. If any Ordinary Shares, Options or Convertible Securities
are issued or sold for a consideration other than cash, the amount of such consideration received by the Company (for the purpose of determining
the consideration paid for such Ordinary Share, Option or Convertible Security, but not for the purpose of the calculation of the Black
Scholes Consideration Value) will be the fair value of such consideration, except where such consideration consists of publicly traded
securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the
VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any Ordinary Shares, Options
or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the
surviving entity, the amount of consideration therefor (for the purpose of determining the consideration paid for such Ordinary Share,
Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to
be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such Ordinary Shares,
Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities
will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after
the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be
determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable
appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties
absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

 

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		v.	Record Date. If the Company takes a record of the holders of Ordinary Shares for the purpose of
entitling them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or in Convertible Securities or
(B) to subscribe for or purchase Ordinary Shares, Options or Convertible Securities, then such record date will be deemed to be the
date of the issuance or sale of the Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the making
of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

(c)            Holder’s
Right of Adjusted Conversion Price. If the Company in any manner issues or sells or enters into any agreement to issue or sell, any
Ordinary Shares, Options or Convertible Securities (any such securities, “Variable Price Securities”) , after the Subscription
Date that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for Ordinary Shares at a price which
varies or may vary with the market price of the Ordinary Shares, including by way of one or more reset(s) to a fixed price, (each
of the formulations for such variable price being herein referred to as, the “Variable Price”), the Company shall provide
written notice thereof via electronic mail and overnight courier to the Holder on the date of such agreement and the issuance of such
Ordinary Shares, Convertible Securities or Options. From and after the date the Company enters into such agreement regardless of whether
securities have been sold pursuant to such agreement, whether such agreement has subsequently been terminated or whether the Company has
provided written notice as described in the foregoing sentence, the Holder shall have the right, but not the obligation, in its sole discretion
to substitute the prevailing Variable Price for the Conversion Price upon conversion of this Note by designating in the Conversion Notice
delivered upon any conversion of this Note that solely for purposes of such conversion the Holder is relying on the Variable Price rather
than the Conversion Price then in effect. The Holder’s election to rely on a Variable Price for a particular conversion of this
Note shall not obligate the Holder to rely on a Variable Price for any future conversion of this Note. In addition, from and after the
date the Company enters into such agreement or issues any such Variable Price Securities, for purposes of calculating the Installment
Conversion Price as of any time of determination, the “Conversion Price” as used therein shall mean the lower of (x) the
Conversion Price as of such time of determination and (y) the Variable Price as of such time of determination.

 

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(d)            Other
Events. In the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are not strictly applicable,
or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions
of this Section 7 but not expressly provided for by such provisions (including, without limitation, the granting of share appreciation
rights, phantom share rights or other rights with equity features), then the Company’s board of directors shall in good faith determine
and implement an appropriate adjustment in the Conversion Price so as to protect the rights of the Holder, provided that no such adjustment
pursuant to this Section 7(e) will increase the Conversion Price as otherwise determined pursuant to this Section 7, provided
further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against such dilution,
then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally
recognized standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest error and whose
fees and expenses shall be borne by the Company.

 

(e)            Calculations.
All calculations under this Section 7 shall be made by rounding to the nearest cent or the nearest 1/100th of a share,
as applicable. The number of Ordinary Shares outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Ordinary Shares.

 

(f)            Voluntary
Adjustment by Company. Subject to the rules and regulations of the Principal Market, the Company may at any time during the term
of this Note, with the prior written consent of the Required Holders (as defined in the Securities Purchase Agreement), reduce the then
current Conversion Price of each of the Notes to any amount and for any period of time deemed appropriate by the board of directors of
the Company.

 

8.            INSTALLMENT
CONVERSION OR REDEMPTION.

 

(a)            General.
On each applicable Installment Date, provided there has been no Equity Conditions Failure, the Company shall pay to the Holder of this
Note the applicable Installment Amount due on such date by converting such Installment Amount in accordance with this Section 8 (an
 “Installment Conversion”); provided, however, that the Company may, at its option following notice to
the Holder as set forth below, pay the Installment Amount by redeeming such Installment Amount in cash (a “Installment Redemption”)
or by any combination of an Installment Conversion and an Installment Redemption so long as all of the outstanding applicable Installment
Amount due on any Installment Date shall be converted and/or redeemed by the Company on the applicable Installment Date, subject to the
provisions of this Section 8. On the date which is the twenty-first (21st) Trading Day prior to each Installment Date (each, an “Installment
Notice Due Date”), the Company shall deliver written notice (each, a “Installment Notice” and the date all
of the holders receive such notice is referred to as to the “Installment Notice Date”), to each holder of Notes and
such Installment Notice shall (i) either (A) confirm that the applicable Installment Amount of such holder’s Note shall
be converted in whole pursuant to an Installment Conversion or (B) (1) state that the Company elects to redeem for cash, or
is required to redeem for cash in accordance with the provisions of the Notes, in whole or in part, the applicable Installment Amount
pursuant to an Installment Redemption and (2) specify the portion of such Installment Amount which the Company elects or is required
to redeem pursuant to an Installment Redemption (such amount to be redeemed in cash, the “Installment Redemption Amount”)
and the portion of the applicable Installment Amount, if any, with respect to which the Company will, and is permitted to, effect an Installment
Conversion (such amount of the applicable Installment Amount so specified to be so converted pursuant to this Section 8 is referred
to herein as the “Installment Conversion Amount”), which amounts when added together, must at least equal the entire
applicable Installment Amount and (ii) if the applicable Installment Amount is to be paid, in whole or in part, pursuant to an Installment
Conversion, certify that there is not then an Equity Conditions Failure as of the applicable Installment Notice Date. Each Installment
Notice shall be irrevocable. If the Company does not timely deliver an Installment Notice in accordance with this Section 8 with
respect to a particular Installment Date, then the Company shall be deemed to have delivered an irrevocable Installment Notice confirming
an Installment Conversion of the entire Installment Amount payable on such Installment Date and shall be deemed to have certified that
there is not then an Equity Conditions Failure in connection with such Installment Conversion. Except as expressly provided in this Section 8(a),
the Company shall convert and/or redeem the applicable Installment Amount of this Note pursuant to this Section 8 and the corresponding
Installment Amounts of the Other Notes pursuant to the corresponding provisions of the Other Notes in the same ratio of the applicable
Installment Amount being converted and/or redeemed hereunder. The applicable Installment Conversion Amount (whether set forth in the applicable
Installment Notice or by operation of this Section 8) shall be converted in accordance with Section 8(b) and the applicable
Installment Redemption Amount shall be redeemed in accordance with Section 8(c).

 

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(b)            Mechanics
of Installment Conversion. Subject to Section 3(d) if the Company delivers an Installment Notice or is deemed to have delivered
an Installment Notice certifying that such Installment Amount is being paid, in whole or in part, in an Installment Conversion in accordance
with Section 8(a), then the remainder of this Section 8(b) shall apply. The applicable Installment Conversion Amount, if
any, shall be converted on the applicable Installment Date at the applicable Installment Conversion Price and the Company shall, on such
Installment Date, deliver to the Holder’s account with DTC such Ordinary Shares issued upon such conversion (subject to any reduction
contemplated by this Section 8(b)), provided that the Equity Conditions are then satisfied (or waived in writing by the Holder) on
such Installment Date and an Installment Conversion is not otherwise prohibited under any other provision of this Note. Notwithstanding
anything to the contrary in this Section 8(b), but subject to Section 3(d), until the Company delivers Ordinary Shares representing
the Installment Conversion Amount to the Holder, the Installment Conversion Amount may be converted by the Holder into Ordinary Shares
pursuant to Section 3. In the event that the Holder elects to convert the Installment Conversion Amount prior to the applicable Installment
Date as set forth in the immediately preceding sentence, the Installment Conversion Amount so converted shall be deducted from the Installment
Amount(s) relating to the applicable Installment Date(s) as set forth in the applicable Conversion Notice. If the Company confirmed
(or is deemed to have confirmed by operation of Section 8(a)) the conversion of the applicable Installment Conversion Amount, in
whole or in part, and there was no Equity Conditions Failure as of the applicable Installment Notice Date (or is deemed to have certified
that the Equity Conditions in connection with any such conversion have been satisfied by operation of Section 8(a)) but an Equity
Conditions Failure occurred between the applicable Installment Notice Date and any time through the applicable Installment Date (the “Interim
Installment Period”), the Company shall provide the Holder a subsequent notice to that effect. If there is an Equity Conditions
Failure (which is not waived in writing by the Holder) during such Interim Installment Period or an Installment Conversion is not otherwise
permitted under any other provision of this Note, then, at the option of the Holder designated in writing to the Company, the Holder may
require the Company to do any one or more of the following: (i) the Company shall redeem all or any part designated by the Holder
of the unconverted Installment Conversion Amount (such designated amount is referred to as the “Designated Redemption Amount”)
and the Company shall pay to the Holder within two (2) days of such Installment Date, by wire transfer of immediately available funds,
an amount in cash equal to 105% of such Designated Redemption Amount, and/or (ii) the Installment Conversion shall be null and void
with respect to all or any part designated by the Holder of the unconverted Installment Conversion Amount and the Holder shall be entitled
to all the rights of a holder of this Note with respect to such designated part of the Installment Conversion Amount; provided, however,
the Conversion Price for such designated part of such unconverted Installment Conversion Amount shall thereafter be adjusted to equal
the lesser of (A) the Installment Conversion Price as in effect on the date on which the Holder voided the Installment Conversion
and (B) the Installment Conversion Price that would be in effect on the date on which the Holder delivers a Conversion Notice relating
thereto as if such date was an Installment Date. If the Company fails to redeem any Designated Redemption Amount by the second (2nd) day
following the applicable Installment Date by payment of such amount by such date, then the Holder shall have all rights under this Note
(including, without limitation, such failure constituting an Event of Default described in Section 4(a)(vi)). The Company shall pay
any and all taxes that may be payable with respect to the issuance and delivery of any Ordinary Shares in any Installment Conversion hereunder.

 

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(c)            Mechanics
of Installment Redemption. If the Company elects or is required to effect an Installment Redemption, in whole or in part, in accordance
with Section 8(a), then the Installment Redemption Amount, if any, shall be redeemed by the Company in cash on the applicable Installment
Date by wire transfer to the Holder of immediately available funds in an amount equal to 100% of the applicable Installment Redemption
Amount (the “Installment Redemption Price”). If the Company fails to redeem such Installment Redemption Amount on such
Installment Date by payment of the Installment Redemption Price, then, at the option of the Holder designated in writing to the Company
(any such designation shall be a “Conversion Notice” for purposes of this Note), the Holder may require the Company
to convert all or any part of the Installment Redemption Amount at the Installment Conversion Price (determined as of the date of such
designation as if such date were an Installment Date). Conversions required by this Section 8(c) shall be made in accordance
with the provisions of Section 3(c). Notwithstanding anything to the contrary in this Section 8(c), but subject to Section 3(d),
until the Installment Redemption Price (together with any Late Charges thereon) is paid in full, the Installment Redemption Amount (together
with any Late Charges thereon) may be converted, in whole or in part, by the Holder into Ordinary Shares pursuant to Section 3. In
the event the Holder elects to convert all or any portion of the Installment Redemption Amount prior to the applicable Installment Date
as set forth in the immediately preceding sentence, the Installment Redemption Amount so converted shall be deducted from the Installment
Amounts relating to the applicable Installment Date(s) as set forth in the applicable Conversion Notice. Redemptions required by
this Section 8(c) shall be made in accordance with the provisions of Section 13.

 

(d)            Deferred
Installment Amount. Notwithstanding any provision of this Section 8(d) to the contrary, the Holder may, at its option and
in its sole discretion, deliver a written notice to the Company no later than the Trading Day immediately prior to the applicable Installment
Date electing to have the payment of all or any portion of an Installment Amount payable on such Installment Date deferred (such amount
deferred, the “Deferral Amount”, and such deferral, each a “Deferral”) until any subsequent Installment
Date selected by the Holder, in its sole discretion, in which case, the Deferral Amount shall be added to, and become part of, such subsequent
Installment Amount and such Deferral Amount shall continue to accrue Interest hereunder. Any notice delivered by the Holder pursuant to
this Section 8(d) shall set forth (i) the Deferral Amount and (ii) the date that such Deferral Amount shall now be
payable.

 

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(e)            Acceleration
of Installment Amounts. Notwithstanding any provision of this Section 8 to the contrary, but subject to Section 3(d), during
the period commencing on an Installment Date (a “Current Installment Date”) and ending on the Trading Day immediately
prior to the next Installment Date (each, an “Installment Period”), at the option of the Holder, at one or more times,
the Holder may (a) convert the Installment Amount with respect to the applicable Current Installment Date in which case the Company’s
obligations with respect to such Current Installment Date shall be deemed fulfilled and (b) convert other Installment Amounts (each,
an “Acceleration”, and each such amount, an “Acceleration Amount”, and the Conversion Date of any
such Acceleration, each an “Acceleration Date”), in whole or in part, in the each case of clauses (a) and (b),
at the Acceleration Conversion Price of such Current Installment Date in accordance with the conversion procedures set forth in Section 3
hereunder (with “Acceleration Conversion Price” replacing “Conversion Price” for all purposes therein), mutatis
mutandis. Notwithstanding the foregoing, with respect to any given Installment Period, the Holder may not effect aggregate Accelerations
during such Installment Period in excess of an amount equal to the sum of (1) the applicable Installment Amount for the applicable
Installment Period and (2) an amount equal to 2.5x thereof.

 

9.            SUBSEQUENT
PLACEMENT OPTIONAL REDEMPTION

 

(a)            General.
At any time from and after the earlier of (x) the date the Holder becomes aware of the occurrence of a Subsequent Placement (as defined
in the Securities Purchase Agreement) (the “Holder Notice Date”) and (y) the time of consummation of a Subsequent
Placement (in each case, other than with respect to Excluded Securities) (each, an “Eligible Subsequent Placement”),
the Holder shall have the right, in its sole discretion, to require that the Company redeem (each an “Subsequent Placement Optional
Redemption”) all, or any portion, of the Conversion Amount under this Note not in excess of (together with any Subsequent Placement
Optional Redemption Amount (as defined in the applicable other Note of the Holder) of any other Notes of the Holder) the Holder’s
Holder Pro Rata Amount of (x) 15% of the gross proceeds from all Eligible Subsequent Placements until the Company has received aggregate
gross proceeds from Eligible Subsequent Placements equal to US$5,000,000 and (y) after the Company has received aggregate gross proceeds
of US$5,000,000 from Eligible Subsequent Placements, 25% of the gross proceeds from all Eligible Subsequent Placements (the “Eligible
Subsequent Placement Optional Redemption Amount”) by delivering written notice thereof (an “Subsequent Placement Optional
Redemption Notice”) to the Company. Notwithstanding the foregoing, if the Holder is participating in an Eligible Subsequent
Placement, upon the written request of the Holder, the Company shall apply all, or any part, as set forth in such written request, of
any amounts that would otherwise be payable to the Holder in such Subsequent Placement Optional Redemption, on a dollar-for-dollar basis,
against the purchase price of the securities to be purchased by the Holder in such Eligible Subsequent Placement.

 

(b)            Mechanics.
Each Subsequent Placement Optional Redemption Notice shall indicate that all, or such applicable portion, as set forth in the applicable
Subsequent Placement Optional Redemption Notice, of the Eligible Subsequent Placement Optional Redemption Amount the Holder is electing
to have redeemed (the “Subsequent Placement Optional Redemption Amount”) and the date of such Subsequent Placement
Optional Redemption (the “Subsequent Placement Optional Redemption Date”), which shall be the later of (x) the
fifth (5th) Business Day after the date of the applicable Subsequent Placement Optional Redemption Notice and (y) the
date of the consummation of such Eligible Subsequent Placement. The portion of the Outstanding Value of this Note subject to redemption
pursuant to this Section 9 shall be redeemed by the Company in cash at a price equal to the Subsequent Placement Optional Redemption
Amount (the “Subsequent Placement Optional Redemption Price”). Redemptions required by this Section 9 shall be
made in accordance with the provisions of Section 13. For greater certainty, the Subsequent Placement Optional Redemption Amount
shall be applied to this Note as provided in the last sentence of Section 1.

 

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10.           Optional
Redemption at the Election of the Company. Subject to the provisions of this Section 10, the Company may deliver a notice
to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder, the “Optional
Redemption Notice Date”) of its irrevocable election to redeem all, and not less than all, of the then outstanding Conversion
Amount for cash on the 30th Trading Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”,
such 30 Trading Day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).
In connection with an Optional Redemption, the entire outstanding Conversion Amount (the “Optional Redemption Amount”)
shall be due and payable in full on the Optional Redemption Date. Notwithstanding the foregoing, any for the avoidance of doubt, if the
Company delivers an Optional Redemption Notice in connection with any Change of Control, then the Optional Redemption Amount shall be
the Change of Control Redemption Price. The Company may only effect an Optional Redemption if each of the Equity Conditions shall have
been met (unless waived in writing by the Holder) on each Trading Day during the period commencing on the Optional Redemption Notice Date
through to the Optional Redemption Date and through and including the date payment of the Optional Redemption Amount is actually made
in full. If any of the Equity Conditions shall cease to be satisfied at any time during the Optional Redemption Period, then the Holder
may elect to nullify the Optional Redemption Notice by notice to the Company within 3 Trading Days after the first day on which any such
Equity Condition has not been met (provided that if, by a provision of the Transaction Documents, the Company is obligated to notify the
Holder of the non-existence of an Equity Condition, such notice period shall be extended to the third Trading Day after proper notice
from the Company) in which case the Optional Redemption Notice shall be null and void, ab initio. The Company covenants and agrees
that it will honor all Notices of Conversion tendered from the time of delivery of the Optional Redemption Notice through the date all
amounts owing thereon are due and paid in full. The Company’s determination to pay an Optional Redemption in cash shall be applied
ratably to all of the holders of the then outstanding Debentures based on their (or their predecessor’s) initial purchases of Notes
pursuant to the Securities Purchase Agreement. Optional Redemptions made pursuant to this Section 10 shall be made in accordance
with the provisions of Section 13.

 

11.            NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation (as defined in the
Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets,
consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Note, and will at all times in good faith carry out all of the provisions
of this Note and take all action as may be required to protect the rights of the Holder of this Note. Without limiting the generality
of the foregoing or any other provision of this Note or the other Transaction Documents, the Company (a) shall not increase the par
value of any Ordinary Shares receivable upon conversion of this Note above the Conversion Price then in effect, and (b) shall take
all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
Ordinary Shares upon the conversion of this Note. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day
anniversary of the Issuance Date, the Holder is not permitted to convert this Note in full for any reason (other than pursuant to restrictions
set forth in Section 3(d) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without
limitation, obtaining such consents or approvals as necessary to permit such conversion into Ordinary Shares.

 

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12.            INTENTIONALLY
OMITTED.

 

13.            REDEMPTIONS.

 

(a)            Mechanics.
The Company shall deliver the applicable Event of Default Redemption Price to the Holder in cash within five (5) Business Days after
the Company’s receipt of the Holder’s Event of Default Redemption Notice. If the Holder has submitted a Change of Control
Redemption Notice in accordance with Section 5(a), the Company shall deliver the applicable Change of Control Redemption Price to
the Holder in cash concurrently with the consummation of such Change of Control if such notice is received prior to the consummation of
such Change of Control and within five (5) Business Days after the Company’s receipt of such notice otherwise. The Company
shall deliver the applicable Subsequent Placement Optional Redemption Price to the Holder in cash on the applicable Subsequent Placement
Optional Redemption Date. The Company shall deliver the applicable Installment Redemption Price to the Holder in cash on the applicable
Installment Date. The Company shall deliver the applicable Optional Redemption Amount to the Holder in cash on the applicable Optional
Redemption Date. Notwithstanding anything herein to the contrary, in connection with any redemption hereunder at a time the Holder is
entitled to receive a cash payment under any of the other Transaction Documents, at the option of the Holder delivered in writing to the
Company, the applicable Redemption Price hereunder shall be increased by the amount of such cash payment owed to the Holder under such
other Transaction Document and, upon payment in full or conversion in accordance herewith, shall satisfy the Company’s payment obligation
under such other Transaction Document. In the event of a redemption of less than all of the Conversion Amount of this Note, the Company
shall promptly cause to be issued and delivered to the Holder a new Note (in accordance with Section 20(d)) representing the Outstanding
Principal Value of this Note which has not been redeemed. The Holder’s delivery of a notice voiding a Redemption Notice and exercise
of its rights following such notice shall not affect the Company’s obligations to make any payments of Late Charges which have accrued
prior to the date of such notice with respect to the Conversion Amount subject to such notice.

 

(b)            Redemption
by Other Holders. Upon the Company’s receipt of notice from any of the holders of the Other Notes for redemption or repayment
as a result of an event or occurrence substantially similar to the events or occurrences described in Section 4(b), Section 5(a) or
Section 9 (each, an “Other Redemption Notice”), the Company shall immediately, but no later than one (1) Business
Day of its receipt thereof, forward to the Holder by electronic mail a copy of such notice. If the Company receives a Redemption Notice
and one or more Other Redemption Notices, during the seven (7) Business Day period beginning on and including the date which is two
(2) Business Days prior to the Company’s receipt of the Holder’s applicable Redemption Notice and ending on and including
the date which is two (2) Business Days after the Company’s receipt of the Holder’s applicable Redemption Notice and
the Company is unable to redeem all principal, make-whole amount, interest and other amounts designated in such Redemption Notice and
such Other Redemption Notices received during such seven (7) Business Day period, then the Company shall redeem a pro rata amount
from each holder of the Notes (including the Holder) based on the principal amount of the Notes submitted for redemption pursuant to such
Redemption Notice and such Other Redemption Notices received by the Company during such seven (7) Business Day period.

 

14.            VOTING
RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law and as expressly provided in
this Note.

 

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15.          COVENANTS.
Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

 

(a)            Rank.
All payments due under this Note (a) shall rank pari passu with all Other Notes and (b) shall be senior to all other
Indebtedness of the Company and its Subsidiaries.

 

(b)            Incurrence
of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, incur
or guarantee, assume or suffer to exist any Indebtedness (other than (i) the Indebtedness evidenced by this Note and the Other Notes
and (ii) other Permitted Indebtedness).

 

(c)            Existence
of Liens. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, allow or suffer
to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts
and contract rights) owned by the Company or any of its Subsidiaries (collectively, “Liens”) other than Permitted Liens.

 

(d)            Restricted
Payments and Investments. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part,
whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any Indebtedness (other
than the Notes) whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness or make any
Investment, as applicable, other than Permitted Indebtedness and Permitted Acquisitions, provided any such payments with respect to such
Permitted Indebtedness and any such Permitted Acquisitions, as applicable, shall not be permitted if, at such time, or after giving effect
to such payment, any Event of Default or an event that with the passage of time and without being cured would constitute an Event of Default
exists or occurs and is continuing.

 

(e)            Restriction
on Redemption and Cash Dividends. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or
indirectly, redeem, repurchase or declare or pay any cash dividend or distribution out of its capital.

 

(f)            Restriction
on Transfer of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Company
or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related transactions, other than (i) sales,
leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Company and its Subsidiaries
in the ordinary course of business consistent with its past practice and (ii) sales of inventory and product in the ordinary course
of business and (iii) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights
by the Company and its Subsidiaries that in aggregate that do not have a fair market value in excess $1,000,000 in the aggregate during
any Fiscal Year. For greater certainty, in no event shall the Company or any Subsidiary, directly or indirectly, sell, lease, license,
assign, transfer or otherwise dispose of any assets to a Subsidiary that is not a party to Subsidiary Guaranty (as defined in the Securities
Purchase Agreement) and with respect to which the Collateral Agent has a perfected, first ranking lien and security interest in all of
its assets.

 

(g)            Maturity
of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, permit
any Indebtedness of the Company or any of its Subsidiaries to mature or accelerate prior to the Maturity Date.

 

    	26	 

     

    

 

(h)            Change
in Nature of Business.  The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly contemplated
to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business substantially related or incidental
thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their
corporate structure or purpose.

 

(i)            Preservation
of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence,
rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing
in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes
such qualification necessary.

 

(j)            Maintenance
of Properties, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its
properties which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and
tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is
a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder.

 

(k)            Maintenance
of Intellectual Property. The Company will, and will cause each of its Subsidiaries to, take all action necessary or advisable to
maintain all of the Intellectual Property Rights (as defined in the Securities Purchase Agreement) of the Company and/or any of its Subsidiaries
that are necessary or material to the conduct of its business in full force and effect.

 

(l)            Maintenance
of Insurance. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable
insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption
insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering
such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in accordance
with sound business practice by companies in similar businesses similarly situated (including, without limitation, and for the avoidance
of doubt, at least $3,000,000 in director’s and officer’s insurance).

 

(m)            Transactions
with Affiliates. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party to,
any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property
or assets of any kind or the rendering of services of any kind) with any affiliate, except transactions in the ordinary course of business
in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its business, for fair
consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm’s length transaction
with a Person that is not an affiliate thereof.

 

(n)            Restricted
Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of a majority in aggregate
principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the Securities Purchase Agreement
and the Notes) or (ii) issue any other securities that would cause a breach or default under the Notes.

 

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(o)            New
Subsidiaries. Simultaneously with the acquisition or formation of each New Subsidiary that would be a “Significant Subsidiary”
within the meaning of 17 CFR §210.1-02 (Definitions of terms used in Regulation S-X), the Company shall, and shall cause such New
Subsidiary to execute, and deliver to each holder of Notes and the Collateral Agent, all Security Documents (as defined in the Securities
Purchase Agreement), the Subsidiary Guaranty (as defined in the Securities Purchase Agreement) and such other agreements and instruments
as reasonably requested by the Collateral Agent or the Required Holders, as applicable.

 

(p)            Change
in Collateral; Collateral Records. The Company shall (i) give the Collateral Agent not less than thirty (30) days’ prior
written notice of any change in the location of any Collateral (as defined in the Security Documents), other than to locations set forth
in the Perfection Certificate (as defined in the Security Agreement) hereto and with respect to which the Collateral Agent has filed financing
statements and otherwise fully perfected its Liens thereon, (ii) advise the Collateral Agent promptly, in sufficient detail, of any
material adverse change relating to the type, quantity or quality of the Collateral or the Lien granted thereon and (iii) execute
and deliver, and cause each of its Subsidiaries to execute and deliver, to the Collateral Agent for the benefit of the Holder and holders
of the Other Notes from time to time, solely for the Collateral Agent’s convenience in maintaining a record of Collateral, such
written statements and schedules as the Collateral Agent or any Holder may reasonably require, designating, identifying or describing
the Collateral.

 

(q)            Bank
Accounts.

 

(i)            General.
Neither the Company nor any Subsidiary shall maintain any deposit account or account containing investment property within the meaning
9-102 of the Uniform Commercial Code as in effect in the State of New York that is not subject to a Controlled Account Agreement; provided,
however, that the Company and the Subsidiaries shall not be required to deliver a Controlled Account Agreement with respect to any such
account if the amount on deposit therein is less than US$500,000 (an “Excluded Account”); provided, further, however,
that aggregate balance of all Excluded Accounts shall not, at any time, exceed US$2,000,000.

 

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(ii)            Blocked
Cash. In addition to, and not in limitation of, the provisions of this Section 15(q)(i), the Company shall at all times cause
to be maintained on deposit in the Blocked Account cash in an aggregate amount equal to not less than the Purchase Price paid by the initial
Holder of this Note to the Company on the Closing Date (the “Blocked Cash”) (which Blocked Cash is in addition to any
Cash required to be kept on deposit in the Blocked Account pursuant to Section 15(t)(i)); provided, however, if (A) the
Registration Statement was declared effective by the Commission by the Effectiveness Date for all the Registrable Securities and the prospectus
contained therein is available for use by the Holder, (B) the Initial Singapore Stockholder Approval and any necessary Subsequent
Singapore Stockholder Approval has been obtained and validly remains in place, (C) the Company is in compliance with Minimum Cash
Test, (D) no Event of Default has occurred and no circumstance exists that with the passage of time, the giving of notice or both
would become an Event of Default, and (E) satisfaction of the post-closing condition set forth in Section 2.4(c) of the
Securities Purchase Agreement (the conditions set forth in clause (A), (B), (C), (D) and (E) are collectively referred to herein
as the “First Release Conditions”), the Company may give written notice (the “First Cash Release Notice”
and the date the Holder and all the holders of the Other Notes received such notice is referred to as the “First Cash Release
Notice Date”) to the Holder certifying that all of the First Release Conditions are satisfied as of the First Cash Release Notice
Date and of its intention to release one-half of the Purchase Price ($8,500,000) from the Blocked Account and setting forth the date of
such release on a date that is not less than two (2) Business Days following the First Cash Release Notice Date; provided,
further, however, if, following the third Installment Date hereunder, (I) the Registration Statement has been continuously
effective since the Effectiveness Date with respect to all Registrable Securities, and the prospectus contained therein has been continuously
available for use by the Holder, in each case, since the First Cash Release Notice Date, (II) no Event of Default has occurred and
no circumstance exists that with the passage of time, the giving of notice or both would become an Event of Default, (III) the Company
is in compliance with the Minimum Cash Test, (IV) no Equity Conditions Failure has occurred that is then continuing, (V) the
ratio of the Company’s Total Indebtedness to Market Capitalization is no greater than 33%, (VI) the Company has received gross
proceeds (less any reasonable placement agent, underwriter and/or legal fees and expenses) of at least US$7,500,000 from the sale and
issuance in a single closing of Ordinary Shares and/or Options and/or Convertible Securities (the “Equity Raise”) and
(VII) each of the post-Closing conditions set forth in Section 2.4 of the Securities Purchase Agreement shall have been satisfied
(the conditions set forth in clause (I), (II), (III), (IV), (V), (VI) and (VII) are collectively referred to herein as the “Second
Release Conditions”), the Company may give written notice (the “Second Cash Release Notice” and the date
the Holder and all the holders of the Other Notes received such notice is referred to as the “Second Cash Release Notice Date”)
to the Holder certifying that all of the Second Release Conditions are satisfied as of the Second Cash Release Notice Date and of its
intention to release the remaining portion of the Purchase Price ($8,500,000) from the Blocked Account, and setting forth the date of
such release on a date that is not less than two (2) Business Days following the Second Cash Release Notice Date. In the event that,
following the third Installment Date hereunder, all of the Second Release Conditions are satisfied but for the Equity Raise, the Company
may nonetheless deliver the Second Cash Release Notice but only for the release of $5,000,000, and the remaining $3,500,000 shall only
be released upon the Company’s delivery of a subsequent written notice (the “Third Cash Release Notice” and the
date the Holder and all the holders of the Other Notes received such notice is referred to as the “Third Cash Release Notice
Date”) certifying (x) that the Equity Raise has been consummated and the other Second Release Conditions continue to be
satisfied as of the Third Cash Release Notice Date or (y) that the aggregate Outstanding Value of this Note and the Other Notes is
equal to or less than $9,065,000 and the Second Release Conditions (other than clause (VI)) continue to be satisfied as of the Third Release
Notice Date and, in each case, setting forth the date of such release on a date that is not less than two (2) Business Days following
the Third Cash Release Notice Date. None of the First Cash Release Notice, the Second Cash Release Notice or the Third Cash Release Notice
shall contain any material, non-public information. For the avoidance of doubt, for purposes of this Section 15(q)(ii) the Equity
Conditions Measurement Period shall have commenced on the twentieth (20th) Trading Day prior to the delivery of the Second Cash Release
Notice or Third Cash Release Notice, as the case may be, and have ended on the Second Cash Release Notice Date or Third Cash Release Notice
Date, as applicable. The Company shall, simultaneously with the delivery of any First Cash Release Notice, Second Cash Release Notice
or Third Cash Release Notice to the Holder, publicly disclose such notice in a Report of a Foreign Private Issuer on Form 6-K filed
with the Commission. For greater certainty, nothing in this Section 15(q) shall be deemed implied consent to the sale and issuance
of any Convertible Securities that would be prohibited by the other terms of the Transaction Documents.

 

(r)            Stay,
Extension and Usury Laws. To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever
enacted or in force) that may affect the covenants or the performance of this Note; and (B) expressly waives all benefits or advantages
of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to
the Holder by this Note, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

    	29	 

     

    

 

(s)            Taxes.
The Company and its Subsidiaries shall pay when due all taxes, fees or other charges of any nature whatsoever (together with any related
interest or penalties) now or hereafter imposed or assessed against the Company and its Subsidiaries or their respective assets or upon
their ownership, possession, use, operation or disposition thereof or upon their rents, receipts or earnings arising therefrom (except
where the failure to pay would not, individually or in the aggregate, have a material effect on the Company or any of its Subsidiaries).
The Company and its Subsidiaries shall file on or before the due date therefor all personal property tax returns (except where the failure
to file would not, individually or in the aggregate, have a material effect on the Company or any of its Subsidiaries). Notwithstanding
the foregoing, the Company and its Subsidiaries may contest, in good faith and by appropriate proceedings, taxes for which they maintain
adequate reserves therefor in accordance with IFRS.

 

(t)            Minimum
Cash Test; Cash Burn Covenant.

 

(i)            Minimum
Cash Test. At any time any Notes remains outstanding, the Company shall, at all times, cause to be kept on deposit in the Blocked
Account an amount of Cash (which shall be in addition to the Blocked Cash) equal to the greater of (x) an amount equal to 33% of
the positive difference between (1) the aggregate amount of cash released from the Blocked Account in accordance with Section 15(q)(ii) and
(2) the aggregate Installment Amounts paid to the Holder by the Company hereunder and (y) US$2,000,000 (the “Minimum
Cash Test”). Once the Outstanding Value is less than US$2,000,000 the Company shall no longer be required to comply with the
Minimum Cash Test.

 

(ii)            Cash
Burn Covenant. Commencing on the First Cash Release Notice Date and at all times thereafter, if the Company’s Available Cash
is less than 125% of Adjusted Total Indebtedness, the Available Cash on the last Business Day of each calendar month shall be greater
than or equal to the Available Cash on the last Business Day of the calendar month six (6) months prior to such date of determination
less $6,000,000 and greater than or equal to the available cash on the last Business Day of the calendar month three (3) months prior
to such date of determination less $3,500,000.

 

(u)            Changes
in Business. Until the Initial Registration Statement (as defined in the Registration Rights Agreement) is declared effective by the
Commission, the Company shall refrain, and cause its Subsidiaries to refrain, from acquiring any business or disposing of any business
if such acquisition or disposition would require the Company to include in such Initial Registration any (x) pro forma financial
statements, (y) stand-alone historical financial statements regarding the acquired or disposed business or (z) other information
(financial or otherwise) that that is not readily available for inclusion in the Initial Registration Statement prior to the Filing Date
or Effectiveness Date (each as defined in the Registration Rights Agreement) therefor.

 

(v)            PCAOB
Registered Auditor. At all times any Notes remain outstanding, the Company shall have engaged an independent auditor to audit its
financial statements that is registered with (and in compliance with the rules and regulations of) the Public Company Accounting
Oversight Board.

 

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(w)            Independent
Investigation. At the request of the Holder either (x) at any time when an Event of Default has occurred and is continuing, (y) upon
the occurrence of an event that with the passage of time or giving of notice would constitute an Event of Default or (z) at any time
the Holder reasonably believes an Event of Default may have occurred or be continuing, the Company shall hire an independent, reputable
investment bank selected by the Company and approved by the Holder to investigate as to whether any breach of this Note has occurred (the
 “Independent Investigator”). If the Independent Investigator determines that such breach of this Note has occurred,
the Independent Investigator shall notify the Company of such breach and the Company shall deliver written notice to each holder of a
Note of such breach. In connection with such investigation, the Independent Investigator may, during normal business hours, inspect all
contracts, books, records, personnel, offices and other facilities and properties of the Company and its Subsidiaries and, to the extent
available to the Company after the Company uses reasonable efforts to obtain them, the records of its legal advisors and accountants (including
the accountants’ work papers) and any books of account, records, reports and other papers not contractually required of the Company
to be confidential or secret, or subject to attorney-client or other evidentiary privilege, and the Independent Investigator may make
such copies and inspections thereof as the Independent Investigator may reasonably request. The Company shall furnish the Independent
Investigator with such financial and operating data and other information with respect to the business and properties of the Company as
the Independent Investigator may reasonably request. The Company shall permit the Independent Investigator to discuss the affairs, finances
and accounts of the Company with, and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors,
key employees and independent public accountants or any of them (and by this provision the Company authorizes said accountants to discuss
with such Independent Investigator the finances and affairs of the Company and any Subsidiaries), all at such reasonable times, upon reasonable
notice, and as often as may be reasonably requested.

 

16.          SECURITY.
This Note and the Other Notes are secured to the extent and in the manner set forth in the Transaction Documents (including, without limitation,
the Security Agreement, the other Security Documents and the Guaranties).

 

17.          DISTRIBUTION
OF ASSETS. In addition to any adjustments pursuant to Sections 6(a) or 7, if the Company shall declare or make any dividend or
other distributions of its assets (or rights to acquire its assets) to any or all holders of Ordinary Shares, by way of return of capital
or otherwise (including without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the “Distributions”),
then the Holder will be entitled to such Distributions as if the Holder had held the number of Ordinary Shares acquirable upon complete
conversion of this Note (without taking into account any limitations or restrictions on the convertibility of this Note and assuming for
such purpose that the Note was converted at the Alternate Conversion Price as of the applicable record date) immediately prior to the
date on which a record is taken for such Distribution or, if no such record is taken, the date as of which the record holders of Ordinary
Shares are to be determined for such Distributions (provided, however, that to the extent that the Holder’s right to participate
in any such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Distribution to the extent of the Maximum Percentage (and shall not be entitled to beneficial
ownership of such Ordinary Shares as a result of such Distribution (and beneficial ownership) to the extent of any such excess) and the
portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto
would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall
be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

18.          AMENDING
THE TERMS OF THIS NOTE. Except for Section 3(d), which may not be amended, modified or waived by the parties hereto, the prior
written consent of the Holder shall be required for any change, waiver or amendment to this Note.

 

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19.          TRANSFER.
This Note and any Ordinary Shares issued upon conversion of this Note may be offered, sold, assigned or transferred by the Holder without
the consent of the Company, subject only to the provisions of Section 4.1 of the Securities Purchase Agreement.

 

20.          REISSUANCE
OF THIS NOTE.

 

(a)            Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue and
deliver upon the order of the Holder a new Note (in accordance with Section 20(d)), registered as the Holder may request, representing
the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new
Note (in accordance with Section 20(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and
any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii) following
conversion or redemption of any portion of this Note, the outstanding Principal represented by this Note may be less than the Principal
stated on the face of this Note.

 

(b)            Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice as such evidence),
and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable
form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder
a new Note (in accordance with Section 19(d)) representing the outstanding Principal.

 

(c)            Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company, for a new Note or Notes (in accordance with Section 20(d) and in principal amounts of at least $1,000) representing
in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal
as is designated by the Holder at the time of such surrender.

 

(d)            Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 20(a) or Section 20(c), the Principal designated by the
Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed
the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance
date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights
and conditions as this Note, and (v) shall represent accrued and unpaid Make-Whole Amount, Interest and Late Charges on the
Principal, Interest and Make-Whole Amount of this Note, from the Issuance Date.

 

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21.            REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and
in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including
a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual
and consequential damages for any failure by the Company to comply with the terms of this Note. No failure on the part of the Holder
to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise by the Holder of any right, power or remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. In addition, the exercise of any right or remedy of the Holder at law or equity or under this Note or any
of the documents shall not be deemed to be an election of Holder’s rights or remedies under such documents or at law or equity.
The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided
herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of
the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event
of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to specific performance
and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such
case without the necessity of proving actual damages and without posting a bond or other security. The Company shall provide all information
and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the
terms and conditions of this Note (including, without limitation, compliance with Section 7).

 

22.            PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Note and/or
any other Transaction Document or to enforce the provisions of this Note and/or any other Transaction Document or (b) there occurs
any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving
a claim under this Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in
connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees
and disbursements. The Company expressly acknowledges and agrees that no amounts due under this Note and/or any other Transaction Document,
as applicable, shall be affected, or limited, by the fact that the purchase price paid for this Note was less than the original Principal
amount hereof.

 

23.            CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall not be construed against
any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
 “hereunder,” “hereof” and words of like import refer to this entire Note instead of just the provision in which
they are found. Unless expressly indicated otherwise, all section references are to sections of this Note. Terms used in this Note and
not otherwise defined herein, but defined in the other Transaction Documents, shall have the meanings ascribed to such terms on the Closing
Date in such other Transaction Documents unless otherwise consented to in writing by the Holder.

 

24.            FAILURE
OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party. Notwithstanding the foregoing, nothing contained in this Section 24 shall permit any waiver
of any provision of Section 3(d).

 

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25.            DISPUTE
RESOLUTION.

 

(a)            Submission
to Dispute Resolution.

 

(i)            In
the case of a dispute relating to a Black Scholes Consideration Value, Closing Bid Price, a Closing Sale Price, a Conversion Price, an
Installment Conversion Price, an Acceleration Conversion Price, an Alternate Conversion Price, a VWAP or a fair market value or the arithmetic
calculation of a Conversion Rate or the applicable Redemption Price (as the case may be) (including, without limitation, a dispute relating
to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party
via electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise
to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If
the Holder and the Company are unable to promptly resolve such dispute relating to such Black Scholes Consideration Value, Closing Bid
Price, such Closing Sale Price, such Conversion Price, such Installment Conversion Price, such Acceleration Conversion Price, such Alternate
Conversion Price, such VWAP or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption
Price (as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or
the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option,
select an independent, reputable investment bank to resolve such dispute.

 

(ii)            The
Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance
with the first sentence of this Section 25 and (B) written documentation supporting its position with respect to such dispute,
in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on
which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the
immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”)
(it being understood and agreed that if either the Holder or the Company fails to so deliver all of the Required Dispute Documentation
by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be
entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with
respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was
delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company
and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit
any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

 

(iii)            The
Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and the Holder
of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses
of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of such dispute shall be final
and binding upon all parties absent manifest error.

 

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(b)            Miscellaneous.
The Company expressly acknowledges and agrees that (i) this Section 25 constitutes an agreement to arbitrate between the Company
and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil Practice Law and Rules (“CPLR”)
and that the Holder is authorized to apply for an order to compel arbitration pursuant to CPLR § 7503(a) in order to compel
compliance with this Section 25, (ii) the terms of this Note and each other applicable Transaction Document shall serve as the
basis for the selected investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby
expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by
such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply
such findings, determinations and the like to the terms of this Note and any other applicable Transaction Documents, (iii) the Holder
(and only the Holder), in its sole discretion, shall have the right to submit any dispute described in this Section 25 to any state
or federal court sitting in The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 25
and (iv) nothing in this Section 25 shall limit the Holder from obtaining any injunctive relief or other equitable remedies
(including, without limitation, with respect to any matters described in this Section 25).

 

26.          NOTICES;
CURRENCY; PAYMENTS.

 

(a)            Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with
Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions
taken pursuant to this Note, including in reasonable detail a description of such action and the reason therefore. Without limiting the
generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Conversion
Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days
prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the
Ordinary Shares, (B) with respect to any grant, issuances, or sales of any Options, Convertible Securities or rights to purchase
shares, warrants, securities or other property to holders of Ordinary Shares or (C) for determining rights to vote with respect to
any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

(b)            Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts owing under
this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar
equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate” means, in relation
to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S. Dollar exchange rate as published in the Wall
Street Journal on the relevant date of calculation (it being understood and agreed that where an amount is calculated with reference to,
or over, a period of time, the date of calculation shall be the final date of such period of time).

 

(c)            Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise expressly set forth herein,
such payment shall be made in lawful money of the United States of America by a certified check drawn on the account of the Company and
sent via overnight courier service to such Person at such address as previously provided to the Company in writing (which address, in
the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement),
provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company
with prior written notice setting out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to
be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day
which is a Business Day. Any amount of Outstanding Value of this Note or other amounts due under the Transaction Documents which is not
paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at
the rate of eighteen percent (18%) per annum from the date such amount was due until the same is paid in full (“Late Charge”).

 

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27.           CANCELLATION.
After all of the Outstanding Value of this Note and other amounts at any time owed on this Note or any other Transaction Documents have
been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not
be reissued.

 

28.          WAIVER
OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other
demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Securities Purchase
Agreement.

 

29.          GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Except as otherwise required by Section 25 above, the Company
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan,
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. Nothing contained herein (i) shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action
against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral
or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder or (ii) shall limit,
or shall be deemed or construed to limit, any provision of Section 25. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS
NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

30.          JUDGMENT
CURRENCY.

 

(a)            If
for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to convert
into any other currency (such other currency being hereinafter in this Section 30 referred to as the “Judgment Currency”)
an amount due in U.S. dollars under this Note, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately
preceding:

 

(i)            the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or

 

    	36	 

     

    

 

(ii)            the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which
such conversion is made pursuant to this Section 30(a)(ii) being hereinafter referred to as the “Judgment Conversion
Date”).

 

(b)            If
in the case of any proceeding in the court of any jurisdiction referred to in Section 30(a)(ii) above, there is a change in
the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party
shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

 

(c)            Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Note.

 

31.            SEVERABILITY.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction,
the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that
it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining
provisions of this Note so long as this Note as so modified continues to express, without material change, the original intentions of
the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question
does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

32.            MAXIMUM
PAYMENTS. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event
that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess
of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company.

 

33.            CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)            “Acceleration
Conversion Price” means, with respect to any given Acceleration Date, the lower of (i) the Installment Conversion Price
for such Current Installment Date related to such Acceleration Date and (ii) the lower of (A) 90% of the VWAP of the Ordinary
Shares as of the Trading Day immediately preceding the applicable Acceleration Date and (B) 90% of the quotient of (I) the sum
of the VWAP of the Ordinary Shares for each of the three (3) Trading Days with the lowest VWAP of the Ordinary Shares during the
twenty (20) consecutive Trading Day period ending and including the Trading Day immediately prior to such Acceleration Date, divided by
(II) three (3). All such determinations to be appropriately adjusted for any share split, share dividend, share combination or other
similar transaction during any such measuring period.

 

    	37	 

     

    

 

(b)            “Adjusted
Total Indebtedness” means, as of the date of determination, Total Indebtedness minus the amount of Blocked Cash on deposit
in the Blocked Account minus the Company’s and its Subsidiaries’ aggregate accounts receivable determined in accordance
with IFRS minus the Company’s and its Subsidiaries prepaid expenses as determined in accordance with IFRS minus the
Company’s and its Subsidiaries other current assets as of such date of determination, but excluding Available Cash .

 

(c)            “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 7) of shares of Common Stock (other than rights of the type described
in Section 6(a) hereof) that could result in a decrease in the net consideration received by the Company in connection with,
or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

(d)            “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control
with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly
or indirectly either to vote 10% or more of the shares having ordinary voting power for the election of directors of such Person or direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(e)            “Alternate
Conversion Event of Default” means (i) three or more occurrences of Events of Default arising pursuant to Section 4(a)(iii) (only
with respect to threatened suspensions or threatened failure) or Section 4(a)(xiv), (ii) any Event of Default arising pursuant
to Sections 4(a)(ii), Section 4(a)(iii) (with respect to suspension or failure) Section 4(a)(iv), Section 4(a)(v),
Section 4(a)(vi), Section 4(a)(vii), Section 4(a)(viii), Section 4(a)(ix), Section 4(a)(x), Section 4(a)(xi),
Section 4(a)(xii), Section 4(a)(xiii), Section 4(xvi), Section 4(a)(xviii), Section 4(a)(xx), Section 4(a)(xxi),
Section 4(a)(xxiv), or (iii) any other Event of Default that remains uncured for a period of ten calendar days.

 

(f)            “Alternate
Conversion Price” means, with respect to any Alternate Conversion that price which shall be the lowest of (i) the applicable
Conversion Price as in effect on the applicable Conversion Date of the applicable Alternate Conversion, (ii) 85% of the VWAP of the
Ordinary Shares as of the Trading Day immediately preceding the delivery or deemed delivery of the applicable Conversion Notice, (iii) 85%
of the VWAP of the Ordinary Shares as of the Trading Day of the delivery or deemed delivery of the applicable Conversion Notice and (iv) 85%
of the price computed as the quotient of (I) the sum of the VWAP of the Ordinary Shares for each of the three (3) Trading Days
with the lowest VWAP of the Ordinary Shares during the twenty (20) consecutive Trading Day period ending and including the Trading Day
immediately preceding the delivery or deemed delivery of the applicable Conversion Notice, divided by (II) three (3) (such period,
the “Alternate Conversion Measuring Period”). All such determinations to be appropriately adjusted for any share dividend,
share split, share combination, reclassification or similar transaction that proportionately decreases or increases the Ordinary Shares
during such Alternate Conversion Measuring Period.

 

(g)            “Approved
Stock Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to or subsequent
to the Subscription Date pursuant to which Ordinary Shares and standard options to purchase Ordinary Shares may be issued to any employee,
officer or director for services provided to the Company in their capacity as such.

 

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(h)            “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder’s
investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing,
(iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any
other Persons whose beneficial ownership of the Company’s Ordinary Shares would or could be aggregated with the Holder’s and
the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is
to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(i)            “Available
Cash” means, with respect to any date of determination, an amount equal to the aggregate amount of the Cash of the Company and
its Subsidiaries (excluding for this purpose cash held in restricted accounts or otherwise unavailable for unrestricted use by the Company
or any of its Subsidiaries for any reason) as of such date of determination on deposit in an account subject to a Controlled Account Agreement.
For greater certainty, Blocked Cash and Cash required to be kept on deposit in the Blocked Account pursuant to Section 15(t)(i) is
not Available Cash.

 

(j)            “Black
Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment Right (as the case
may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale Price of the Ordinary Shares on the Trading
Day immediately preceding the public announcement of the execution of definitive documents with respect to the issuance of such Option,
Convertible Security or Adjustment Right (as the case may be), (ii) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as the case may be) as of the
date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii) a zero cost of borrow and (iv) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the “HVT” function on Bloomberg
(determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the date of issuance of such Option,
Convertible Security or Adjustment Right (as the case may be).

 

(k)            “Blocked
Account” means the deposit account of Genius USA maintained at First Republic Bank subject to Controlled Account Agreement,
which Controlled Account Agreement does not permit Genius USA or Company to access such deposit account without the prior consent of the
Collateral Agent.

 

(l)            “Bloomberg”
means Bloomberg, L.P.

 

(m)            “Book
Value” means the value of an asset as determined for purposes of the Company’s and its Subsidiaries financial statements.

 

(n)            “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
 “non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York generally are open for use by customers on such day.

 

    	39	 

     

    

 

(o)            “Cash”
of the Company and its Subsidiaries on any date shall be determined from such Persons’ books maintained in accordance with IFRS,
and means, without duplication, the cash and cash equivalents accrued by the Company and its wholly owned Subsidiaries on a consolidated
basis on such date.

 

(p)            “Change
of Control” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual
or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control
(whether through legal or beneficial ownership of share capital of the Company, by contract or otherwise) of in excess of 50% of the voting
securities of the Company (other than by means of conversion or exercise of the Notes and the Securities issued together with the Notes),
(b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and,
after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the
aggregate voting power of the Company or the successor entity of such transaction, (c) the Company (and all of its Subsidiaries,
taken as a whole) sells or transfers all or substantially all of its assets to another Person and the shareholders of the Company immediately
prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction or
(e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the
events set forth in clauses (a) through (d) above.

 

(q)            “Change
of Control Conversion Amount” means the sum of (A) the portion of the Outstanding Principal Value of this Note to be redeemed,
(B) accrued and unpaid Interest with respect to such Outstanding Principal Value of this Note, (C) accrued and unpaid Late Charges,
including with respect to such Outstanding Principal Value of this Note and Interest, and (D) any other unpaid amounts pursuant to
the Transaction Documents, if any

 

(r)            “Change
of Control Redemption Premium” means 115%.

 

(s)            “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and
last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market
begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may
be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg,
or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or
last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed
or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of
such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing
bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices,
respectively, of any market makers for such security as reported in The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as the case may be) of such security on such date
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree
upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 25.
All such determinations shall be appropriately adjusted for any share splits, share dividends, share combinations, recapitalizations or
other similar transactions during such period.

 

    	40	 

     

    

 

(t)            “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date the Company initially issued
Notes pursuant to the terms of the Securities Purchase Agreement.

 

(u)            “Collateral
Coverage Ratio” means the ratio of Total Indebtedness to the Book Value of the tangible assets (within the meaning of IFRS)
over which the Agent has a valid, first ranking lien as security for the Company’s obligations under the Notes and the other Transaction
Documents.

 

(v)            “Commission”
means the United States Securities and Exchange Commission or the successor thereto.

 

(w)            “Contingent
Acquisition Consideration” means any earn-out obligation, or similar deferred obligation of the Company incurred or created
under the Stock Purchase Agreement, dated March 22, 2021, by and among the Company, Sandra Johnson, Marco Johnson, the University
of Antelope Valley Inc., and the University of Antelope Valley, LLC, provided, the amount of the obligation does not exceed US$17,000,000
in the aggregate and the first payment is not prior to March 31, 2024.

 

(x)            “Contingent
Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect
to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such
liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or
discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in
whole or in part) against loss with respect thereto.

 

(y)            “Controlled
Account Agreement” means a deposit account control agreement among the Company or a Subsidiary, the Collateral Agent and the
applicable bank or other financial institution where the Company or such Subsidiary maintains a deposit account or account holding investment
property, in form and substance acceptable to the Collateral Agent, granting to the Collateral Agent a perfected first priority security
interest in the monies or investment property, as applicable, deposited in such account.

 

(z)            “Convertible
Securities” means any share or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Ordinary
Shares.

 

(aa)          “Current
Subsidiary” means any Person in which the Company on the Subscription Date, directly or indirectly, (i) owns any of the
outstanding issued share capital or holds any equity or similar interest of such Person or (ii) controls or operates all or any part
of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current Subsidiaries”.

 

(bb)          “Eligible
Market” means The New York Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Select Market, the Nasdaq Global Market
or the Principal Market.

 

    	41	 

     

    

 

(cc)          “Equity
Conditions” means, with respect to an given date of determination: (i) on each day during the period beginning twenty
(20) Trading Days prior to such applicable date of determination and ending on and including such applicable date of determination (or,
with respect to the initial Installment Date, during the period beginning on the Initial Installment Notice Due Date and ending on and
including the initial Installment Date) either (x) one or more Registration Statements filed pursuant to the Registration Rights
Agreement shall be effective and the prospectus contained therein shall be available on such applicable date of determination for the
resale of all Ordinary Shares to be issued in connection with the event requiring this determination (or issuable upon conversion of
the Conversion Amount being redeemed, as applicable, in the event requiring this determination at the Alternate Conversion Price then
in effect (without regard to any limitations on conversion set forth herein)) (each, a “Required Minimum Securities Amount”),
in each case, in accordance with the terms of the Registration Rights Agreement and there shall not have been during such period any
Allowable Grace Periods (as defined in the Registration Rights Agreement) or (y) all Registrable Securities shall be eligible for
sale pursuant to Rule 144 (as defined in the Securities Purchase Agreement) without the need for registration under any applicable
federal or state securities laws (in each case, disregarding any limitation on conversion of the Notes, other issuance of securities
with respect to the Notes) and no Public Information Failure (as defined in the Securities Purchase Agreement) exists or is continuing;
(ii) on each day during the period beginning twenty (20) Trading Days prior to the applicable date of determination and ending on
and including the applicable date of determination (the “Equity Conditions Measuring Period”), the Ordinary Shares
(including all Registrable Securities) is listed or designated for quotation (as applicable) on an Eligible Market and shall not have
been suspended from trading on an Eligible Market nor shall delisting or suspension by an Eligible Market have been threatened or likely
to occur or pending as evidenced by (A) a writing by such Eligible Market or (B) the Company falling below the minimum listing
maintenance requirements of the Eligible Market on which the Ordinary Shares is then listed or designated for quotation (as applicable);
(iii) during the Equity Conditions Measuring Period, the Company shall have delivered all Ordinary Shares issuable upon conversion
of this Note on a timely basis as set forth in Section 3 hereof and all other shares required to be delivered by the Company on
a timely basis as set forth in the other Transaction Documents; (iv) any Ordinary Shares to be issued in connection with the event
requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination)
may be issued in full without violating Section 3(d) hereof; (v) any Ordinary Shares to be issued in connection with the
event requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination
(without regards to any limitations on conversion set forth herein)) may be issued in full without violating the rules or regulations
of the Eligible Market on which the Ordinary Shares is then listed or designated for quotation (as applicable); (vi) on each day
during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall
have occurred which has not been abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that
would reasonably be expected to cause (1) any Registration Statement required to be filed pursuant to the Registration Rights Agreement
to not be effective or the prospectus contained therein to not be available for the resale of the applicable Required Minimum Securities
Amount of Registrable Securities in accordance with the terms of the Registration Rights Agreement or (2) any Registrable Securities
to not be eligible for sale pursuant to Rule 144 without the need for registration under any applicable federal or state securities
laws (in each case, disregarding any limitation on conversion of the Notes, other issuance of securities with respect to the Notes) and
no Public Information Failure exists or is continuing; (viii) the Holder shall not be in (and no other holder of Notes shall be
in) possession of any material, non-public information provided to any of them by the Company, any of its Subsidiaries or any of their
respective affiliates, employees, officers, representatives, agents or the like; (ix) on each day during the Equity Conditions Measuring
Period, the Company otherwise shall have been in compliance with each, and shall not have breached any representation or warranty in
any material respect (other than representations or warranties subject to material adverse effect or materiality, which may not be breached
in any respect) or any covenant or other term or condition of any Transaction Document, including, without limitation, the Company shall
not have failed to timely make any payment pursuant to any Transaction Document; (x) on each Trading Day during the Equity Conditions
Measuring Period, there shall not have occurred any Volume Failure or Price Failure as of such applicable date of determination; (xi) on
the applicable date of determination (A) no Authorized Share Failure shall exist or be continuing and the applicable Required Minimum
Securities Amount of Ordinary Shares are available under the certificate of incorporation of the Company and reserved by the Company
to be issued pursuant to the Notes and (B) all Ordinary Shares to be issued in connection with the event requiring this determination
(or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination (without regards to any
limitations on conversion set forth herein)) may be issued in full without resulting in an Authorized Share Failure; (xii) on each
day during the Equity Conditions Measuring Period, there shall not have occurred and there shall not exist an Event of Default (as defined
in the Notes) or an event that with the passage of time or giving of notice would constitute an Event of Default (regardless of whether
the Holder has submitted an Event of Default Redemption Notice); (xiii) no bona fide dispute shall exist, by and between any of
holder of Notes, the Company, the Principal Market (or such applicable Eligible Market in which the Ordinary Shares of the Company is
then principally trading) and/or FINRA with respect to any term or provision of any Note or any other Transaction Document, (xiv) the
Ordinary Shares issuable pursuant to the event requiring the satisfaction of the Equity Conditions are duly authorized and listed and
eligible for trading without restriction on an Eligible Market and (xv) all Singapore Stockholder Approvals have been obtained timely
and validly remain in place.

 

    	42	 

     

    

 

(dd)          “Equity
Conditions Failure” means that on any day during the period commencing twenty (20) Trading Days prior to the applicable Installment
Notice Date through the later of the applicable Installment Date and the date on which the applicable Ordinary Shares are actually delivered
to the Holder, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

 

(ee)          “Exchange
Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(ff)            “Excluded
Securities” means (i) Ordinary Shares or standard options to purchase Ordinary Shares issued to directors, officers or
employees of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Stock Plan, provided,
that the aggregate number of Ordinary Shares subject to such Approved Stock Plan does not exceed 10% of the Company’s issued and
outstanding Ordinary Shares on the Subscription Date, and provided, further that the exercise price of any such options is not lowered,
none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such
options are otherwise materially changed in any manner that adversely affects any of the Buyers; (ii) Ordinary Shares issued upon
the conversion or exercise of Convertible Securities or Options (other than standard options to purchase Ordinary Shares issued pursuant
to an Approved Stock Plan that are covered by clause (i) above) issued prior to the Subscription Date, provided that the conversion
price of any such Convertible Securities (other than standard options to purchase Ordinary Shares issued pursuant to an Approved Stock
Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities or Options (other than standard options
to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to increase
the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities or Options (other than
standard options to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are
otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) the Ordinary Shares issuable upon conversion
of the Notes or otherwise pursuant to the terms of the Notes; provided, that the terms of the Notes are not amended, modified or changed
on or after the Subscription Date (other than antidilution adjustments pursuant to the terms thereof in effect as of the Subscription
Date), and (iv) Ordinary Shares issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and
shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing Ordinary Shares primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.

 

    	43	 

     

    

 

(gg)          “Fiscal
Quarter” means each of the fiscal quarters adopted by the Company for financial reporting purposes that correspond to the Company’s
fiscal year as of the date hereof that ends on December 31.

 

(hh)          “Fiscal
Year” means the fiscal year adopted by the Company for financial reporting purposes as of the date hereof that ends on December 31.

 

(ii)            “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation)
another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties
or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation S-X) to one
or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or
have its Ordinary Shares be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted
by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares calculated
as if any Ordinary Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to,
such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Subject Entities
making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively
the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate,
acquire, either (x) at least 50% of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares calculated
as if any Ordinary Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to,
such stock purchase agreement or other business combination were not outstanding; or (z) such number of Ordinary Shares such that
the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50%
of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any
Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender,
tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination, reorganization, recapitalization,
spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either
(x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares, (y) at least
50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Subject Entities
as of the date of this Note calculated as if any Ordinary Shares held by all such Subject Entities were not outstanding, or (z) a
percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or other equity securities of
the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other shareholders
of the Company to surrender their Ordinary Shares without approval of the shareholders of the Company or (C) directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any
other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case
this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to
the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended
treatment of such instrument or transaction.

 

    	44	 

     

    

 

(jj)            “Genius
USA” means Genius Group USA Inc., a wholly owned Subsidiary of the Company.

 

(kk)          “Group”
means a “group” as that term is used in Section 13(d) of the Exchange Act and as defined in Rule 13d-5 thereunder.

 

(ll)            “Holder
Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount of this Note on the Closing
Date and (ii) the denominator of which is the aggregate original principal amount of all Notes issued to the initial purchasers pursuant
to the Securities Purchase Agreement on the Closing Date.

 

(mm)          “IFRS”
means International Financial Reporting Standards consistently applied.

 

(nn)          “Indebtedness”
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or
assumed as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance
with IFRS) (other than trade payables entered into in the ordinary course of business consistent with past practice), (C) all reimbursement
or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced
by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of
property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement,
or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale
of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with IFRS, consistently
applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through
(F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person which
owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations
in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G) above.

 

(oo)          “Initial
Installment Notice Due Date” means the twenty-first (21st) Trading Day prior to the initial Installment Date.

 

    	45	 

     

    

 

(pp)          “Installment
Amount” means the sum of (A) (i) with respect to any Installment Date other than the Maturity Date, the lesser of
(x) the quotient of (I) the Outstanding Principal Value of this Note as of the initial Installment Date, divided by (II) the
number of Installment Dates occurring hereunder (as determined as of the initial Installment Date assuming no Deferrals, Accelerations,
redemptions or conversions hereunder prior to the Maturity Date) and (y) Outstanding Principal Value of this Note as of such Installment
Date, and (ii) with respect to the Installment Date that is the Maturity Date, the Outstanding Principal Value of this Note then
outstanding under this Note as of such Installment Date (in each case, as any such Installment Amount may be reduced pursuant to the terms
of this Note, whether upon conversion, redemption or Deferral), (B) any Deferral Amount deferred pursuant to Section 8(d) and
included in such Installment Amount in accordance therewith, (C) any Acceleration Amount accelerated pursuant to Section 8(e) and
included in such Installment Amount in accordance therewith and (D) in each case of clauses (A) through (C) above, the
sum of any accrued and unpaid Interest and Make-Whole Amount as of such Installment Date under this Note, if any, and accrued and unpaid
Late Charges, if any, under this Note as of such Installment Date. In the event the Holder shall sell or otherwise transfer any portion
of this Note, the transferee shall be allocated a pro rata portion of the each unpaid Installment Amount hereunder.

 

(qq)          “Installment
Conversion Price” means, with respect to a particular date of determination, the lower of (i) the Conversion Price then
in effect, and (ii) the lower of (I) 90% of the VWAP of the Ordinary Shares as of the Trading Day immediately preceding the
applicable Installment Date and (II) 90% of the quotient of (A) the sum of the VWAP of the Ordinary Shares for each of the three
(3) Trading Days with the lowest VWAP of the Ordinary Shares during the twenty (20) consecutive Trading Day period ending and including
the Trading Day immediately prior to the applicable Installment Date, divided by (B) three (3). All such determinations to be appropriately
adjusted for any share split, share dividend, share combination or other similar transaction during any such measuring period.

 

(rr)            “Installment
Date” means (i) November 25, 2022, (ii) then, (x) if the first Trading Day of the calendar month immediately
following the initial Installment Date occurs less than twenty (20) Trading Days after the initial Installment Date, the first Trading
Day of the second calendar month immediately following the initial Installment Date or (y) otherwise, the first Trading Day of the
calendar month immediately following the initial Installment Date, (iii) thereafter, the first Trading Day of the calendar month
immediately following the previous Installment Date until the Maturity Date, and (iv) the Maturity Date.

 

(ss)          “Interest
Date” means, with respect to any given calendar month, (x) if prior to the initial Installment Date or after the Maturity
Date, the first Trading Day of such calendar month or (y) if on or after the initial Installment Date, but on or prior to the Maturity
Date, such Installment Date, if any, in such calendar month.

 

(tt)          “Interest
Rate” means five percent (5.0%) per annum, as may be adjusted from time to time in accordance with Section 2.

 

(uu)          “Investment”
means any beneficial ownership (including shares, partnership or limited liability company interests) of or in any Person, or any loan,
advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person or the
purchase of any assets of another Person for greater than the fair market value of such assets.

 

    	46	 

     

    

 

(vv)          “Make-Whole
Amount” means, as of any given date and as applicable, in connection with any conversion, redemption or other repayment hereunder,
an amount equal to the amount of additional Interest that would accrue under this Note at the Interest Rate then in effect assuming for
calculation purposes that the Outstanding Principal Value of this Note as of the Closing Date remained outstanding through and including
the Maturity Date.

 

(ww)        “Market
Capitalization” means, as of any date of determination, the product of (x) the Ordinary Shares outstanding as reported
on the most recent Annual Report on Form 20-F or Report of a Foreign Private Issuer on Form 6-K (as applicable) (y) the
Closing Sale Price of the Ordinary Shares on such date of determination.

 

(xx)               “Maturity
Date” shall mean Febryary 26, 2025; provided, however, the Maturity Date may be extended at the option of the Holder (i) in
the event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred and be
continuing that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the date that
is twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction is publicly
announced or a Change of Control Notice is delivered prior to the Maturity Date, provided further that if a Holder elects to convert some
or all of this Note pursuant to Section 3 hereof, and the Conversion Amount would be limited pursuant to Section 3(d) hereunder,
the Maturity Date shall automatically be extended until such time as such provision shall not limit the conversion of this Note.

 

(yy)          “New
Subsidiary” means, as of any date of determination, any Person in which the Company after the Subscription Date, directly or
indirectly, (i) owns or acquires any of the outstanding issued share capital or holds any equity or similar interest of such Person
or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing,
collectively, “New Subsidiaries”.

 

(zz)           “Options”
means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

 

(aaa)        “Ordinary
Shares” means ordinary shares in the capital of the Company.

 

(bbb)        “Outstanding
Principal Value” as of any time of determination, means 104% of all outstanding Principal of this Note as of such time of determination

 

(ccc)        “Outstanding
Value”, as of any time of determination, means the Outstanding Principal Value of this Note, accrued and unpaid Interest, Make-Whole
Amount, if any, and accrued and unpaid Late Charges (as defined in Section 26(c)) on such Outstanding Principal Value, Interest
and Make-Whole Amount, if any, in each case, as of such time of determination.

 

(ddd)        “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent
equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

    	47	 

     

    

 

(eee)        “Permitted
Acquisition” means the acquisition by the Company or any Subsidiary or another Person or all or substantially all of the assets
of another Person (or any business unit thereof); provided that (a) upon consummation of such Acquisition, the newly acquired (or
continuing or surviving) Person executes and delivers a joinder to the Subsidiary Guaranty , (b) if upon consummation of such acquisition
the Collateral Coverage Ratio is greater than 33%, the newly acquired (or continuing or surviving) Person executes and delivers such security
agreements or instruments reasonable requested by the Holder such that the Agent shall have valid, first ranking on all of its assets,
(c) no Event of Default has occurred and is continuing at the time of the consummation of such Permitted Acquisition and the consummation
of such Permitted Acquisition would not result in the occurrence of an Event of Default and (d) any selling party in any such acquisition
who receives consideration, whether upon consummation of such acquisition or following such consummation in the form of earn-outs or otherwise,
in the form Ordinary Shares executes and delivers a voting agreement in substantially the same form as the Voting Agreement (as defined
in the Securities Purchase Agreement).

 

(fff)          “Permitted
Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness set forth on Schedule
3(s) to the Securities Purchase Agreement, as in effect as of the Subscription Date, (iii) Indebtedness secured by Permitted
Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens and (iv) the Contingent
Acquisition Consideration.

 

(ggg)        “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with IFRS, (ii) any statutory Lien arising in the ordinary course
of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any Lien created by operation
of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business
with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iv) Liens
(A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase price of such equipment
or Indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or (B) existing on such
equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon,
and the proceeds of such equipment, in either case, with respect to Indebtedness in an aggregate amount not to exceed $250,000, (v) Liens
incurred in connection with the extension, renewal or refinancing of the Indebtedness secured by Liens of the type described in clause
(iv) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing
Lien and the principal amount of the Indebtedness being extended, renewed or refinanced does not increase, (vi) Liens in favor of
customs and revenue authorities arising as a matter of law to secure payments of custom duties in connection with the importation of goods,
(vii) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 4(a)(xii) and
(viii) Liens created under the Security Documents.

 

(hhh)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(iii)            “Price
Failure” means, with respect to a particular date of determination, the VWAP of the Ordinary Shares on any Trading Day during
the twenty (20) Trading Day period ending on the Trading Day immediately preceding such date of determination fails to exceed $2.00 (as
adjusted for share splits, share dividends, share combinations, recapitalizations or other similar transactions occurring after the Subscription
Date). All such determinations to be appropriately adjusted for any share splits, share dividends, share combinations, recapitalizations
or other similar transactions during any such measuring period.

 

(jjj)          “Principal
Market” means the NYSE American.

 

    	48	 

     

    

 

(kkk)          “Redemption
Notices” means, collectively, the Event of Default Redemption Notices, the Installment Notices with respect to any Installment
Redemption, the Change of Control Redemption Notices, the Subsequent Placement Optional Redemption Notices, and the Optional Redemption
Notices and each of the foregoing, individually, a “Redemption Notice.”

 

(lll)           “Redemption
Premium” means 115%.

 

(mmm)     “Redemption
Prices” means, collectively, Event of Default Redemption Prices, the Change of Control Redemption Prices, the Installment Redemption
Prices, the Subsequent Placement Optional Redemption Prices and the Optional Redemption Prices, and each of the foregoing, individually,
a “Redemption Price.”

 

(nnn)        “Registration
Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date, by and among the Company and
the initial holders of the Notes relating to, among other things, the registration of the resale of the Ordinary Shares issuable upon
conversion of the Notes or otherwise pursuant to the terms of the Notes, as may be amended from time to time.

 

(ooo)        “Registration
Statement” shall have the meaning as set forth in the Registration Rights Agreement.

 

(ppp)        “Securities
Purchase Agreement” means that certain securities purchase agreement, dated as of the Subscription Date, by and among the Company
and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be amended from time to time.

 

(qqq)        “Security
Agreement” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(rrr)          “Singapore
Stockholder Approval”, “Singapore Stockholder Approvals”, “Subsequent Singapore Stockholder Approval”
and “Initial Singapore Stockholder Approval” shall have each have the meaning as set forth in the Securities Purchase
Agreement.

 

(sss)         “Subscription
Date” means August 24, 2022.

 

(ttt)          “Subsidiaries”
means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing, individually,
a “Subsidiary.”

 

(uuu)        “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(vvv)        “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been
entered into.

 

(www)      “Total
Indebtedness” means , as of any date of determination, the sum of, without duplication, (a) the aggregate Indebtedness
of the Company and its Subsidiaries calculated on a consolidated basis as of such date in accordance with IFRS (including, for the avoidance
of doubt, this Note and the Other Notes), (b) the aggregate amount of the Company’s and its Subsidiaries’ accounts payable
and other obligations required to be paid or settled in cash, in each case, which are due prior to the Maturity Date, and (c) Indebtedness,
payables and obligations of the type referred to in clauses (a) or (b) hereof of another Person guaranteed by the Company or
any of its Subsidiaries

 

    	49	 

     

    

 

(xxx)         “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Ordinary Shares,
any day on which the Ordinary Shares is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is then traded, provided
that “Trading Day” shall not include any day on which the Ordinary Shares is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Ordinary Shares is suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or (y) with
respect to all determinations other than price determinations relating to the Ordinary Shares, any day on which The New York Stock Exchange
(or any successor thereto) is open for trading of securities.

 

(yyy)       “Volume
Failure” means, with respect to a particular date of determination, the aggregate daily dollar trading volume (as reported on
Bloomberg) of the Ordinary Shares on the Principal Market on at least sixteen (16) Trading Days out of the twenty (20) Trading Days immediately
preceding the date of determination (such period, the “Volume Failure Measuring Period”), is less than $500,000 (as
adjusted for any share splits, share dividends, share combinations, recapitalizations or other similar transactions occurring after the
Subscription Date).

 

(zzz)          “VWAP”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the
Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market
on which such security is then traded), during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time,
as reported by Bloomberg through its “VAP” function (set to 09:30 start time and 16:00 end time) or, if the foregoing does
not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for
such security during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time, as reported by Bloomberg,
or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing
bid price and the lowest closing ask price of any of the market makers for such security as reported in The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices). If the VWAP cannot be calculated for such security on such date
on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved in accordance with the procedures in Section 25. All such determinations shall be appropriately adjusted for any share
dividend, share split, stock share, recapitalization or other similar transaction during such period.

 

    	50	 

     

    

 

34.          DISCLOSURE.
Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms of this
Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public
information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York city time on the Business
Day immediately following such notice delivery date, publicly disclose such material, non-public information on a Report of a Foreign
Private Issuer on Form 6-K or otherwise. In the event that the Company believes that a notice contains material, non-public information
relating to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder explicitly in writing in such notice (or
immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written indication in such notice (or
notification from the Company immediately upon receipt of notice from the Holder), the Holder shall be entitled to presume that information
contained in the notice does not constitute material, non-public information relating to the Company or any of its Subsidiaries. Nothing
contained in this Section 4 shall limit any obligations of the Company, or any rights of the Holder, under Section 4.7 of the
Securities Purchase Agreement.

 

35.           ABSENCE
OF TRADING AND DISCLOSURE RESTRICTIONS. The Company acknowledges and agrees that the Holder is not a fiduciary or agent of the Company
and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain
from trading any securities while in possession of such information in the absence of a written non-disclosure agreement signed by an
officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an executed,
written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company, may
possess and use any information provided by the Company in connection with such trading activity, and may disclose any such information
to any third party.

 

36.          CERTAIN
TAX MATTERS. All payments to be made by the Company under the this Note (whether in cash or on Ordinary Shares) shall be made without
any Tax Deduction (as defined below) unless a Tax Deduction is required by law. The Company shall promptly upon becoming aware that it
must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Holder accordingly. If
a Tax Deduction is required by law to be made by the Company, the amount of the payment due from the Company under this Note shall be
increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due under this
Note if no Tax Deduction had been required. If the Company is required to make a Tax Deduction, it shall make that Tax Deduction and any
payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. Within thirty
(30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Company shall deliver to
the Holder evidence reasonably satisfactory to the Holder that the Tax Deduction has been made and that any appropriate payment has been
paid to the relevant taxing authority. For greater certainty, (i) this Section 36 applies to all payments, whether in the form
of cash, Ordinary Shares or otherwise, made under this Note, and (ii) the Company is obligated to indemnify the Holder pursuant to
this Section 36 in the event that a Tax Deduction is required in respect of any payment to be made to the Holder under this Note
and the company and/or its subsidiaries fail to comply with this Section 26. For purposes of this Section 36, "Tax"
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection
with any failure to pay or any delay in paying any of the same) and "Tax Deduction" means any deduction or withholding
for or on account of any Tax.

 

[signature page follows]

 

    	51	 

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	
    Genius Group Limited

	 	 
	 	 
	 	By:	/s/ Roger Hamilton
	 	 	Name: Roger Hamilton
	 	 	Title: CEO

 

Senior Convertible Note - Signature Page

 

     

     

    

 

EXHIBIT I

 

GENIUS GROUP LIMITED

CONVERSION NOTICE

 

Reference
is made to the Senior Secured Convertible Note (the “Note”) issued to the undersigned by Genius Group Limited, a
Singapore public limited company (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby
elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into Ordinary Shares (the “Ordinary
Shares”), of the Company, as of the date specified below. Capitalized terms not defined herein shall have the meaning as set
forth in the Note.

 

	Date of Conversion:	 	 
	 	 
	Aggregate Outstanding Principal Value of this Note to be converted:	 
	 	 
	Aggregate accrued and unpaid Interest, Make-Whole Amount and accrued and unpaid Late Charges with respect to such portion of the Aggregate Outstanding Principal Value of this Note and such Aggregate Interest and Aggregate Make-Whole Amount to be converted:	 
	 	 
	AGGREGATE
    CONVERSION AMOUNT TO BE CONVERTED:	 
	 
	Please confirm the following information:
	 
	Conversion Price:	 	 
	 	 
	Number of Ordinary Shares to be issued:	 
	
     

    Installment Amount(s) to be reduced (and
    corresponding Installment Date(s)) and amount of reduction:
	 
	 	 
	
     ̈            If
    this Conversion Notice is being delivered with respect to an Alternate Conversion, check here if Holder is electing to use the following
    Alternate Conversion Price:____________

     

     ̈            If
this Conversion Notice is being delivered with respect to an Acceleration, check here if Holder is electing to use _________ as the Installment
Conversion Price (as applicable) related to the following Installment Date:____________

 

     

     

    

 

	Please issue the Ordinary Shares into which the Note is being converted to Holder, or for its benefit, as follows:
	 
	 ̈            Check here if requesting delivery as a certificate to the following name and to the following address:
	 	 
	Issue
    to:	 
	 	 
	 	 
	 
	 ̈            Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:
	 
	DTC
    Participant:	 
	 	 
	DTC
    Number:	 
	 	 
	Account
    Number:	 
	 	 	 

 

Date: ______________
___, _____ 

 

	 	 
	Name of Registered Holder	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Tax ID:		 
	 	 	 	 
	E-mail Address:	 

 

     

     

    

 

Exhibit II

 

ACKNOWLEDGMENT

 

The Company hereby (a) acknowledges
this Conversion Notice, (b) certifies that the above indicated number of Ordinary Shares [are][are not] eligible to be resold by
the Holder either (i) pursuant to Rule 144 (subject to the Holder’s execution and delivery to the Company of a customary
144 representation letter) or (ii) an effective and available registration statement and (c) hereby directs _________________
to issue the above indicated number of Ordinary Shares in accordance with the Transfer Agent Instructions dated _____________, 20__ from
the Company and acknowledged and agreed to by ________________________.

 

	 	GENIUS GROUP LIMITED
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.3

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of August 26, 2022 (as it may be amended or restated from time to time, this “Agreement”), is by and
among Genius Group Limited, a Singapore public limited company (the “Company”), the Guarantors from time to time party
hereto (such Guarantors, together with the Company, the “Grantors”), the holders of the Company’s Senior Secured
Convertible Notes due February 26, 2025, in the original aggregate principal amount of $18,130,000 (collectively, the “Notes”)
that are signatories hereto (together with their endorsees, transferees and assigns, the “Buyers”), and Alto Opportunity
Master Fund, SPC – Segregated Master Portfolio B, in its capacity as collateral agent for the Buyers (“Collateral Agent”
and collectively with the Buyers, the “Secured Parties”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that
certain Securities Purchase Agreement dated as the date hereof, by and among the Company and the Buyers (as may be amended, the “Purchase
Agreement”), the Buyers have severally agreed to purchase from the Company the Notes issued under and pursuant to the Purchase
Agreement; and

 

WHEREAS, in order to induce
the Buyers to purchase the Notes, each Grantor has agreed to execute and deliver to the Secured Parties this Agreement and to grant the
Collateral Agent, on behalf of the Secured Parties, a security interest in certain property of such Grantor to secure the prompt payment,
performance and discharge in full of all of the Company’s obligations under the Notes and other Transaction Documents.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto hereby agree as follows:

 

1.            Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used
but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel
paper”, “commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
 “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
 “letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have the respective meanings
given such terms in Article 9 of the UCC. Terms used herein but not otherwise defined in this Agreement or in the UCC shall have
the respective meanings given such terms in the Purchase Agreement or the Notes, as applicable.

 

(a)            “Additional
Grantor” shall have the meaning ascribed to such term in Section 4(dd).

 

(b)            “Collateral”
means all personal property of the Grantors, whether presently owned or existing or hereafter acquired or coming into existence, wherever
situated, and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds, products and accounts
thereof, including, without limitation:

 

(i)           
All goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships,
appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature
and wherever situated, together with all documents of title and documents representing the same, all additions and accessions thereto,
replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in connection
with any Grantor’s businesses and all improvements thereto; and (B) all inventory;

 

     

     

    

 

(ii)              All
contract rights and other general intangibles, including, without limitation, the Pledged Interests, all partnership interests, membership
interests, stock or other securities, rights under any of the Organizational Documents, agreements related to the Pledged Securities,
licenses, distribution and other agreements, computer software (whether “off-the-shelf”, licensed from any third party or
developed by any Grantor), computer software development rights, leases, franchises, customer lists, quality control procedures, grants
and rights, goodwill, Intellectual Property and income tax refunds;

 

(iii)             All
accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising, goods,
equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect
to each account, including any right of stoppage in transit;

 

(iv)            All
documents, letter-of-credit rights, instruments and chattel paper;

 

(v)             All
commercial tort claims;

 

(vi)            All
deposit accounts and all cash (whether or not deposited in such deposit accounts);

 

(vii)           All
investment property including the Pledged Securities;

 

(viii)          All
supporting obligations;

 

(ix)             All
files, records, books of account, business papers, and computer programs; and

 

(x)              The
products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above, including all proceeds from the sale
or transfer of the Collateral and of insurance covering the same and of any tort claims in connection therewith, and all dividends, interest,
cash, notes, securities, equity interests or other property at any time and from time to time acquired, receivable or otherwise distributed
in respect of, or in exchange for, any or all of the Pledged Securities or Pledged Interests.

 

    	 	2	 

     

    

 

Without limiting
the generality of the foregoing, the “Collateral” shall include all investment property and general intangibles respecting
ownership and/or other equity interests in each Guarantor, including, without limitation, the shares of capital stock and the other equity
interests listed on the Perfection Certificate (as the same may be modified from time to time pursuant to the terms hereof), and any
other shares of capital stock and/or other equity interests of any other direct or indirect subsidiary of any Grantor obtained in the
future, and, in each case, all certificates representing such shares and/or equity interests and, in each case, all rights, options,
warrants, stock, other securities and/or equity interests that may hereafter be received, receivable or distributed in respect of, or
exchanged for, any of the foregoing and all rights arising under or in connection with the Pledged Securities, including, but not limited
to, all dividends, interest and cash.

 

Notwithstanding the
foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes void
or voidable by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the
extent that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law);
provided, however, that to the extent permitted by applicable law and solely to the extent doing so does not void or invalidate
such asset, this Agreement shall create a valid security interest in such asset and, to the extent permitted by applicable law, this
Agreement shall create a valid security interest in the proceeds of such asset.

 

(c)            “Event
of Default” shall have the meaning ascribed to such term in Section 6.

 

(d)            “Guaranty”
means the Subsidiary Guaranty dated as of the date hereof made by the Guarantors in favor of the Collateral Agent on behalf of the Buyers.

 

(e)            “Indemnitee”
and “Indemnitees” shall have the meanings ascribed to such terms in Section 20(k).

 

(f)            “Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising
under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including, without
limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent of the
United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications for
letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, (iii) all
trademarks, trade names, corporate names, trade dress, service marks, logos, domain names and other source or business identifiers, and
all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications
in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States,
any State thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto,
(iv) all trade secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v) all
rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all
causes of action for infringement of the foregoing.

 

    	 	3	 

     

    

 

(g)            “Majority
in Interest” means, at any time of determination, the majority in interest (based on then-outstanding principal amounts of
the Notes at the time of such determination) of the Buyers.

 

(h)            “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and such
other instruments or documents as the Collateral Agent may reasonably request.

 

(i)            “Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due, or
that are now or may be hereafter contracted or acquired, or owing to, of any Grantor to the Secured Parties, including, without limitation,
all obligations under this Agreement, the Notes, the Purchase Agreement and any other instruments, agreements or other documents executed
and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct
or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time
to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities
that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties
as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from
time to time. Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation:
(i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and all other fees, prepayment
charges, indemnities, costs, obligations and liabilities of the Grantors from time to time under or in connection with this Agreement,
the Notes, the Purchase Agreement and any other instruments, agreements or other documents executed and/or delivered in connection herewith
or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would
be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving any Grantor.

 

(j)            “Organizational
Documents” means with respect to any Grantor, the documents by which such Grantor was organized (such as a certificate of incorporation,
certificate of limited partnership or articles of organization, and including, without limitation, any certificates of designation for
preferred stock or other forms of preferred equity) and which relate to the internal governance of such Grantor (such as bylaws, a partnership
agreement or an operating, limited liability or members agreement).

 

    	 	4	 

     

    

 

(k)             “Perfection
Certificate” means the Perfection Certificate completed by the Grantors and attached hereto as Annex A.

 

(l)              “Permitted
Liens” shall have the meaning ascribed to such term in the Notes.

 

(m)            “Pledged
Interests” shall have the meaning ascribed to such term in Section 4(j).

 

(n)             “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(i).

 

(o)             “Security
Interest” and “Security Interests” shall have the meanings ascribed to such terms in Section 2.

 

(p)             “Guarantor”
means each entity that is, from time to time, a party to the Guaranty as a “Guarantor”.

 

(q)             “Transferee”
shall have the meaning ascribed to such term in Section 4(gg).

 

(r)              “UCC”
means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that defined
terms in the UCC should be construed in their broadest sense so that the term “Collateral” will be construed in its broadest
sense. Accordingly, if there are, from time to time, changes to defined terms in the UCC that broaden the definitions, they are incorporated
herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones shall be controlling.

 

2.            Grant
of Security Interest in Collateral. As an inducement for the Secured Parties to purchase the Notes and to secure the complete and
timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Grantor hereby unconditionally
and irrevocably pledges, grants and hypothecates to the Collateral Agent, on behalf of the Secured Parties, a security interest in and
to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and nature in and
to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”).

 

3.            Delivery
of Certain Collateral. Contemporaneously or prior to the execution of this Agreement, or at any time after the date hereof within
5 days of the later of (i) the acquisition or (ii) the possession by the Grantor, each Grantor shall deliver or cause to be
delivered to the Collateral Agent (a) any and all certificates and other instruments representing or evidencing the Pledged Securities
together with appropriate instruments of transfer executed in blank, and (b) any and all certificates and other instruments or documents
representing any of the other Collateral (other than checks to be deposited in the ordinary course of business) or which require or permit
possession by the Collateral Agent to perfect its Security Interest therein, with a value in excess of $50,000.00 individually or $100,000.00
in the aggregate, in each case, to the extent delivery of the Collateral is required for “control” within the meaning of
Section 9-106 of the UCC, and in each case, together with all Necessary Endorsements. The Grantors are, contemporaneously with the
execution hereof, delivering to Collateral Agent, or have previously delivered to Collateral Agent, a true and correct copy of each Organizational
Document governing any of the Pledged Securities.

 

    	 	5	 

     

    

 

4.            Representations,
Warranties, Covenants and Agreements of the Grantors. Each Grantor represents and warrants on the date hereof to, and covenants and
agrees with, the Secured Parties as follows:

 

(a)           Each
Grantor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement
and otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Grantor of this Agreement and the
filings contemplated herein have been duly authorized by all necessary corporate, partnership, limited liability company or other action
on the part of such Grantor and no further action is required by such Grantor. This Agreement has been duly executed by each Grantor.
This Agreement constitutes the legal, valid and binding obligation of each Grantor, enforceable against each Grantor in accordance with
its terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general
application relating to or affecting the rights and remedies of creditors and by general principles of equity.

 

(b)            The
Grantors have no place of business or offices where their respective books of account and records are kept or places where Collateral
is stored or located, except as set forth on the Perfection Certificate. Except as disclosed on the Perfection Certificate, none of such
Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor.

 

(c)            Except
for Permitted Liens, the Grantors are the sole owner of the Collateral, free and clear of any liens, security interests, encumbrances,
rights or claims, and are fully authorized to grant the Security Interests. To the knowledge of the Grantors there is not on file in
any governmental or regulatory authority, agency or recording office an effective financing statement, security agreement or transfer
or any notice of any of the foregoing (other than those that will be filed in favor of the Secured Parties pursuant to this Agreement)
covering or affecting any of the Collateral. As long as this Agreement shall be in effect, the Grantors shall not permit to be on file
in any such office or agency any other financing statement or other document or instrument (except (i) in connection with Permitted
Liens or (ii) to the extent filed or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

 

(d)            No
written claim has been received by Grantors that any Collateral or any Grantor’s use of any Collateral violates in any material
respects the rights of any third party. To the knowledge of the Grantors, there has been no adverse decision to any Grantor’s claim
of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to any Grantor’s right to keep and maintain
such Collateral in full force and effect, and to the knowledge of the Grantors, there is no proceeding involving said rights pending
or, to the knowledge of any Grantor, threatened before any court, judicial body, administrative or regulatory agency, arbitrator or other
governmental authority.

 

    	 	6	 

     

    

 

(e)            Each
Grantor shall at all times maintain its books of account and records relating to the Collateral at its principal place of business and
its Collateral at the locations set forth on the Perfection Certificate attached hereto, and may not relocate such books of account and
records or tangible Collateral unless it delivers to the Secured Parties at least 7 days prior to such relocation (i) written notice
of such relocation and the new location thereof (which must be within the United States) and (ii) prior to or contemporaneously
therewith takes all actions reasonably requested by the Collateral Agent to maintain a valid and continuing perfected first priority
lien in the Collateral, subject to Permitted Liens.

 

(f)            This
Agreement creates in favor of the Collateral Agent, on behalf of the Secured Parties, a valid security interest in the Collateral, subject
only to Permitted Liens, securing the payment and performance of the Obligations. Upon making the filings described in the immediately
following paragraph, all security interests created hereunder in any Collateral which may be perfected by filing Uniform Commercial Code
financing statements shall have been duly perfected. Except for the filing of the Uniform Commercial Code financing statements referred
to in the immediately following paragraph, the recordation of the Intellectual Property Security Agreement (as defined in Section 4(p) hereof)
with respect to copyrights and copyright applications in the United States Copyright Office referred to in paragraph (hh), the execution
by all applicable parties and delivery of deposit account control agreements satisfying the requirements of Section 9-104(a)(2) of
the UCC with respect to each applicable deposit account of the Grantors, and the delivery of the certificates and other instruments provided
in Section 3, no action is necessary on the date hereof to create, perfect or protect the security interests in the Collateral created
hereunder. Without limiting the generality of the foregoing, except for the filing of said financing statements, the recordation of said
Intellectual Property Security Agreement, and the execution and delivery of said deposit account control agreements and subject to any
actions required to be taken with respect to security interests in the assets of any Grantor located in a foreign jurisdiction, no consent
of any third parties and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or
regulatory body is required for (i) the execution, delivery and performance of this Agreement, (ii) the creation or perfection
of the Security Interests created hereunder in the Collateral or (iii) the enforcement of the rights of the Collateral Agent and
the Secured Parties hereunder, except for those consents and approvals which have already been obtained. The Secured Parties acknowledge
that (i) additional steps may be required to perfect their security interest in assets or other property of the Grantors located
outside of the United States and (ii) certain foreign jurisdictions may not recognize the creation of security interests in such
assets or have any method to perfect any such security interest in applicable foreign subsidiaries.

 

(g)            Each
Grantor hereby authorizes the Collateral Agent to file one or more financing statements (at the expense of the Grantor) under the UCC
necessary or reasonably desirable to perfect the Security Interests granted herein, in each case with the proper filing and recording
agencies in any jurisdiction deemed proper by it (and such authorization includes describing the Collateral as “all assets”
of such Grantor).

 

    	 	7	 

     

    

 

(h)            The
execution, delivery and performance of this Agreement by the Grantors does not (i) violate any of the provisions of any Organizational
Documents of any Grantor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable United
States law, rule or regulation applicable to any Grantor or (ii) conflict with, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing
any Grantor’s debt or otherwise). If any, all required consents (including, without limitation, from stockholders or creditors
of any Grantor) necessary for any Grantor to enter into and perform its obligations hereunder have been obtained excluding any consents
required in connection with the creation or perfection of assets or other property or foreign subsidiaries located outside of the United
States. To the extent that a foreign subsidiary requires a governmental consent or approval in order to enter into this Agreement, this
Agreement shall be deemed to be subject to receipt of such approval or consent.

 

(i)            
The capital stock and other equity interests listed on the Perfection Certificate (the “Pledged Securities”) represent
all of the capital stock and other equity interests of the Guarantors, and represent all capital stock and other equity interests owned,
directly or indirectly, by any Grantor.

 

(j)            The
ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not
held in a securities account or by any financial intermediary. No Pledged Interest is evidenced or represented by a certificate or otherwise
certificated. No Grantor will take any action to (a) opt-in or provide that any Pledged Interest becomes governed by Article 8
of the UCC, (b) cause any Pledged Interest to be held in a securities account or by any financial intermediary or (c) cause
any Pledged Interest to be evidenced by a certificate or otherwise certificated.

 

(k)            Except
for Permitted Liens, each Grantor shall at all times take such actions as the Collateral Agent may reasonably request to maintain the
liens and Security Interests provided for hereunder as valid and perfected first priority liens and security interests in the Collateral
in favor of the Collateral Agent, on behalf of the Secured Parties, until this Agreement and the Security Interest hereunder shall be
terminated pursuant to Section 14 hereof. Each Grantor hereby agrees to defend the same against the claims of any and all
persons and entities except for Permitted Liens. Each Grantor shall safeguard and protect all Collateral for the account of the Collateral
Agent on behalf of Secured Parties. Without limiting the generality of the foregoing, each Grantor shall pay all fees, taxes and other
amounts necessary to maintain the Collateral and the Security Interests hereunder (other than those fees and taxes that are being contested
in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP), and each Grantor
shall make commercially reasonable efforts to obtain and furnish to the Collateral Agent from time to time, upon demand, such releases
and/or subordinations of claims and liens which may be required to maintain the priority of the Security Interests hereunder except for
Permitted Liens.

 

    	 	8	 

     

    

 

(l)             No
Grantor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral outside the ordinary
course of business without the prior written consent of the Collateral Agent or as permitted under the Transaction Documents.

 

(m)           Each
Grantor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair (subject to ordinary
wear and tear) and order and shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded
from insurance coverage.

 

(n)            Each
Grantor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including Collateral
hereafter acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of established reputation
having similar properties similarly situated and in such amounts as are customarily carried under similar circumstances by other such
entities and otherwise as is prudent for entities engaged in similar businesses. Each Grantor shall cause each insurance policy issued
in connection herewith to provide, and shall provide evidence reasonably satisfactory to the Collateral Agent in its reasonable discretion
demonstrating, that (a) the Collateral Agent will be named as lender loss payee and additional insured under each such insurance
policy (as applicable); (b) if such insurance be proposed to be cancelled or materially changed for any reason whatsoever, such
insurer will reasonably endeavor to promptly notify the Collateral Agent and such cancellation or change shall not be effective as to
the Collateral Agent for at least 30 days after receipt by the Collateral Agent of such notice, unless the effect of such change is to
extend or increase coverage under the policy; and (c) the Collateral Agent will have the right (but no obligation) at its election
to remedy any default in the payment of premiums within 30 days of notice from the insurer of such default. If no Event of Default exists
and if the proceeds arising out of any claim or series of related claims do not exceed $100,000.00, loss payments in each instance will
be applied by the applicable Grantor to the repair and/or replacement of property with respect to which the loss was incurred to the
extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied, shall be payable to
the applicable Grantor; provided, however, that payments received by any Grantor after an Event of Default occurs and is
continuing or in excess of $100,000.00 for any occurrence or series of related occurrences shall be paid to the Collateral Agent on behalf
of the Secured Parties and, if received by such Grantor, shall be held in trust for the Secured Parties and immediately paid over to
the Collateral Agent unless otherwise directed in writing by the Collateral Agent. Copies of such policies or the related certificates,
in each case, naming the Collateral Agent as lender loss payee and additional insured shall be delivered to the Collateral Agent at least
annually and at the time any new policy of insurance is issued.

 

    	 	9	 

     

    

 

(o)            Each
Grantor shall, within 2 days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail, of any material
adverse change in a material portion of the Collateral, and of the occurrence of any event which would have a material adverse effect
on the value of a material portion of the Collateral or on the Collateral Agent’s security interest therein.

 

(p)            Each
Grantor shall promptly execute and deliver to the Collateral Agent such further deeds, mortgages, assignments, security agreements, financing
statements or other instruments, documents, certificates and assurances and take such further action as the Collateral Agent may from
time to time reasonably request and may in its reasonable discretion deem necessary to perfect, protect or enforce the Collateral Agent’s
security interest in the Collateral including, without limitation, if applicable, the execution and delivery of a separate security agreement
with respect to each Grantor’s Intellectual Property (“Intellectual Property Security Agreement”) in which the
Collateral Agent, on behalf of the Secured Parties, have been granted a security interest hereunder, substantially in a form reasonably
acceptable to the Collateral Agent, which Intellectual Property Security Agreement, other than as stated therein, shall be subject to
all of the terms and conditions hereof. Each Grantor hereby further authorizes the Collateral Agent to file with the United States Patent
and Trademark Office and the United States Copyright Office (and any successor office and any similar office in any United States state
or other country) this Agreement, the Intellectual Property Security Agreement, and other documents for the purpose of perfecting, confirming,
continuing, enforcing or protecting the security interest granted by such Grantor hereunder, without the signature of such Grantor where
permitted by law, and naming such Grantor as debtor, and the Collateral Agent as secured party.

 

(q)            Each
Grantor shall permit the Collateral Agent and its representatives and agents to inspect the Collateral during normal business hours and
upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by the Collateral
Agent from time to time.

 

(r)            Each
Grantor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any material rights,
claims, causes of action (to the extent that such Grantor determines in its commercially reasonable discretion that the pursuit of such
right, claim or cause of action is beneficial to such Grantor) and accounts receivable in respect of the Collateral.

 

(s)            Each
Grantor shall immediately (and in any event within 2 days) notify the Secured Parties in sufficient detail upon becoming aware of any
attachment, garnishment, execution or other legal process levied against a material portion of the Collateral and of any other information
received by such Grantor that may materially affect the value of a material portion of the Collateral, the Security Interest or the rights
and remedies of the Collateral Agent or the Secured Parties hereunder.

 

(t)            All
information heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of any Grantor with respect to the Collateral
was, is or will be accurate and complete in all material respects as of the date furnished.

 

    	 	10	 

     

    

 

(u)            Each
Grantor was organized and remains organized solely under the laws of the state or country set forth in the Perfection Certificate, which
Perfection Certificate sets forth each Grantor’s actual legal name and organizational identification number or, if any Grantor
does not have an organizational identification number, states that one does not exist. The Grantors shall at all times preserve and keep
in full force and effect their respective valid existence and good standing and any licenses, franchises or similar rights material to
its business. No Grantor will (i) change its name, type of organization, jurisdiction of organization, organizational identification
number (if it has one), legal or corporate structure, or identity, or (ii) relocate its chief executive office to a new location
unless, in each case, it provides at least 30 days prior written notice to the Secured Parties of such change. At the time of such written
notification or contemporaneously with such relocation, such Grantor shall take any further action requested by the Collateral Agent
reasonably necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(v)            Except
in the ordinary course of business, no Grantor may consign any of its inventory or sell any of its inventory on bill and hold, sale or
return, sale on approval, or other conditional terms of sale without the consent of the Collateral Agent which shall not be unreasonably
withheld.

 

(w)            (i) no
Grantor has any trade names except as set forth on the Perfection Certificate; (ii) no Grantor has used any name other than that
stated in the preamble hereto or as set forth on the Perfection Certificate for the preceding five years; and (iii) no entity has
merged into any Grantor or been acquired by any Grantor within the past five years except as set forth on the Perfection Certificate.

 

(x)            Each
Grantor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Collateral Agent regarding the
Pledged Interests consistent with the terms of this Agreement without the further consent of any Grantor as contemplated by Section 8-106
(or any successor section) of the UCC. Further, each Grantor agrees that it shall not enter into a similar agreement with respect to
the Pledged Interests (or one that would confer “control” within the meaning of Article 8 of the UCC) with any other
person or entity.

 

(y)            Each
Grantor shall promptly inform the Collateral Agent of the acquisition of any chattel paper and upon the Collateral Agent’s reasonable
request, each Grantor shall cause all tangible chattel paper constituting Collateral to be delivered to the Collateral Agent, or, if
such delivery is not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security
interest created by this Agreement. To the extent that any Collateral consists of electronic chattel paper, the applicable Grantor shall
cause the underlying chattel paper to be marked and maintained in accordance with Section 9-105 of the UCC (or successor section
thereto).

 

(z)            If
there is any investment property or deposit account included as Collateral that can be perfected by “control” through a deposit
account control agreement or other triparty control agreement, the applicable Grantor shall cause such a deposit account control agreement
or other triparty control agreement, as applicable, in form and substance in each case satisfactory to the Collateral Agent.

 

    	 	11	 

     

    

 

(aa)            To
the extent that any Collateral consists of letter-of-credit rights, the applicable Grantor shall cause the issuer of each underlying
letter of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

 

(bb)           To
the extent that any material Collateral is in the possession of any third party, the applicable Grantor shall join with the Collateral
Agent in notifying such third party of the Secured Parties’ security interest in such Collateral and shall use its commercially
reasonable efforts to obtain an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance
reasonably satisfactory to the Collateral Agent.

 

(cc)            If
any Grantor shall at any time hold or acquire a commercial tort claim with a value in excess of $100,000.00, such Grantor shall promptly
notify the Collateral Agent in a writing signed by such Grantor of the particulars thereof and grant to the Collateral Agent, on behalf
of the Secured Parties, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement,
with such writing to be in form and substance reasonably satisfactory to the Collateral Agent.

 

(dd)            Intentionally
Omitted.

 

(ee)            So
long as no Event of Default has occurred and is continuing, each Grantor shall be entitled to exercise all voting and/or consensual rights
and powers inuring to an owner of the Pledged Securities or Pledged Interests and any part thereof for all purposes not inconsistent
with the terms of this Agreement or any other Transaction Document.

 

(ff)            Each
Grantor shall register the pledge of the applicable Pledged Securities and Pledged Interests on the books of such Grantor. Each Grantor
shall notify each issuer of Pledged Securities or Pledged Interests to register the pledge of the applicable Pledged Securities or Pledged
Interests in the name of the Secured Parties on the books of such issuer. Further, except with respect to certificated securities delivered
to the Collateral Agent, the applicable Grantor shall deliver to Collateral Agent an acknowledgement of pledge (which, where appropriate,
shall comply with the requirements of the relevant UCC with respect to perfection by registration) signed by the issuer of the applicable
Pledged Securities or Pledged Interests, which acknowledgement shall confirm that: (a) it has registered the pledge on its books
and records; and (b) at any time directed by Collateral Agent during the continuation of an Event of Default, such issuer will transfer
the record ownership of such Pledged Securities or Pledged Interests into the name of any designee of Collateral Agent, will take such
steps as may be necessary to effect the transfer, and will comply with all other instructions of Collateral Agent regarding such Pledged
Securities or Pledged Interests without the further consent of the applicable Grantor.

 

    	 	12	 

     

    

 

(gg)          In
the event that, upon an occurrence and during the continuation of an Event of Default, Collateral Agent shall sell all or any of the
Pledged Securities or Pledged Interests to another party or parties (herein called the “Transferee”) or shall purchase
or retain all or any of the Pledged Securities or Pledged Interests, each Grantor shall, to the extent applicable: (i) deliver to
Collateral Agent or the Transferee, as the case may be, the articles of incorporation, bylaws, minute books, stock certificate books,
corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness, books of account, financial records and all other
Organizational Documents and records of the Grantors and their direct and indirect subsidiaries; (ii) use its best efforts to obtain
resignations of the persons then serving as officers and directors of the Grantors and their direct and indirect subsidiaries, if so
requested; and (iii) use its best efforts to obtain any approvals that are required by any governmental or regulatory body in order
to permit the sale of the Pledged Securities or Pledged Interests to the Transferee or the purchase or retention of the Pledged Securities
or Pledged Interests by Collateral Agent and allow the Transferee or Collateral Agent to continue the business of the Grantors and their
direct and indirect subsidiaries.

  

(hh)          Without
limiting the generality of the other obligations of the Grantors hereunder, each Grantor shall promptly (i) provide any requested
documents and information and carry out any actions reasonably requested in connection with recording of the security interest contemplated
hereby with respect to all registered material Intellectual Property at the United States Copyright Office or United States Patent and
Trademark Office, and (ii) give the Collateral Agent notice whenever it acquires (whether absolutely or by exclusive license) or
creates any additional material Intellectual Property that is subject to an application or registration at the United States Patent and
Trademark Office or the United States Copyright Office.

 

(ii)            Each
Grantor will from time to time, at the joint and several expense of the Grantors, promptly execute and deliver all such further instruments
and documents, and take all such further action as may be necessary or reasonably desirable, or as the Collateral Agent may reasonably
request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Collateral
Agent, for the benefit of the Secured Parties, to exercise and enforce the rights and remedies hereunder and with respect to any Collateral
or to otherwise carry out the purposes of this Agreement.

 

(jj)            The
Perfection Certificate lists all of the patents, patent applications, trademarks, trademark applications, registered copyrights, and
domain names owned by any of the Grantors as of the date hereof. The Perfection Certificate lists all material licenses in favor of any
Grantor for the use of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents of the Grantors
have been duly recorded at the United States Patent and Trademark Office.

 

(kk)          None
of the account debtors or other persons or entities obligated on any of the Collateral is a governmental authority covered by the Federal
Assignment of Claims Act or any similar federal, state or local statute or rule in respect of such Collateral. Each Grantor shall
promptly provide written notice to the Collateral Agent of any and all accounts which arise out of contracts with any governmental authority
and, to the extent necessary to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof,
shall execute and deliver to the Collateral Agent an assignment of claims for such accounts and cooperate with the Collateral Agent in
taking any other steps required, in its reasonable judgment, under the Federal Assignment of Claims Act or any similar federal, state
or local statute or rule to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof.

 

    	 	13	 

     

    

 

(ll)            Each
Grantor shall use reasonable efforts to cause the Collateral Agent to have view only access to each deposit account with an average daily
balance of $100,000.00 or greater.

 

5.            Effect
of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership interests
(regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon the occurrence
of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets of the issuer), it is
agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of Collateral Agent’s
rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights notwithstanding any provisions
in the Organizational Documents or agreements to which any Grantor is subject or to which any Grantor is party.

 

6.            Defaults.
The following events shall be “Events of Default” under this Agreement:

 

(a)            The occurrence
of an Event of Default as defined in the Notes; and

 

(b)           The failure
by any Grantor to observe or perform any of its covenants or agreements contained in this Agreement, which failure is not cured, if possible
to cure and if such Grantor is diligently pursuing a cure, within 30 days following notice of failure sent by the Collateral Agent or
any Buyer to the Company.

 

7.            Duty
To Hold In Trust.

 

(a)            Upon
the occurrence and during the continuation of any Event of Default, and upon receipt of written notice from the Collateral Agent, each
Grantor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable
pursuant to the Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay
any such sum, hold the same in trust for the Collateral Agent for the benefit of the Secured Parties and shall promptly endorse and transfer
any such sums or instruments, or both, to the Collateral Agent for the benefit of the Secured Parties pro-rata in proportion to their
respective then-currently outstanding principal amount of Notes for application to the satisfaction of the Obligations (and if any Note
is not outstanding, pro-rata in proportion to the initial purchases of the remaining Notes).

 

    	 	14	 

     

    

 

(b)            If
any Grantor shall become entitled to receive or shall receive any securities or other property (including, without limitation, shares
of Pledged Securities, Pledged Interests or instruments representing Pledged Securities or Pledged Interests acquired after the date
hereof, or any options, warrants, rights or other similar property or certificates representing a dividend, or any distribution in connection
with any recapitalization, reclassification or increase or reduction of capital, or issued in connection with any reorganization of such
Grantor or any of its direct or indirect subsidiaries) in respect of the Pledged Securities or Pledged Interests (whether as an addition
to, in substitution of, or in exchange for, such Pledged Securities or Pledged Interests or otherwise), such Grantor agrees to (i) accept
the same as the agent of the Secured Parties; (ii) hold the same in trust for the Collateral Agent for the benefit of the Secured
Parties; and (iii) to deliver any and all certificates or instruments evidencing the same to Collateral Agent on or before the close
of business on the fifth day following the receipt thereof by such Grantor, in the exact form received together with the Necessary Endorsements,
to be held by Collateral Agent subject to the terms of this Agreement as Collateral.

 

8.            Rights
and Remedies Upon Default.

 

(a)            Upon
the occurrence and during the continuation of any Event of Default, the Collateral Agent, for the benefit of the Secured Parties, shall
have the right to exercise all of the remedies conferred hereunder and under the Notes, and the Collateral Agent shall have all the rights
and remedies of a secured party under the UCC. Without limitation, the Collateral Agent, for the benefit of the Secured Parties, shall
have the following rights and powers:

 

(i)            The Collateral
Agent shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of any person,
any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Grantor shall assemble the
Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere, and make available to the Collateral Agent, without rent, all of such Grantor’s respective
premises and facilities for the purpose of the Collateral Agent taking possession of, removing or putting the Collateral in saleable
or disposable form.

 

(ii)            Upon
notice to the Grantors by Collateral Agent, all rights of each Grantor to exercise the voting and other consensual rights which it would
otherwise be entitled to exercise and all rights of each Grantor to receive the dividends and interest which it would otherwise be authorized
to receive and retain, shall cease. Upon such notice, Collateral Agent shall have the right to receive, for the benefit of the Secured
Parties, any interest, cash dividends or other payments on the Collateral and, at the option of Collateral Agent, to exercise in such
Collateral Agent’s discretion all voting rights pertaining thereto. Without limiting the generality of the foregoing, Collateral
Agent shall have the right (but not the obligation) to exercise all rights with respect to the Collateral as if it were the sole and
absolute owner thereof, including, without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral
in connection with a merger, reorganization, consolidation, recapitalization or other readjustment concerning or involving the Collateral
or any Grantor or any of its direct or indirect subsidiaries.

 

    	 	15	 

     

    

 

(iii)          The Collateral
Agent shall have the right to operate the business of each Grantor using the Collateral and shall have the right to assign, sell, lease
or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without
special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times
and at such place or places, and upon such terms and conditions as the Collateral Agent may deem commercially reasonable, all without
(except as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to any Grantor or right
of redemption of a Grantor, which are hereby expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral,
the Collateral Agent, for the benefit of the Secured Parties, may, unless prohibited by applicable law which cannot be waived, purchase
all or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption and equities of any
Grantor, which are hereby waived and released. The Collateral Agent may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

 

(iv)            The
Collateral Agent shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts
to make payments directly to the Collateral Agent, on behalf of the Secured Parties, and to enforce the Grantors’ rights against
such account debtors and obligors.

 

(v)            The
Collateral Agent, for the benefit of the Secured Parties, may (but is not obligated to) direct any financial institution or intermediary
or any other person or entity holding any cash, investment property or other Collateral to transfer the same to the Collateral Agent,
on behalf of the Secured Parties, or its designee, or to take any other actions permitted under the terms of any control agreement.

 

(vi)            The
Collateral Agent may (but is not obligated to) transfer any or all Intellectual Property pledged as Collateral and registered in the
name of any Grantor at the United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or
any designee or any purchaser of any Collateral.

 

(b)            The
Collateral Agent shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not be
considered to adversely affect the commercial reasonableness of any sale of the Collateral. The Collateral Agent may sell the Collateral
without giving any warranties and may specifically disclaim such warranties. In addition, each Grantor waives any and all rights that
it may have to a judicial hearing in advance of the enforcement of any of the Collateral Agent’s rights and remedies hereunder,
including, without limitation, its right following an Event of Default to take immediate possession of the Collateral and to exercise
its rights and remedies with respect thereto.

 

    	 	16	 

     

    

 

(c)            For
the purpose of enabling the Collateral Agent to further exercise rights and remedies under this Section 8 or elsewhere provided
by agreement or applicable law, each Grantor hereby grants to the Collateral Agent, for the benefit of the Collateral Agent and the Secured
Parties, a nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor, such license to be irrevocable
during the term hereof) to use, license or sublicense, in all cases solely following the occurrence and during the continuation of an
Event of Default, any Intellectual Property included among the Collateral, and including in such license access to all media in which
any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

 

9.            Applications
of Proceeds. Except as otherwise expressly provided herein, the proceeds of any such sale, lease or other disposition of the Collateral
hereunder or from payments made on account of any insurance policy insuring any portion of the Collateral shall be applied first, to
the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation,
any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable, actual and documented attorneys’
fees and out-of-pocket expenses incurred by the Collateral Agent in enforcing the Secured Parties’ rights hereunder and in connection
with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties
(based on then-outstanding principal amounts of Notes at the time of any such determination), and to the payment of any other amounts
required by applicable law, after which the Secured Parties shall pay to the applicable Grantor any surplus proceeds. If, upon the sale,
license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties
are legally entitled, the Grantors will be liable for the deficiency, together with interest thereon, at the Applicable Interest Rate,
and the reasonable fees of any attorneys employed by the Secured Parties to collect such deficiency. To the extent permitted by applicable
law, each Grantor waives all claims, damages and demands against the Secured Parties arising out of the repossession, removal, retention
or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Parties as determined by a final judgment
(not subject to further appeal) of a court of competent jurisdiction.

 

10.            Securities
Law Provision. Each Grantor recognizes that Collateral Agent may be limited in its ability to effect a sale to the public of all
or part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other federal or state
securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more sales to a restricted
group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for investment and not with
a view to the distribution or resale thereof. Each Grantor agrees that sales so made may be at prices and on terms less favorable than
if the Pledged Securities were sold to the public, and that Collateral Agent has no obligation to delay the sale of any Pledged Securities
for the period of time necessary to register the Pledged Securities for sale to the public under the Securities Laws. Each Grantor shall
cooperate with Collateral Agent in its attempt to satisfy any requirements under the Securities Laws (including, without limitation,
registration thereunder if requested by Collateral Agent) applicable to the sale of the Pledged Securities by Collateral Agent.

 

    	 	17	 

     

    

 

11.            Costs
and Expenses. The Grantors shall pay all other claims and charges which in the reasonable opinion of the Collateral Agent is reasonably
likely to prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Grantors will also, within 30
days of demand, pay to the Collateral Agent the amount of any and all expenses, including the actual and documented fees and out-of-pocket
expenses of its legal counsel and of any experts and agents, which the Collateral Agent, for the benefit of the Secured Parties, may
incur in connection with the protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the administration,
continuance, amendment or enforcement of this Agreement and pay to the Collateral Agent the amount of any and all expenses, including
the actual and documented fees and out-of-pocket expenses of its counsel and of any experts and agents, which the Collateral Agent, for
the benefit of the Secured Parties, and the Secured Parties may incur in connection with (i) the enforcement of this Agreement,
(ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the
exercise or enforcement of any of the rights of the Secured Parties under the Notes. Any invoiced fees due and payable hereunder shall
be added to the Obligations, unless otherwise paid by the Grantors within 30 days of issuance, and shall bear interest at the default
rate of interest set forth in Section 2.2(a) of the Notes.

 

12.            Responsibility
for Collateral. The Grantors assume all liabilities and responsibility in connection with all Collateral, and the Obligations shall
in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability
for any reason. Without limiting the generality of the foregoing, (a) neither the Collateral Agent nor any Secured Party (i) has
any duty (either before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating
to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral for sale, and (b) each Grantor
shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed by such Grantor
thereunder. Neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any such contract or agreement
by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating to
any of the Collateral, nor shall the Collateral Agent or any Secured Party be obligated in any manner to perform any of the obligations
of any Grantor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received
by the Collateral Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under
any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which may have been assigned to the Collateral Agent or to which the Collateral Agent or any Secured Party may be entitled
at any time or times.

 

    	 	18	 

     

    

 

13.            Security
Interests Absolute. All rights of the Secured Parties and all obligations of the Grantors hereunder, shall be absolute and unconditional,
irrespective of: (a) any lack of validity or enforceability of this Agreement, the Notes or any agreement entered into in connection
with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or performance of,
or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the
Notes or any other agreement entered into in connection with the foregoing; (c) any exchange, release or nonperfection of any of
the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guarantee, or
any other security, for all or any of the Obligations; (d) any action by the Secured Parties to obtain, adjust, settle and cancel
in their sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance
which might otherwise constitute any legal or equitable defense available to a Grantor, or a discharge of all or any part of the Security
Interests granted hereby. Notwithstanding the foregoing, the obligations of the Grantors hereunder may be modified in any renewal, extension,
amendment, modification, addition, supplement, assignment or transfer expressly providing for such modification. Until the Obligations
shall have been paid in full, the rights of the Secured Parties shall continue even if the Obligations are barred for any reason, including,
without limitation, the running of the statute of limitations or bankruptcy of a Grantor or any other person liable for any Obligations.
Each Grantor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for performance. In the
event that at any time any transfer of any Collateral or any payment received by the Secured Parties hereunder shall be deemed by final
order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency
laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Parties, then, in any such event,
each Grantor’s obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by
any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance
with the terms and provisions hereof. Each Grantor waives all right to require the Secured Parties to proceed against any other person
or entity or to apply any Collateral which the Secured Parties may hold at any time, or to marshal assets, or to pursue any other remedy.
Each Grantor waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

 

14.            Term
of Agreement. This Agreement and the Security Interests shall terminate at such time that the Conversion Amount (as defined in the
Notes) of all of the Notes is less than $2,000,000 in the aggregate; provided, however, that all indemnities of the Grantors contained
in this Agreement (including, without limitation, Annex A and B hereto) shall survive and remain operative and in full force and
effect regardless of the termination of this Agreement.

 

15.            Power
of Attorney; Further Assurances.

 

(a)            Each
Grantor authorizes the Collateral Agent, and does hereby make, constitute and appoint the Collateral Agent and its officers, agents,
successors or assigns with full power of substitution, as such Grantor’s true and lawful attorney-in-fact, with power, in the name
of the Collateral Agent or such Grantor, to, after the occurrence and during the continuance of an Event of Default, (i) endorse
any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in respect of any policy
of insurance) in respect of the Collateral that may come into possession of the Collateral Agent; (ii) to sign and endorse any invoice,
freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices
in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests
or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand, collect, receipt for,
compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property pledged as Collateral
or provide licenses respecting any Intellectual Property pledged as Collateral; and (vi) generally, at the option of the Collateral
Agent, and at the expense of the Grantors, at any time, or from time to time, to execute and deliver any and all documents and instruments
and to do all acts and things which the Collateral Agent deems necessary to protect, preserve and realize upon the Collateral and the
Security Interests granted therein in order to effect the intent of this Agreement and the Notes all as fully and effectually as the
Grantors might or could do, and each Grantor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof.
This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long as
any of the Obligations shall be outstanding. The designation set forth herein shall be deemed to amend and supersede any inconsistent
provision in the Organizational Documents or other documents or agreements to which any Grantor is subject or to which any Grantor is
a party. Without limiting the generality of the foregoing, after the occurrence and during the continuance of an Event of Default, the
Collateral Agent is specifically authorized to execute and file any applications for or instruments of transfer and assignment of any
patents, trademarks, copyrights or other Intellectual Property pledged as Collateral with the United States Patent and Trademark Office
and the United States Copyright Office.

 

    	 	19	 

     

    

 

(b)            On
a continuing basis, each Grantor will take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested
by the Collateral Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of this
Agreement, or for assuring and confirming to the Collateral Agent the grant or perfection of a perfected security interest in all the
Collateral under the UCC.

 

16.            Notices.
All notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement
and sent to the address of the applicable Buyer, Company and the Collateral Agent set forth therein.

 

17.            Other
Security. To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee,
endorsement or property of any other person, firm, corporation or other entity, then the Collateral Agent shall have the right, in its
sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying
or affecting any of the Secured Parties’ rights and remedies hereunder.

 

18.            Reserved.

 

19.            Termination
of Security Interests; Release of Collateral.

 

(a)            Upon
termination of this Agreement in accordance with Section 14 hereof (other than contingent indemnification obligations), the
Security Interests shall automatically terminate and all rights to the Collateral shall automatically revert to the Grantors. Upon any
such termination of the Security Interests or release of such Collateral, the Collateral Agent will, at the expense of the Grantors,
execute and deliver to the Grantors such documents as the Grantors shall reasonably request, but without recourse or warranty to the
Collateral Agent, including but not limited to written authorization to file termination statements to evidence the termination of the
Security Interests in such Collateral.

 

    	 	20	 

     

    

 

(b)            The
Secured Parties hereby agree that the Security Interests held on any Collateral constituting property being sold, transferred or disposed
of in a disposition permitted hereunder or under the Notes shall automatically be released upon such sale, transfer or disposal permitted
hereunder or under the Notes. Upon any such termination of the Security Interests or release of such Collateral, the Collateral Agent
will, at the expense of the Grantors, execute and deliver to the Company such documents as the Grantors shall reasonably request, but
without recourse or warranty to the Collateral Agent, including but not limited to written authorization to file termination statements
to evidence the termination of the Security Interests in such Collateral.

 

20.            Miscellaneous.

 

(a)            No
course of dealing between the Grantors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the part
of the Secured Parties, any right, power or privilege hereunder or under the Notes shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

(b)            All
of the rights and remedies of the Collateral Agent, on behalf of the Secured Parties, with respect to the Collateral, whether established
hereby or by the Notes or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised singly
or concurrently.

 

(c)            This
Agreement, together with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived,
modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Grantors and the Collateral
Agent (or, in the event that the Collateral Agent no longer holds any Notes, in a written instrument signed by the Grantors and the Majority
in Interest), or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.

 

(d)            If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

 

    	 	21	 

     

    

 

(e)            No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f)            This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company and the
Guarantors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured Party
(other than by merger) and any assignment in contravention herewith shall be null and void. Any Secured Party may assign any or all of
its rights under this Agreement to any Person to whom such Secured Party assigns or transfers any Obligations, provided such transferee
agrees in writing to be bound, with respect to the transferred Obligations, by the provisions of this Agreement that apply to the “Secured
Parties”.

 

(g)            Each
party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry
out the provisions and purposes of this Agreement.

 

(h)            Except
to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Except to the extent mandatorily governed
by the jurisdiction or situs where the Collateral is located, each party hereto agrees that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and the Notes (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the
state and federal courts sitting in the City of New York, Borough of Manhattan. Except to the extent mandatorily governed by the jurisdiction
or situs where the Collateral is located, each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper. Each party hereto
hereby irrevocably waives personal service of process and consents to process being served in any such proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under the Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained
herein shall be deemed or operate to preclude the Collateral Agent from bringing suit or taking other legal action against a Grantor
in any other jurisdiction to collect on such Grantor’s obligations hereunder, to realize on any Collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Collateral Agent. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

    	 	22	 

     

    

 

(i)            This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of
which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature were the original thereof.

 

(j)            All
Grantors shall jointly and severally be liable for the obligations of each Grantor to the Secured Parties hereunder.

 

(k)            Each
Grantor shall indemnify, reimburse and hold harmless the Collateral Agent and the Secured Parties and their respective partners, members,
shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively,
 “Indemnitees” and each, and “Indemnitee”) from and against any and all losses, claims, liabilities,
damages, penalties, suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending
any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to
arise from this Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses
which result from the gross negligence or willful misconduct of the Indemnitee as determined by a final, nonappealable decision of a
court of competent jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification
provision in the Notes, the Purchase Agreement or any other agreement, instrument or other document executed or delivered in connection
herewith or therewith.

 

(l)            Nothing
in this Agreement shall be construed to subject Collateral Agent or any Secured Party to liability as a partner in any Grantor or any
if its direct or indirect subsidiaries that is a partnership or as a member in any Grantor or any of its direct or indirect subsidiaries
that is a limited liability company, nor shall Collateral Agent or any Secured Party be deemed to have assumed any obligations under
any partnership agreement or limited liability company agreement, as applicable, of any such Grantor or any of its direct or indirect
subsidiaries or otherwise, unless and until any such Secured Party exercises its right to be substituted for such Grantor as a partner
or member, as applicable, pursuant hereto.

 

    	 	23	 

     

    

 

(m)            To
the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent, approval
or action of any partner or member, as applicable, of any Grantor or any direct or indirect subsidiary of any Grantor or compliance with
any provisions of any of the Organizational Documents, the Grantors hereby grant such consent and approval and waive any such noncompliance
with the terms of said documents.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the day and year first above written.

 

	 	GRANTORS:	 
	 	 	 
	 	GENIUS GROUP LIMITED, a
Singapore public limited company, as a Grantor	 
		 	 	 
	 	By:	/s/ Roger Hamilton	 
	 	Name:	Roger Hamilton	 
	 	Title:	CEO	 
	 	 	 
	 	UNIVERSITY OF ANTELOPE VALLEY, INC.,
a California corporation, as a Grantor 	 
	 	 	 
	 	By:	/s/ Roger Hamilton	 
	 	Name:	Roger Hamilton	 
	 	Title:	CEO	 
	 	 	 
	 	GENIUS
GROUP USA Inc., a Delaware Corporation, as a Grantor	 
	 	 	 
	 	By:	/s/ Erez Simha	 
	 	Name:	Erez Simha	 
	 	Title:	CFO	 

  

    	 		 

     

    

 

 

AGENT:

 

Alto Opportunity Master Fund, SPC – Segregated Master Portfolio
B, as agent

 

	By:	/s/ Waqas Khatri	 
	 	Name: Waqas Khatri	 
	 	Title: Director	 

 

[SIGNATURE PAGE OF BUYERS FOLLOWS]

 

    	 		 

     

    

 

[SIGNATURE PAGE OF BUYER TO GENIUS GROUP LIMITED
SECURITY AGREEMENT]

 

Name of Investing Entity: ALTO OPPORTUNITY MASTER
FUND, SPC – SEGREGATED MASTER PORTFOLIO B

 

Signature of Authorized Signatory of Investing
entity: /s/_Waqas Khatri                          

 

Name of Authorized Signatory: Waqas Khatri 

 

Title of Authorized Signatory: Director

 

    	 		 

     

    

 

Annex A

 

Perfection Certificate

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