Document:

Exhibit 4.6

 

FORM OF PRE-FUNDED COMMON STOCK PURCHASE WARRANT

 

NETCAPITAL INC.

	
     

    Warrant Shares: _______
	 
	 	Issue Date: ___, 2022

 

THIS PRE-FUNDED COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the Issue Date and until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Netcaptial Inc., a Utah corporation (the “Company”), up to ______ shares of Common Stock (as
subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

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

 

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

 

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

 

“Common Stock”
means the common stock of the Company, par value $.001 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Common Stock Equivalents”
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

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

 

“Liens” means
a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

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

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Registration Statement”
means the Company’s registration statement on Form S-1 (File No. 333-262688).

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

 

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

 

“Trading Day”
means a day on which the Common Stock is traded on a Trading Market.

 

    	 

    	 

    

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

 

“Transfer Agent”
means Equity Stock Transfer LLC, 237 W 37th Street, Suite 602, New York, NY 10018, telephone number of (212) 575-5757, and any successor
transfer agent of the Company.

 

“Warrants”
means this Warrant and other Pre-Funded Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.

 

Section 2. Exercise.

 

a) Exercise of the purchase
rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before
the Termination Date by delivery to the Company of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in
the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver to the Company the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise
by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to
the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all
of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall
have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the
date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such
notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

b) Exercise Price.
The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant Share, was pre-funded to the Company
on or prior to the Issue Date and, consequently, no additional consideration (other than the nominal exercise price of $0.01 per Warrant
Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled
to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever,
including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per
share of Common Stock under this Warrant shall be $0.01, subject to adjustment hereunder (the “Exercise Price”).

	 

c) Cashless Exercise.
This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a number of Warrant Shares for the deemed surrender of the Warrant in whole or in part equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where:

    	 

    	 

    

 

	 	(A) =	as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (x) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (y) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof (including until two (2) hours after the close of “regular trading hours” on a Trading Day), or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

The
issue price for each such Warrant Share to be issued pursuant to the cashless exercise of a Warrant will be equal to (B), as defined above,
and the total issue price for the aggregate number of Warrant Shares issued pursuant to the cashless exercise of a Warrant will be deemed
paid and satisfied in full by the deemed surrender to the Company of the portion of such Warrant being exercised in accordance with this
Section 1(c). Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash
settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties
acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics
of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

“Bid Price”
means, for any security as of the particular time of determination, the bid price for such security on the Trading Market as reported
by Bloomberg as of such time of determination, or, if the Trading Market is not the principal securities exchange or trading market for
such security, the bid price of such security on the principal securities exchange or trading market where such security is listed or
traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in
the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination,
or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any
market makers for such security as reported on the Pink Open Market as of such time of determination. If the Bid Price cannot be calculated
for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time
of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are
unable to agree upon the fair market value of such security, then such fair market value shall be determined pursuant to the provisions
set forth in clause (d) of the definition of VWAP. All such determinations to be appropriately adjusted for any stock dividend, share
split, share consolidation, reclassification or other similar transaction during the applicable calculation period.

	 

“Closing Sale
Price” means, for any security as of any date, the last closing trade price for such security on the Trading Market, as reported
by Bloomberg, or, if the Trading Market begins to operate on an extended hours basis and does not designate the closing trade price, then
the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Trading Market is not
the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last
trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg,
or, if no last trade price is reported for such security by Bloomberg, the average
of the ask prices of any market makers for such security as reported on the in the OTC Link or on the Pink Open Market. If the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, Closing Sale Price of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable
to agree upon the fair market value of such security, then such fair market value shall be determined pursuant to the provisions set forth
in clause (d) of the definition of VWAP. All such determinations to be appropriately adjusted for any stock dividend, share split, share
consolidation, reclassification or other similar transaction during the applicable calculation period.

    	 

    	 

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted for trading on a Trading Market other than the OTCQB, OTCQX or Pink Open Market operated by OTC Markets Group, the daily volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock
is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)), (b) if the Common Stock is then quoted for trading on the OTCQB or OTCQX operated by OTC Markets Group, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is then quoted for trading on the Pink Open Market operated by OTC Markets Group (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of Common Stock reported on the Pink Open Market, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders
of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

d) Mechanics of Exercise.

 

i. Delivery of Warrant
Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (the “DWAC”) if the Company is then a participant in such system and
either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company
of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the Holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of
Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered to said Holder or the Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the Fast Automated Securities Transfer or FAST program so long as this Warrant remains outstanding and
exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice
of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City
time) on the Issue Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, dated [•],
2022 between the Company and ThinkEquity LLC, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m.
(New York City time) on the Issue Date.

    	 

    	 

    

	 

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

 

iii. Rescission Rights.
If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

 

	 

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

 

    	 

    	 

    

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

 

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

 

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

    	 

    	 

    

	 

Section 3. Certain Adjustments.

 

a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on its Common Stock or any other equity or equity equivalent securities payable in Common Stock (which, for avoidance
of doubt, shall not include any Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common
Stock into a larger number of shares, (iii) combines (including by way of reverse share split or consolidation) outstanding Common Stock
into a smaller number of shares, or (iv) issues by reclassification of Common Stock any shares of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Common Stock (excluding treasury shares, if any)
outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

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

 

 

	 

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

    	 

    	 

    

 

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

    	 

    	 

    

	 

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

 

f) Notice to Holder.

 

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

 

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

 

 

	 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of
the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.

    	 

    	 

    

Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and
in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full,
in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

Section 5. Miscellaneous.

 

a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company
prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without
limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive
cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event, including if the Company is for any reason unable
to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms thereof, shall the Company be required
to net cash settle an exercise of this Warrant.

 

b) Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft
or destruction, of indemnity or security reasonably satisfactory to it (which shall in no event include the posting of any bond), and
upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company shall make and deliver a new Warrant or
stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

	 

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

 

d) Authorized Shares.

 

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

    	 

    	 

    

 

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

 

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

 

e) Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof.
Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant shall be commenced
in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any provision hereunder), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any claim that it
is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for
such Proceeding. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the prevailing party
in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred
in the investigation, preparation and prosecution of such action or Proceeding.

 

 

	 

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

 

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

 

    	 

    	 

    

h) Notices. Any
and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized overnight courier
service, addressed to the Company, at 1 Lincoln Street, Boston, MA 02111, Attention: Coreen Kraysler, Chief Financial Officer, email address:
coreen.kraysler@netcapital.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders.
Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally,
by facsimile, email or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email
address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall
be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

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

 

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

 

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

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder on the other hand.

 

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

 

n) No Expense Reimbursement.
The Holder shall no way be required the pay, or to reimburse the Company for, any fees or expenses of the Company’s transfer agent
in connection with the issuance or holding or sale of the Common Stock, Warrant and/or Warrant Shares. The Company shall solely be responsible
for any and all such fees and expenses.

 

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

 

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

(Signature Page Follows)

    	 

    	 

    

 

 

 

	 

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

 

 

	 	NETCAPITAL INC.
	 	 	 
	 	
     

    By:
	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

NOTICE OF EXERCISE

 

	To:	
    NETCAPITAL
    INC.

     

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

 

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

☐
in lawful money of the United States; or

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

 

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

 

	 	 	 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

 

	Signature of Authorized Signatory of Investing Entity:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Date:	 

 

	 

 

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant,
execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

	Name:	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	
     

    Address:
	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	
     

    Phone Number:
	 	 	 
	 	 	 	 
	
     

    Email Address:
	 	 	 
	 	 	 	 
	
     

    Dated: _____________________ __, ______
	 	 	 
	 	 	 	 
	
     

    Holder’s Signature:
	 	 	 	 
	 	 	 	 	 
	
     

    Holder’s Address:Exhibit
10.14 

Technology
License Agreement

This
Technology License Agreement (this “Agreement”) is made as of June 24, 2022 (the “Execution Date”),
by and between NetCapital Systems LLC, a Delaware limited liability company (“Licensor”), and Netcapital Funding Portal
Inc., a Delaware corporation (“Licensee”), (hereinafter referred to collectively as the “Parties”
and individually as a “Party”).

Recitals

Whereas,
Licensor is a software development company that has developed and owns all the right, title and interest in and to the Jobs Software
(defined below), but is neither a funding portal nor a broker-dealer, and operates the website at netcapital.com (“Website”)
other than the Funding Portal.

WHEREAS,
Licensee operates sections of the Website to conduct securities offerings under applicable exceptions of the Securities Act of 1933,
as amended as a funding portal (“Funding Portal”);

Whereas,
the Parties wish to confirm the terms under which Licensee is licensed to use the Jobs Software to operate the Funding Portal.

Now,
Therefore, in consideration of the foregoing and the
mutual covenants and obligations of the Parties contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree as follows:

Agreement

		1.	Definitions.

For
the purposes of this Agreement, the following terms will have the meanings ascribed to them as follows

1.1.
“JOBS Software” means the software used on the Website to enable issuers and investors to transact via the Funding
Portal and the associated Third Party Tools.

1.2.
“Third Party Tools” means the third party tools and services (e.g., payment services, cloud hosting, etc.) used with
the JOBS Software to enable the functionality of the Funding Portal.

		2.	Limited
                                            License to Licensee.

2.1.      
License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, effective beginning the Execution
Date, a worldwide, perpetual, personal license to use the JOBS Software to operate the Funding Portal. 

2.2.      
Use Restrictions. Licensee will not, and will not permit any person to, (i) except as permitted under this Agreement, distribute,
disclose, or otherwise transfer any JOBS Software (whether in object code or source code) to any third party; (ii) remove or alter any
copyright, patent, trademark, trade name or other proprietary notices, legends, symbols or labels appearing on or in copies of any JOBS
Software; or (iii) incorporate the JOBS Software or any portion thereof into any other program or product offered outside of the Funding
Portal, except as expressly permitted under this Agreement.

2.3.      
Ownership. As between the Parties, Licensor owns and will retain all right, title and interest, including all intellectual property
rights, in and to the JOBS Software and any portion thereof, including, without limitation, any copy of the JOBS Software (or any portion
thereof) and any updates, modifications, or enhancements thereto, except as otherwise provided below. Licensee agrees to take any action
reasonably requested by Licensor to assign, evidence, maintain, enforce or defend the foregoing. Licensee will not take any action to
jeopardize, limit or interfere in any manner with Licensor’s ownership of and rights with respect to the JOBS Software. Licensee
will have only those rights in or to the JOBS Software expressly granted to it in Section 2, and no other rights or licenses are
granted to Licensee, by implication or otherwise, under this Agreement.

2.4.      
 Exclusivity. Licensor agrees, represents and warrants that it will not, and has not effected the grant of any license or other
right to any third party that would allow use of the JOBS Software or Funding Portal in a manner that could reasonably be expected to
compete with Licensee’s intended use of the JOBS Software and Funding Portal as contemplated herein. Licensor also agrees, represents
and warrants that it will not use, or permit the use of, the JOBS Software or Funding Portal in a manner that could reasonably be expected
to compete with Licensee’s intended use of the JOBS Software or Funding Portal as contemplated herein.

    	 

    	 

    

 

		3.	Support,
                                            Updates And Fees.

3.1.         
The annual fee will be $380,000 per year payable quarterly beginning on August 15, 2022 and on the 15th day of each subsequent
quarter (November 15, February 15, May 15 and August 15). The Parties acknowledge and agree that all fees due to Licensor prior to the
Execution Date hereof, including for use of the JOBS Software and Third Party Tools, have been fully paid by Licensee. The annual fee
includes the license fee, Licensee’s share of fees for any Third Party Tools arranged by Licensor and technical support. The annual
fee may be adjusted on the mutual agreement of the Parties in connection with the renewal of this Agreement to take into account any change
in annual fees for necessary Third Party Tools.

3.2.      
Licensor shall provide technical support sufficient to ensure the operability of the Website and Funding Portal for their intended purpose.
In the event that the Website or Funding Portal are not operable on any day due to an issue with either the Website, the JOBS Software
or the Third Party Tools, Licensee shall not be required to pay for such days and shall be entitled to a refund of any fee paid to Licensor,
calculated on a prorated daily basis.

3.3.      
To the extent that Licensee may request additional technical support or software development work, such will be provided by Licensor
subject to the parties executing a mutually agreeable agreement, including a statement of work ("SOW").

		4.	Confidentiality.

“Confidential
Information” means all technical, business, client or proprietary information disclosed by a Party (“Disclosing Party”)
to the other party (“Receiving Party”), whether orally or in writing, that is designated as confidential or that reasonably
should be understood to be confidential given the nature of the information and the circumstances of disclosure. Confidential Information
shall include, but is not limited to, information regarding the Disclosing Party’s business strategies and practices, methodologies,
trade secrets, know-how, technology, software, product plans, services, relationships with any third party, client lists and information
regarding the Disclosing Party’s employees, clients, vendors, consultants and affiliates. Confidential Information shall not, however,
include any portion of information which the Receiving Party can demonstrate by documented evidence is: (i) or becomes known or available
by publication, commercial use or otherwise, through no fault of the Receiving Party; (ii) known and has been reduced to tangible form
by the Receiving Party at the time of disclosure by the Disclosing Party and is not subject to restriction; (iii) independently developed
by an employee of the Receiving Party who neither had access to nor in any manner benefited from the Disclosing Party’s Confidential
Information; (iv) lawfully obtained by the Receiving Party from a third party who has the right to make such disclosure to the Receiving
Party; or (v) released, in writing, for public disclosure by the owner of the Confidential Information. The Receiving Party shall have
the right to disclose Confidential Information of the other Party only pursuant to the order or requirement of a court, administrative
agency, or other governmental body and only provided that the Receiving Party provides prompt, advance written notice thereof to enable
the Disclosing Party to seek a protective order or otherwise prevent such disclosure. In the event such a protective order is not obtained
by the Disclosing Party, the Receiving Party shall disclose only that portion of the Confidential Information which its legal counsel
advises that it is legally required to disclose. Confidential Information so disclosed shall continue to be deemed Confidential Information.
If a Party breaches any of its obligations with respect to confidentiality or use or disclosure of Confidential Information hereunder,
the other Party is entitled to obtain equitable and injunctive relief in addition to all other remedies that may be available to protect
its interest. Upon the Disclosing Party’s written request, the Receiving Party shall promptly return or destroy, at the Disclosing
Party’s option, all tangible copies of the Disclosing Party’s Confidential Information.

 

Receiving
Party will secure and protect the Confidential Information with at least the same degree of care that Receiving Party uses to protect
its own confidential information of similar importance (and, in any event, with no less than a reasonable degree of care) to prevent
the unauthorized use, dissemination or disclosure of such Confidential Information. Receiving Party will not disclose Confidential Information
to any third party other than to its employees who have a bona fide “need to know” and have executed confidentiality agreements
no less restrictive than the terms herein. Receiving Party will not use any Confidential Information for any purpose other than to perform
its obligations or exercise its rights under this Agreement.

    	 

    	 

    

 

		5.	Indemnification.

5.1.   
General Indemnification. Licensee and Licensor (“Indemnifying Party”) each agrees to and will, at its own cost and
expense, indemnify, reimburse, defend and hold the other Party, its Affiliates, and their officers, directors, employees, agents and
representatives (“Indemnified Parties”), harmless from and against any and all claims, demands, actions, damages (i.e.,
expenses, losses, personal injuries (including death), property damage of any kind by whomsoever owned and/or loss of or damage to data,
information and other such intangibles), and other liabilities of any nature whatsoever including, without limitation, litigation expenses
and reasonable attorney’s fees (“General Claims”) arising from, connected with or otherwise stemming directly
or indirectly, from (i) any material breach by the Indemnifying Party of any representation, warranty or obligations under this Agreement
or any SOW (including a breach of this Agreement’s Confidentiality Provision); (ii) the death of or injury to any individual or
damage to property due to the gross negligence of the Indemnifying Party; or (iii) gross negligence and/or willful acts or omissions
of the Indemnifying Party.

5.2.   
Infringement Indemnification. Licensor agrees to and will, at its own cost and expense, indemnify, reimburse, defend and hold
Licensee and the Indemnified Parties harmless from and against any and all losses, liabilities, costs, expenses or damages, including
reasonable attorneys’ fees, incurred by reason of any claim, allegation, demand, lawsuit, action or proceeding by a third party
(“IP Claims”) alleging that the JOBS Software or any deliverables or services pursuant to an SOW; or the creation,
reproduction, deployment or use of the JOBS Software or any deliverables or services based on an SOW, Licensor IP or any third party
IP included therein (including use thereof in combination with other products that is either contemplated or intended by the parties
or reasonably foreseeable based on the functionality of the JOBS Software, any deliverables or services pursuant to an SOW, Licensor
IP or Third Party IP), infringes, violates or misappropriates the patent, copyright, trade secret, intellectual property or other protected
or legal rights of any third party (each an “Infringing Deliverable” or an “Infringing Service” as appropriate.)

5.3.   
Disposition of Claims. The Indemnified Parties will notify the Indemnifying Party of General Claims and IP Claims (collectively,
“Claims”) in a timely manner after receiving notice thereof. At the Indemnifying Party’s expense, the Indemnified
Parties will exercise commercially reasonable efforts to cooperate with the Indemnifying Party in the defense or settlement of Claims.
the Indemnifying Party will have the sole authority, at its expense, to defend, compromise, negotiate, settle or otherwise dispose of
Claims; provided that it may not dispose of any such Claim in any manner, or enter into any settlement, in connection with which an admission,
affirmative obligation (including without limitation any duty of performance or payment), or other adverse effect is imposed on/required
of the Indemnified Parties, without the Indemnified Parties’ prior written consent.

5.4.   
Infringing Service or Deliverable. Without abrogating or otherwise limiting Licensor’s indemnity obligations set forth in
this Section 5, or any other obligations of Licensor set forth in this Agreement, if an IP Claim has been or may be asserted against
Licensor and/or Licensee due to an Infringing Service or Infringing Deliverable, Licensor must, at Licensor’s expense:

		5.4.1.	procure
                                            the right for Licensee to continue using the Infringing Services and/or Infringing Deliverable;
                                            or

		5.4.2.	replace
                                            or modify the Infringing Deliverable to eliminate the alleged infringement while providing
                                            substantially equivalent quality and functionality; or

		5.4.3.	if
                                            the performance under subsections (5.4.1) and (5.4.2) are not possible, terminate that part
                                            of the agreement or any SOW specifically dependent on the Infringing Deliverables and/or
                                            Infringing Services and refund any prepaid fees on a pro rata basis.

		6.	Disclaimer
                                            of Warranties; Limitations of Liability.

6.1.   
Disclaimer of Warranties. The JOBS Software is provided “as is,” with no warranties,
express, statutory or implied, including warranties of merchantability, fitness for a particular purpose, title or non-infringement,
and any warranties that may arise from usage of trade or course of dealing.

6.2.   
Limitation of Liability. To the fullest extent allowed by applicable law and notwithstanding
any failure of essential purpose of any limited remedy or limitation of liability: (a) in no event will either party be liable for any
lost profits, lost savings, business interruption, lost business information, or other special, indirect, incidental, exemplary, punitive
or consequential damages arising out of or relating to this Agreement, even if the party has been advised of the possibility of such
damages and (b) notwithstanding anything in this Agreement to the contrary, except for claims arising out of a party’s indemnification
obligations under section 5 or confidentiality obligations under section 4, each party’s entire liability arising from or relating
to this agreement or the subject hereof, under any legal theory (whether in contract, tort or otherwise), if any, will not exceed the
fees paid by licensee under this agreement in the past 12 months.

    	 

    	 

    

		7.	Termination.
                                            

7.1.   
Term. Unless sooner terminated in accordance the termination provisions of this Agreement, the term of this Agreement will extend
one year from the Execution Date and will renew for successive one year terms unless Licensee provides Licensor ninety day written notice
prior to the end of the term of any extension thereof (“Term”). 

7.2.   
Termination. 

		7.2.1.	Licensor
                                            may terminate this Agreement upon thirty days written notice in the event that Licensee fails
                                            to pay the license fee pursuant to the terms of this Agreement and such breach is not cured
                                            within thirty days.

		7.2.2.	Licensee
                                            may terminate this Agreement with thirty days written notice in the event that Licensor breaches
                                            any of the provisions of this Agreement and such breach is not cured within thirty days.

7.3.   
Effect of Termination. Upon expiration or termination of this Agreement (i) all licenses granted to Licensee will immediately
terminate and Licensee will immediately cease all use of and access to the JOBS Software, and (ii) each Party will return to the other
Party or destroy (as directed by a Party), any Confidential Information. Sections 1, Definitions, 2.4, Use Restrictions, 2.5, Ownership,
2.6, Work Product, 4, Confidentiality, 5, Indemnification, 6.2, Limitation of Liability, 7.3, Effect of Termination, 8, Source Code Escrow,
and 9, General, will survive any expiration or termination of this Agreement.

 

8.      
Deposit and License Modification

		8.1.	Licensor
                                            Responsibilities

		8.1.1.	Licensor
                                            represents, warrants and covenants that: (i) it has previously deposited all proprietary
                                            technology, including the JOBS Software, related documentation, technical tools and other
                                            materials covered under this Agreement (“Deposit Material”) to Licensee’s
                                            account with GitHub; (ii) it will make any required updates to the Deposit Material solely
                                            on GitHub; (iii) it will ensure that a minimum of one (1) copy of Deposit Material is deposited
                                            in Licensee’s account with GitHub at all times; (iv) the Deposit Material is complete
                                            and includes all software and other necessary tools and documentation to build the JOBS Software
                                            and for Licensee to continue to operate the JOBS Software in its normal business operations;
                                            (v) Licensee will not modify or attempt to modify the Deposit Material in a manner that negates
                                            the value or operation thereof; (vi) Licensee will not disturb or attempt to disturb Licensee’s
                                            access to the Deposit Material.

		8.1.2.	To
                                            the extent that Licensor creates updates or modifications to the Jobs Software outside of
                                            Licensee’s account with GitHub, Licensor shall submit those updates to Licensee’s
                                            account with GitHub within thirty (30) days and simultaneously notify Licensee of this submission.

		8.1.3.	Licensor
                                            represents that it lawfully possesses all Deposit Material provided to Licensee under this
                                            Agreement and that any current or future Deposit Material liens or encumbrances will not
                                            prohibit, limit, or alter the rights and obligations of Licensee under this Agreement. Licensor
                                            warrants that with respect to the Deposit Material, Licensee’s proper administration
                                            of this Agreement, including the maintenance of the Deposit Material in Licensee’s
                                            account with GitHub, will not violate the rights of any third parties.

		8.1.4.	Upon
                                            request by Licensee for verification of the Deposit Material, Licensor shall promptly complete
                                            and return any questionnaire from Licensee and reasonably cooperate with Licensee by providing
                                            reasonable access to its technical personnel.

		8.1.5.	Upon
                                            request by Licensee, Licensor will perform an Entry Level Verification (“ELV”)
                                            of source code and other material that Licensor has submitted as Deposit Material. During
                                            the ELV, Licensor will demonstrate the completeness and functionality of the source code
                                            by compiling the code while being observed by Licensee at a mutually agreeable time. The
                                            ELV consists of three phases. Phase One – Licensee reviews the requirements for the
                                            build including hardware and tools, examination of the structure and attributes of the source
                                            code and relevant associated files submitted as Deposit Material. Phase Two - the Licensor
                                            will compile the source code into a working application while under observation by Licensee.
                                            Phase Three – Licensor and Licensee will verify that the build is successful and working
                                            as expected. If Licensee determines that the build was unsuccessful the test shall have been
                                            failed. Licensor’s inability to correct the failure within ten days shall be considered
                                            a breach of this Agreement.

    	 

    	 

    
		8.2.	License
                                            Modification

		8.2.1.	Modification
                                            Conditions. Licensor and Licensee agree that the modification of the license shall be based
                                            solely on one or more of the following conditions (defined as “Modification Conditions”):

		8.2.2.	(i)Licensor’s
                                            breach of this Agreement or other agreement between the Licensor and Licensee regulating
                                            the use of the Deposit Material covered under this Agreement;

		8.2.3.	(ii)Failure
                                            of the Licensor or any of its successors or assigns to function as a going concern or operate
                                            in the ordinary course;

		8.2.4.	(iii)Licensor
                                            or any of its successors or assigns makes a general assignment for the benefit of creditors,
                                            or admits in writing that it is unable to pay its debts as they mature;

		8.2.5.	(iv)Licensor
                                            is or becomes subject to voluntary or involuntary bankruptcy, receivership, insolvency, reorganization,
                                            dissolution, liquidation, or similar proceedings are instituted by or against Licensor or
                                            all or any substantial part of Licensor’s property under any federal or state law;

		8.2.6.	(v)Licensor
                                            ceases to offer support and maintenance as set forth in Section 3 hereof for the version
                                            of the JOBS Software then in use by Licensee; and/or

		8.2.7.	(vi)Licensor
                                            otherwise refuses to or is unable to maintain the Website for any reason.

		8.2.8.	Upon
                                            occurrence of a Modification Condition, Licensor shall automatically grant and shall be deemed
                                            to have granted Licensee an irrevocable, worldwide, perpetual, royalty free, fully-transferable,
                                            fully paid-up license to use, access, copy, modify, install, enhance, compile, execute, publicly
                                            perform, distribute, display, and create derivative works of the Deposit Material in connection
                                            with the operation of the Funding Portal including the development of updates, patches, upgrades,
                                            enhancements and other modifications thereto including, without limitation, its permitted
                                            use and exploitation of the JOBS Software, and to authorize others to do any of the foregoing.
                                            Licensee shall be obligated to maintain the confidentiality of the Deposit Material in accordance
                                            with Section 4 of this Agreement. The foregoing license will survive termination or expiration
                                            of this Agreement for any reason.

		8.2.9.	Access
                                            to Depositor Personnel. Following the modification condition, Licensor will provide Licensee,
                                            at no cost, with access to Licensor’s technical personnel and programmers with sufficient
                                            skill to enable Licensee to exercise its rights hereunder, so that Licensee can use, modify
                                            or support the JOBS Software without any adverse consequences to its normal operations.

9.      
General.

9.1.   
Submission to Jurisdiction. Each Party to this Agreement: (i) expressly and irrevocably consents and submits to the jurisdiction
of each state and federal court located in the County of New York, State of New York (and each appellate court located in the County
of New York, State of New York) in connection with any such Legal Proceeding; (ii) agrees that each state and federal court located in
the County of New York, State of New York shall be deemed to be a convenient forum; and (iii) agrees not to assert (by way of motion,
as a defense or otherwise), in any such Legal Proceeding commenced in any state or federal court located in the County of New York, State
of New York, any claim that such Party is not subject personally to the jurisdiction of such court, that such Legal Proceeding has been
brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this
Agreement may not be enforced in or by such court. Each of the Parties further agrees that notice as provided herein shall constitute
sufficient service of process and the parties further waive any argument that such service is insufficient.

    	 

    	 

    

9.2.   
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (i) on the date
of delivery if delivered personally, (ii) if by facsimile, upon electronic confirmation of receipt by facsimile, provided
that a copy of such notice or other communication is promptly mailed by registered or certified mail, return receipt requested, postage
prepaid, following the transmission of such facsimile, and sent by email, with the subject line “Funding Portal Technology License
Notice,” (iii) on the first (1st) business day following the date of dispatch if delivered utilizing a next-day
service by a nationally recognized next-day courier or (iv) on the earlier of confirmed receipt or the fifth (5th) business
day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices
hereunder shall be delivered to the addresses set forth below:

If
to Licensor:

Jason
Frishman, President

jason@netcapital.com

 

If
to Licensee:

Paul
Riss, Chief Compliance Officer

paul@netcapital.com

 

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

Cecilia
Lenk, CEO Netcapital Inc.

cecilia.lenk@netcapital.com

or
to such other address as the Person to whom notice is given may have previously furnished to the others in writing in the manner set
forth above.

9.3.   
Amendments and Modification; Waivers.

		9.3.1.	This
                                            Agreement may not be amended, modified or supplemented in any manner, whether by course of
                                            conduct or otherwise, except by an instrument in writing specifically designated as an amendment
                                            hereto, signed by each of the Parties. 

		9.3.2.	No
                                            failure or delay of a Party in exercising any right or remedy hereunder shall operate as
                                            a waiver thereof, nor shall any single or partial exercise of any such right or power, or
                                            any abandonment or discontinuance of steps to enforce such right or power, or any course
                                            of conduct, preclude any other or further exercise thereof or the exercise of any other right
                                            or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive
                                            of any rights or remedies which they would otherwise have hereunder. Any agreement on the
                                            part of any Party to any such waiver shall be valid only if set forth in a written instrument
                                            executed and delivered by such Party.

9.4.   
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, so
long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse
to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible,
in a mutually acceptable manner, in order that the transactions contemplated by this Agreement shall be consummated as originally contemplated
to the fullest extent possible.

    	 

    	 

    

9.5.   
Entire Agreement; Assignment; Successors. This Agreement (i) constitutes the entire agreement among the Parties hereto with respect
to the subject matter hereof and supersedes all other prior and contemporaneous agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof and (ii) may not be assigned by operation of law or otherwise without the
written consent of the other Party; provided, however, that either Party may assign any or all of its rights and obligations under
this Agreement to (1) any direct or indirect wholly owned subsidiary of the Party, and (2) any successor of the assets or business to
which this Agreement relates, but no such assignment shall relieve a Party of its obligations hereunder if such assignee does not perform
such obligations. Any purported assignment of this Agreement in contravention of this Section shall be null and void and of no force
or effect. Subject to the preceding sentences of this Section, this Agreement will be binding upon, inure to the benefit of, and be enforceable
by, the Parties and their respective successors and assigns.

9.6.   
No Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and its
successors and permitted assigns and nothing in this Agreement is intended to or shall confer upon any other Person any legal or equitable
rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

9.7.   
Attorneys’ Fees. In the event a Legal Proceeding is brought to enforce or interpret any provision of this Agreement, the
prevailing Party shall be entitled to recover reasonable attorneys’ fees and costs in an amount to be fixed by the court.

9.8.   
Governing Law. This Agreement shall be deemed to be made and in all respects shall be interpreted, construed and governed by and
in accordance with the laws of the State of New York without regard to the conflicts of laws principles thereof.

9.9.   
Interpretation; Article and Section References. The descriptive headings herein are inserted for convenience of reference only
and are not intended to be part of or to affect the meaning or interpretation of this Agreement. All references in this Agreement to
Articles, Sections and Exhibits are references to Articles, Sections and Exhibits, respectively, in and to this Agreement, unless otherwise
specified. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. The words
“include” or “including” mean “include, without limitation,” or “including, without limitation,”
as the case may be, and the language following “include” or “including” shall not be deemed to set forth an exhaustive
list. The word “or” shall not be limiting or exclusive. References to days are to calendar days; provided that any
action otherwise required to be taken on a day that is not a business day shall instead be take on the next business day. Unless otherwise
specifically provided or the context otherwise requires, all references in this Agreement to Licensee mean and shall refer to Licensee
and its successors, assigns and (if applicable) predecessors-in-interest. As used in this Agreement, the singular or plural number shall
be deemed to include the other whenever the context so requires. Any capitalized terms used in any Exhibit but not otherwise defined
therein shall have the meaning as defined in this Agreement. All Exhibits annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth herein.

9.10.
Counterparts; Electronic Signature. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original but all of which shall constitute one and the same agreement. This Agreement may be executed by facsimile or electronic
(.pdf) signature and a facsimile or electronic (.pdf) signature shall constitute an original for all purposes.

9.11.
Captions. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation
hereof.

9.12.
Specific Performance. Each Party hereby acknowledges and agrees that it may cause irreparable injury to the other Party if any
of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached, for which damages,
even if available, may not be an adequate remedy. Accordingly, each Party agrees that the other Party shall have the right to seek injunctive
relief by any court of competent jurisdiction to prevent breaches of the provisions of this Agreement and to enforce specifically this
Agreement and the terms and provisions hereof in any Legal Proceeding, in addition to any other remedy to which it may be entitled, at
law or in equity.

    	 

    	 

    

9.13.
Fees and Expenses. Except as otherwise provided herein, all fees and expenses incurred in connection with or related to this Agreement
shall be paid by the Party incurring such fees or expenses; provided, that in the event of termination of this Agreement, the obligation
of each Party to pay its own expenses will be subject to any rights of such Party arising from a breach of this Agreement by any other
Party.

9.14.
No Presumption Against Drafting Party. The Parties agree that they have been represented by counsel during the negotiation and
execution of this Agreement and, therefore, waive the application of any laws or rule of construction providing that ambiguities in an
agreement or other document will be construed against the Party drafting such agreement or document.

9.15.
No Partnership. The relationship between the Parties is that of independent contractors and nothing in this Agreement shall constitute
a partnership between Licensor and Licensee.

 

Signatures
on the following page

    	 

    	 

    

 

IN
WITNESS WHEREOF, Licensor and Licensee have caused this Agreement to be executed on the date first written above by their respective
duly authorized officers.

 

	
    Netcapital systems llc 

    a Delaware limited liability company

     

    By: /s/ Jason Frishman

    Name: Jason Frishman

    Title: President

     

	
    Netcapital Funding Portal Inc.

    a Delaware corporation

     

    By: /s/ Paul Riss

    Name: Paul Riss

    Title: Chief Compliance Officer

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