Document:

Exhibit 10.6

 

ESCROW
AGREEMENT

 

THIS
AGREEMENT (this “Agreement”) is made this [ ], 2021 by and among Infobird Co., Ltd, a Cayman Islands company (the
“Issuer”), the Underwriter (collectively, the “Underwriter”) whose name and address appear on the
Information Sheet (as defined herein) attached to this Agreement and Continental Stock Transfer & Trust Company, 1 State Street,
30th Floor, New York, New York 10004 (the “Escrow Agent”). Capitalized term used herein and not otherwise defined
herein shall have the respective meaning set forth in the Underwriting Agreement (as defined below).

 

 

W
I T N E S S E T H:

 

WHEREAS,
the Issuer has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement, as amended
(the “Registration Statement”) covering the proposed initial public offering of its ordinary shares (the “Securities”);

 

WHEREAS,
the Underwriter proposes, pursuant to the terms of the Registration Statement and that certain Underwriting Agreement, dated as
of [ ], 2021, by and between the Underwriter, as representative of the underwriters named therein, and the Issuer (the “Underwriting
Agreement”) to offer the Securities, as agent for the Issuer, for sale in an initial public offering of the Company’s
securities to the public on a firm commitment basis (the “Offering”);

 

WHEREAS,
the Registration Statement contemplates the execution and delivery of this Agreement and the deposit by Issuer with the Escrow
Agent of $600,000.00 (the “Escrow Amount”) in order to provide source of funding for certain indemnification obligations
of Issuer as described in the Registration Statement and the Underwriting Agreement, and the parties hereto wish such deposit
to be subject to the terms and conditions set forth herein and in the Underwriting Agreement; and

 

WHEREAS,
the Issuer and the Underwriter propose to establish an escrow account (the “Escrow Account”), to which the Escrow
Amount is be credited, and the Escrow Agent is willing to establish the Escrow Account and the terms thereof are subject to the
conditions hereinafter set forth.

 

NOW,
THEREFORE in consideration of the premises and mutual covenants herein contained, the parties hereto hereby agree as follows:

 

		1.	Information
                                         Sheet. Each capitalized term not otherwise defined in this Agreement shall have
                                         the meaning set forth for such term on the information sheet which is attached to this
                                         Agreement as Exhibit A and is incorporated by reference herein and made
                                         a pact hereof (the “Information Sheet”).

 

    1

     

    

 

		2.	Establishment
                                         of the Bank Account.

 

2.1       The
Escrow Agent shall establish a non-interest bank account at the branch of JP Morgan Chase (the “Bank”) selected by
the Escrow Agent, and bearing the designation set forth on the Information Sheet (heretofore defined as the “Bank Account”).
While the funds are on deposit, the Escrow Agent may earn bank credits or other consideration. The purpose of the Bank Account
is for (a) the deposit of the Escrow Amount by the Issuer to the Escrow Agent, (b) the holding of the Escrow Amount and (c) the
disbursement of the Escrow Amount, all as described herein.

 

		3.	Deposits
                                         to the Bank Account.

 

3.1
The Issuer shall, upon the closing of the Offering, deliver to the Escrow Agent, by wire transfer in accordance with the wire
transfer instructions set forth on the Information Sheet, the Escrow Amount. Upon the Escrow Agent’s receipt of the Escrow
Amount, it shall be credited to the Escrow Account.

 

3.2
Promptly after receiving the Escrow Amount as described in Section 3.1, the Escrow Agent shall deposit the same into the Bank
Account. The Escrow Agent shall cause the Bank to process the Escrow Amount for collection through the banking system.

 

		4.	Disbursement
                                         from the Bank Account.

 

4.1
Promptly following the date that is twenty four (24) months after the closing date of the Offering (the “Closing Date”),
the Escrow Agent shall retain in the Escrow Account such amount that is the subject of all claim notices, if any, delivered by
the Underwriter to the Issuer in connection with the Company’s indemnification obligations in accordance with the Underwriting
Agreement, and shall pay the remaining balance of the Escrow Account, if any, to the Issuer (subject to withholding as applicable)
based on a release instruction issued jointly by the Issuer and the Underwriter (the “Joint Release Instruction”).

 

4.2
In the event that the Underwriter delivers a claim notice in accordance with the Underwriting Agreement on or prior to the day
that is that is twenty-four (24) months after the Closing Date, as applicable, the Escrow Agent shall continue to hold in escrow
and shall not release, an amount of funds then held in escrow equal to the lesser of: (i) the amount claimed by the Underwriter
which is payable to the Underwriter in accordance with the terms of the Underwriting Agreement (but not in any event in excess
of the Escrow Amount); or (ii) the balance of the Escrow Account which is available for release and distribution to the Issuer.
The portion of the Escrow Account in excess of the amount specified in clause (i) of the preceding sentence (as may be the subject
of one or more timely delivered claim notices) shall be released by the Escrow Agent as specified in Section 4.1 (as may be applicable).
With respect to the amounts specified in any such timely delivered claim notices, the Escrow Agent shall promptly disburse funds
from the Escrow Account within three (3) Business Days (as defined herein) after delivery to the Escrow Agent of: (i) a Joint
Release Instruction, as may be directed in such Joint Release Instruction; or (ii) if the Underwriter and the Issuer are unable
for any reason to issue a Joint Release Instruction (including in any case in which the Underwriter and the Issuer are unable
to agree on the terms of a Joint Release Instructions), within ten (10) Business Days following the request of a party to issue
such Joint Release Instruction, as specified in the terms of a Final Determination (as defined herein).

 

    2

     

    

4.3
For purposes of this Agreement: (a) “Business Day” means any day that is not a Saturday, a Sunday or other day on
which commercial banks located in New York, New York, are obligated or authorized by applicable law to remain closed for business;
provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed
due to “stay at home,” “shelter-in-place,” “non-essential employee” or any other similar orders
or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the
electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open
for use by customers on such day; and (b) “Final Determination” means a final non-appealable order of any court of
competent jurisdiction which may be issued, together with (A) a certificate of the prevailing party to the effect that such judgment
is final and non-appealable and from a court of competent jurisdiction having proper authority and (B) the written payment instructions
of the prevailing party.

 

4.4
Upon disbursement of the Escrow Amount pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of all further
obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event shall
the aggregate amount of payments made by the Escrow Agent exceed the amount of the Escrow Amount.

 

		5.	Rights,
                                         Duties and Responsibilities of Escrow Agent. It is understood and agreed that
                                         the duties of the Escrow Agent are purely ministerial in nature, and that:

 

5.1
The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of the Underwriting Agreement
or any other agreement between the Underwriter and the Issuer nor shall the Escrow Agent be responsible for the performance by
the Underwriter or the Issuer of their respective obligations under this Agreement.

 

5.2
The Escrow Agent shall be entitled to rely upon the accuracy, act in reliance upon the contents, and assume the genuineness of
any notice, instruction, certificate, signature, instrument or other document which is given to the Escrow Agent pursuant to this
Agreement without the necessity of the Escrow Agent verifying the truth or accuracy thereof. The Escrow Agent shall not be obligated
to make any inquiry as to the authority, capacity, existence or identity or any person purporting to give any such notice or instructions
or to execute any such certificate, instrument or other document.

 

5.3
If the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions with respect to the Bank Account,
the Escrow Amount which, in its sole determination, are in conflict either with other, instructions received by it or with any
provision of this Agreement, it shall be entitled to hold the Escrow Amount or a portion thereof, in the Bank Account pending
the resolution of such uncertainty to the Escrow Agent’s sole satisfaction, by final judgment of a court or courts of competent
jurisdiction or otherwise; or the Escrow Agent, at its sole option, may deposit the Escrow Amount with the Clerk of a court of
competent jurisdiction in a proceeding to which all parties in interest are joined. Upon the deposit by the Escrow Agent of the
Escrow Amount with the Clerk of any court, the Escrow Agent shall be relieved of all further obligations and released from all
liability hereunder.

 

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5.4
The Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct of any employee, agent or
attorney appointed by it, except in the case of willful misconduct or negligence. The Escrow Agent shall be entitled to consult
with counsel of its own choosing.

 

5.5
The Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Escrow
Amount or any part thereof or to file any statement under the Uniform Commercial Code with respect to the Escrow Amount or any
part thereof.

 

		6.	Amendment;
                                         Resignation.

 

6.1
This Agreement may be altered or amended only with the written consent of the Issuer, the Underwriter and the Escrow Agent.

 

6.2
The Escrow Agent may resign for any reason upon thirty (30) business days’ written notice to the Issuer and the Underwriter.
Should the Escrow Agent resign as herein provided, it shall not be required to make any disbursement or otherwise dispose of the
Escrow Amount, but its only duty shall be to hold the Escrow Amount until they clear the banking system for a period of not more
than five (5) Business Days following the effective date of such resignation, at which time (a) if a successor escrow agent shall
have been appointed and written notice thereof (including the name and address of such successor escrow agent) shall have been
given to the resigning Escrow Agent by the Issuer, the Underwriter and such successor escrow agent, then the resigning Escrow
Agent shall pay over to the successor escrow agent the Escrow Amount, less any portion thereof previously paid out in accordance
with this Agreement; or (b) if the resigning Escrow Agent shall not have received written notice signed by the Issuer, the Underwriter
and a successor escrow agent, then the resigning Escrow Agent shall promptly deposit the Escrow Amount with the Clerk of a court
of competent jurisdiction in a proceeding to which all parties in interest are joined. Upon the deposit by the Escrow Agent of
the Escrow Amount with the Clerk of any court, the Escrow Agent shall be relieved of all further obligations and released from
all liability hereunder. Without limiting the provisions of Section 8 hereof, the resigning Escrow Agent shall be entitled to
be reimbursed by the Issuer and the Underwriter for any actual and reasonable expenses incurred in connection with its resignation,
transfer of the Escrow Amount to a successor escrow agent or distribution of the Escrow Amount pursuant to this Section 6.

 

		7.	Representations
                                         and Warranties. The Issuer and the Underwriter hereby jointly and severally represent
                                         and warrant to the Escrow Agent that:

 

7.1
No party other than the parties hereto have, or shall have, any lien, claim or security interest in the Escrow Amounts or the
Fund or any part thereof.

 

7.2
No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security interest in or describing
(whether specifically or generally) the Escrow Amount or any part thereof.

 

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7.3
Reasonable controls have been established and required due diligence performed to comply with “Know Your Customer”
regulations, USA Patriot Act, Office of the Foreign Asset Control (OFAC) regulations and the Bank Secrecy Act.

 

		8.	Fees
                                         and Expenses. The Escrow Agent shall be entitled to the Escrow Agent Fees set
                                         forth on the Information Sheet, payable as and when stated therein. In addition, the
                                         Issuer and the Underwriter jointly and severally agree to reimburse the Escrow Agent
                                         for any reasonable expenses incurred in connection with this Agreement, including, but
                                         not limited to, reasonable counsel fees. Upon receipt of the Escrow Amount, the Escrow
                                         Agent shall have a lien thereupon to the extent of its fees for services as Escrow Agent.

 

		9.	Indemnification
                                         and Contribution.

 

9.1
The Issuer and the Underwriter (collectively referred to as the “Indemnitors”) jointly and severally agree to indemnify
the Escrow Agent and its officers, directors, employees, agents and shareholders (collectively referred to as the “ Indemnitees”)
against, and hold them harmless of and from, any and all loss, liability, cost, damage and expense, including, without limitation,
reasonable counsel fees, which the Indemnitees may suffer or incur by reason of any action, claim or proceeding brought by a third
party against the Indemnitees arising out of or relating in any way to this Agreement or any transaction to which this Agreement
relates, unless such action, claim or proceeding is the result of the willful misconduct or gross negligence of the Indemnitees.

 

9.2
If the indemnification provided for in Section 9.1 is applicable, but for any reason is held to be unavailable, the Indemnitors
shall contribute such amounts as are just and equitable to pay, or to reimburse the Indemnitees for, the aggregate of any and
all losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by the Indemnitees as a result
of or in connection with, and any amount paid in settlement of, any action, claim or proceeding arising out of or relating in
any way to any actions or omissions of the Indemnitors.

 

9.3
The provisions of this Article 9 shall survive any termination of this Agreement, whether by disbursement of the Escrow Amount,
resignation of the Escrow Agent or otherwise.

 

		10.	Governing
                                         Law and Assignment. This Agreement shall be construed in accordance with and
                                         governed by the laws of the State of New York and shall be binding upon the parties hereto
                                         and their respective successors and assigns; provided, however, that any assignment or
                                         transfer by any party of its rights under this Agreement or with respect to the Escrow
                                         Amounts shall be void as against the Escrow Agent unless (a) written notice thereof shall
                                         be given to the Escrow Agent; and (b) the Escrow Agent shall have consented in writing
                                         to such assignment or transfer.

 

    5

     

    

 

 

		11.	Notices.
                                         All notices, demands, consents, requests, instructions and other communications to be
                                         given or delivered or permitted under or by reason of the provisions of this Agreement
                                         or in connection with the transactions contemplated hereby shall be in writing and shall
                                         be deemed to be delivered and received by the intended recipient as follows: (i) if personally
                                         delivered, on the business day of such delivery (as evidenced by the receipt of the personal
                                         delivery service), (ii) if mailed certified or registered mail return receipt requested,
                                         on the business day of such delivery (as evidenced by the signed certified mail card),
                                         (iii) if delivered by overnight courier (with all charges having been prepaid), on the
                                         business day of such delivery (as evidenced by the receipt of the overnight courier service
                                         of recognized standing), (iv) if delivered by facsimile transmission, on the business
                                         day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or if sent
                                         after that time, on the next succeeding business day (as evidenced by the printed confirmation
                                         of delivery generated by the sending party’s telecopier machine), or (v) if delivered
                                         by email on the business day of such delivery (as evidenced by delivery confirmation).
                                         If any notice, demand, consent, request, instruction or other communication cannot be
                                         delivered because of a changed address of which no notice was given (in accordance with
                                         this Section 11), or the refusal to accept same, the notice, demand, consent, request,
                                         instruction or other communication shall be deemed received on the second business day
                                         the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices,
                                         demands, consents, requests, instructions and other communications will be sent to addresses
                                         or facsimile numbers as applicable set forth hereunder.

 

If
to the Company, to:

Infobird
Co., Ltd

Room 12A05, Block A, Boya International Center, Building 2, No. 1 Courtyard

Lize Zhongyi Road

Chaoyang District

Beijing,
China 100102

Attention:
Yimin Wu, Chief Executive Officer

Email:
wuym@infobird.com

 

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

K&L
Gates LLP

Southeast
Financial Center, Suite 3900

200
South Biscayne Boulevard

Miami,
Florida 33131-2399

Attention:
Clayton E. Parker, Esq.

Email:
Clayton.Parker@klgates.com

Facsimile:
(305) 358-7095

If
to the Representative, to:

WestPark
Capital, Inc.

1900
Avenue of the Stars, Suite 310

Los Angeles,
CA 90067

Attention:
Richard Rappaport

Email:
r@wpcapital.com

    6

     

    

 

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

Sheppard,
Mullin, Richter & Hampton LLP

30
Rockefeller Plaza

New
York, NY 10112

Attention:
Richard A. Friedman, Esq.

Email:
rafriedman@sheppardmullin.com

Facsimile:
212-653-8701

If
to the Escrow Agent, to:

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attention:
[       ]

Email:
[       ]

Facsimile:
[       ]

		12.	Severability.
                                         If any provision of this Agreement or the application thereof to any person or circumstance
                                         shall be determined to be invalid or unenforceable, the remaining provisions of this
                                         Agreement or the application of such provision to persons or circumstances other than
                                         those to which it is held invalid or unenforceable shall not be affected thereby and
                                         shall be valid and enforceable to the fullest extent permitted by law.

 

		13.	Execution
                                         in Several Counterparts. This Agreement may be executed in several counterparts or
                                         by separate instruments, and all of such counterparts and instruments shall constitute
                                         one agreement, binding on all of the parties hereto.

 

		14.	Entire
                                         Agreement. This Agreement constitutes the entire agreement between the parties hereto
                                         with respect to the subject matter hereof and supersedes all prior agreements and understandings
                                         (written or oral) of the parties in connection therewith.

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

 

THE
ISSUER

 

By:
___________________________

Name:

Title:

 

THE
UNDERWRITER

 

By:
___________________________

Name:

Title:

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

By:
___________________________

Name:

Title:

 

 

 

    7

     

    

 

 

 

EXHIBIT
A

 

ESCROW
AGREEMENT INFORMATION SHEET

 

 

 

1.
The Issuer

 

Name:
Infobird Co., Ltd

 

Address:

 

Room
12A05, Block A, Boya International Center, Building 2, No. 1 Courtyard

Lize Zhongyi Road

Chaoyang
District

 Beijing, China 100102

 

2.
The Underwriter

 

Name:
WestPark Capital, Inc., as representative of the underwriters

 

Address:
1900 Avenue Of The Stars, Suite 310, Los Angeles, CA 90067

 

3.
Title of Escrow Account

 

“CST&T
as agent for Infobird Co., Ltd and WestPark Capital, Inc.”

 

 

4.
Escrow Agent Fees and Charges

 

Administration
& Agency Fee                               $6,500.00

 

The
acceptance fee and administration fee covers all account set-up services, the review, negotiation and execution of the litigation
fund deposit agreement, KYC, OFAC and USA Patriot Act due diligence, claim instructions and release instructions, on-going account,
compliance review, records retention, enclosing and mailing Forms 1099 B and escheat services The escrow agent acceptance
fee and administration fee is due and payable upon the effective date of appointment. See assumptions for duration.

Claims Processed, per claim                                   $750.00

 

Out-of-pocket expensesAt cost

Out-of-pocket expenses when applicable will be billed at cost at the sole discretion of Continental Stock Transfer & Trust
Company.

 

Extraordinary servicesMarket
rate

 

Fees
for services not specifically covered in this schedule will be billed in accordance with our prevailing rates for such
services.

These
costs may include, but are not limited to, review of IRS Form W-8IMY for foreign holders, shareholder presentment status updates,
shareholder record adjustments, electronic copies of shareholder presentments and non-standard shareholder records.

Assumptions

This
proposal is based upon the following assumptions with respect to the role of administrative agent. Should any of the assumptions,
duties or responsibilities change, we reserve the right to affirm, modify or rescind this proposal.

 

	The period of this Engagement Letter is 24 months. Beyond this
duration, a fee of $400.00/month will be in effect.

	Continental will be provided
W-9/appropriate W-8 forms and payment instructions for disbursements.

Terms and conditions

 

	Invoices outstanding for over 30 days are subject
to a 1.5% per month late payment penalty.

 

5.       Escrow
Agent Wire Transfer Instructions

 

[__]

 

 

    8Exhibit 4.2

 

 

Form of Representative’s Warrant to
Purchase Ordinary Shares

 

THE REGISTERED HOLDER OF THIS REPRESENTATIVE’S
WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS REPRESENTATIVE’S WARRANT EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS REPRESENTATIVE’S WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS REPRESENTATIVE’S WARRANT OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE,
PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS REPRESENTATIVE’S WARRANT BY ANY
PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING (DEFINED BELOW)
TO ANYONE OTHER THAN (I) WESTPARK CAPITAL, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II)
A BONA FIDE OFFICER OR PARTNER OF WESTPARK CAPITAL, INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA
RULE 5110(E)(2).

 

THIS WARRANT IS VOID AFTER 5:00 P.M., EASTERN
TIME, [●].1

 

REPRESENTATIVE’S WARRANT

 

For the Purchase of [●] Ordinary Shares

of

INFOBIRD CO., LTD

 

1. Representative’s Warrant.
THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement, dated [●] (the “Underwriting Agreement”),
by and between INFOBIRD CO., LTD (the “Company”), and WestPark Capital, Inc., as representative of the
underwriters named on Annex A thereto, providing for the initial public offering (the “Offering”) of
ordinary shares, par value $0.001 per share, of the Company (the “Ordinary Shares”), WestPark Capital, Inc.
or its assigns (“Holder”), as registered owner of this Representative’s Warrant, is entitled, at any time
or from time to time on or after [●] (the “Commencement Date”)[1],
and at or before 5:00 p.m., Eastern time, [●][2] (the “Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●][3]
Ordinary Shares (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law or executive order to close, then this Representative’s
Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate
this Representative’s Warrant. This Representative’s Warrant is initially exercisable at $[●] per Share[4];
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted
by this Representative’s Warrant, including the exercise price per Share and the number of Shares to be received upon such
exercise, shall be adjusted as therein specified. This Representative’s Warrant is being issued pursuant to the terms of
the Underwriting Agreement providing for the Offering. The term “Effective Date” shall mean the effective date
of the registration statement in connection with the Offering. The term “Exercise Price” shall mean the initial
exercise price or the adjusted exercise price, depending on the context.

 

 

2. Exercise.

 

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

 

1
Date that is five years from the Effective Date.

2
Closing Date.

3
Date that is five years from the Effective Date.

4
10% of the Shares sold in the Offering at the Closing Date.

5
125% of the price of the Shares sold in the Offering at
the Closing Date.

 

 

    1

     

    

 

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

 

Y(A-B)

X = A

 

Where,

 

X = The number of Shares
to be issued to Holder;

Y = The number of Shares that would
be issuable upon exercise of this Representative’s Warrant if such exercise were by means of a cash exercise pursuant to
Section 2.1 rather than a cashless exercise pursuant to this Section 2.2;

A = The fair market value of one
Share, as determined in accordance with the provisions of this Section 2; and

B = The Exercise Price in effect
under this Representative’s Warrant at the time the election to exercise this Representative’s Warrant on a cashless
basis is made pursuant to this Section 2.

 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

(i) if the Ordinary
Shares are traded on a national securities exchange, the fair market value shall be deemed to be the closing sales price on such
exchange on the Trading Day immediately prior to the date the exercise form is submitted to the Company in connection with the
exercise of this Representative’s Warrant; or

 

(ii) if the Ordinary
Shares are traded over-the-counter (i.e., on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or any similar over-the-counter
market), the fair market value shall be deemed to be the closing bid price on the Trading Day immediately prior to the date the
exercise form is submitted to the Company in connection with the exercise of this Representative’s Warrant; or

  

(iii) if there is no
active public market for the Ordinary Shares, the value shall be the fair market value thereof, as determined in good faith by
the Company’s Board of Directors.

 

“Trading Day”
means a date on which the Ordinary Shares are traded on the NYSE, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 

For the avoidance of doubt,
if there is no effective registration statement registering, or no current prospectus available for, the resale of the Shares underlying
this Representative’s Warrant by the Holder, then this Representative’s Warrant may be exercised, in whole or in part,
at such time by means of a cashless exercise in accordance with the provisions of this Representative’s Warrant.

 

2.3 Mechanics of
Exercise.

 

(i) Delivery of Shares
Upon Exercise. The Company shall use commercially reasonable efforts to cause the Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“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 Shares or resale of the Shares
or (B) this Representative’s Warrant is being exercised via cashless exercise, and otherwise by delivery to the address specified
by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to the Company
of the Notice of Exercise, (B) surrender of this Representative’s Warrant (if required) and (C) receipt by the Company of
the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Share
Delivery Date”). The Shares shall be deemed to have been issued, and the Holder or any other person so designated to
be named therein shall be deemed to have become a holder of record of such Shares for all purposes, as of the date the Representative’s
Warrant has been exercised and payment to the Company of the aggregate Exercise Price (or by cashless exercise, if permitted) has
been received by the Company and all taxes required to be paid by the Holder, if any, pursuant to Section 2.3(vi) prior
to the issuance of such Shares have been paid.

 

    2

     

    

 

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

 

(iii) Rescission
Rights. If the Company fails to cause its transfer agent to transmit to the Holder the Shares pursuant to Section 2.3(i)
by the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, then the Holder will
have the right to rescind such exercise upon written notice to the Company within one Trading Day after the Share Delivery Date.

 

(iv) Compensation
for Buy-In on Failure to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if the
Holder has taken all actions necessary under the terms of this Representative’s Warrant for such Holder to receive the Shares,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Shares pursuant to an exercise on or before the
Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, 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, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the 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 and any other applicable fees, if any) for the Ordinary
Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Representative’s Warrant
and equivalent number of 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 Ordinary Shares that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Shares with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Representative’s
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 Representative’s
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 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 Shares, all of which taxes and expenses shall be paid by the Company, and such 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 Shares are to be issued in a name other than the name of the Holder, this Representative’s 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.

 

    3

     

    

 

3. Transfer - General Restrictions.
The Holder agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate
this Representative’s Warrant or the securities issuable hereunder for a period of one hundred eighty (180) days beginning
on the date of commencement of sales of the Offering to anyone other than: (i) WestPark Capital, Inc. or another underwriter or
a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of WestPark Capital, Inc. or of any such
underwriter or selected dealer, in each case in accordance with FINRA Rule 5110(e)(1) and subject to the exceptions set forth in
FINRA Rule 5110(e)(2), or (b) cause this Representative’s Warrant or the securities issuable hereunder to be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this
Representative’s Warrant or the securities hereunder, in accordance with FINRA Rule 5110(e)(1) and except as provided for
in FINRA Rule 5110(e)(2). One hundred eighty (180) days after the date of commencement of sales of the Offering, transfers to others
may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment,
the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with this Representative’s
Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) business
days transfer this Representative’s Warrant on the books of the Company and shall execute and deliver a new Representative’s
Warrant or Representative’s Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase
the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.
The Company shall register this Representative’s 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 Representative’s 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.

 

4. Registration. The Company shall
be required to keep a registration statement effective on Form F-1 (or Form F-3, if the Company is eligible to use such form) until
such date that is the earlier of the date when all of the Shares underlying this Representative’s Warrant have been publicly
sold by the Holder or such time as Rule 144 or another similar exemption under the Securities Act of 1933, as amended, is available
for the sale of all of such Holder’s Shares underlying this Representative’s Warrant without limitation during a three-month
period without registration.

 

5. New Representative’s Warrants
to be Issued.

 

5.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Representative’s Warrant may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Representative’s
Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise
Price and/or transfer tax if exercised pursuant to Section 2 hereto, the Company shall cause to be delivered to the Holder
without charge a new Representative’s Warrant of like tenor to this Representative’s Warrant in the name of the Holder
evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Representative’s
Warrant has not been exercised or assigned.

 

5.2 Replacement
on Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Representative’s Warrant, the Company, at its own expense, shall execute and deliver a new Representative’s
Warrant of like tenor and date. Any such new Representative’s Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

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

 

6.1.1 Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is increased by a share dividend payable in Ordinary Shares or by a split up of Ordinary Shares, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction, then, on the effective day thereof, the number of
Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary Shares, and the Exercise
Price shall be proportionately decreased. Any adjustment made pursuant to this Section 6.1.1 shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    4

     

    

 

6.1.2 Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 6.1.1 above, if at any time during which this Representative’s
Warrant is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible into
or exercisable for Ordinary Shares (“Ordinary Share Equivalents”) or other rights to purchase shares, warrants,
securities or other property, pro rata to all of the record holders of the Ordinary Shares (the “Purchase Rights”),
and not the Holder, then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete
exercise of this Representative’s Warrant 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 Ordinary Shares are
to be determined for the grant, issue or sale of such Purchase Rights. The provisions of this Section 6.1.2 will not apply
to any grant, issuance or sale of Ordinary Share Equivalents or other rights to purchase shares, warrants, securities or other
property of the Company which is not made pro rata to all of the record holders of Ordinary Shares.

 

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

 

6.1.4 Replacement
of Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other
than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or that solely affects the par value of such Ordinary
Shares, or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another
corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case
of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an
entirety, or in the case 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 Ordinary Shares are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, or in the
case the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or
exchanged for other securities, cash or property, or (in the case 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 Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such share purchase agreement or other business combination),
then the Holder of this Representative’s Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Representative’s Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following
any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Representative’s
Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1,
6.1.2 or 6.1.3, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 or 6.1.3 and
this Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

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

 

    5

     

    

 

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

 

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

 

6.4 Notice to Holder.

 

6.4.1 Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 6, the Company
shall promptly provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Shares and setting forth a brief statement of the facts requiring such adjustment.

 

6.4.2 Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company
shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of
capital equity of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are 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 provide the Holder with, at least 10 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 Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall
be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein or in the
provision thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall
remain entitled to exercise this Representative’s 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. Notwithstanding the foregoing,
no notice need be given to the Holder if the Company makes a public announcement of the applicable event via nationally distributed
press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission.

 

    6

     

    

 

7. Reservation and Listing; Registration
Rights.

 

7.1 The Company shall
at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose of issuance upon exercise
of this Representative’s Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon
the exercise thereof. The Company covenants and agrees that, upon exercise of this Representative’s Warrant and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive or similar rights of any shareholder and
free and clear of all liens, taxes and charges. As long as this Representative’s Warrant shall be outstanding, the Company
shall use commercially reasonable efforts to cause all Shares issuable upon exercise of this Representative’s Warrant to
be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX
Markets operated by OTC Markets Group, Inc., or any similar over-the-counter market) on which the Shares issued to the public in
the Offering may then be listed and/or quoted.

 

7.2 To the extent
the Company does not maintain an effective registration statement for the Shares and cashless exercise is unavailable to any Holder
under Section 2.2 hereof pursuant to which all of the Shares issuable upon exercise of this Representative’s Warrant
under Section 2.2 would be tradable upon exercise of this Representative’s Warrant upon issuance, and in the further
event that the Company files a registration statement with the Securities and Exchange Commission to register its Ordinary Shares
(other than a registration statement on Form F-4 or S-8, or on another form, or in another context, in which such “piggyback”
registration would be inappropriate (including, without limitation, a “universal shelf” registration statement or any
prospectus supplement related thereto)), then, for the term of this Representative’s Warrant, the Company shall give written
notice of such proposed filing to the Holder as soon as practicable but in no event less than 20 days before the anticipated filing
date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder
in such notice the opportunity to register the sale of such number of Shares as such Holder may request in writing within five
days following receipt of such notice (a “Piggyback Registration”). The Company shall use commercially reasonable
efforts to cause such Shares to be included in such registration and shall use commercially reasonable efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit the Shares requested to be included in a Piggyback Registration
on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Shares
in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their securities through
a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such Piggyback Registration. Notwithstanding the provisions of this Section 7.2,
such right to request Piggyback Registration shall terminate on the fifth anniversary of the Effective Date, in accordance with
FINRA Rule 5110(g)(8)(D).

   

8. Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of this Representative’s Warrant and its exercise, any of
the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the
“Notice Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion
or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or
sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at
the same time and in the same manner that such notice is given to the shareholders; provided, however, that the Company shall not
be obligated to provide any written notice under this Section 8 if it makes a public announcement of the applicable event
via nationally distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and
Exchange Commission.

 

8.2 Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its shares any additional shares of capital equity of the Company or securities convertible into or exchangeable
for shares of capital equity of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

    7

     

    

 

8.3 Notice of Change
in Exercise Price; Notice of Exercise Price. The Company shall, within five (5) business days after an event requiring a change
in the Exercise Price pursuant to Section 6 hereof, send notice to the Holder of such event and change (“Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating the same and shall
be certified as being true and accurate by the Company’s Chief Executive Officer and Chief Financial Officer. The Company
shall, within five (5) business days after receipt by the Company of a written request by the Holder, send notice to the Holder
of the Exercise Price then in effect and the number of Shares or the amount, if any, of other shares, securities or assets then
issuable upon exercise of this Representative’s Warrant and shall be certified as being true and accurate by the Company’s
Chief Executive Officer and Chief Financial Officer.

 

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Representative’s Warrant shall be in
writing and shall be deemed to have been duly made when (1) hand delivered, (2) mailed by express mail or private courier service,
or (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular
business hours, on the following business day, to following addresses or to such other addresses as the Company or Holder may designate
by notice to the other party:

 

If to the Holder:

 

WestPark Capital, Inc.

1900 Avenue of the Stars, Suite 310

Los Angeles, CA 90067

Attention: Richard Rappaport

Email: r@wpcapital.com

 

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

 

Sheppard, Mullin, Richter & Hampton LLP

30 Rockefeller Plaza

New York, NY 10112

Attention: Richard A. Friedman, Esq.

Email: rafriedman@sheppardmullin.com

 

If to the Company:

 

Infobird Co., Ltd

Room 12A05, Block A, Boya International Center,
Building 2, No. 1 Courtyard

Lize Zhongyi Road

Chaoyang District

Beijing, China 100102

Attention: Yimin Wu, Chief Executive Officer

Email: wuym@infobird.com

 

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

 

K&L Gates LLP

Southeast Financial Center, Suite 3900

200 South Biscayne Boulevard

Miami, Florida 33131-2399

Attention: Clayton E. Parker, Esq.

Email: Clayton.Parker@klgates.com

 

    8

     

    

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and the Holder may from time to time supplement, modify or amend this Representative’s Warrant by a written agreement
signed by the Company and the Holder. All modifications or amendments shall require the written consent of and be signed by the
party against whom enforcement of the modification or amendment is sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Representative’s Warrant.

 

9.3 Entire Agreement.
This Representative’s Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Representative’s Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof.

 

9.4 Binding Effect.
This Representative’s Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Representative’s Warrant
or any provisions herein contained.

 

9.5 Governing Law;
Submission to Jurisdiction; Trial by Jury. This Representative’s Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of Florida, without giving effect to conflict of laws principles thereof. The
Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Representative’s
Warrant shall be brought and enforced in the U.S. federal and state courts in the Seventeenth Judicial Circuit Court in and for
Palm Beach County, Florida or the United States District Court for the Southern District of Florida, Fort Lauderdale Division,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Representative’s Warrant or the transactions contemplated hereby.

 

9.6 Waiver, etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Representative’s Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Representative’s
Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this
Representative’s Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Representative’s
Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement
of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be
a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Successors
and Assigns. Subject to applicable securities laws, this Representative’s 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 Representative’s Warrant are intended to be for the benefit of any
Holder from time to time of this Representative’s Warrant and shall be enforceable by the Holder or holder of this Representative’s
Warrant.

 

    9

     

    

 

9.8 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 Representative’s Warrant or any share certificate relating to
the Shares, if share certificates are issued, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Representative’s Warrant, shall not include the posting of any bond), and upon surrender
and cancellation of such Representative’s Warrant or share certificate, if share certificates are issued, if mutilated, the
Company will make and deliver a new Representative’s Warrant or share certificate, if share certificates are issued, of like
tenor and dated as of such cancellation, in lieu of such Representative’s Warrant or share certificate, if share certificates
are issued.

 

9.9 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 Representative’s 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 Representative’s
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance or other equitable remedy
that a remedy at law would be adequate.

 

9.10 Severability.
Wherever possible, each provision of this Representative’s Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Representative’s 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 provision or the remaining provisions of this Representative’s Warrant.

 

9.11 Execution
in Counterparts. This Representative’s Warrant may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

[Signature Page Follows]

 

 

    10

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Representative’s Warrant to be signed by its duly authorized officer as of the _______ day of                           .

 

	INFOBIRD CO., LTD	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged and Agreed

 

	WESTPARK CAPITAL, INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    11

     

    

 

Form of Exercise

 

The
undersigned holder hereby exercises the right to purchase _________________ ordinary shares (“Warrant Shares”)
of INFOBIRD CO., LTD (the “Company”), evidenced by the attached
Representative’s Warrant (the “Representative’s Warrant”). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Representative’s Warrant. Please issue the Warrant
Shares as to which the Representative’s Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Representative’s Warrant representing the number of Warrant Shares for which the Representative’s Warrant has
not been exercised.

 

1. Form of Exercise
Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2. Payment of Exercise
Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the holder shall pay the aggregate Exercise Price in the sum of $________ to the Company in accordance with the
terms of the Representative’s Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Representative’s
Warrant. 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:

 

_______________________________

 

_______________________________

 

_______________________________

 

Date: _______________ __, ______

 

	Name of Registered Holder	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    12

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:   	 	 
	 	 	 
	 	 	 
	 	 	 

 

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

 

 

 

    13

     

    

 

FORM OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned registered owner of this Representative’s Warrant to which this form is attached, hereby
sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned to purchase ordinary shares, par
value $0.001 per share, of INFOBIRD CO., LTD (the “Company”), evidenced
by this Representative’s Warrant, with respect to the number of ordinary shares set forth below.

 

	Name of Assignee	 	Address and Phone Number	 	No. of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

The undersigned also represents that, by assignment
hereof, the Assignee acknowledges that this Representative’s Warrant and the ordinary shares to be issued upon exercise hereof
or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of this
Representative’s Warrant or any ordinary shares to be issued upon exercise hereof or conversion thereof except under circumstances
which will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the Assignee
has acknowledged that upon exercise of this Representative’s Warrant, the Assignee shall, if requested by the Company, confirm
in writing, in a form satisfactory to the Company, that the ordinary shares so purchased are being acquired for investment and
not with a view toward distribution or resale.

 

	 
	Signature of Holder
	 
	Date

 

The undersigned assignee agrees to be bound
by all of the terms and conditions of this Representative’s Warrant.

 

	 
	Signature of Assignee
	 
	Date

 

 

    14

    

 

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