Document:

Exhibit 10.23

 

ADTHEORENT HOLDING COMPANY, LLC

 

PARTICIPANT INTEREST AGREEMENT

 

This PARTICIPANT INTEREST
AGREEMENT (this “Agreement”) is made as of May 6, 2019, between AdTheorent Holding Company, LLC, a Delaware limited
liability company (the “Company”), and the individual set forth on the signature page hereto (“Optionee”).

 

Optionee is executing this
Agreement in connection with Optionee’s receipt of Options (as defined below) pursuant to the AdTheorent Holding Company, LLC 2017
Interest Option Plan (the “Plan”), and employment with the Company and/or its Subsidiaries. Certain capitalized terms
used herein are defined in Section 8 hereof. All capitalized terms not otherwise defined herein shall have the meanings set
forth in the Plan, and to the extent not defined in the Plan, then as defined in the Operating Agreement.

 

This Agreement provides for
the issuance to Optionee of options (each an “Option” and collectively, the “Options”) to purchase
that number of Non-Voting Class C Interests set forth on the signature page hereto (collectively, the “Participant
Interests”) subject to the terms and conditions set forth herein and in the Operating Agreement.

 

The parties hereto agree as
follows:

 

		1.	Grant of Options.

 

		(a)	Issuance. Upon the date hereof (the “Grant Date”), the Company shall grant to Optionee,
and Optionee shall accept, Options to purchase from the Company the Participant Interests. For purposes of this Agreement, all of the
Options set forth as such on the signature page hereto shall be designated “Time Options.” For each Participant
Interest purchased in accordance with the terms of this Agreement, the Plan and the Operating Agreement, Optionee shall pay to the Company
the price set forth on the signature page hereto (the “Exercise Price”).

 

		(b)	Representations and Warranties of Optionee. In connection with the issuance of the Options hereunder,
Optionee represents and warrants to the Company that:

 

		(i)	the Participant Interests to be acquired by Optionee pursuant to this Agreement shall be acquired for
Optionee’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act, or any
applicable state securities laws, and the Participant Interests shall not be disposed of in contravention of the Securities Act or any
applicable state securities laws;

 

		(ii)	Optionee is an executive, a managerial or a key employee of the Company and/or its Subsidiaries;

 

		(iii)	Optionee understands that the Participant Interests have not been registered under the Securities Act
and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available;

 

     

     

    

 

		(iv)	Optionee has had an opportunity to ask questions and receive answers concerning the terms and conditions
of the issuance of the Options and the Participant Interests and has had full access to such other information concerning the Company
as Optionee has requested; Optionee has reviewed, or has had an opportunity to review, the Operating Agreement, a copy of which is attached
hereto as Exhibit A;

 

		(v)	this Agreement constitutes the legal, valid and binding obligation of Optionee, enforceable in accordance
with its terms, and the execution, delivery and performance of this Agreement by Optionee do not and shall not conflict with, violate
or cause a breach of any agreement, contract or instrument to which Optionee is a party or any judgment, order or decree to which Optionee
is subject; and

 

		(vi)	Optionee is a resident of the state set forth on the signature page hereto.

 

		(c)	As an inducement to the Company to grant the Options to Optionee and as a condition thereto, Optionee
acknowledges and agrees that:

 

		(i)	none of the grant of the Options, the issuance of the Participant Interests to Optionee or any provision
contained herein shall entitle Optionee to remain in the employment of any AdTheorent Company or affect the right of the AdTheorent Companies
to terminate Optionee’s employment at any time, for any reason or no reason, with or without Cause; and

 

		(ii)	except as otherwise provided by the Plan or the Operating Agreement or non-waiveable provisions of applicable
law, the Company shall have no duty or obligation to disclose to Optionee, and Optionee shall have no right to be advised of, any material
information regarding the Company or any of its Subsidiaries at any time.

 

		(d)	The parties hereto acknowledge and agree that the Options granted and any Participant Interests issued
pursuant to this Agreement are being offered to Optionee in consideration of the services rendered to the Company and its Subsidiaries
as additional compensation under a “written compensation contract” as contemplated by Rule 701 of the Securities Act.

 

		2.	Restrictions on Transfer and Repurchase Rights. The Options and the Participant Interests shall
be subject to the restrictions on Transfer set forth in the Operating Agreement and the repurchase rights set forth in Section 6.

 

     

     

    

 

		3.	Term of Options; Forfeiture of Options.

 

		(a)	The term of the Options (the “Option Period”) shall be a period beginning on the date
hereof and ending at the earliest of (i) the date that is ten (10) years from the date hereof, (ii) immediately following
the consummation of a Sale of the Company, (iii) the thirtieth (30th) day following the termination of Optionee’s employment
with the AdTheorent Companies without Cause, (iv) 60 days following a termination of employment due to death or Disability and (v) immediately
following a termination of employment for any other reason (including resignation by the Optionee). Except as set forth in Section 3(b) below,
the expiration of the Option Period shall result in the termination and cancellation of the Options and the Options shall not be exercisable
at any time after the expiration of the Option Period and the Optionee (and his or her successors) shall have no rights whatsoever with
respect to any Options from and after such termination and cancellation.

 

		(b)	Upon the termination of Optionee’s employment with the AdTheorent Companies (i) in connection
with the death or Disability of Optionee or the termination of Optionee’s employment with the AdTheorent Companies by the AdTheorent
Companies without Cause, (A) the Unvested Options shall automatically be forfeited and cancelled for no consideration without any
further action and (B) any Participant Interests purchased through the exercise of any Options shall be subject to the repurchase
rights set forth in Section 6; or (ii) for any other reason, (A) all of the Options (both Vested Options and Unvested
Options) shall automatically be forfeited and cancelled for no consideration without any further action and (B) any Participant Interests
previously purchased through the exercise of any Options shall be subject to the repurchase rights set forth in Section 6.

 

		4.	Vesting.

 

		(a)	Time Option Vesting. The Time Options shall become vested and exercisable pursuant to the table
set forth below, provided that Optionee is, and has been continuously, employed by an AdTheorent Company from the date hereof through
such date:

 

	Date	 	Percentage of Time Options

 which become Vested	 
	The later of (i) December 31, 2019; or (ii) the date which is the 12-month anniversary of the Optionee’s employment start date (the “Initial Vesting Date”)	 	 	25	%
	The later of (i) December 31, 2020; or (ii) the date which is the 12-month anniversary of the Initial Vesting Date	 	 	25	%
	The later of (i) December 31, 2021; or (ii) the date which is the 24-month anniversary of the Initial Vesting Date	 	 	25	%
	The later of (i) December 31, 2022; or (ii) the date which is the 36-month anniversary of the Initial Vesting Date	 	 	25	%

 

     

     

    

 

provided
however, that, if Optionee is, and has been continuously, employed by an AdTheorent Company from the date hereof through the
consummation of a Sale of the Company, then upon such Sale of the Company, all of the remaining Time Options shall become vested and exercisable;
provided further that in the event the Time Options become vested and exercisable upon a Sale of the Company and the purchase price
paid by the buyer in connection with such Sale of the Company which is allocated to each Participant Interest is less than the Exercise
Price of any portion of the Participant Interests issued hereunder, such Participant Interests shall be deemed forfeited and canceled
and shall have no further force or effect upon consummation of such Sale of the Company. Notwithstanding the foregoing, in all cases vesting
of the Time Options shall cease upon the termination of Optionee’s employment with the AdTheorent Companies.

 

		(b)	“Vested Options” shall mean Time Options that have become vested and exercisable pursuant
to the terms of this Agreement. “Unvested Options” shall mean Time Options that have not become Vested Options pursuant
to the terms of this Agreement.

 

		5.	Exercise.

 

		(a)	Vested Options may be exercised in whole or in part upon payment of an amount (the “Option Price”)
equal to the product of (i) the Exercise Price multiplied by (ii) the number of Participant Interests to be acquired. Payment
shall be made in cash (including check); provided, however, that solely to the extent an Option is being exercised in contemplation
of and contingent upon a Sale of the Company, where the Participant Interests acquired by Optionee are to be sold or transferred in connection
with such Sale of the Company, then, at Optionee’s option, Optionee may exercise the Option by surrender of the Option to the Company
in exchange for that number of Participant Interests issuable upon such exercise less a number of Participant Interests having an aggregate
Fair Market Value equal to the aggregate Exercise Price payable for the portion of the Option being exercised (in each case, subject to
adjustment and withholding for required taxes and withholdings).

 

		(b)	Optionee acknowledges and agrees that, in connection with the exercise of Vested Options pursuant to the
terms of his Agreement, Optionee shall be bound by the terms of, and subject to the conditions set forth in, the Operating Agreement,
including, without limitation, the drag-along and related obligations set forth therein upon a Sale of the Company.

 

     

     

    

 

		(c)	To the extent permitted to do so hereunder, Vested Options may be exercised by delivering (i) written
notice to the Company (to the attention of the Company’s Secretary) and Optionee’s written acknowledgment that Optionee has
read and been afforded an opportunity to ask questions of management of the Company regarding all financial and other information provided
to Optionee regarding the Company, together with payment of the Exercise Price in accordance with the provisions of Section 5(a) above,
(ii) an executed Joinder Agreement to the Operating Agreement in the form of Exhibit B hereto and (ii) an executed
spousal consent (if applicable) in the form of Exhibit C hereto and (iii) all other agreements and documents as the Company
may reasonably request. As a condition to any exercise of any Vested Option, Optionee shall permit the Company to deliver to Optionee
all financial and other information regarding the Company it believes necessary to enable Optionee to make an informed investment decision,
and Optionee shall make all customary investment representations which the Company requires.

 

		(d)	Section 83(b). Within 30 days after the date of any exercise of Options, Optionee shall
make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations
promulgated thereunder in the form of Exhibit D attached hereto. Option shall also include a copy of such election in its
current year’s tax return.

 

		6.	Repurchase Option.

 

		(a)	Upon the death, Disability or termination or expiration for any other reason of Optionee’s employment
or independent contractor relationship with, or service to, the AdTheorent Companies (each, a “Termination Event”),
the Company shall have the right, but not the obligation, to purchase all or any portion of the Participant Interests held by any member
of Optionee’s Member Group (all such Participant Interests, collectively, the “Repurchased Interests”; and such
members of Optionee’s Member Group, collectively, the “Repurchase Sellers”) at a price per Participation Interest
equal to the Repurchase Price for each such Participation Interest by delivering a written notice of such election to the Repurchase Sellers
within 120 days after the occurrence of such Termination Event (the date of such written notice, the “Repurchase Notice Date”).
The “Repurchase Price” for the Repurchased Interests shall mean (i) their Fair Market Value if such termination
occurred as a result of the death or Disability of Optionee or the termination of Optionee’s employment or independent contractor
relationship with, or service to, the AdTheorent Companies by a AdTheorent Company without Cause, or (B) $1.00 (one dollar) in the
aggregate for all Repurchased Interests if the termination or expiration of Optionee’s employment or independent contractor relationship
with, or service to, the AdTheorent Companies occurred for any other reason.

 

		(b)	The Company may assign its rights under this Section 6 to one or more Voting Members. If more
than one eligible Voting Member elects to purchase the Repurchased Interests, they may do so pro rata based on the number of Voting Class A
Interests held by each of them or in such other proportions as they may agree. No member of a Member Group of Optionee shall be eligible
to purchase any Repurchased Interests under this Section 6.

 

     

     

    

 

		(c)	If the Company elects to purchase any Repurchased Interests pursuant to this Section 6, to
the extent permitted by the AdTheorent Companies’ credit facilities in effect from time to time and applicable law and to the extent
the Company has cash available, the purchase price shall be payable in cash with the balance of the purchase price to be paid in the form
of an unsecured fully subordinated promissory note issued by the Company (i) bearing interest at a fixed rate equal to the “prime
rate” as published in The Wall Street Journal on the Repurchase Notice Date and (ii) (A) maturing in whole or in part,
as applicable, on the earliest date on which the foregoing conditions are satisfied as to all or any portion of the note balance and (B) to
the extent not earlier repaid, maturing in whole upon the bankruptcy or insolvency of the Company. The applicable Repurchase Seller and
its successors and assigns will, from time to time, execute such reasonable subordination agreements as are requested by any AdTheorent
Company’s current and future lenders. If a Voting Member elects to purchase any Repurchased Interests pursuant to this Section 6,
the purchase price with respect to such Repurchased Interests shall be payable in cash or such other form of consideration agreed to by
the parties.

 

		(d)	The Company and/or eligible Voting Members, as applicable, will designate in writing to the Repurchase
Sellers, the time, date and place of any purchase under this Section 6, provided that such purchase shall occur within thirty
(30) days of the date of the election by the Company and/or such Voting Members, as applicable, to consummate such transaction. At the
closing of a purchase pursuant to this Section 6, each Repurchase Seller shall make such representations and warranties relating
to the sale, transfer and ownership of such Repurchased Interests and execute and deliver such other documents and instruments, as the
Company and/or Voting Members, as applicable, may reasonably request, including, but not limited to, a representation and warranty that
each such Repurchase Seller is conveying to the Company and/or Voting Members, as applicable, all of the Repurchased Interests free and
clear of all liens, claims and encumbrances, except for those liens, claims and encumbrances set forth in the Operating Agreement. If
the Company and/or Voting Members, as applicable, shall be ready, willing and able, at the time and place and in the amount and form provided
in this Section 6 to deliver the consideration for any Repurchased Interests to be purchased in accordance with this Section 6
and a Repurchase Seller shall not comply with its obligations hereunder, then from and after such time, such Repurchase Seller shall no
longer have any rights as an Interest Holder or otherwise with respect to such Repurchased Interests (other than the right to receive
payment of the Repurchase Price in accordance with this Section 6), and such Repurchased Interest shall be deemed purchased
in accordance with the applicable provisions hereof and the Company and/or Voting Members, as applicable, shall be deemed the owner and
holder of such Repurchased Interest.

 

     

     

    

 

		7.	Confidentiality; Restrictive Covenants; Other Agreements.

 

		(a)	Confidential Information.

 

		(i)	Optionee acknowledges that all Confidential Information (as defined below) obtained by him while employed
by the Company or its Subsidiaries or Affiliates concerning the business or affairs of the Company or any Subsidiary or Affiliate are
the property of the Company or such Subsidiary or Affiliate and constitute a protectable business interest of the Company and its Subsidiaries
or Affiliates. Optionee acknowledges that the Confidential Information has been generated at great effort and expense by the Company,
its Subsidiaries and Affiliates and their predecessors, and has been reasonably maintained in a confidential manner by such persons and
entities. Optionee does not claim any rights to or lien on any Confidential Information. Optionee will immediately notify the Company
of any unauthorized possession, use, disclosure, copying, removal or destruction, or attempt thereof, of any Confidential Information
by anyone of which the Optionee becomes aware and of all details thereof. Optionee shall take all reasonably appropriate steps to safeguard
(including by abiding by all Company and Subsidiary policies with respect to) Confidential Information and to protect it against disclosure,
misuse, espionage, loss and theft. Therefore, Optionee agrees that he shall not disclose, furnish, make available or utilize, directly
or indirectly, any Confidential Information without the prior written consent of the Operating Board, unless and to the extent that the
Confidential Information becomes generally known to and available for use by the public other than as a result of Optionee’s acts
or omissions. Optionee shall deliver to the Company at the termination or expiration of his employment with the Company, or its Subsidiaries
or Affiliates, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, computers,
printouts and software and other documents and data (and copies thereof) embodying or relating to the Confidential Information, Inventions
(as defined below) or the business of the Company, or any of its Subsidiaries, or Affiliates which he may then possess or have under his
control.

 

		(ii)	As used in this Agreement, the term “Confidential Information” means any and all confidential,
proprietary or trade secret information, whether disclosed, directly or indirectly, verbally, in writing or by any other means in tangible
or intangible form, including that which is conceived or developed by Optionee, applicable to or in any way related to: (i) the present
or future business and assets of the Company and its Subsidiaries and Affiliates; (ii) the research and development of the Company
and its Subsidiaries and Affiliates; or (iii) the business of any client, customer, supplier, vendor or other business relation of
the Company and its Subsidiaries and Affiliates. Such Confidential Information includes the following property or information of the Company
and its Subsidiaries and Affiliates, by way of example and without limitation, trade secrets, processes, formulas, data, program documentation,
customer lists, designs, drawings, algorithms, source code, object code, know-how, improvements, inventions, licenses, techniques, all
plans or strategies for marketing, development and pricing, business plans, financial statements, profit margins and all information concerning
existing or potential clients, suppliers, employees and vendors. Confidential Information of the Company and its Subsidiaries and Affiliates
also means all similar information disclosed to the Company and its Subsidiaries and Affiliates by third parties which is subject to confidentiality
obligations. Notwithstanding the foregoing, the provisions of this Section 7(a) shall not apply in the following circumstances:
(1) when disclosure of Confidential Information is required by law or by any court, arbitrator, mediator or administrative or legislative
body; provided, that prior to such disclosure Optionee shall provide to the Company and its Subsidiaries and Affiliates prompt
notice of such required disclosure to enable such entities to seek a protective order or other relief, and reasonably cooperate with the
such entities in connection with seeking any such order or other relief; or (2) with respect to Confidential Information that becomes
generally known to the public other than due to (A) Optionee’s violation of this Agreement or any other obligation or duty
to the Company, its Subsidiaries or Affiliates or (B) a disclosure by a third party who owes the Company, its Subsidiaries or its
Affiliates an obligation of confidence in relation to such Confidential Information.

 

     

     

    

 

		(iii)	During the term of Optionee’s employment with the Company, its Subsidiaries or Affiliates, including
the period following the expiration of the Employment Period, Optionee shall be prohibited from using or disclosing any confidential information
or trade secrets that Optionee may have learned through any prior employment. If at any time during his employment with the Company or
any Subsidiary or Affiliate, Optionee believes he is being asked to engage in work that will, or will be likely to, jeopardize any confidentiality
or other obligations Optionee may have to former employers or other parties, Optionee shall immediately advise the Operating Board and
provide it with documents pertaining thereto. Optionee represents and warrants that he is not aware of any confidential information or
trade secrets of any prior employers that he will need or rely on in carrying out his duties and responsibilities hereunder.

 

		(iv)	Notwithstanding the foregoing, pursuant to 18 U.S.C. § 1833(b)(1): “An
individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an
attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Any employee, contractor or consultant
who is found to have wrongfully misappropriated trade secrets may be liable for, among other things, exemplary damages and attorneys’
fees.

 

     

     

    

 

		(b)	Inventions, Patents and Intellectual Property.

 

		(i)	Optionee covenants and agrees that all Inventions (as defined below) shall be the sole and exclusive property
of the Company and its Subsidiaries.

 

		(ii)	As used in this Agreement, the term “Inventions” means any and all inventions, developments,
discoveries, improvements, works of authorship, concepts or ideas, or expressions thereof, whether or not subject to patents, copyright,
trademark, trade secret protection or other intellectual property right protection (in the United States or elsewhere), and whether or
not reduced to practice, conceived or developed by Optionee while employed with the Company or within one year following termination of
such employment, which relate to or result from the actual or anticipated business, work, research or investigation of the Company and
its Subsidiaries or which are suggested by or result from any task assigned to or performed by Optionee for the Company and its Subsidiaries
or any of its Affiliates.

 

		(iii)	Optionee acknowledges that all original works of authorship which are made by him (solely or jointly)
are works made for hire under the United States Copyright Act (17 U.S.C., et seq.).

 

		(iv)	Optionee agrees to promptly disclose to the Company all Inventions and all work product relating thereto.
This disclosure will include complete and accurate copies of all source code, object code or machine readable copies, documentation, work
notes, flow charts, diagrams, test data, reports, samples and other tangible evidence or results (collectively, “Tangible Embodiments”)
of such Inventions and related work product. All Tangible Embodiments of any Invention or work product related thereto will be deemed
to have been assigned to the Company (or any applicable Subsidiary) as a result of the act of expressing any Invention therein.

 

		(v)	Optionee hereby assigns to the Company (together with the right to prosecute or sue for infringements
or other violations of the same) the entire worldwide right, title and interest to any such Inventions, and Optionee agrees to perform,
during and after employment, all acts deemed necessary or desirable by the Company to permit and assist the Company in registering, recording,
obtaining, maintaining, defending, enforcing and assigning Inventions or works made for hire in any and all countries. Optionee hereby
irrevocably designates and appoints the Company and its duly authorized officers and agents as Optionee’s agents and attorneys in
fact to act for and in Optionee’s behalf and instead of Optionee, to execute and file any documents and to do all other lawfully
permitted acts to further the above purposes with the same legal force and effect as if executed by Optionee. The foregoing designation
and appointment shall constitute an irrevocable power of attorney and are, and are deemed by the Company and Optionee to be, coupled with
an interest.

 

     

     

    

 

		(vi)	Without limiting the generality of any other provision of this Section 7(b), Optionee hereby
authorizes the Company and its Subsidiaries (and their successors and assigns) to make any desired changes to any part of any Invention,
to combine it with other materials in any manner desired, and to withhold Optionee’s identity in connection with any distribution
or use thereof alone or in combination with other materials.

 

		(vii)	This Section 7(b) does not apply to any invention for which no equipment, supplies, facility
or trade secret information of the Company or its Subsidiaries was used and which was developed entirely on Optionee’s own time,
unless (1) the invention relates (a) to the business of the Company or its Subsidiaries or (b) to the Company’s or
its Subsidiaries’ actual demonstrably anticipated research or development; or (2) the invention results from any work performed
by Optionee for the Company and its Subsidiaries.

 

		(viii)	The obligations of Optionee set forth in this Section 7(b) (including, but not limited
to, the assignment obligations) will be binding upon Optionee and Optionee’s executors, administrators and other representatives.

 

		(ix)	Optionee represents that he has made no Inventions prior to employment by the Company and its Subsidiaries.

 

		(c)	Cooperation. Optionee agrees to cooperate with the AdTheorent Companies, whether during Optionee’s
employment with any AdTheorent Company or thereafter, to (i) upon reasonable notice by the Company, voluntarily provide thorough
and accurate information and testimony to and on behalf of the AdTheorent Companies regarding (A) any investigation, litigation,
or claims initiated by, or brought or threatened against, any AdTheorent Company, including, but not limited, to meetings with any AdTheorent
Company’s counsel and testifying at depositions, trials, or other proceedings and (B) any dispute between any AdTheorent Company
and any other person or entity arising from or related to any act or omission that actually or allegedly occurred during Optionee’s
employment by any AdTheorent Company; (ii) reasonably accommodate his or her schedule to cooperate with any AdTheorent Company and
its counsel with respect to any such matters; and (iii) except as may be required by law, not disclose to anyone who is not directing
or assisting an AdTheorent Company in any such investigation, litigation, claim, or dispute, other than Optionee’s attorney, the
fact of or subject matter of the investigation, litigation, claim, or dispute; provided, however, that: (x) the Company
shall, to the full extent permitted by law, reimburse Optionee for reasonable travel, legal and other similar out-of-pocket expenses that
Optionee incurs in connection with providing such information or assistance after the termination of his or her employment with all AdTheorent
Companies that are approved in advance and in writing by the Company and supported by documentation promptly supplied by Optionee that
is reasonably deemed adequate by the Company; and (y) in engaging in any conduct described in this Section 7(c) after
the termination of his or her employment with all AdTheorent Companies, Optionee shall not act in the capacity of an employee of any AdTheorent
Company, and such assistance shall not make Optionee eligible to participate in any AdTheorent Company’s employee benefit plans
or programs. Notwithstanding the foregoing, Optionee’s obligation to provide cooperation hereunder shall not unreasonably interfere
with Optionee’s current employment (if Optionee is no longer employed by the AdTheorent Companies) and any such cooperation shall
be subject to Optionee’s agreement on scheduling, which shall not be unreasonably withheld.

 

     

     

    

 

		(d)	Non-Compete, Non-Solicitation. Optionee acknowledges that in the course of his employment with
the Company or any of its Subsidiaries or Affiliates, or their predecessors or successors, he has been or will be given access to and
has or will become familiar with their trade secrets and with other Confidential Information. If any of such Confidential Information
is disclosed to or used by competitors or potential competitors, such disclosure would cause irreparable harm to the Company, and as a
result, Optionee and the Company desire to provide the Company with adequate protection from the unauthorized disclosure or use of such
Confidential Information. In addition, the Optionee acknowledges that: (i) the Company and its Subsidiaries are and will be engaged
in the Business (as defined below) during the Employment Period and thereafter; (ii) Optionee is one of a limited number of persons
who is and will be developing the Business and will, during the Employment Period, have frequent and prolonged interactions with all customers
of the Company and its Subsidiaries with respect to matters significantly affecting the business relationship between those customers
and the Company and its Subsidiaries; (iii) the agreements and covenants contained in this Section 7(d) are essential
to protect the Company and its Subsidiaries and the goodwill of the Business and are a condition precedent to the Company entering into
this Agreement; (iv) Optionee’s employment with the Company has special, unique and extraordinary value to the Company and
its Subsidiaries and the Company and its Subsidiaries would be irreparably damaged if Optionee were to provide services to any person
or entity in violation of the provisions of this Agreement and (v) Optionee agrees that he will not challenge the reasonableness
of the Noncompete Period (as defined below), the Nonsolicit Period (as defined below) and the Restricted Territories (as defined below)
or the scope of coverage in any suit or proceeding regarding this Section 7(d), regardless of who initiates such suit or proceeding.
Therefore, and in further consideration of the compensation to be paid to Optionee hereunder and in connection with his employment, and
to protect the Company’s and its Subsidiaries’ and Affiliates’ Confidential Information, business interests and goodwill:

 

		(i)	Optionee agrees that, during the term of his employment with the Company, its Subsidiaries or Affiliates,
including employment following the expiration or termination (for any reason) of the Employment Period, and for one (1) year thereafter
(the “Noncompete Period”), he shall not directly or indirectly (whether as an owner, partner, shareholder, member,
agent, officer, director, manager, employee, independent contractor, consultant, or otherwise) own any interest in, manage, control, participate
in, consult with, render services for, become employed by, or in any manner engage in any business competing with the businesses of the
Company or its Subsidiaries or Affiliates, including, without limitation, the selling, designing and executing of mobile or cross device
media advertising campaigns utilizing predictive targeting, user identification and other targeting and optimization methods and the providing
of solutions for cross device tracking and attribution measurement and tracking, and any other businesses as they exist or are in process
during the course of Optionee’s employment with the Company, its Subsidiaries or Affiliates and on the date of the termination or
expiration of the Optionee’s employment with the Company, its Subsidiaries or Affiliates, within any geographical area in which
the Company or its Subsidiaries or Affiliates engage or have immediate plans to engage in such businesses, including in the Restricted
Territories (the “Business”). “Restricted Territories” shall mean North America. Nothing contained
in this Section 7(d)(i) shall be construed to prevent Optionee from investing in the stock of any corporation listed
on a national securities exchange or traded in the over the counter market, but only if Optionee is not involved in the business of said
corporation and if Optionee and Optionee’s associates (as such term is defined in Regulation 14(A) promulgated under the Securities
Exchange Act of 1934, as then in effect), collectively, do not own more than an aggregate of two percent of the stock of such corporation.

 

     

     

    

 

		(ii)	During and for a period of one (1) year after termination of the Optionee’s employment with
the Company, its Subsidiaries or Affiliates, including employment following the expiration or termination (for any reason) of the Employment
Period and for one year thereafter (the “Nonsolicit Period”), Optionee shall not directly or indirectly (whether as
an owner, partner, shareholder, member, agent, officer, director, manager, employee, independent contractor, consultant, or otherwise):
(i) induce or attempt to induce any officer, employee or consultant of the Company or any of its Subsidiaries or Affiliates to leave
the Company or such Subsidiary or Affiliate, or in any way interfere with the relationship between the Company or any of its Subsidiaries
or Affiliates and any officer, employee or consultant thereof, (ii) hire any person who was an officer, employee or consultant of
the Company or any Subsidiary or Affiliate at the date of termination of the Optionee’s employment with the Company, or any of its
Subsidiaries or Affiliates or at any time during the twelve-month period immediately prior to the date of the termination of the Optionee’s
employment with the Company, its Subsidiaries or Affiliates (it being conclusively presumed by the parties so as to avoid any disputes
under this Section 7(d)(ii) that any such hiring within such twelve-month period is in violation of clause (i) above),
(iii) call on, solicit or provide any products or services to any customer, supplier, distributor, licensee, licensor, franchisee
or other business relation of the Company or any of its Subsidiaries or Affiliates (including any Person that was a customer, supplier
or other potential business relation of the Company, or any of its Subsidiaries or Affiliates at any time during the twelve-month period
immediately prior to such call, solicitation or service), or induce or attempt to induce such Person to cease doing business with the
Company or any of its Subsidiaries or Affiliates or (iv) in any way interfere with the relationship between any customer, supplier,
distributor, licensee, licensor, franchisee, or other business relation of the Company or any of its Subsidiaries or Affiliates (including,
without limitation, making any negative or disparaging statements or communications regarding the Company or any of its Subsidiaries or
Affiliates).

 

     

     

    

 

		(iii)	The Optionee understands that the foregoing restrictions may limit his ability to earn a livelihood in
a business similar to the business of the Company and its Subsidiaries or Affiliates, but he nevertheless believes that he has received
and will receive sufficient consideration and other benefits as an executive, a managerial or a key employee of the Company and as otherwise
provided hereunder to clearly justify such restrictions which, in any event (given his education, skills and ability), the Optionee does
not believe would prevent him from otherwise earning a living. Optionee acknowledges that the Company’s and its Subsidiaries’
and Affiliates’ businesses have been conducted or will soon be conducted throughout the Restricted Territories and that the geographic
restrictions and time periods, as well as all other restrictions and covenants in this Section 7(d) are reasonable and
necessary, and supported by good and valuable consideration, in order to protect a protectable interest of the Company’s, and its
Subsidiaries’ and Affiliates’ businesses, and that Optionee has reviewed the provisions of this Agreement with his legal counsel.
In addition, during the Noncompete Period, Optionee shall provide a copy of this Agreement, including, without limitation, Sections
7(a) through (d), to any prospective or subsequent employer or other person in connection with any employment or consulting
services to be performed by Optionee such that any such employer or other person is aware of and has a copy of the restrictions and other
obligations, terms and conditions set forth in such sections. Upon request from time to time by the Company, Optionee shall furnish the
Company with a true and complete certificate specifying compliance with this Section 7(d), and Optionee hereby authorizes
the Company at its reasonable discretion to contact any such prospective or subsequent employer or other person and inform them of this
Agreement or any other applicable and relevant policy or agreement between Optionee and the Company or its Affiliates or Subsidiaries
that may be in effect at the time that Optionee’s employment with the Company or its Affiliates or Subsidiaries ends.

 

		(iv)	If, at the time of enforcement of this Section 7(d), a court or arbiter shall hold that the
duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum
duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court
shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.

 

     

     

    

 

		(v)	In the event of the breach or a threatened breach by Optionee of any of the provisions of this Section 7(d),
the Company (and/or its Subsidiaries or Affiliates), in addition and supplementary to other rights and remedies existing in its (or their)
favor, shall be entitled to specific performance of this Section 7(d), including temporary, preliminary and/or permanent injunctive
or other equitable relief from a court of competent jurisdiction in order to stop and/or prevent any violations of the provisions hereof
(without posting a bond or other security), and shall also be entitled to require the Optionee to account for and pay over to the Company
(and/or its Subsidiaries or Affiliates) all compensation, profits, moneys, accruals, increments or other benefits derived from or received
as a result of any transactions constituting a breach of the covenants contained herein, and shall also be entitled to require Optionee
to repay any severance payments, gains on equity (including stock options) and other compensation and forfeit all equity (including stock
options) in any parent of the Company, paid or issued, as applicable, by the Company, or its Subsidiaries or their Affiliates. In addition,
in the event of an alleged breach or violation by Optionee of this Section 7(d), the restricted periods set forth in this
Section 7(d) shall be tolled until such breach or violation has been duly cured.

 

		8.	Definitions.

 

“Cause”
has the meaning set forth in any unexpired employment agreement between the Company and Optionee. In the absence of such agreement, “Cause”
means the Operating Board’s good faith determination that Optionee has (i) committed a felony or other crime involving moral
turpitude or the commission of any other act or omission involving theft, dishonesty, disloyalty or fraud with respect to the Company
or any of its Subsidiaries or any clients, customers, suppliers, vendors or employees of the Company or any of its Subsidiaries (or any
act that materially and negatively effects the business, integrity, character or reputation of the Company, any of its Subsidiaries or
any clients, customers, suppliers, vendors or employees of the Company or any of its Subsidiaries), (ii) reported to work intoxicated
or under the influence of illegal drugs, the use of illegal drugs (whether or not at the workplace) or other conduct causing the Company
or any of its Subsidiaries or Affiliates substantial public disgrace or disrepute or economic harm, (iii) substantially and repeatedly
failed to follow the policies, procedures and guidelines of the Company or any of its Subsidiaries (including with respect to sexual harassment
or inappropriate relationships with other employees) or substantial and repeated failure to perform duties as reasonably directed by the
Operating Board, in each case which is not cured to the Operating Board’s reasonable satisfaction within 30 days after written notice
thereof to Optionee, to the extent that such breach is capable of being cured, (iv) committed a breach of fiduciary duty, gross negligence
or willful misconduct with respect to the Company or any of its Subsidiaries or Affiliates, (v) engaged in any conduct that materially
and negatively affects Optionee’s own integrity, character or reputation (including Optionee’s reputation with any clients,
customers, suppliers, vendors or employees of the Company or any of its Subsidiaries) so as to cause Optionee to be unfit to act in any
capacity in which Optionee currently serves the Company or any of its Subsidiaries, (vi) committed chronic absenteeism (“chronic
absenteeism” shall be deemed to have occurred if Optionee has at least ten absences unrelated to disability or illness or scheduled
vacation in any ten-week period, or (vii) committed any other material breach of this Agreement which is not cured to the Operating
Board’s reasonable satisfaction within 15 days after written notice thereof to Optionee, to the extent that such breach is reasonably
capable of being cured. If Optionee’s employment ends for any reason other than discharge by the Company for Cause, but at a time
when the Company had Cause to terminate Optionee (or would have had Cause if it knew all relevant facts), Optionee’s termination
shall be treated as a discharge by the Company for Cause.

 

     

     

    

 

“Covered Entity”
means every Affiliate of Optionee, and every business, association, trust, corporation, partnership, limited liability company, proprietorship
or other entity in which Optionee, his or her spouse or any of his or her children has a direct or indirect ownership interest other than
any corporation listed on a national securities exchange or traded in the over-the-counter market, provided that Optionee is not directly
or indirectly involved in the business of said corporation and further provided that Optionee and Optionee’s associates (as such
term is defined in Regulation 14(A) promulgated under the Securities Exchange Act of 1934, as in effect on the date hereof), collectively,
do not own more than an aggregate of two percent (2%) of the stock of such corporation.

 

“Disability”
means your inability, due to illness, accident, injury, physical or mental incapacity or other disability, to carry out effectively your
duties and obligations to the Company or to participate effectively and actively in the management of the Company for a period of at least
90 consecutive days or for shorter periods aggregating at least 120 days (whether or not consecutive) during any twelve-month period,
as determined in the reasonable judgment of the Operating Board.

 

“Fair Market Value”
has the meaning given to such term in the Operating Agreement.

 

“Operating Agreement”
means the Company’s Operating Agreement dated as of December 22, 2016 (as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms).

 

“Participant Interests”
shall have the meaning set forth in the preamble. Subject to the restrictions on transfer set forth herein and the Operating Agreement,
all Participant Interests shall continue to be Participant Interests in the hands of any holder other than Optionee (except for the Company)
and, except as otherwise provided herein or in the Operating Agreement, each such other holder of Participant Interests shall succeed
to all rights and obligations attributable to Optionee as a holder of Participant Interests hereunder. Participant Interests shall also
include the Company’s Interests issued with respect to Participant Interests by way of an Interest split, Interest dividend
or other recapitalization.

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time.

 

     

     

    

 

9.            Notices.
Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier
service, sent by pdf attachment to email (in each case, with hard copy to follow by regular mail) or mailed by first class mail, return
receipt requested, to the recipient at the address below indicated:

 

To
the Company:

 

	AdTheorent Holding Company, LLC
	c/o H.I.G. Growth Partners, LLC
	500 Boylston Street
	20th Floor
	Boston, MA 02116
	Attention:	Nik Shah
	 	Eric Tencer
	 	Danielle Qi
	Email:	nshah@higgrowth.com
	 	etencer@higgrowth.com
	 	dqi@higgrowth.com

 

with a copy to:

 

	Paul Hastings LLP
	71 S. Wacker Drive
	Forty-Fifth Floor
	Chicago, IL 60606
	Attention: Amit Mehta
	Email:	 amitmehta@paulhastings.com

 

To Optionee:

 

To the address set forth
on the signature page hereto,

 

or such other address or to the attention of such
other person or entity as the recipient party shall have specified by prior written notice to the sending party. Any notice under this
Agreement shall be deemed to have been given (i) when personally delivered or sent by email (with hard copy to follow), (ii) one
day after being sent by reputable overnight express courier (charges prepaid) or (iii) five days following mailing by certified or
registered mail, postage prepaid and return receipt requested.

 

		10.	General Provisions.

 

		(a)	Severability and Judicial Modification. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

     

     

    

 

		(b)	Complete Agreement. This Agreement and those documents expressly referred to herein (including,
but not limited to, the Plan and the Operating Agreement) embody the complete agreement and understanding among the parties hereto and
supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may
have related to the subject matter hereof in any way; provided, however, that the restrictive covenants contained in this
Agreement shall be in addition to, and not in lieu of, and shall not in any way limit the enforceability of, any restrictive covenant
covering similar subject matter contained in any other agreement to which Optionee is a party.

 

		(c)	Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together shall constitute one and the same agreement and shall become effective when one or more
counterparts have been signed by each of the parties hereto and delivered to the other. This Agreement and any amendments hereto, to the
extent signed and delivered by means of a facsimile machine or other electronic transmission (including transmission in portable document
format by electronic mail), shall be treated in all manner and respects and for all purposes as an original agreement and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person.

 

		(d)	Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure
to the benefit of and be enforceable by Optionee, the Company, and their respective successors and assigns (including subsequent holders
of Participant Interests); provided that the rights and obligations of Optionee under this Agreement shall not be assignable except in
connection with a permitted transfer of Participant Interests under the Operating Agreement.

 

		(e)	Choice of Law. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the exhibits hereto shall be governed by the internal law, and not the law of conflicts, of the State of Delaware.

 

		(f)	Remedies. Each of the parties to this Agreement shall be entitled to enforce its rights under this
Agreement specifically, to recover damages and costs (including reasonable attorney’s fees) caused by any breach of any provision
of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages
would not be an adequate remedy for any breach of the provisions of this Agreement and that the Company may in its sole discretion apply
to any court of law or equity of competent jurisdiction (without posting any bond or deposit, having to show that money damages will be
inadequate or impossible to determine or proving special damages or irreparable injury) for specific performance and/or other injunctive
relief in order to enforce or prevent any violations of the provisions of this Agreement. Optionee acknowledges, however, that no specification
in this Agreement of a specific legal or equitable remedy may be construed as a waiver of or prohibition against pursuing other legal
or equitable remedies in the event of a breach of this Agreement by Optionee. Optionee shall be liable for any breach by any Covered Entity
of this Agreement.

 

     

     

    

 

		(g)	No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

		(h)	Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the
prior written consent of the Company (with approval by the Operating Board) and Optionee; provided, however, that the Company
(with approval by the Operating Board) may amend this Agreement without the consent of Optionee if such amendment does not materially
and adversely affect the Optionee in a manner that is disproportionate to the other Interest Holders.

 

		(i)	Business Days. If any time period for giving notice or taking action hereunder expires on a day
which is a Saturday, Sunday or legal holiday in the state in which the Company’s chief executive office is located, the time period
shall be automatically extended to the business day immediately following such Saturday, Sunday or holiday.

 

		(j)	Withholding. The Company shall be entitled, if necessary or desirable, to withhold from you from
any amounts due and payable by the Company to you (or secure payment from you in lieu of withholding) the amount of any withholding or
other tax due from the Company with respect to any Option Shares issuable under this Plan, and the Company may defer such issuance unless
indemnified by you to its satisfaction.

 

		(k)	Adjustments. In the event of a reorganization, recapitalization, Interest dividend or Interest
split, or combination or other change in the Interest, the Operating Board may, in order to prevent the dilution or enlargement of rights
under outstanding Options, make such adjustments in the number and type of Participant Interests authorized hereunder and the Exercise
Price specified herein as may be determined to be appropriate and equitable.

 

[Signature page follows.]

 

     

     

    

  

IN WITNESS WHEREOF, the parties
hereto have executed this Participant Interest Agreement on the date first written above.

 

	 	ADTHEORENT HOLDING COMPANY, LLC 
	 	 
	 	By:	/s/ James Lawson
	 	Name:	James Lawson
	 	Title:	Director
	 	 
	 	OPTIONEE: 
	 	 
	 	/s/ Chuck Jordan
	 	Name: 	Chuck Jordan

 

Number
of Options: 50,000

 

Percentage
of Time Options: 100%

 

Exercise
Price Per Participant Interest: As determined by the written Internal Revenue Code Section 409A valuation report performed
with respect to the value of each Participant Interest, as reflected and contained in the Company’s books and records. As of the
Grant Date the Exercise Price is $1.15 per Participant Interest.

 

	Optionee’s Contact Information:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Tel:	                  	 
	E-mail: 	 	 

 

	Optionee’s State of Residence: 	    	       

 

     

     

    

 

EXHIBIT A

 

OPERATING AGREEMENT

 

(See attached)

 

     

     

    

 

EXHIBIT B

 

JOINDER AGREEMENT

 

Reference is made to that certain Operating Agreement
of AdTheorent Holding Company, LLC, a Delaware limited liability company (the “Company”), dated as of December 22,
2016 (as amended, modified, supplemented and in effect from time to time, the “Agreement”), by and among those persons
who execute the Agreement from time to time. Except as otherwise indicated, capitalized terms used herein are defined as set forth in
the Agreement.

 

The undersigned, in order to become a Member and
Management Member of the Company, agrees that he or she hereby becomes a party to the Agreement, subject to all of the restrictions, conditions,
and obligations applicable to the Management Members as set forth in the Agreement.

 

This Joinder Agreement shall take effect and shall
become a part of said Agreement immediately upon execution.

 

Executed as of _________ ___, 2019 under the laws
of the State of Delaware.

 

	 	 	 	 	 
	 	 	 	Name:	 

 

	ACCEPTED
    AND AGREED:	 	 
	 	 	 
	AdTheorent
    Holding Company, LLC	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	               	 	 

 

     

     

    

 

EXHIBIT C

 

SPOUSAL CONSENT

 

This spousal consent is being
delivered in connection with the issuance of Non-Voting Class C Interests of AdTheorent Holding Company, LLC, a Delaware limited
liability company (the “Company”), to _____________ (“Participant”) pursuant to that certain Participant
Interest Agreement between the Company and the Participant (the “Agreement”). The undersigned spouse of Participant
hereby acknowledges that I have read the Agreement and that I understand its contents. I am aware that the Agreement and the Operating
Agreement of Company (as amended, modified, supplemented and in effect from time to time, the “Operating Agreement”)
provides for forfeiture and/or repurchase of my spouse’s Non-Voting Class C Interests under certain circumstances and imposes
restrictions on the transfer of such Non-Voting Class C Interests. I am also aware that my spouse has executed a Joinder Agreement
to the Operating Agreement which contains certain provisions governing the Non-Voting Class C Interests. I agree that my spouse’s
interest in the Non-Voting Class C Interests is subject to the Agreement and the Operating Agreement and any interest I may have
in such Non-Voting Class C Interests shall be irrevocably bound by the Agreement and the Operating Agreement and further that my
community property interest, if any, shall be similarly bound by the Agreement and the Operating Agreement.

 

I am aware that the legal,
financial and other matters contained in the Agreement and the Operating Agreement are complex and I am free to seek advice with respect
thereto from independent counsel. I have either sought such advice or determined after carefully reviewing the Agreement and the Operating
Agreement that I will waive such right.

 

	 	
	 	 
	 	 
	 	Witness

 

     

     

    

 

EXHIBIT D

 

83(b) Election

 

(See attached)

 

     

     

    

  

83(b) Election

 

Election to Include Value of Restricted Property
in Gross Income

in Year of Transfer Under Code §83(b)

 

The undersigned hereby elects
pursuant to §83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information
in accordance with the regulations promulgated thereunder:

 

1.            The
name, address and taxpayer identification number of the undersigned are:

 

	Name:	 
	Address:	 
	City, State, Zip:	 
	SSN:	 

 

2.            Description
of property with respect to which the election is being made:

 

_____________
Non-Voting Class C Interests (the “Units”) of AdTheorent Holding Company, LLC, a Delaware limited liability company
(the “Company”).

 

		3.	The date on which property was transferred is ______ __, ____.

 

The taxable year to which this election
relates is calendar year ____.

 

		4.	The nature of the restriction(s) to which the property is subject is:

 

The undersigned is party to that certain
Participant Interest Agreement (the “Agreement”) entered into between the undersigned and the Company. Pursuant to
the Agreement, upon the death, Disability or termination or expiration for any other reason of the undersigned’s employment or independent
contractor relationship with, or service to, the Company and its Subsidiaries, the Company shall have the right, but not the obligation,
to purchase all or any portion of the Participant Interests held by the undersigned at a price per Participation Interest equal to either
(depending on the reason for such termination) the Fair Market Value (as defined in the Operating Agreement) of the Participant Interests
as determined by the Company or $1.00 in the aggregate.

 

Additionally, the undersigned is subject
to restrictions on transferability of the Units under the Operating Agreement of the Company (the “Operating Agreement”).

 

		5.	Fair market value:

 

The fair market value at time of issuance
(determined without regard to any restrictions other than restrictions which by their term will never lapse) of the Units is $___ per
Unit.

 

		6.	Amount paid for property:

 

The amount paid by the undersigned for
the Units is $1.15 per Unit.

 

		7.	Furnishing statement to employer:

 

A copy of this statement has
been furnished to the Company.

 

	Dated:     _________________ ___, _____	 
	 	 
	 	 
	 	[Name]Exhibit 10.1

 

 

PURCHASE AGREEMENT

 

PURCHASE AGREEMENT
(the “Agreement”), dated as of August 19, 2021, by and between DarkPulse, Inc., a Delaware corporation (the “Company”),
and GHS INVESTMENTS, LLC, a Nevada limited liability company (the “Investor”).

 

WHEREAS:

 

Subject to the terms and conditions
set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to Forty-Five
Million Dollars ($45,000,000) of the Company’s registered common stock, $0.0001 par value per share (the “Common Stock”).
The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares” or “Securities.”

 

NOW THEREFORE, in consideration
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1. CERTAIN DEFINITIONS.

 

For purposes of this Agreement,
the following terms shall have the following meanings:

 

(a) “Available Amount”
means, Forty-Five Million Dollars ($45,000,000) in the aggregate, which amount shall be reduced by the Purchase Amount each time the Investor
purchases shares of Common Stock pursuant to Section 2 hereof.

 

(b) “Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(c) “Base Prospectus”
means the Company’s final base prospectus, a preliminary form of which is included in the Registration Statement, including
the documents incorporated by reference therein.

 

(d) “Business Day”
means any day on which the Principal Market is open for trading, including any day on which the Principal Market is open for trading for
a period of time less than the customary time.

 

(e) “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(f) “DTC”
means The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

(g) “DWAC Shares”
means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on
resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified Deposit/Withdrawal at Custodian
(DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program hereafter adopted by DTC performing
substantially the same function.

 

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

  

(i) “Initial Prospectus
Supplement” means the prospectus supplement of the Company relating to the Purchase Shares, including the accompanying Base
Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities Act and in accordance
with Section 5(a) hereof, together with all documents and information incorporated therein by reference.

  

 

 

 

    	 	1	 

     

    

 

(j) “Material Adverse
Effect” means any material adverse effect on (i) the results of operations, assets, or business of the Company, other than any
material adverse effect that resulted exclusively from (A) any change in the United States or foreign economies or securities or financial
markets in general that does not have a disproportionate effect on the Company taken as a whole, (B) any change that generally affects
the industry in which the Company operates that does not have a disproportionate effect on the Company, (C) any change arising in connection
with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such
hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor,
its affiliates or its or their successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect
of any change in applicable laws or accounting rules that does not have a disproportionate effect on the Company, or (F) any change resulting
from compliance with terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the
date of determination.

 

(k) “Maturity Date”
means the twelve-month anniversary of the date of this Agreement or August 19, 2022.

  

(l) “Person”
means an individual or entity including but not limited to any limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization and a government or any department or agency thereof.

 

(m) “Principal Market”
means the OTC Pink (or any nationally recognized successor thereto); provided, however, that in the event the Company’s Common Stock
is ever listed or traded on The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the New York Stock Exchange,
the NYSE American, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the
foregoing), then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Stock
is then listed or traded

 

(n) “Prospectus”
means the Base Prospectus, as supplemented from time to time by any Prospectus Supplement (including the Initial Prospectus Supplement),
including the documents and information incorporated by reference therein.

 

(o) “Prospectus Supplement”
means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement) filed with the SEC pursuant to Rule
424(b) under the Securities Act in connection with the transactions contemplated by this Agreement, including the documents and information
incorporated by reference therein.

 

(p) “Purchase Amount”
means, with respect to any Purchase, the portion of the Available Amount to be purchased by the Investor pursuant to Section 2
hereof.

 

(q) “Purchase Date”
means, with respect to a Purchase made pursuant to Section 2(a) hereof, the Business Day on which the Investor receives a valid
Purchase Notice in accordance with this Agreement.

 

(r) “Purchase Notice”
means, with respect to a Purchase pursuant to Section 2(a) hereof, an irrevocable written notice from the Company to the Investor, substantially
in the form of Exhibit A hereto, directing the Investor to buy a specified amount of Purchase Shares (subject to the Purchase Share limitations
contained in Section 2(a) hereof) at the applicable Purchase Price for such Purchase in accordance with this Agreement. Purchase Notices
shall be delivered between 4:00PM through 11:59PM (Eastern Time). If the Investor deems that the Purchase Notice is not compliant according
to the terms of this Agreement, then the Investor shall notify the Company with details of the non-compliance before 9:30AM (Eastern Time)
on the next Business Day, and the Purchase Notice shall be null and void. Otherwise, the Purchase Notice shall be deemed valid by 9:31AM
(Eastern Time).

 

(s) “Purchase Price”
means, with respect to a Purchase made pursuant to Section 2(a) hereof, 92% of the lowest VWAP during the Valuation Period.

  

 

 

 

    	 	2	 

     

    

 

(t) “Registration
Statement” means the Company’s registration statement registering the resale by the Investor of the shares of Common Stock
issuable upon conversion of the Commitment Note, and issuable upon a Purchase, including the documents incorporated by reference therein.

   

(u) “SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

(w) “Settlement Date”
means the date on which the Company delivers the Purchase Shares to the Investor’s Broker, against the payment of the Purchase Price
by the Investor, which date will be one Business Day following the Valuation Period. If the Company fails to deliver the Purchase Shares
on the Settlement Date, then the Purchase Notice is automatically null and void.

 

(x) “Transaction
Documents” means, collectively, this Agreement and the schedules and exhibits hereto, and each of the other agreements, documents,
certificates and instruments entered into or furnished by the parties hereto in connection with the transactions contemplated hereby and
thereby.

 

(y) “Transfer Agent”
means Standard Registrar & Transfer Co., Inc., or such other Person who is then serving as the transfer agent for the Company in respect
of the Common Stock.

 

(z) “Valuation Period”
means the five (5) consecutive Business Days immediately preceding, but not including, the date a Purchase Notice is delivered.

 

(aa) “VWAP”
means the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market.

 

2. PURCHASE OF
COMMON STOCK.

 

Subject to the terms and conditions
set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the obligation to purchase from the
Company, Purchase Shares as follows:

  

(a) Sales of Common Stock.
Subject to the satisfaction of all of the conditions set forth in Sections 6 and 7 hereof (the “Commencement” and the
date of satisfaction of such conditions the “Commencement Date”), at any time commencing on the Commencement Date and
thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Purchase
Notice from time to time, to purchase a minimum of ten thousand dollars ($10,000) and up to a maximum of three million dollars ($3,000,000)
of Purchase Shares (the number of Purchase Shares being determined in accordance with Section 2(b) hereunder) for each Purchase Notice
(subject to the Available Amount, and provided that, the Purchase Amount for any Purchase will not exceed two hundred percent (200%) the
average of the daily trading dollar volume of the Common Stock during the ten (10) Business Days preceding the Purchase Date), at the
Purchase Price on the Purchase Date (each, a “Purchase”). Each Purchase Notice will set forth the Purchase Price and
number of Purchase Shares, in accordance with the terms of this Agreement. If the Company delivers any Purchase Notice for a Purchase
Amount in excess of the limitations contained herein, such Purchase Notice shall be void ab initio to the extent of the amount
by which the amount of Purchase Shares set forth in such Purchase Notice exceeds the amount of Purchase Shares which the Company is permitted
to include in such Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase
Shares in respect of such Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the amount
of Purchase Shares which the Company is permitted to include in such Purchase Notice. Notwithstanding the foregoing dollar limitations,
the Company and the Investor may, from time to time, mutually agree (in writing) to waive the aforementioned limitations for a relevant
Purchase Notice, which waiver, for the avoidance of doubt, shall not exceed the Beneficial Ownership Limitation contained herein. The
Company may not deliver more than one Purchase Notice to the Investor every five (5) Business Days unless, from time to time, the Company
and the Investor mutually agree to different timing of the delivery Purchase Notices.

  

 

 

 

    	 	3	 

     

    

 

(b) Settlement for Purchase
Shares. On each Settlement Date, for each Purchase hereunder, the Company shall deliver a number of Purchase Shares equal to 110%
of the aggregate Purchase Amount for such Purchase divided by the Purchase Price per share for such Purchase, against payment by the Investor
to the Company of the Purchase Amount with respect to such Purchase (less documented deposit and clearing fees, if any), as full payment
for such Purchase Shares via wire transfer of immediately available funds. The Company shall not issue any fraction of a share of Common
Stock upon the any Purchase. If any issuance hereunder would result in the issuance of a fraction of a share of Common Stock, the Company
shall round such fraction of a share of Common Stock up or down to the nearest whole share. All Purchase Shares issued hereunder will
be DWAC Shares. All payments made under this Agreement shall be made in lawful money of the United States of America by wire transfer
of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with the
provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business
Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

(c) Beneficial Ownership
Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor
shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with all other shares of Common
Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule
13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates of more than 4.99% of the then
issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written or oral request
of the Investor, the Company shall promptly (but not later than one (1) Business Day) confirm orally or in writing to the Investor the
number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations
required hereby and the application hereof. The Investor’s written certification to the Company of the applicability of the Beneficial
Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof
and such result absent manifest error.

  

3. INVESTOR’S
REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and
warrants to the Company as of the date hereof and as of the Commencement Date that:

 

(a) Organization, Authority.
Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, with
the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry
out its obligations hereunder and thereunder.

 

(b) Investment Purpose.
The Investor is acquiring the Purchase Shares as principal for its own account for investment only and not with a view to or for distributing
or reselling such Purchase Shares or any part thereof in violation of the Securities Act or any applicable state securities law, has no
present intention of distributing any of such Purchase Shares in violation of the Securities Act or any applicable state securities law
and has no direct or indirect arrangement or understandings with any other Persons to distribute or regarding the distribution of such
Purchase Shares in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting
the Investor’s right to sell the Purchase Shares at any time pursuant to the Registration Statement described herein or otherwise
in compliance with applicable federal and state securities laws). The Investor is acquiring the Purchase Shares hereunder in the ordinary
course of its business.

 

(c) Accredited Investor
Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D promulgated
under the Securities Act.

 

 

 

 

    	 	4	 

     

    

 

(d) Information. The
Investor understands that its investment in the Company and the Purchase Shares involves a high degree of risk including without limitation
the risks set forth in the Registration Statement. The Investor (i) is able to bear the economic risk of an investment in the Purchase
Shares including a total loss thereof, (ii) has such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks of the proposed investment in the Purchase Shares, (iii) has had an opportunity to ask questions of and
receive answers from the officers of the Company concerning the financial condition and business of the Company and others matters related
to an investment in the Purchase Shares, and (iv) has had the opportunity to review the Registration Statement. Neither such inquiries
nor any other due diligence investigations conducted by the Investor or its representatives shall modify, amend or affect the Investor’s
right to rely on the Company’s representations and warranties contained in Section 4 below. The Investor has sought such
accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition
of the Purchase Shares. The Investor acknowledges and agrees that the Company neither makes nor has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 4 hereof.

  

(e) Validity; Enforcement.
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and is a valid and binding agreement
of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability to general principles of equity
and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

(f) No Short Selling.
The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has any of the Investor, its agents,
representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale”
(as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes
a net short position with respect to the Common Stock.

 

4. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

The Company represents and
warrants to the Investor as of the date hereof and as of the Commencement Date, that:

 

(a) Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Schedule 4(a) (the “Subsidiaries”).
The Company owns, directly or indirectly, the capital stock or other equity interests of each Subsidiary as indicated on Schedule
4(a), and, with respect to any subsidiary which is wholly owned by the Company, all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to
subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in
the Transaction Documents shall be disregarded.

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and
authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any
Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws
or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is
in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the
case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or
enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on
the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any
of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

 

 

 

    	 	5	 

     

    

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part
of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in
connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party,
the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and
will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or
assets of the Company or any Subsidiary, or, to our knowledge, give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument
(evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or
by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals,
conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any
court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and
regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of
clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e) Filings, Consents
and Approvals. The Company has timely filed all quarterly and annual reports required to be filed by it with the SEC pursuant to
the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits included
therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by
reference therein, being hereinafter referred to herein as the “SEC Documents”). The Company has delivered to
Investor true and complete copies of the SEC Documents, except for such exhibits and incorporated documents, and except as such
Documents are available EDGAR filings on the SEC’s sec.gov website. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any
such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been
amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of the
Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the
published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all
material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and
the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in the
SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course
of business subsequent to December 31, 2020, and (ii) obligations under contracts and commitments incurred in the ordinary course of
business and not required under generally accepted accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company is
subject to the reporting requirements of the Exchange Act. For the avoidance of doubt, filing of the documents required in this
Section 3(e) via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall
satisfy all delivery requirements of this Section 3(e).

 

 

 

 

    	 	6	 

     

    

 

Except as otherwise provided,
herein, the Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of
this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities, and
(iii) such filings as are required to be made under applicable state and federal securities laws (collectively, the “Required
Approvals”).

 

(f) Issuance
of the Purchase Shares. The Purchase Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the
Company other than restrictions on transfer provided for in the Transaction Documents.

 

(g) Capitalization.
The capitalization of the Company is as set forth on Schedule 4(g), which Schedule 4(g) shall also include the number
of shares of Common Stock owned beneficially, and of record, by affiliates of the Company as of the date hereof. Except as set forth
on Schedule 4(g), the Company has not issued any capital stock since its most recently filed periodic report under the
Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the
issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the
conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under
the Exchange Act (“SEC Reports”). Except as disclosed in the SEC Reports, to our knowledge, no Person has any
right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as set forth on Schedule 4(g) and the Company’s SEC Reports and
except as a result of the purchase and sale of the Purchase Shares, there are no outstanding options, warrants, scrip rights to
subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or
exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional shares of Common Stock or Common Stock Equivalents. Except as disclosed in SEC Reports, the issuance and sale of the
Purchase Shares will not obligate the Company to issue shares of Common Stock or other securities to any Person and will not result
in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such
securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and
nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was
issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or
authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Purchase Shares.
There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital
stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.
As used herein as it pertains to the Company, “knowledge” means actual knowledge of the Company’s directors and
executive officers.

 

(h) Litigation.
Except as disclosed in Schedule 4(h) and in the SEC Reports, there is no action, suit, inquiry, notice of violation,
proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary
or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory
authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or
challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there
were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of
the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or
former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

 

 

 

    	 	7	 

     

    

 

(i) Labor
Relations. Except as disclosed in Schedule 4(i), no labor dispute exists or, to the knowledge of the Company, is imminent
with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None
of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s
relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective
bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the
knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any
material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition
agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment
of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the
foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and
regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where
the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(j) Compliance.
Neither the Company nor any Subsidiary: (i) except for defaults under convertible promissory notes issued on August 20, 2018
(principal amount of $152,000), September 25, 2018 ($100,000 principal amount), and July 17, 2018 ($189,750 principal amount), is in
default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or
instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has
been waived) except as disclosed in Schedule 4(j) or in the SEC Reports, (ii) is in violation of any judgment, decree or
order of any court, arbitrator or other governmental authority, except as set forth on Schedule 4(j) or in the SEC Reports,
or (iii) to the knowledge of the Company, is or has been in violation of any statute, rule, ordinance or regulation of any
governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, other than tax
payments related to payroll that are late, environmental protection, occupational health and safety, product quality and safety and
employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

(k) Regulatory
Permits. To the knowledge of the Company, the Company and the Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses
as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a
Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice
of proceedings relating to the revocation or modification of any Material Permit.

 

(l) Title
to Assets. Except as disclosed in Schedule 3.1(l), the Company and the Subsidiaries have good and marketable title in fee simple
to all real property owned by them and good and marketable title in all personal property owned by them that is material to the
business of the Company and the Subsidiaries, in each case, to our knowledge, free and clear of all Liens, except for (i) Liens as
do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of
such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which
appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to
penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid,
subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

(m) Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and
similar rights as described in the SEC Reports as necessary or required for use in connection with their respective businesses and
which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property
Rights”). Except as disclosed on Schedule 4(m), none of, and neither the Company nor any Subsidiary has received a
notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is
expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any
Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice
of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person,
except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such
Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

 

 

    	 	8	 

     

    

 

(n) Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any
Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any
transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any
contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any
officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of
$120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on
behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the
Company. Except as set forth on Schedule 4(n), all employee salaries and contractor fees have been paid to date and no such
amounts are outstanding or past due.

 

(o) Sarbanes-Oxley;
Internal Accounting Controls. Except as may be disclosed in the SEC Reports, the Company and the Subsidiaries are in compliance
with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all
applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of each
Closing Date. Except as disclosed in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries
have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and
the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the
Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the
effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by
the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company
presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of
the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control
over financial reporting of the Company and its Subsidiaries.

 

(p) Certain Fees.
The Company has or shall engage a suitable Investment Banker in conjunction with the transaction contemplated herein. No brokerage
or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or
consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the
Transaction Documents, other than as set forth on Schedule 4(p). The Investor shall have no obligation with respect to any
fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be
due in connection with the transactions contemplated by the Transaction Documents.

 

(q) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not
be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to
registration under the Investment Company Act of 1940, as amended.

 

(r) Registration Rights.
Other than as set forth on Schedule 4(r) and in the SEC Reports, no Person has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

(s) Listing and
Maintenance Requirements. The Company has not in the twelve (12) months preceding the date hereof, received notice from any
Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with
the listing or maintenance requirements of such Trading Market. The Company is and has no reason to believe that it will not in the
foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

 

 

 

    	 	9	 

     

    

 

(t) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any
information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms
that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company. All of the
disclosure furnished by or on behalf of the Company to the Investor regarding the Company and its Subsidiaries, their respective
businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and
does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not misleading. The press releases disseminated
by the Company during the twelve (12) months preceding the date of this Agreement taken as a whole do not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that the Investor does not make and has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3 hereof.

 

(u) Tax Status.
Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all
foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any
material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary
know of no basis for any such claim. Immediately after closing of this transaction, the Company covenants to pay to the Past Due
Taxes.

 

(v) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or
other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or
campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by
any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect
any provision of FCPA.

 

(w) Accountants. The
Company’s accounting firm is set forth on Schedule 4(w) of the Disclosure Schedules or in the SEC Reports. To the knowledge
and belief of the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii)
shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal
year ending December 31, 2021.

 

(x) Acknowledgment
Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that the Investor is acting solely in the
capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The
Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by the Investor
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is
merely incidental to the Investor’s purchase of the Securities. The Company further represents to the Investor that the
Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent
evaluation of the transactions contemplated hereby by the Company and its representatives.

 

 

 

 

    	 	10	 

     

    

 

(y) Acknowledgment
Regarding Investor’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it
is understood and acknowledged by the Company that: (i) the Investor has not been asked by the Company to agree, nor has the
Investor agreed, to desist from purchasing or selling, securities of the Company, or “derivative” securities based on
securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other
transactions by the Investor, specifically including, without limitation, “derivative” transactions, before or after a
closing of this or future private placement transactions, may negatively impact the market price of the Company’s
publicly-traded securities (iii) Omit and (iv) the Investor shall not be deemed to have any affiliation with or control over any
arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges that
(y) the Investor may engage in hedging activities at various times during the period that the Securities are outstanding, and (z)
such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at and
after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging
activities do not constitute a breach of any of the Transaction Documents.

 

(z) Regulation M Compliance. 
The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to
cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities,
or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company,
other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement
of the Securities.

 

(aa) Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance
with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of
the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted
under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been
no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock
options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their
financial results or prospects.

 

(bb) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(cc) U.S. Real Property
Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section
897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investor’s request.

 

(dd) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of
1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or
indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of
the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company
nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity
that is subject to the BHCA and to regulation by the Federal Reserve.

 

(ee) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

 

 

 

    	 	11	 

     

    

 

5. COVENANTS.

 

(a) Filing of Current Report
and Initial Prospectus Supplement. The Company agrees that it shall, within the time required under the Exchange Act, file with the
SEC a Current Report on Form 8-K relating to the transactions contemplated by, and describing the material terms and conditions of, the
Transaction Documents (the “Current Report”). The Company further agrees that it shall, within the time required under
Rule 424(b) under the Securities Act, file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b) under the Securities
Act specifically relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents,
containing information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the
Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the Registration
Statement and the Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation, information required
to be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Investor shall furnish to the Company
such information regarding itself, the Purchase Shares held by it and the intended method of distribution thereof, including any arrangement
between the Investor and any other Person relating to the sale or distribution of the Purchase Shares, as shall be reasonably requested
by the Company in connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement, and shall otherwise
cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of the Current Report
and the Initial Prospectus Supplement with the SEC.

  

(b) Listing/DTC. The
Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and to comply in
all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the Principal
Market. The Company shall not take any action that would reasonably be expected to result in the delisting or suspension of the Common
Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business Day, provide to the Investor
copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock for listing on the Principal
Market; provided, however, that the Company shall not be required to provide the Investor copies of any such notice that the Company reasonably
believes constitutes material non-public information and the Company would not be required to publicly disclose such notice in any report
or statement filed with the SEC and under the Exchange Act or the Securities Act. The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 5(c). The Company shall take all action necessary to ensure that its Common
Stock can be transferred electronically as DWAC Shares.

 

(c) Prohibition of Short
Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending on the date of termination
of this Agreement as provided in Section 9, the Investor and its agents, representatives and affiliates shall not in any manner whatsoever
enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO
of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common
Stock.

    

(d) Purchase Records.
The Investor and the Company shall each maintain records showing the remaining Available Amount at any given time and the dates and Purchase
Amounts for each Regular Purchase, Accelerated Purchase and Additional Accelerated Purchase or shall use such other method, reasonably
satisfactory to the Investor and the Company.

  

(e) Use of Proceeds.
The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion of the Company.

 

(f) Form D; Blue Sky Filings.
The Company agrees to timely file a Form D with respect to the Purchase Shares as required under Regulation D and to provide a copy thereof,
promptly upon request of the Investor. The Company shall take such action as the Company shall reasonably determine is necessary in order
to obtain an exemption for, or to qualify the Purchase Shares for, sale to the Investor under applicable securities or “Blue Sky”
laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Investor.

 

(g) Most Favored Nations.
From the date hereof until the Investor no longer holds any Securities, the Company shall provide the Investor with notice of any issuance
of Common Stock (a “Subsequent Financing”)in the manner set forth below.  Ff in such Subsequent Financing there
are any contractual provisions or side letters that provide for a more favorable stock price than the stock sale price provided for hereunder,
then the Company shall specifically notify the Investor of the more favorable stock sale price, which at Investor’s option, shall
become a part of the transaction documents with the Investor.

 

 

 

 

    	 	12	 

     

    

 

(g) Subsequent Financing
From the date hereof until the date that is the twelve (12) month anniversary of the Closing Date, upon a Subsequent Financing, Investor
shall have the right to participate up to an amount of the Subsequent Financing equal to 50% of the Subsequent Financing (the “Participation
Maximum”) on the same terms, conditions and price provided for in the Subsequent Financing. At least one (1) Trading Day prior
to the closing of the Subsequent Financing, the Company shall deliver to Investor a written notice of its intention to effect a Subsequent
Financing (“Pre-Notice”), which Pre-Notice shall ask such Investor if it wants to review the details of such financing
(such additional notice, a “Subsequent Financing Notice”). Upon the request of Investor, and only upon a request by
Investor, for a Subsequent Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver
a Subsequent Financing Notice to Investor. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such
Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent
Financing is proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment.

 

(h) Registration Statement.
Promptly following the date of this Agreement, the Company will prepare and file a Prospectus Supplement with the SEC in accordance with
the Securities Act, registering the Purchase Shares issuable hereunder. The “Plan of Distribution” section of the Prospectus
will permit the issuance of the Purchase Shares under the terms of this Agreement.The Registration Statement and any amendments thereto,
at the time they become effective, will comply in all material respects with the requirements of the Securities Act and will not contain
any untrue statement of a material fact.

 

6. CONDITIONS TO THE COMPANY’S
RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The right of the Company hereunder
to commence sales of Purchase Shares is subject to the satisfaction of each of the following conditions:

 

(a) The Investor shall have
executed each of the Transaction Documents and delivered the same to the Company; and

 

(b) The Registration Statement
shall have been declared effective by the SEC, and no stop order with respect to the Registration Statement shall be pending or threatened
by the SEC.

 

7. CONDITIONS TO THE INVESTOR’S
OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The obligation of the Investor
to buy Purchase Shares under this Agreement is subject to the satisfaction of each of the following conditions on or prior to the Commencement
Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy such conditions after
the Commencement has occurred:

 

(a) The Company shall have
executed each of the Transaction Documents and delivered the same to the Investor;

  

(b) The Common Stock shall
be listed on the Principal Market, trading in the Common Stock shall not have been within the last 365 days suspended by the SEC or the
Principal Market and such suspension has not subsequently been cured;

 

(c) The representations and
warranties of the Company shall be true and correct in all material respects (except to the extent that any of such representations and
warranties is already qualified as to materiality in Section 4 above, in which case, such representations and warranties shall
be true and correct without further qualification) as of the date hereof and as of the Commencement Date as though made at that time (except
for representations and warranties that speak as of a specific date, which shall be true and correct as of such date) and the Company
shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction Documents to be
performed, satisfied or complied with by the Company at or prior to the Commencement Date. The Investor shall have received a certificate,
executed by the chief executive officer of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached
hereto as Exhibit B;

 

 

 

 

    	 	13	 

     

    

 

(d) The Registration Statement
shall be effective and no stop order with respect to the Registration Statement shall be pending or threatened by the SEC. The Company
shall have a maximum dollar amount certain of Common Stock registered under the Registration Statement which is sufficient to issue to
the Investor not less than the full Available Amount worth of Purchase Shares. The Current Report and the Initial Prospectus Supplement
each shall have been filed with the SEC, as required pursuant to Section 5(a). The Prospectus shall be current and available for
issuances and sales of all of the Purchase Shares by the Company to the Investor. Any other Prospectus Supplements required to have been
filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall have been filed with the SEC within
the applicable time periods prescribed for such filings under the Securities Act;

 

(e) The Company will have
delivered to the Transfer Agent irrevocable instructions, in a form reasonably acceptable to the Investor, to issue Purchase Shares in
accordance with this Agreement; and

 

(f) No Event of Default has
occurred and is continuing.

    

8. EVENTS OF DEFAULT.

 

An “Event of Default”
shall be deemed to have occurred at any time as any of the following events occurs:

 

(a) the effectiveness of the
Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or such Registration
Statement (or the prospectus forming a part thereof) is unavailable to the Investor for resale of any or all of the Purchase Shares to
be issued to the Investor under the Transaction Documents;

 

(b) the suspension of the
Common Stock from trading on the Principal Market for a period of two (2) Business Days, provided that the Company may not direct the
Investor to purchase any shares of Common Stock during any such suspension;

 

(c) the delisting of the Common
Stock from the OTC Pink provided, however, that the Common Stock is not immediately thereafter trading on The NASDAQ Capital Market, The
NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE American, or the OTCQB or the OTCQX operated
by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the foregoing);

 

(d) the failure for any reason
by the Transfer Agent to issue Purchase Shares to the Investor within three (3) Business Days after the applicable date on which the Investor
is entitled to receive such Purchase Shares;

 

(e) the Company breaches any
representation, warranty, covenant or other term or condition under any Transaction Document if such breach could have a Material Adverse
Effect and except, in the case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at
least five (5) Business Days;

 

(f) if any Person or entity
commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g) if the Company, pursuant
to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of an order for relief against
it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the same become due;

 

(h) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a
Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation of the Company; or

 

(i) if at any time the Company
is not eligible to transfer its Common Stock electronically as DWAC Shares.

 

So long as an Event of Default has occurred and
is continuing, the Company shall not deliver to the Investor any Purchase Notice.

 

 

 

 

    	 	14	 

     

    

 

9. TERMINATION

 

This Agreement may be terminated
only as follows:

 

(a) If pursuant to or within
the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a
Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment for
the benefit of its creditors (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h)
hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except as set forth below) without
further action or notice by any Person.

 

(b) At any time after the
Commencement Date, the Company and the Investor shall have the option to terminate this Agreement for any reason or for no reason by delivering
thirty (30) calendar days written notice (a “Company Termination Notice”) to the other Party electing to terminate
this Agreement without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

(c) This Agreement shall automatically
terminate on the date that the Company sells and the Investor purchases the full Available Amount as provided herein, without any action
or notice on the part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as
set forth below).

 

(d) If, for any reason or
for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this Agreement by the Maturity
Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of any party and without
any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

  

Except as set forth in Sections 9(a) (in
respect of an Event of Default under Sections 8(f), 8(g) and 8(h)), 9(c) and 9(d), any termination of this
Agreement pursuant to this Section 9 shall be effected by written notice from the Company to the Investor, or the Investor to the
Company, as the case may be, setting forth the basis for the termination hereof. The representations and warranties and covenants of the
Company and the Investor contained in Sections 3, 4, and 5, hereof, and the agreements and covenants set forth in
Sections 8, 9 and 10 shall survive the execution and delivery of this Agreement and any termination of this Agreement.
No termination of this Agreement shall (i) affect the Company’s or the Investor’s rights or obligations under (A) this Agreement
with respect to any pending Purchases, and the Company and the Investor shall complete their respective obligations with respect to any
pending Purchases under this Agreement or (ii) be deemed to release the Company or the Investor from any liability for intentional misrepresentation
or willful breach of any of the Transaction Documents.

 

10. MISCELLANEOUS.

 

(a) Governing Law; Jurisdiction;
Jury Trial. The corporate laws of the State of New York shall govern all issues concerning the relative rights of the Company and
its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement and the
other Transaction Documents shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of
the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the State of New York, County of New York, for the adjudication of any dispute hereunder or under
the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

 

 

 

    	 	15	 

     

    

 

(b) Fees and Expenses.
The Company has agreed to reimburse the Investor $10,000 for its legal fees in connection with the transaction contemplated by this Agreement,
which such amount may be withheld from the Investor’s purchase amount deliverable at the Closing. Except as expressly set forth
in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing
of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of
any securities to the Investor.

 

(c) Counterparts. This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original signature.

 

(d) Headings. The headings
of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

(e) Severability. If
any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect
the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision
of this Agreement in any other jurisdiction.

  

(f) Entire Agreement.
The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their affiliates and
Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction Documents and the
instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant
or undertaking with respect to such matters.

 

(g) Notices. Any notices,
consents or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed
to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile or email (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after
deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses for such communications shall be:

 

If to the Company:

 

DarkPulse, Inc.

1345 Avenue of the Americas, 2nd Floor

New York, NY 10105

	 	Telephone: 	800-436-1436
	 	E-mail: 	doleary@darkpulse.com
	 	Attention: 	Dennis O’Leary, CEO

 

With a copy to (which shall not constitute
notice or service of process):

 

Business Legal Advisors, LLC

14888 Auburn Sky Drive

Draper, UT 84020

	 	Telephone:	801-634-1984
	 	E-mail:	brian@businesslegaladvisor.com
	 	Attention:	Brian Higley, Esq.

 

Lucosky Brookman LLP

101 Wood Avenue South

Woodbridge, NJ 08830

	 	Telephone: 	732-395-4402
	 	Email:	jlucosky@lucbro.com
	 	Attention: 	Joseph Lucosky, Esq.

 

 

 

 

    	 	16	 

     

    

 

If to the Investor:

 

GHS Investments, LLC

420 Jericho Turnpike, Suite 102

Jericho, NY 11753

 

With a copy to (which shall not constitute
notice or service of process):

 

Pryor Cashman LLP

7 Times Square

New York, NY 10036

	 	Telephone:	212-421-4100
	 	E-mail:  	ali.panjwani@pryorcashman.com
	 	Attention:	M. Ali Panjwani, Esq.

 

or at such other address, email address and/or
facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
party one (1) Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email
account containing the time, date, and recipient facsimile number or email address, as applicable, or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or email or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(h) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. The Company
shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor, including by
merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(i) No Third-Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

  

(j) Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to consummate and make
effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish the purposes of this Agreement
and the consummation of the transactions contemplated hereby.

   

(k) No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party.

  

(l) Enforcement Costs.
In the event of a dispute arising out of or relating to this Agreement, if a court of competent jurisdiction determines in a final, non-appealable
order that a party has breached this Agreement, then, in addition to any other available remedies, the non-breaching party shall be entitled
to, and the breaching party shall be liable for, the reasonable legal fees and expenses incurred by the non-breaching party in connection
with the dispute, including any appeals in connection therewith.

 

(m) Amendment and Waiver;
Failure or Indulgence Not Waiver. No provision of this Agreement (i) may be amended other than by a written instrument signed by both
parties hereto and (ii) may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is
sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power
or privilege.

 

 

 

 

    	 	17	 

     

    

 

(n) Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company covenants
and agrees that neither it, nor any other Person acting on its behalf, will provide the Investor or its agents or counsel with any information
that the Company believes constitutes material non-public information, unless prior thereto the Investor shall have entered into a written
agreement with the Company regarding the confidentiality and use of such information. The Company understands and confirms that the Investor
shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

(o) Integration. The
Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section
2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration
under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

 

[Remainder of page intentionally blank –
signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused this Purchase Agreement to be duly executed as of the date first written above.

 

 

	 	THE COMPANY:
	 	 	 
	 	DARKPULSE, INC.
	 	 	 
	 	By:	/s/  Dennis O’Leary
	 	Name:	Dennis O’Leary
	 	Title:	Chief Executive Officer
	 	 	 
	 	INVESTOR:
	 	 
	 	GHS INVESTMENTS, LLC
	 	 
	 	 	 
	 	By:	/s/  Mark Grober
	 	Name:	Mark Grober
	 	Title:	Member

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	19	 

     

    

 

EXHIBIT A

 

FORM OF PURCHASE NOTICE

 

August 19, 2021

 

To: GHS Investments, LLC

 

In accordance with Section 2 of the purchase agreement, dated
August 19, 2021 (the “Purchase Agreement”), between DarkPulse, Inc. (the “Company”) and GHS Investments, LLC
(the “Investor”), the Company hereby provides notice to the Investor of a sale by the Company to the Investor of
Purchase Shares in the amount set forth in this Purchase Notice. Capitalized terms used herein have the meanings set forth in the
Purchase Agreement.

 

 

Purchase Amount: $3,000,000

Purchase Price per share: $0.103776

Number of Purchase Shares: 31,799,260

 

 

Very truly yours,

 

DarkPulse, Inc.

 

By: /s/ Dennis O’Leary                               

Name: Dennis O’Leary

Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	20	 

     

    

 

EXHIBIT B

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s Certificate
(“Certificate”) is being delivered pursuant to Section 7(c) of that certain Purchase Agreement dated as of August
19, 2021, (“Purchase Agreement”), by and between DARKPULSE, INC., a Delaware corporation (the “Company”),
and GHS INVESTMENTS, LLC (the “Investor”). Terms used herein and not otherwise defined shall have the meanings ascribed to
them in the Purchase Agreement.

 

The undersigned, Dennis O’Leary, Chief Executive Officer of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as follows:

 

1. I am the Chief
Executive Officer of the Company;

 

2. The representations
and warranties of the Company are true and correct in all material respects (except to the extent that any of such representations and
warranties is already qualified as to materiality in Section 4 of the Purchase Agreement, in which case, such representations and warranties
are true and correct without further qualification) as of the date of the Purchase Agreement and as of the Commencement Date as though
made at that time (except for representations and warranties that speak as of a specific date, in which case such representations and
warranties are true and correct as of such date);

 

3. The Company has
performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the Transaction Documents
to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

 

 

IN WITNESS WHEREOF, I have
hereunder signed my name on this 19th day of August, 2021.

 

/s/ Dennis O’Leary                      

Name: Dennis O’Leary

Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

    	 	21	 

     

    

 

Schedule 4(a)

 

Subsidiaries

 

DarkPulse, Inc., a Delaware
corporation, has the following subsidiaries:

 

1.                  
DarkPulse Technologies Inc., a New Brunswick corporation (“DTI”) (wholly-owned).

 

2.                  
DTI owns 100% of DarkPulse Technology Holdings Inc., a New York corporation.

 

3.                  
DTI owns a controlling interest in DarkPulse Technologies International Inc., a New York corporation.

 

4.                  
DTI owns 37.572% of the shares of common stock of DarkPulse Technologies International Inc., a Delaware corporation (“DTII”),
and 100% of the issued shares of Series A Preferred Stock of DTII.

 

5.                  
DTI owns 60% of DarkPulse BVTK, LLC, a Virginia limited liability company.

 

6.                  
Optilan HoldCo 3 Limited, a private company incorporated in England and Wales (wholly-owned).

 

 

 

 

 

 

 

 

    	 	22	 

     

    

 

Schedule 4(g)

 

Capitalization

 

The capitalization of DarkPulse, Inc. as of August 19, 2021 is as follows:

 

1. Issued and Outstanding Common Stock – 4,770,327,191
shares; and

 

2. Issued and Outstanding Series D Preferred Stock – 88,235 shares.

 

Principal Shareholders

 

The table below sets forth information as to
our Directors and Executive Officers and each person owning of record or was known by the Company to own beneficially shares of stock
greater than 5% of the 4,770,415,426 (4,770,327,191 common plus 88,235 preferred) votes as of the date hereof. The table includes preferred
stock that is convertible into common stock and information as to the ownership of the Company's Stock by each of its directors and executive
officers and by the directors and executive officers as a group. There were no stock options outstanding as of the date hereof. Except
as otherwise indicated, all shares are owned directly, and the persons named in the table have sole voting and investment power with
respect to shares shown as beneficially owned by them.

 

32257134886

	Name and Address	 	Nature of	 	 	Shares	 	 	Percent of	 
	of Beneficial Owners	 	Ownership	 	 	Owned	 	 	Common	 
	 	 	 	 	 	 	 	 	 	 
	Directors, Executive Officers and >5% Stock Owners	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dennis O’Leary (through Fantastic Northamerica, LLC)	 	 	Direct	 	 	 	–	 	 	 	–	 
	1345 Avenue of the Americas	 	 	Preferred	 	 	 	21,853,351,983	 	 	 	82.08%	 
	2nd Floor	 	 	Total	 	 	 	21,853,351,983	 	 	 	82.08%	 
	New York, NY 10105	 	 	 	 	 	 	 	 	 	 	 	 
	Dr. Anthony Brown	 	 	Direct	 	 	 	–	 	 	 	–	 
	1345 Avenue of the Americas	 	 	Preferred	 	 	 	5,633,455,712	 	 	 	54.12%	 
	2nd Floor	 	 	Total	 	 	 	5,633,455,712	 	 	 	54.12%	 
	New York, NY 10105	 	 	 	 	 	 	 	 	 	 	 	 
	Carl Eckel	 	 	Direct	 	 	 	–	 	 	 	–	 
	1345 Avenue of the Americas	 	 	Preferred	 	 	 	–	 	 	 	–	 
	2nd Floor	 	 	Total	 	 	 	–	 	 	 	–	 
	New York, NY 10105	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	27,486,807,695	 	 	 	85.21%	 

 

 

 

 

 

 

 

    	 	23	 

     

    

 

Schedule 4(p)

 

Certain Fees

 

Fees payable to J.H. Darbie & Co.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]