Document:

Exhibit 4.1

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

BAT GROUP, INC.

 

	Warrant Shares: 560,000	Initial Exercise Date: April 15, 2019
	 	Initial Amendment Date: May 23, 2019
	 	Exchange Date: August 30, 2019

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on
the date that is the five (5) year anniversary of the earlier of (i) the first date on which all of the Warrant Shares (as defined
below) may be sold pursuant to an effective registration statement or (ii) the first date on which this Warrant may be exercised
on a cashless basis pursuant to Section 2(c) hereof and all of the Warrant Shares issued upon exercise may be immediately sold
pursuant to Rule 144, provided that, in the case of (i) or (ii), if such date is not a Trading Day, such date shall be the immediately
following Trading Day (the “Termination Date”) but not thereafter, to subscribe for and purchase from Bat Group,
Inc. (formerly known as China Bat Group, Inc.), a Delaware corporation (the “Company”), up to 560,000 shares (as subject
to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock
under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is one of the Warrants to Purchase
Common Stock issued pursuant to that certain Amendment and Exchange Agreement, dated August 30, 2019 (the “Exchange Agreement”,
and the effective date thereof, the “Exchange Date”), in exchange for that certain Amended and Restated Common
Stock Purchase Warrant of the Company previously issued to the Holder and dated May 23, 2019 (the “Amended Warrant”),
which amended and restated that certain Common Stock Purchase Warrant, dated April 15, 2019 (the “Original Warrant”).
This warrant supersedes and replaces in its entirety the Amended Warrant.

     

     

    

 

 

Section 1.Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated as of April 11, 2019, among the Company and the purchasers signatory thereto.

 

Section 2.Exercise.

 

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

 

(b) Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $2.20, subject to adjustment hereunder
(the “Exercise Price”). 

 

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(c) Cashless
Exercise. If at any time after November 23, 2019, there is no effective registration statement registering, or no current prospectus
available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at
such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

 

If Warrant Shares are
issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary
to this Section 2(c). Without limiting the cashless exercise provision set forth in this Section 2(c), the liquidated damages provision
in Section 2(d)(i) or the buy-in provision in Section 2(d)(iv), there is no circumstance that would require the Company to net-cash
settle this Warrant.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

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“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

Notwithstanding anything
herein to the contrary, (i) on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c) and (ii) if on any applicable date after the Exchange Date, the Common Stock is not listed on either the Nasdaq
Capital Market, the NYSE American, The NASDAQ Global Select Market, The NASDAQ Global Market or The New York Stock Exchange, Inc.
(each, an “Eligible Market”), then the Holder may, in its sole discretion deliver a Notice of Exercise to the
Company with respect to all, or any part, of this Warrant and, in lieu of exercising and making any cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead by delivery of such Notice
of Exercise to the Company hereunder to instead exchange (each, an “Alternate Exchange”), in reliance upon the
exemption from registration provided by Section 3(a)(9) of the Securities Act, such portion of this Warrant described in such Notice
of Exercise (such aggregate number of Warrant Shares issuable upon exercise thereof, the “Alternate Exchange Amount”),
on a one for one basis, into such aggregate number of shares of Common Stock equal to the Alternate Exchange Amount. For the avoidance
of doubt, all shares of Common Stock issued pursuant to this Section 2(c) for purposes of Rule 144 shall be deemed to tack back
to the date of issuance of the Amended Warrant on May 23, 2019.

 

(d) Mandatory
Exercise. If at any time from and after the date hereof, the closing price of the Company’s Common Stock on the Trading
Market equals or exceeds 300% of the Purchase Price per share (which amount may be adjusted for certain capital events, such as
stock splits, as described herein) for twenty (20) consecutive Trading Days (the “Mandatory Exercise Measuring Period”),
then the Company shall have the right to require the Holder to exercise all or any portion of this Warrant still unexercised for
a cash exercise, as designated in the Mandatory Exercise Notice on the Mandatory Exercise Date (each as defined below) into fully
paid, validly issued and nonassessable shares of Common Stock in accordance with Section 2 hereof at the Exercise Price as of the
Mandatory Exercise Date (as defined below) (a “Mandatory Exercise”). The Company may exercise its right to require
exercise under this Section 2 by delivering within not more than five (5) Trading Days following the end of such Mandatory Exercise
Measuring Period a written notice thereof by electronic mail to the Holder (the “Mandatory Exercise Notice” and the
date that the Holder received such notice is referred to as the “Mandatory Exercise Notice Date”). The Mandatory Exercise
Notice shall be irrevocable. The Mandatory Exercise Notice shall state (I) the Trading Day on which the Mandatory Exercise shall
occur, which shall be the second (2nd) Trading Day following the Mandatory Exercise Notice Date (the “Mandatory Exercise
Date”) and (II) the aggregate number of Warrants which the Company has elected to be subject to such Mandatory Exercise from
the Holder (the “Mandatory Exercise Amount”) pursuant to this Section 2. If the Warrants have not been exercised by
the Mandatory Exercise Date, the Warrants shall be cancelled. Notwithstanding the forgoing, the Company may only exercise its rights
pursuant to this Section 2(d) if the Warrant Shares (i) have been registered by the Company on an effective registration statement
registering the resale of the Warrant Shares, or (ii) can be sold pursuant to Rule 144 without current public information requirements
or manner of sale restrictions. This Section 2(d) shall be subject to the following requirements that (i) the Company’s Common
Stock and Warrant Shares will continue trading on the Trading Market with the Company’s belief, in good faith, that trading
of the Company’s Common Stock and the Warrant Shares on the Trading Market will continue uninterrupted for the foreseeable
future, (ii) the issuance of the Warrant Shares pursuant to this Section 2(d) to the Holder does not violate the limitations set
forth in Section 2(f) of this Warrant, (iii) the applicable Holder is not in possession of any information provided by the Company,
any of its Subsidiaries, or any of the Company’s officers, directors, employees, agents or Affiliates, that constitutes,
or may constitute, material non-public information, and (iv) for each Trading Day in a period of twenty (20) consecutive Trading
Days prior to the applicable date in question, the daily trading volume for the Company’s Common Stock on the Trading Market
exceeds 200,000 shares (subject to adjustment for forward and reverse stock splits and the like) per Trading Day.

 

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(e) Mechanics
of Exercise.

 

(i) Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the
date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1)
Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is
received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the
FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 3.Certain
Adjustments.

 

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

 

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

 

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(c) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after,
the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash
equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day
of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained
from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share
being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (ii) highest price at which the Common Stock traded on the Trading Market during the period beginning on the Trading Day immediately
preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction,
if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e), (D) a remaining option time
equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date
and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

    9 

     

    

  

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

 

(e) Notice
to Holder.

 

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

 

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

 

    10 

     

    

  

Section 4.Transfer
of Warrant.

 

(a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

 

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

 

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

 

(d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

    11 

     

    

  

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

 

Section 5.Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

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

 

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

 

(d) Authorized
Shares.

 

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

 

    12 

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    14 

     

    

  

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the Exchange Date.

 

	 	BAT GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name: Jiaxi Gao
	 	 	Title: Chief Executive Officer

  

    15 

     

    

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

NOTICE OF EXERCISE

 

To: BAT GROUP, INC.

 

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

 

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

 

		☐	in lawful money of the United States;

 

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

 

		☐	if the Common Stock is not listed on an Eligible Market,
on a cashless basis pursuant to an Alternate Exchange in lieu of exercise hereunder.

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity: 	 	 

 

	
        

        Signature of Authorized Signatory of Investing Entity: 
	 	 

 

	Name of Authorized Signatory: 	 	 

 

	Title of Authorized Signatory: 	 	 

 

	Date: 	 	 

 

    16 

     

    

  

FORM OF COMMON STOCK
PURCHASE WARRANT

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
		(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 

 

Dated: _______________ __, ______

 

	Holder’s Signature: 	 	 
	 	 	 
	Holder’s Address:Exhibit 10.1

 

FORM OF AMENDMENT AND EXCHANGE AGREEMENT

 

This Amendment and Exchange
Agreement (the “Agreement”) is entered into as of the 30th day of August, 2019 (the “Effective
Date”), by and among Bat Group, Inc. (formerly known as China Bat Group, Inc.), a Delaware corporation (the “Company”),
and the undersigned holder of the Existing Warrant (as defined below) (the “Holder”),
with reference to the following facts:

 

A. Pursuant to (i) that
certain Securities Purchase Agreement, dated as of April 11, 2019 (as amended prior to the date hereof, the “April Securities
Purchase Agreement”), by and among the Company and the investors signatory thereto (the “April Purchasers”),
the Company, among other things, issued to the Holder (in its capacity as an April Purchaser thereunder), a warrant to purchase
Common Stock (as defined in the April Securities Purchase Agreement) initially exercisable into such aggregate number of shares
of Common Stock as set forth on the signature page of the holder attached hereto (the “Original April Warrant”),
(ii) that certain Securities Purchase Agreement, dated as of May 20, 2019 (as amended prior to the date hereof, the “May
Securities Purchase Agreement”), by and among the Company and the investors signatory thereto (the “May Purchasers”),
the Original April Warrant was amended and restated as an Amended Warrant (as defined in the May Securities Purchase Agreement)
(such, Amended Warrant, the “Existing Warrant”);

 

B. The Company has duly
authorized the issuance to the Holder, in exchange for the Existing Warrant, a warrant to purchase Common Stock in the form attached
hereto as Exhibit A (the “Exchange Warrant”), initially exercisable into such aggregate number
of shares of Common Stock as set forth on the signature page of the Holder attached hereto (the “Exchange Shares”,
and together with the Exchange Warrant, the “Exchange Securities”);

 

C. Each of the Company
and the Holder desire to effectuate such exchange on the basis and subject to the terms and conditions set forth in this Agreement;

 

D. The exchange of the
Existing Warrant for the Exchange Warrant is being made in reliance upon the exemption from registration provided by Section 3(a)(9)
of the Securities Act of 1933, as amended (the “Securities Act”);

 

E. Concurrently herewith,
the Company is separately negotiating, and intends to implement, the exchange of Amended Warrants pursuant to the May Securities
Purchase Agreement (the “Other Warrants”) that are currently outstanding and held by other May Purchasers (the
“Other Holders”) into warrants to purchase Common Stock in the form of the Exchange Warrant (the “Other
Warrants”) by entering into agreements (the “Other Agreements”) in the same form as this Agreement
(other than proportional changes based upon the difference in aggregate number of shares of Common Stock issuable upon exercise
of Other Warrants outstanding and the payment of legal expenses with respect hereto).

 

F. Capitalized terms
used but not otherwise defined herein shall have the meaning as set forth in the May Securities Purchase Agreement (as amended
hereby).

 

    

     

    

 

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

 

1. Exchange;
Participation Rights

 

(a) Exchange
of Securities. On the Effective Date (as defined below), pursuant to Section 3(a)(9) of the Securities Act, the Holder hereby
agrees to convey, assign and transfer the Existing Warrant to the Company in exchange for which the Company agrees to issue the
Exchange Warrant to the Holder as follows (such transactions in this Section 1(a), the “Exchange”). In exchange
for the Existing Warrant, on the Effective Date, the Company shall deliver or cause to be delivered to the Holder (or its designee)
the Exchange Warrant by email to the Holder in PDF form, with the original Exchange Warrant delivered to the Holder promptly following
the Effective Date at the address for delivery set forth on the signature page of the Holder. In addition, the Company shall wire
$19,600 via available funds to a bank account designated by the Holder (or its designee) within two business days of the Effective
Date (the “Cash Payment”). As soon as commercially practicable following the Effective Date, the Holder shall
deliver or cause to be delivered to the Company (or its designee) the Existing Warrant (or affidavit of lost warrant, in form
provided upon request by the Company and reasonably acceptable to the Holder). Immediately following the later of (x) the delivery
of the Exchange Warrant to the Holder (or its designee) and (y) the payment of the Cash Payment (such later date, the “Delivery
Date”), the Holder hereby relinquishes all rights, title and interest in the Existing Warrant (including any claims
the Holder may have against the Company related thereto) and assigns the same to the Company and the Existing Warrant shall be
cancelled.

 

(b) Participation
Rights. At any time on or prior to the second anniversary of the date hereof, neither the Company nor any of its Subsidiaries
shall, directly or indirectly, effect any Subsequent Placement (as defined below) unless the Company shall have first complied
with this Section 1(b). The Company acknowledges and agrees that the right set forth in this Section 1(b) is a right granted
by the Company, separately, to the Holder and each Other Holder (collectively, the “Holders”).

 

(i) At
least five (5) Business Days prior to any proposed or intended Subsequent Placement, the Company shall deliver to each Holder
a written notice (each such notice, a “Pre-Notice”), which Pre-Notice shall not contain any information (including,
without limitation, material, non-public information) other than: (A) if the proposed Offer Notice (as defined below) constitutes
or contains material, non-public information, a statement asking whether such Holder is willing to accept material non-public
information or (B) if the proposed Offer Notice does not constitute or contain material, non-public information, (x) a statement
that the Company proposes or intends to effect a Subsequent Placement, (y) a statement that the statement in clause (x) above
does not constitute material, non-public information and (z) a statement informing such Holder that it is entitled to receive
an Offer Notice (as defined below) with respect to such Subsequent Placement upon its written request. Upon the written request
of a Holder within three (3) Business Days after the Company’s delivery to such Holder of such Pre-Notice, and only upon
a written request by such Holder, the Company shall promptly, but no later than one (1) Business Day after such request, deliver
to such Holder an irrevocable written notice (the “Offer Notice”) of any proposed or intended issuance or sale
or exchange (the “Offer”) of the securities being offered (the “Offered Securities”) in
a Subsequent Placement, which Offer Notice shall (A) identify and describe the Offered Securities, (B) describe the price and
other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued,
sold or exchanged, (C) identify the Persons (if known) to which or with which the Offered Securities are to be offered, issued,
sold or exchanged and (D) offer to issue and sell to or exchange with such Holder in accordance with the terms of the Offer such
Holder’s pro rata portion of 75% of the Offered Securities (which pro rata amount is 25% for the Holder), provided that
the number of Offered Securities which such Holder shall have the right to subscribe for under this Section 1(b) shall be (x)
based on such Holder’s pro rata portion of the aggregate number of the shares of Common Stock issuable upon exercise of
the Amended Warrants held by such Holder as of the closing of the transactions contemplated by the May Securities Purchase Agreement
(the “Basic Amount”), and (y) with respect to each Holder that elects to purchase its Basic Amount, any additional
portion of the Offered Securities attributable to the Basic Amounts of Other Holders as such Holder shall indicate it will purchase
or acquire should the Other Holders subscribe for less than their Basic Amounts (the “Undersubscription Amount”),
which process shall be repeated until each Holder shall have an opportunity to subscribe for any remaining Undersubscription Amount.

 

    2

     

    

 

(ii) To
accept an Offer, in whole or in part, such Holder must deliver a written notice to the Company prior to the end of the fifth (5th)
Business Day after such Holder’s receipt of the Offer Notice (the “Offer Period”), setting forth the
portion of such Holder’s Basic Amount that such Holder elects to purchase and, if such Holder shall elect to purchase all
of its Basic Amount, the Undersubscription Amount, if any, that such Holder elects to purchase (in either case, the “Notice
of Acceptance”). If the Basic Amounts subscribed for by all Holders are less than the total of all of the Basic Amounts,
then each Holder who has set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition
to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed for; provided, however, if the Undersubscription
Amounts subscribed for exceed the difference between the total of all the Basic Amounts and the Basic Amounts subscribed for (the
“Available Undersubscription Amount”), each Holder who has subscribed for any Undersubscription Amount shall
be entitled to purchase only that portion of the Available Undersubscription Amount as the Basic Amount of such Holder bears to
the total Basic Amounts of all Holders that have subscribed for Undersubscription Amounts, subject to rounding by the Company
to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the Company desires to modify or amend the terms
and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver to each Holder a new Offer Notice
and the Offer Period shall expire on the fifth (5th) Business Day after such Holder’s receipt of such new Offer
Notice.

 

(iii) The
Company shall have five (5) Business Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange
all or any part of such Offered Securities as to which a Notice of Acceptance has not been given by a Holder (the “Refused
Securities”) pursuant to a definitive agreement(s) (the “Subsequent Placement Agreement”), but only
to the offerees described in the Offer Notice (if so described therein) and only upon terms and conditions (including, without
limitation, unit prices and interest rates) that are not more favorable to the acquiring Person or Persons or less favorable to
the Company than those set forth in the Offer Notice and (B) to publicly announce (x) the execution of such Subsequent Placement
Agreement, and (y) either (I) the consummation of the transactions contemplated by such Subsequent Placement Agreement or (II)
the termination of such Subsequent Placement Agreement, which shall be filed with the SEC on a Current Report on Form 8-K with
such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

 

    3

     

    

 

(iv) In
the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the
terms specified in Section 1(b)(iii) above), then each Holder may, at its sole option and in its sole discretion, withdraw
its Notice of Acceptance or reduce the number or amount of the Offered Securities specified in its Notice of Acceptance to an
amount that shall be not less than the number or amount of the Offered Securities that such Holder elected to purchase pursuant
to Section 1(b)(ii) above multiplied by a fraction, (i) the numerator of which shall be the number or amount of Offered Securities
the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold to Holders pursuant
to this Section 1(b) prior to such reduction) and (ii) the denominator of which shall be the original amount of the Offered
Securities. In the event that any Holder so elects to reduce the number or amount of Offered Securities specified in its Notice
of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless
and until such securities have again been offered to the Holders in accordance with Section 4(o)(i) above.

 

(v) Upon
the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, such Holder shall acquire from
the Company, and the Company shall issue to such Holder, the number or amount of Offered Securities specified in its Notice of
Acceptance, as reduced pursuant to Section 1(b)(iv) above if such Holder has so elected, upon the terms and conditions specified
in the Offer. The purchase by such Holder of any Offered Securities is subject in all cases to the preparation, execution and
delivery by the Company and such Holder of a separate purchase agreement relating to such Offered Securities reasonably satisfactory
in form and substance to such Holder and its counsel.

 

(vi) Any
Offered Securities not acquired by a Holder or other Persons in accordance with this Section 1(b) may not be issued, sold or exchanged
until they are again offered to such Holder under the procedures specified in this Agreement.

 

(vii) The
Company and each Holder agree that if any Holder elects to participate in the Offer, neither the Subsequent Placement Agreement
with respect to such Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement
Documents”) shall include any term or provision whereby such Holder shall be required to agree to any restrictions on
trading as to any securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver,
release or the like under or in connection with, any agreement previously entered into with the Company or any instrument received
from the Company.

 

(viii) Notwithstanding
anything to the contrary in this Section 1(b) and unless otherwise agreed to by such Holder, the Company shall either confirm
in writing to such Holder that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose
its intention to issue the Offered Securities, in either case, in such a manner such that such Holder will not be in possession
of any material, non-public information, by the fifth (5th) Business Day following delivery of the Offer Notice. If
by such fifth (5th) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities
has been made, and no notice regarding the abandonment of such transaction has been received by such Holder, such transaction
shall be deemed to have been abandoned and such Holder shall not be in possession of any material, non-public information with
respect to the Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered
Securities, the Company shall provide such Holder with another Offer Notice and such Holder will again have the right of participation
set forth in this Section 1(b). The Company shall not be permitted to deliver more than one such Offer Notice to such Holder in
any sixty (60) day period, except as expressly contemplated by the last sentence of Section 1(b)(ii).

 

    4

     

    

 

(ix) The
restrictions contained in this Section 1(b) shall not apply in connection with the issuance of any Exempt Issuance (as defined
in the May Securities Purchase Agreement as in effect as of the date hereof), or any private placement of Common Stock that is
solely to investors in Asia and both (A) is not a Variable Rate Transaction (as defined in the May Securities Purchase Agreement)
and (B) does not include any issuance of warrants to purchase Common Stock or other Common Stock Equivalents (the “Exempt
Private Placements”). The Company shall not circumvent the provisions of this Section 1(b) by providing terms or conditions
to one Holder that are not provided to all.

 

(x) For
purposes of this Section 1(b) “Subsequent Placement” means any direct or indirect issuance, offer, sale, grant
any option or right to purchase, or otherwise disposition of (or announcement any issuance, offer, sale, grant of any option or
right to purchase or other disposition of) by the Company or any of its Subsidiaries of any equity security or any equity-linked
or related security (including, without limitation, any “equity security” (as that term is defined under Rule 405
promulgated under the Securities Act), any Common Stock, any Common Stock Equivalents, any debt, any preferred stock or any purchase
rights).

 

(c) Other
Documents. The Company and the Holder shall execute and/or deliver such other documents and agreements as are customary
and reasonably necessary to effectuate the Exchange.

 

2. AMENDMENTS
TO TRANSACTION DOCUMENTS.

 

(a) Ratifications.
Except as otherwise expressly provided herein, (x) the May Securities Purchase Agreement and each other Transaction Document (as
defined in the May Securities Purchase Agreement), is, and shall continue to be, in full force and effect and is hereby ratified
and confirmed in all respects, except that on and after the Effective Date: (i) all references in the May Securities Purchase
Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like
import referring to the May Securities Purchase Agreement shall mean the May Securities Purchase Agreement as amended by this
Agreement, and (ii) all references in the other Transaction Documents, to the “Securities Purchase Agreement”, “thereto”,
“thereof”, “thereunder” or words of like import referring to the May Securities Purchase Agreement shall
mean the May Securities Purchase Agreement as amended by this Agreement and (y) the April Securities Purchase Agreement and each
other Transaction Document (as defined in the April Securities Purchase Agreement), is, and shall continue to be, in full force
and effect and is hereby ratified and confirmed in all respects.

 

    5

     

    

 

(b) Amendments
to Transaction Documents. On and after the Effective Date, each of the Transaction Documents (as defined in the May Securities
Purchase Agreement) are hereby amended as follows:

 

(i) The
defined term “Amended Warrant” is hereby amended to include the “Exchange Warrant (as defined in each Amendment
and Exchange Agreement)”.

 

(ii) The
defined term “Warrant Shares” is hereby amended to include the “Exchange Shares (as defined in each Amendment
and Exchange Agreement)”.

 

(iii) The
defined term “Amendment and Exchange Agreement” shall mean this Agreement and each Other Agreement.

 

(iv) The
defined term “Transaction Documents” is hereby amended to include this Agreement and each Other Agreement.

 

3. Representations
and Warranties.

 

(a) Company
Bring Down; No Event of Default. Except as set forth on Schedule 3(a) attached hereto, the Company hereby makes the representations
and warranties to the Holder as set forth in Section 3.1 of the May Securities Purchase Agreement (as amended hereby) as if such
representations and warranties were made as of the date hereof and as of the Effective Date as set forth in their entirety in
this Amendment, mutatis mutandis. Such representations and warranties to the transactions thereunder and the securities
issued pursuant thereto are hereby deemed for purposes of this Agreement to be references to the transactions hereunder and the
issuance of the securities pursuant hereto, references therein to “Closing Date” being deemed references to the Effective
Date, and references to “the date hereof” being deemed references to the date of this Agreement.

 

(b) Holder
Representations.

 

(i) Organization;
Authority. The Holder 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.

 

(ii) Reliance
on Exemptions. The Holder understands that the Exchange Warrant is being offered and exchanged in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part
upon the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of the Holder to acquire the Exchange Warrant.

 

    6

     

    

 

(iii)
 Transfer or Resale. The Holder understands that: (i) the Exchange Securities
have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder, (B) the Holder shall have delivered to the Company
(if requested by the Company) an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Exchange
Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration,
or (C) the Holder provides the Company with reasonable assurance that such Exchange Securities can be sold, assigned or transferred
pursuant to Rule 144 or Rule 144A promulgated under the Securities Act (or a successor rule thereto) (collectively, “Rule
144”); (ii) any sale of the Exchange Securities made in reliance on Rule 144 may be made only in accordance with the
terms of Rule 144, and further, if Rule 144 is not applicable, any resale of the Exchange Securities under circumstances in which
the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities
Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC promulgated
thereunder; and (iii) neither the Company nor any other Person is under any obligation to register the Exchange Securities under
the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. Notwithstanding
the foregoing, the Exchange Securities may be pledged in connection with a bona fide margin account or other loan or financing
arrangement secured by the Exchange Securities and such pledge of Exchange Securities shall not be deemed to be a transfer, sale
or assignment of the Exchange Securities hereunder, and the Holder effecting a pledge of Exchange Securities shall not be required
to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement, the Exchange
Warrant or any other Transaction Document, including, without limitation, this Section 3(b)(iii).

 

(iv) No
Governmental Review. The Holder understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Exchange Warrant or the fairness or suitability of the investment
in the Exchange Warrant nor have such authorities passed upon or endorsed the merits of the offering of the Exchange Warrant.

 

(v) Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Holder and shall
constitute the legal, valid and binding obligations of the Holder enforceable against the Holder in accordance with their respective
terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

    7

     

    

 

(vi) No
Conflicts. The execution, delivery and performance by the Holder of this Agreement, and the consummation by the Holder of
the transactions contemplated hereby will not (A) result in a violation of the organizational documents of the Holder or (B) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Holder is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to the Holder, except in the case of clauses (B) and (C) above, for such conflicts, defaults,
rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the ability of the Holder to perform its obligations hereunder.

 

(vii) Investment
Risk; Sophistication. The Holder is acquiring the Exchange Warrant hereunder in the ordinary course of its business. The Holder
has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluation of the
merits and risks of the prospective investment in the Exchange Warrant, and has so evaluated the merits and risk of such investment.
The Holder is an “accredited investor” as defined in Regulation D under the Securities Act.

 

(viii) Ownership
of Existing Warrant. The Holder owns the Existing Warrant free and clear of any Liens (other than the obligations pursuant
to this Agreement, liens in the ordinary course of business (e.g. bone fide margin account liens) and applicable securities laws).

 

4. Disclosure
of Transaction. The Company shall, on or before 8:30 a.m., New York City time, on or prior to the first business day after
the date of this Agreement, file a Current Report on Form 8-K describing the terms of the transactions contemplated hereby in
the form required by the 1934 Act and attaching the form of this Agreement and the form of Exchange Warrant, to the extent they
are required to be filed under the 1934 Act, that have not previously been filed with the SEC by the Company (including, without
limitation, this Agreement) as exhibits to such filing (including all attachments, the “8-K Filing”). From
and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided
up to such time to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees,
affiliates or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall cause its officers, directors,
employees, affiliates and agents, not to, provide the Holder with any material, nonpublic information regarding the Company from
and after the filing of the 8-K Filing without the express written consent of the Holder. To the extent that the Company delivers
any material, non-public information to the Holder without the Holder’s express prior written consent, the Company hereby
covenants and agrees that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any
of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to the to the Company, any
of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent or not to trade on the basis
of, such material, non-public information. The Company shall not disclose the name of the Holder in any filing, announcement,
release or otherwise, unless such disclosure is required by law or regulation. In addition, effective upon the filing of the 8-K
Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement with respect
to the transactions contemplated by this Agreement or as otherwise disclosed in the 8-K Filing, whether written or oral, between
the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one
hand, and any of the Holder or any of their affiliates, on the other hand, shall terminate. Neither the Company, its Subsidiaries
nor the Holder shall issue any press releases or any other public statements with respect to the transactions contemplated hereby;
provided, however, the Company shall be entitled, without the prior approval of the Holder, to make
a press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing
and contemporaneously therewith or (ii) as is required by applicable law and regulations (provided that in the case of clause
(i) the Holder shall be consulted by the Company in connection with any such press release or other public disclosure prior to
its release). Without the prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion),
except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose
the name of the Holder in any filing, announcement, release or otherwise.

 

    8

     

    

 

5. No
Integration. None of the Company, its Subsidiaries, any of their affiliates, or any Person acting on their behalf shall,
directly or indirectly, make any offers or sales of any security (as defined in the Securities Act) or solicit any offers to buy
any security or take any other actions, under circumstances that would require registration of the Exchange Warrant under the
Securities Act or cause this offering of the Exchange Warrant to be integrated with such offering or any prior offerings by the
Company for purposes of Regulation D under the Securities Act.

 

6. Holding
Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the Exchange Warrant (and
upon cashless exercise of the Exchange Warrant, the Exchange Shares), may be tacked onto the holding period of the Existing Warrant,
and the Company agrees not to take a position contrary to this Section 6. The Company acknowledges and agrees that (assuming the
Holder is not an affiliate of the Company) (i) upon issuance in accordance with the terms hereof, the Exchange Warrant and, upon
cashless exercise of the Exchange Warrant, the Exchange Shares, respectively, are eligible to be resold pursuant to Rule 144 after
November 23, 2019, (ii) the Company is not aware of any event reasonably likely to occur that would reasonably be expected to
result in the Exchange Shares becoming ineligible to be resold by the Holder pursuant to Rule 144 after November 23, 2019 and
(iii) in connection with any resale of any Exchange Shares pursuant to Rule 144 after November 23, 2019, the Holder shall solely
be required to provide reasonable assurances that such Exchange Shares are eligible for resale, assignment or transfer under Rule
144, which shall not include an opinion of Holder’s counsel. The Company shall be responsible for any transfer agent fees
or Depository Trust Company fees or legal fees of the Company’s counsel with respect to the removal of legends, if any,
or issuance of Exchange Shares in accordance herewith.

 

7. Listing.
The Company shall promptly secure the listing or designation for quotation (as applicable) of all of the Exchange Shares upon
the Nasdaq Capital Market (the “Principal Market”) (subject to official notice of issuance) and shall maintain
such listing of all the Exchange Shares issuable under the terms of the Exchange Warrant from time to time. The Company shall
maintain the Common Stock’s authorization for quotation on the Principal Market. Neither the Company nor any of its Subsidiaries
shall take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Principal
Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 7.

 

    9

     

    

 

8. [Intentionally
Omitted]

 

9. Form
D and Blue Sky. The Company shall make all filings and reports relating to the Exchange as required under applicable securities
or “Blue Sky” laws of the states of the United States following the date hereof, if any.

 

10. Effective
Date. Except as otherwise provided herein, this Agreement shall be deemed effective as of such date that both (a) the
Company and the Holder shall have duly executed and delivered this Agreement and (b) the Company has paid the Legal Fee Amount
(the “Effective Date”).

 

11. No
Commissions. Neither the Company nor the Holder has paid or given, or will pay or give, to any person, any commission,
fee or other remuneration, directly or indirectly, in connection with the transactions contemplated by this Agreement.

 

12. Termination.
Notwithstanding anything contained in this Agreement to the contrary, if the Effective Date has not occurred and the Company does
not deliver the Exchange Warrant to the Holder in accordance with Section 1 hereof, then, at the election of the Holder delivered
in writing to the Company at any time after the fifth (5th) Business Day immediately following the date of this Agreement, this
Agreement shall be terminated and be null and void ab initio and the Existing Warrant shall not be cancelled hereunder and shall
remain outstanding as if this Agreement never existed.

 

13. Most
Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after
the date hereof that none of the terms offered to any Person with respect to any consent, release, amendment, settlement or waiver
relating to the terms, conditions and transactions contemplated hereby or by any Other Agreement (each a “Settlement
Document”), is or will be more favorable to such Person than those of the Holder and this Agreement. If, and whenever
on or after the date hereof, the Company enters into a Settlement Document, then (i) the Company shall provide notice thereof
to the Holder immediately following the occurrence thereof and (ii) the terms and conditions of this Agreement shall be, without
any further action by the Holder or the Company, automatically amended and modified in an economically and legally equivalent
manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth
in such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not to accept the
benefit of any such amended or modified term or condition, in which event the term or condition contained in this Agreement shall
apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Holder. The provisions of this Section 13 shall apply similarly and equally to each Settlement
Document.

 

14. Independent
Nature of Holder’s Obligations and Rights. The obligations of the Holder under this Agreement are several and not
joint with the obligations of any Other Holder, and the Holder shall not be responsible in any way for the performance of the
obligations of any Other Holder under any Other Agreement. Nothing contained herein or in any Other Agreement, and no action taken
by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the Holder and Other Holders are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any Other Agreement
and the Company acknowledges that, to the best of its knowledge, the Holder and the Other Holders are not acting in concert or
as a group with respect to such obligations or the transactions contemplated by this Agreement or any Other Agreement. The Company
and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby
with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any Other Holder to
be joined as an additional party in any proceeding for such purpose.

 

    10

     

    

 

15. Release,
Waiver and Covenant Not to Sue. In consideration of the mutual covenants and agreements contained in this Agreement, as
of the later of (x) the Effective Date and (y) the Delivery Date, the Company and the Holder hereby releases, waives and forever
discharges the other party and each of its affiliates and their respective members, shareholders, officers, directors, and employees
(collectively, “Representatives”), from any and every action, cause of action, complaint, claim, demand, administrative
charge, legal right, compensation obligation, damages (including exemplary or punitive damages), benefits, liability, costs and/or
expenses (including attorneys’ fees), that such party has, may have, or may be entitled to against the other party, whether
legal, equitable or administrative, whether known or unknown, whether past, current or future, which arise solely with respect
to the Original April Warrants or the Amended Warrant (collectively, the “Released Claims”), but not with respect
to this Agreement, the Exchange Securities or any other securities of the Company held by the Holder as of the date hereof or
after the date hereof (or any other related agreement) (collectively, the “Excluded Claims”). This Section
15 is intended as a general release, representing a full and complete disposition and satisfaction of the Company and the Holder’s
real or alleged legal obligations to each other arising solely with respect to the Released Claims, but not with respect to any
Excluded Claims.

 

16. Miscellaneous.
Section 5 of the May Securities Purchase Agreement is hereby incorporated by reference herein, mutatis mutandis.

 

[The
remainder of the page is intentionally left blank]

 

    11

     

    

 

IN
WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	 

         
	COMPANY:

         

        BAT
GROUP, INC.

         

        By:                                                                      

        Name:
Jiaxi Gao

        Title:
Chief Executive Officer

 

    12

     

    

 

IN
WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	 	HOLDER: 

         

         

        

By:                                                                             Name:

                                                Title:

         

         

        Aggregate
        Number of Shares of Common Stock issuable upon exercise of Existing Warrant:

        

         

                                                        

         

         

        Aggregate
        Number of Exchange Shares issuable upon exercise of the Exchange Warrant:

         

                                                        

         

        Delivery
        Information:

         

                                                                               

         

                                                                               

         

                                                                                

 

 

13

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