Document:

tsha-ex107_186.htm

Exhibit 10.7

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is signed and effective as of September 24, 2020 (the “Effective Date”), by and between Taysha Gene Therapies, Inc., a Delaware corporation (the “Company”), and R.A. Session II, an individual (the “Executive”).

Whereas, Executive has been performing services for the Company pursuant to an Employment Agreement dated April 1, 2020 (the “Original Employment Agreement”); 

Whereas, the parties desire to enter into this Agreement, setting forth the terms and conditions of Executive’s continued employment with the Company; 

Whereas. The parties agree that this Agreement supersedes and replaces in its entirety the Original Employment Agreement;  

NOW, THEREFORE, in consideration of their mutual promises and agreements and subject to the terms and conditions set forth below, effective from and after the Effective Date, the parties agree as follows:

1.Position.  The Executive shall continue to serve as the Company’s Chief Executive Officer and President.  The Executive shall perform those duties generally required of persons in such position as well as such other duties assigned to Executive from time to time by the Company’s Board of Directors (the “Board”) or its designee.  The Executive shall be subject to the authority of the Board and shall comply with all Company policies.  

2.Scope of Services.  During Executive’s employment with the Company, the Executive agrees to devote substantially all of Executive’s business time, attention, skills and efforts to the business of the Company, subject to the terms set forth herein.  Notwithstanding the foregoing, the Company acknowledges that Executive may continue to serve on the board of directors for the following organizations: (i) ReCode Therapeutics, Inc.; (ii) Sandhill Therapeutics, Inc.; and (iii) Lung Therapeutics, Inc., so long as such activities do not interfere with the performance of Executive’s duties hereunder or present a conflict of interest with the Company. 

3.Salary, Compensation and Benefits.

3.1Base Salary.  Provided that the Company consummates its planned initial public offering (“IPO”), and effective as of the date of the pricing of such IPO, Executive shall be paid at an annual base salary rate of $542,800 (“Base Salary”), payable pursuant to the Company’s regular payroll practices at the same time that the Company pays its executives generally, but no less frequently than monthly; provided, that the Base Salary shall be subject to adjustment in the sole discretion of the Board.  

3.2Performance Bonus.  During the period the Executive is employed by the Company, Executive will be eligible to earn, in the discretion of the Board, an annual performance bonus in a target amount of up to fifty percent (50%) of the Executive’s Base Salary for the applicable year (the “Performance Bonus”).  Whether or not the Executive earns any Performance Bonus, and the amount of the bonus, will be dependent upon the following: (a) the Executive’s 

WEST\259098304.1 

 

 

continuous performance of services to the Company through the end of the period with respect to which performance is being reviewed; and (b) achievement of Company and individual performance goals (the “Performance Goals”).  The Performance Goals will be set in advance in writing and revised annually, semi-annually, or quarterly by the Board together with input from the Executive.  The Board will inform the Executive of the Performance Goals upon Executive’s request.  Whether Executive has met the Performance Goals will be determined by the Board in its sole discretion.  Executive must be employed on the day that the Performance Bonus (if any) is paid in order to earn the bonus.  Therefore, if Executive’s employment is terminated either by Executive or the Company for any reason prior to the bonus being paid, Executive will not have earned the bonus and no partial or prorated bonus will be paid.  Any Performance Bonus with respect to a calendar year, if earned, shall be paid between January 1 and March 15 of the immediately following calendar year.  

3.3Equity Incentives. The Company previously granted to Executive restricted shares equal to 3% of the Company’s then outstanding Common Stock (the “Grant”).  The Grant will continue to be governed by the applicable grant documents and the Company’s 2020 Equity Incentive Plan (the “Plan”).  

3.4Conflicts.  In the event of any conflict between the terms of this Agreement and the terms of any Grant documentation, including without limitation vesting terms or the definition of “Cause,” the terms of this Agreement shall govern.

3.5Vacation.  In addition to Company holidays, the Executive shall remain eligible to accrue vacation in accordance with the Company’s policies in effect from time to time.  

3.6Benefits.  The Executive shall continue to be eligible to participate in such employee benefits that the Company makes available from time to time to executive-level employees generally, on a basis no less favorable than such executive-level employees, subject to the terms and conditions applicable to such benefits or benefit plans.  

3.7Reimbursement.  The Company shall reimburse the Executive for (or, in the Company’s sole discretion, shall pay directly) reasonable out-of-pocket expenses incurred by the Executive in accordance with any expense reimbursement policy adopted by the Company relating to the business or affairs of the Company or the performance of the Executive’s duties hereunder, including, without limitation, reasonable expenses with respect to entertainment, travel and similar items.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.

3.8 Withholding. The Company will withhold from the Executive’s compensation all applicable amounts required by law or authorized by the Executive.

4.Company Policies and Confidentiality.  Executive will be expected to continue to adhere to the general employment policies and practices of the Company that may be in effect from time to time.  Additionally, in connection with this Agreement, Executive must sign and comply with the Employee Confidential Information and Inventions Agreement (the “Confidentiality Agreement”) attached hereto, which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations. 

 

		
	
Executive Employment Agreement
	
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5.Payments Upon Termination of Employment.  

5.1Termination for Any Reason.  In the event that the Executive’s employment with the Company terminates for any reason, the Company shall pay to the Executive any unpaid Base Salary earned through the Executive’s last day of employment (the “Date of Termination”) in accordance with this Agreement and expense reimbursements accrued but unpaid as of the Date of Termination (the “Accrued Benefit”).

5.2Benefits Upon Termination Without Cause or Resignation for Good Reason.  If the Company terminates Executive’s employment for a reason other than for Cause (as defined herein) or the Executive terminates his employment with the Company for Good Reason (as defined herein) and subject to the conditions provided under Section 5.6, the Company will provide the Executive with the following severance benefits (collectively, the “Severance Benefits”): 

 

5.2.1Salary Continuation Payments. The Company shall continue Executive’s Base Salary for twelve (12) month period that immediately follows the Date of Termination (the “Severance Period”).  Such salary continuation payments will be subject to standard payroll deductions and withholdings and will payable in installments over the Severance Period on the Company’s ordinary payroll dates, beginning no later than the Company’s second payroll date that occurs after the effective date of the Release (as defined herein), with such first payment for any accrued Base Salary for the period from the Date of Termination to the date of such first payment and the remaining installments in equal Base Salary rate payments occurring on the Company’s regularly scheduled payroll dates thereafter, in cash or immediately available funds. 

 

5.2.2COBRA Severance. If Executive timely elects continued coverage under COBRA for Executive and Executive’s covered dependents under the Company’s group health plans following such termination of employment, then the Company will pay Executive’s COBRA premiums to continue Executive’s coverage (including coverage for eligible dependents, if applicable) through the period (the “COBRA Premium Period”) starting on the Date of Termination and ending on the earliest to occur of the following: (i) twelve (12) months following the Date of Termination; (ii) the date Executive becomes eligible for group health insurance coverage through a new employer; or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination.

 

5.3Termination of Employment in Connection with a Change in Control.  Executive will be eligible to participate in the Company’s Change in Control Severance Plan, if such a plan is implemented, pursuant to the terms and conditions of such plan.  For the avoidance of doubt, under no circumstances will Executive be entitled to receive the benefits set forth herein under more than one of Sections 5.2, 5.3 and 5.4. 

5.4Termination of Employment as a Result of Executive’s Resignation without Good Reason, or a Termination by the Company for Cause.  In the event the Executive’s employment is terminated as a result of either of the following: (i) the Company terminates Executive’s employment for Cause; or (ii) Executive’s resignation without Good Reason; then the Company’s sole obligation shall be to pay Executive, within sixty (60) days of the Date of Termination, or an earlier date if required by law, the amount of the Accrued Benefit.

 

		
	
Executive Employment Agreement
	
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5.5Conditions for Receipt of Severance Benefits.  The Severance Benefits, as applicable, are further conditioned on the following: (i) if the Executive holds any other positions with the Company, including as member of the Board or any boards of directors of any subsidiaries, the Executive resigns such position(s) to be effective no later than the Date of Termination (or such other date as requested by the Board); (ii) the Executive returns all Company property; (iii) Executive’s timely execution and delivery to the Company an effective release of claims in favor of and in a form acceptable to the Company (the “Release”) within the timeframe set forth therein, and Executive does not revoke the Release; and (iv) Executive’s continued compliance with all of Executive’s duties and obligations to the Company, including but not limited to, obligations under this Agreement and the Confidentiality Agreement.

5.6Definitions.  

5.6.1“Cause” shall mean termination of employment for one or more of the following reasons: (i) material failure to follow any proper and lawful directive of the Board that remains uncured more than thirty (30) days after a written demand is delivered to the Executive that specifically identifies the manner in which the Board believes that the Executive has failed to follow such instructions, provided, that failure to meet performance targets shall not, in and of itself, be deemed a failure to follow any such instructions; (ii) the Executive’s commission of an act of: (a) fraud, embezzlement, or theft; or (b) dishonesty that injures the business, business reputation or business relationships of the Company; (iii) the Executive’s commission or conviction of, or pleading guilty or nolo contendere to, a felony; and (iv) material violation of any agreement between the Executive and Company or of any material Company policy that remains uncured (if curable) more than thirty (30) days after written notice thereof is delivered to Executive that specifically identities such violation.  

 

5.6.2“Good Reason” shall mean a resignation of employment by the Executive as a result of the occurrence of one or more of the following events without the consent of the Executive: (A) a material breach of an agreement between the Company and the Executive by the Company that remains uncured more than thirty (30) days after written notice thereof is delivered to the Company that specifically identities such breach; (B) the Company significantly reduces the Executive’s Base Salary or the percentage eligibility established for the Executive’s Performance Bonus, other than any Company-wide reduction in compensation of employees; (C) the Company significantly reduces the Executive’s duties, authority or responsibilities relative to Executive’s duties, authority or responsibilities in effect immediately prior to such reduction; or (D) the Company relocates the facility that is the Executive’s principal place of business with the Company to a location more than fifty (50) miles from the immediately preceding location (excluding regular travel in the ordinary course of business).  In order to resign for Good Reason, Executive must provide written notice to the Board within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for Executive’s resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, Executive must resign from all positions Executive then holds with the Company not later than 30 days after the expiration of the cure period. 

 

 

		
	
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6.Section 409A.

6.1Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Severance Benefit (and the separate payment of any portion thereof) is considered a separate payment.   Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the Executive’s separation from service, or (ii) the Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.  No interest shall accrue on any such delayed cash payment.  

6.2All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year.  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

6.3To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A 1(h). 

6.4The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

		
	
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7.Executive’s Representations and Warranties.  The Executive represents and warrants that the Executive is not a party to any other employment, non-competition, or other agreement or restriction which could interfere with the Executive’s employment by the Company or the Executive’s or the Company’s rights and obligations hereunder and that the Executive’s acceptance of employment by the Company pursuant to the terms of this Agreement and the performance of the Executive’s duties hereunder will not breach the provisions of any contract, agreement, or understanding to which the Executive is party or any duty owed by the Executive to any other person.

8.Waivers and Amendments.  The respective rights and obligations of the Company and the Executive under this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely) or amended only with the written consent of a duly authorized representative of the Company and the Executive.  The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by such other party.

9.Successors and Assigns.  The provisions hereof shall inure to the benefit of, and be binding upon, the Executive and the Company, along with the Company’s successors and assigns.  The Executive may not assign or delegate to any third person the Executive’s obligations under this Agreement.  The rights and benefits of the Executive under this Agreement are personal to the Executive and inure solely to the benefit of the Executive and to the Executive’s estate, as applicable.

10.Entire Agreement.  This Agreement, the Grant documentation, and the other agreements referenced herein, constitute the full and entire understanding and agreement of the parties with regard to the subjects hereof and supersede in their entirety all other or prior agreements (including, whether oral or written, with respect thereto.

11.Notices.  All demands, notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be personally delivered, sent by electronic mail, sent by reputable commercial overnight delivery service (including Federal Express and U.S. Postal Service overnight delivery service), or deposited with the U.S. Postal Service mailed first class, registered or certified mail, postage prepaid, as set forth below:

If to the Company, addressed to:

 

Taysha Gene Therapies, Inc.

2280 Inwood Road
Dallas, TX 75235

Attn: Kamran Alam

 

and, if to the Executive, to the address set forth in the Company’s records.  

Notices shall be deemed given upon the earlier to occur of the following: (i) receipt by the party to whom such notice is directed; (ii) on the first business day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) following the day the same is 

 

		
	
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deposited with the commercial courier if sent for overnight delivery by commercial delivery service; or (iii) the fifth day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) following deposit thereof with the U.S. Postal Service as aforesaid.  Each party, by notice duly given in accordance therewith, may specify a different address for the giving of any notice hereunder.

12.Governing Law.  This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Texas (without giving effect to any conflicts or choice of laws provisions thereof that would cause the application of the domestic substantive laws of any other jurisdiction).

13.Employment at Will.  The Executive and the Company understand and agree that the Executive is an employee at-will, and that the Executive may resign, or the Company may terminate the Executive’s employment, at any time, with or without Cause or advance notice.  Nothing in this Agreement shall be construed to alter the at-will nature of the Executive’s employment, nor shall anything in this Agreement be construed as providing the Executive with a definite term of employment.  The provisions in Section 5 above govern the amount of compensation, if any, to be provided to the Executive upon termination of employment and do not alter this at-will status.  The at-will nature of the Executive’s employment with the Company may be changed only in an express written agreement signed by the Executive and an officer of the Company.

14.Severability; Titles and Subtitles; Gender; Singular and Plural; Counterparts.

14.1In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

14.2The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

14.3The use of any gender in this Agreement shall be deemed to include the other genders, and the use of the singular in this Agreement shall be deemed to include the plural (and vice versa), wherever appropriate.

14.4This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together constitute one instrument.

14.5This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement.  Facsimile and electronic image signatures (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) will be deemed an original and valid signature.

[Signature Page Follows]

 

		
	
Executive Employment Agreement
	
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

 

	
TAYSHA GENE THERAPIES, INC.

	
 
	
 

	
By:
	
/s/ Sean P. Nolan

	
Name:
	
Sean P. Nolan

	
Title:
	
Chairman of the Board

	
 
	
 

	
 
	
 

	
R.A. SESSION II

	
 
	
 

	
/s/ RA Session II

	
 
	
 

 

Executive Employment Agreement –Signature PageExhibit 10.1

 

FORM OF SUBSCRIPTION AGREEMENT 

 

This SUBSCRIPTION
AGREEMENT (this “Subscription Agreement”) is entered into this ___ day of ____________, 2020, by and between
Newborn Acquisition Corp., a Cayman Islands exempted company (the “Company”), and the undersigned (“Subscriber”
or “you”). Defined terms used but not otherwise defined herein shall have the respective meanings ascribed
thereto in the Transaction Agreement (as defined below).

 

WHEREAS, the Company
and the other parties named therein propose to enter into an Agreement and Plan of Merger (as the same may be modified or amended
from time to time, and including all exhibits and schedules thereto, the “Transaction Agreement”), pursuant
to which the Company will acquire Nuvve Corporation (“Nuvve) on the terms and subject to the conditions set forth
therein (the “Transaction”);

 

WHEREAS, in connection
with the Transaction, Subscriber desires to subscribe for and purchase from the Company that number of the Company’s ordinary
shares, par value $0.0001 per share (the “Ordinary Shares”), set forth on the signature page hereto for a purchase
price of $10.00 per share (the “Per Share Price”), or the aggregate purchase price set forth on the signature
page hereto (the “Purchase Price”), and the Company desires to issue and sell to Subscriber the Securities,
in addition to the additional items set forth in Section 1.2, in consideration of the payment of the Purchase Price by or on behalf
of Subscriber to the Company on or prior to the Closing (as defined below); and

 

WHEREAS, in connection
with the Transaction, certain other “accredited investors” (within the meaning of Rule 501(a) under the Securities
Act of 1933, as amended (the “Securities Act”)) have entered into separate subscription agreements with the
Company (“Other Subscription Agreements”) substantially similar to this Subscription Agreement, pursuant to
which such investors have, together with the Subscriber pursuant to this Subscription Agreement, agreed to purchase an aggregate
of up to [1,600,000] Ordinary Shares at the Per Share Price.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1. Subscription.

 

1.1 Subject to the
terms and conditions hereof, Subscriber hereby irrevocably subscribes for and agrees to purchase from the Company, and the Company
hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Shares on the terms and conditions
set forth herein (such subscription and issuance, the “Subscription”).

 

1.2 In addition, for
each Share purchased by Subscriber, Subscriber shall receive from the Company 1.9 warrants (the "Warrants"
and together with the Shares, the “Closing Securities”) to purchase Ordinary Shares (the “Warrant
Shares” and together with the Closing Securities, the “Securities”). Each Warrant shall be exercisable
for one-half of one Ordinary Share at a price of $11.50 per share and, other than customary Securities Act restrictions on resale
absent an exemption or registration, shall have identical terms to the warrants included as part of the Company's units issued
in the IPO (as defined in Section 8). No fractional Warrants will be issued, and the Company will round the number of Warrants
to be issued to the Subscriber down to the nearest whole number.

 

2. Representations, Warranties and Agreements.

 

2.1 Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Closing Securities to Subscriber, Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1 If
Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under
the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and perform
its obligations under this Subscription Agreement.

 

    1

     

    

 

2.1.2 If
Subscriber is not an individual, this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. If
Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and
capacity to execute the same. This Subscription Agreement is enforceable against Subscriber in accordance with its terms, except
as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.

 

2.1.3 The
execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated
herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any
of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which
would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’
equity or results of operations of Subscriber and its subsidiaries, taken as a whole (a “Subscriber Material Adverse
Effect”), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of
this Subscription Agreement; (ii) if Subscriber is not an individual, result in any violation of the provisions of the organizational
documents of Subscriber or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order,
rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any
of its subsidiaries or any of their respective properties that would reasonably be expected to have the Subscriber Material Adverse
Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription Agreement.

 

2.1.4 Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth
on Schedule A, (ii) is acquiring the Securities only for its own account and not for the account of others, or if
Subscriber is subscribing for the Securities as a fiduciary or agent for one or more investor accounts, each owner of such account
is an accredited investor and Subscriber has full investment discretion with respect to each such account, and the full power
and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account,
and (iii) is not acquiring the Securities with a view to, or for offer or sale in connection with, any distribution thereof
in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature page
hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Securities. Subscriber understands and acknowledges
that the purchase of the Securities pursuant to this Agreement meets the exemptions from filing under FINRA Rule 5123(b)(1)(C)
or (J).

 

2.1.5 Subscriber
understands that the Securities are being offered in a transaction not involving any public offering within the meaning of the
Securities Act and that the Securities have not been registered under the Securities Act. Subscriber understands that the Securities
may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under
the Securities Act with respect to the Securities or an opinion of counsel satisfactory to the Company that such registration
statement is not required and an applicable exemption from the registration requirements of the Securities Act is available, and
that any certificates or book entries representing the Securities shall contain a legend to such effect. Subscriber acknowledges
that the Securities will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands
and agrees that the Securities will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber
may not be able to readily resell the Securities and may be required to bear the financial risk of an investment in the Securities
for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any
offer, resale, pledge or transfer of any of the Securities.

 

    2

     

    

 

2.1.6 Subscriber
understands and agrees that Subscriber is purchasing the Securities directly from the Company. Subscriber further acknowledges
that there have been no representations, warranties, covenants and agreements made to Subscriber by the Company or any of its
officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included
in this Subscription Agreement.

 

2.1.7 Subscriber
represents and warrants that (i) it is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), or (ii) its acquisition and holding of the Securities will not constitute
or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974,
as amended, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

2.1.8 In
making its decision to purchase the Securities, Subscriber represents that it has relied solely upon independent investigation
made by Subscriber. The Subscriber acknowledges and agrees that the Subscriber has received and has had an adequate opportunity
to review, such financial and other information as the Subscriber deems necessary in order to make an investment decision with
respect to the Securities and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the Subscriber’s investment in the Securities. Without limiting the generality of the foregoing, the Subscriber
acknowledges that it has reviewed the documents provided to the Subscriber by the Company. The Subscriber represents and agrees
that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as the Subscriber and the Subscriber’s professional advisor(s), if any,
have deemed necessary to make an investment decision with respect to the Securities. The Subscriber acknowledges that no disclosure
or any information received by the Subscriber has been prepared by Craig-Hallum Capital Group LLC (the “Placement Agent”)
and that the Placement Agent and its respective directors, officers, employees, representatives and controlling persons have made
no independent investigation with respect to the Company or the Securities or the accuracy, completeness or adequacy of any information
supplied to the Subscriber by the Company. The Subscriber acknowledges that it has not relied on any statements or other information
provided by the Placement Agent or any of the Placement Agent’s affiliates with respect to its decision to invest in the
Securities, including information related to the Company, the Securities and the offer and sale of the Securities. The information
provided to the Subscriber is preliminary and subject to change, and any changes to such information, including, without limitation,
any changes based on updated information or changes in terms of the Transaction, shall in no way affect the Subscriber’s
obligation to purchase the Closing Securities hereunder.

 

2.1.9 Subscriber
became aware of this offering of the Securities solely by means of direct contact from the Placement Agent or directly from the
Company as a result of a pre-exiting, substantial relationship with the Company, and the Securities were offered to Subscriber
solely by direct contact between Subscriber and the Placement Agent or the Company. Subscriber did not become aware of this offering
of the Securities, nor were the Securities offered to Subscriber, by any other means. Subscriber acknowledges that the Placement
Agent has not acted as its financial advisor or fiduciary. Subscriber acknowledges that the Company represents and warrants that
the Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state
securities laws.

 

2.1.10 Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Securities. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an
investment in the Securities, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary
to make an informed investment decision. Subscriber understands and acknowledges that the purchase and sale of the Securities
hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption
under FINRA Rule 2111(b).

 

2.1.11 Alone,
or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Securities, has
adequately analyzed and fully considered the risks of an investment in the Securities and determined that the Securities are a
suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic
risk of a total loss of Subscriber’s investment in the Company. Subscriber further acknowledges specifically that a possibility
of total loss of investment exists and that it is able to fend for itself in the transactions contemplated herein.

 

    3

     

    

 

2.1.12 Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Securities
or made any findings or determination as to the fairness of this investment.

 

2.1.13 Subscriber
represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S.
shell bank (collectively, a “Prohibited  Investor”). Subscriber agrees to provide law enforcement
agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under
applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311
et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and
its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that,
to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the
OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it
maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Closing
Securities were legally derived.

 

2.1.14 Subscriber
has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 3.1.

 

2.1.15 Subscriber
represents that no disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification
Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable,
for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that
it shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any
of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or
(d)(3) is applicable. For purposes of this Section 2.1.15, “Rule 506(d) Related Party” shall mean a person
or entity that is a direct beneficial owner of Subscriber’s securities for purposes of Rule 506(d) under the Securities
Act.

 

2.2 Company’s
Representations, Warranties and Agreements. To induce Subscriber to purchase the Securities, the Company hereby represents
and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1 The
Company has been duly organized and is validly existing and in good standing under the law of the Cayman Islands (the “Cayman
Law”), with corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

2.2.2 The
Closing Securities have been duly authorized and, when issued and delivered to Subscriber against full payment for the Securities
in accordance with the terms of this Subscription Agreement and, as to the Warrant Shares, the Warrants, and registered with the
Company’s transfer agent, the Securities will be validly issued, fully paid and non-assessable and the Securities will not
have been authorized in violation of or subject to any preemptive or similar rights created under the Company’s amended
and restated memorandum and articles of association.

 

    4

     

    

 

2.2.3 This
Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against it in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether
considered at law or equity.

 

2.2.4 The
execution, delivery and performance of this Subscription Agreement (including compliance by the Company with all of the provisions
hereof), issuance and sale of the Securities and the consummation of the certain other transactions contemplated herein will not
(i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, which
would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’
equity or results of operations of the Company (a “Material Adverse Effect”) or materially affect the validity
of the Securities or the legal authority of the Company to comply in all material respects with the terms of this Subscription
Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result
in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over the Company or any of its properties that would reasonably be expected to have a Material
Adverse Effect or materially affect the validity of the Securities or the legal authority of the Company to comply in all material
respects with this Subscription Agreement.

 

2.2.5 Neither
the Company, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company
security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company
on Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or
would require registration of the Securities under the Securities Act.

 

2.2.6 Neither
the Company nor any person acting on its behalf has conducted any general solicitation or general advertising (as those terms
are used in Regulation D under the Securities Act) in connection with the offer or sale of any of the Securities.

 

2.2.7 The
Company has provided Subscriber an opportunity to ask questions regarding the Company and made available to Subscriber all the
information reasonably available to the Company that Subscriber has requested for deciding whether to acquire the Securities.

 

2.2.8 No
Disqualification Event is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined
below), except for a Disqualification Event as to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable.
The Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act.
“Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule
506 under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1) under the Securities Act.

 

2.2.9 Until
the earliest of (i) the first date on which the undersigned can sell all of its Securities (assuming cashless exercise of the
Warrants) under Rule 144 of the Securities Act without limitation as to the manner of sale or the amount of such securities that
may be sold and (ii) two years from the Closing Date, the Company covenants to maintain the registration of the Ordinary Shares
under Section 12(b) or 12(g) of the Exchange Act of 1934, as amended (the “Exchange Act”) and to timely file
(or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to the Exchange Act. At any time during the period commencing from the twelve (12) month
anniversary of date the Form 10 information is filed after the Closing (which may be no more than four business days after the
Closing) the Closing and ending at such time that all of the Securities may be sold without the requirement for the Company to
be in compliance with Rule 144(c)(1) (as defined below and assuming cashless exercise of the Warrants) and otherwise without restriction
or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement
under Rule 144(c) and the Securities are not then registered for resale by the Subscriber under the Securities Act (a “Public
Information Failure”) then, in addition to such Subscriber’s other available remedies, the Company shall pay to
a Subscriber, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its
ability to sell the Securities, an amount in cash equal to one (1%) of the aggregate Purchase Price of the Securities then held
by Subscriber on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for periods totaling
less than thirty days) (“Monthly Liquidated Damage”) thereafter until the earlier of (a) the date such Public
Information Failure is cured and (b) such time that such public information is no longer required  for the Subscriber to
transfer the (assuming cashless exercise of the Warrants) pursuant to Rule 144; provided that in no event shall the Monthly Liquidated
Damage hereunder plus the monthly liquidated damage defined in the Registration Rights Agreement shall exceed one (1%) of the
aggregate Purchase Price of the Securities then held by Subscriber still owned by the Subscriber.  The payments to which
the Subscriber shall be entitled pursuant to this Section 2.2.9 are referred to herein as “Public Information
Failure Payments.”  Public Information Failure Payments shall be paid on the last day of the calendar month during
which such Public Information Failure Payments are incurred. In no event shall the Company be required hereunder and under the
Registration Rights Agreement to pay to such Subscriber an aggregate amount that exceeds 6.0% of the aggregate Purchase Price
paid by such Subscriber for the Securities then held by Subscriber. The Company may suspend the use of any such registration statement
if it determines that in order for the registration statement to not contain a material misstatement or omission, an amendment
thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly, or annual
report under the Exchange Act, as amended; provided, that, the Company shall use commercially reasonable efforts to make such
registration statement available for the sale by the undersigned of such securities as soon as practicable thereafter.

 

    5

     

    

 

2.2.10 Following
the Disclosure Time (as defined in Section 7) or otherwise as required by applicable law, the Company covenants and agrees that
neither it, nor any other Person acting on its behalf will provide any Subscriber or its agents or counsel with any information
that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Subscriber
shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that the Subscriber shall be relying on the foregoing covenant in effecting transactions in securities
of the Company; provided, that each Subscriber shall be solely responsible for its compliance with federal securities laws.

 

2.2.11 From
the date hereof until 60 days after the date Effective Date (as defined in Section 4.3), neither the Company nor any Subsidiary
shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary
Share Equivalents. Notwithstanding the foregoing, this Section 2.2.11 shall not apply in respect of an Exempt Issuance. “Ordinary
Share Equivalents” means any securities of the Company or the subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Ordinary Shares. “Exempt Issuance” means the issuance of (a) Ordinary Shares or options to employees,
officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by the board of directors
of the Company, (b) securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding as of
the Closing Date or issued pursuant to clause (d) below, provided that such securities have not been amended since the date of
the Closing to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of
such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) equity
securities issued pursuant to acquisitions or strategic transactions approved by the board of directors of the Company, provided
that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights
that require or permit the filing of any registration statement in connection therewith during the prohibition period in this
Section 2.2.11, and provided that any such issuance shall only be to a counterparty (or to the equityholders of a counterparty)
which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the
business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities, (d) shares and securities issued in connection with the Transaction and (e)
up to $5.0 million of Ordinary Shares issuable pursuant to Other Subscription Agreements on the same terms and conditions hereunder
entered into after the date hereof and prior to the earlier of (i) the initial filing of the registration statement required pursuant
to the Registration Rights Agreement and (ii) the Filing Date (as defined in the Registration Rights Agreement).

 

    6

     

    

 

2.2.12 As
of the date of this Subscription Agreement, the authorized capital stock of the Company consists of 100,000,000 ordinary shares
and 1,000,000 preference shares. As of the date of this Subscription Agreement, 7,460,000 shares of Common Stock are issued and
outstanding, (ii) no preference shares are issued (iii) 2,875,000 shares are reserved for issuance upon exercise of outstanding
Warrants, (iv) 575,000 shares of Common Stock are reserved for issuance upon conversion of rights (“Option Rights”)
to receive one-tenth (1/10) of a share of Common Stock, and (v) 440,000 shares of Common Stock of which are reserved for issuance
upon the exercise of the option issued to Chardan Capital Markets LLC (and/or its designee) to purchase up to an aggregate of
275,000 units consisting of one share of Common Stock, a warrant to purchase one-half of a shares of Common Stock, and one right
(collectively, a “Unit”) at a price of $11.50 per Unit. All (i) issued and outstanding Ordinary Shares have
been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (ii)
outstanding Rights and Warrants have been duly authorized and validly issued, and are binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and
(ii) principles of equity, whether considered at law or equity. As of the date hereof, except as set forth above pursuant
to the organizational documents of the Company, the Other Subscription Agreements, and any promissory notes that may be issued
by the Company’s sponsor to the Company for working capital purposes, and other than as contemplated by the Transaction
Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any
Ordinary Shares or other equity interests in the Company, or securities convertible into or exchangeable or exercisable for such
equity interests. As of the date hereof, other than the subsidiary created for purposes of the Transaction, the Company has no
subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether
incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings to which
the Company is a party or by which it is bound relating to the voting of any securities of the Company, other than (A) as set
forth in the Company’s filings with the Securities and Exchange Commission (the “Commission”), together
with any amendments, restatements or supplements thereto (the “SEC Documents”) and (B) as contemplated by the
Transaction Agreement. Except as disclosed in the SEC Documents, the Company had no outstanding indebtedness and will not have
any outstanding long-term indebtedness as of immediately prior to the Closing.

  

3. Settlement Date
and Delivery.

 

3.1 Closing.
The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transaction. The Closing shall occur on the closing date of, and immediately prior to, the consummation of
the Transaction. Upon not less than three (3) business days’ written notice from (or on behalf of) the Company to Subscriber
(the “Closing Notice”) that the Company reasonably expects all conditions to the closing of the Transaction
to be satisfied on a date that is not less than three (3) business days from the date of the Closing Notice, Subscriber shall
deliver to an independent third party escrow agent to the Closing selected by the Placement Agent and reasonably acceptable to
the Company (the “Escrow Agent”), at least one (1) business day prior to the closing date specified in
the Closing Notice (the “Closing Date”), to be held in escrow until the Closing pursuant to the terms of that
certain Escrow Agreement entered into prior to the Closing Date, by and among the Company, the Escrow Agent and the Placement
Agent (the “Escrow Agent”), the Purchase Price for the Closing Securities by wire transfer of United States
dollars in immediately available funds to the account specified by the Escrow Agent in the Closing Notice against delivery by
the Company to Subscriber of the Closing Securities in book-entry form (or in certificated form if indicated by the Subscriber
on the Subscriber’s signature page hereto). In the event the Closing does not occur within two (2) business days of the
Closing Date, the Escrow Agent shall promptly (but not later than two (2) business days thereafter) return the Purchase Price
= to Subscriber otherwise pursuant to the terms of the Escrow Agreement.

 

    7

     

    

 

3.2 Conditions to Closing.

 

3.2.1 The
Closing shall be subject to the satisfaction or valid waiver by the Company, on the one hand, or the Subscriber, on the other,
of the conditions that, on the Closing Date:

 

(i) No suspension
of the qualification of the Securities for offering or sale or trading in any jurisdiction, or initiation or threatening of any
proceedings for any of such purposes, shall have occurred.

 

(ii) No governmental
authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby
illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby.

 

(iii) All
conditions precedent to the consummation of the Transaction set forth in the Transaction Agreement shall have been satisfied or
waived by the parties thereto (other than those conditions that, by their nature, may only be satisfied at the consummation of
the Transaction, but subject to satisfaction of such conditions as of the consummation of the Transaction).

 

(iv) No Material
Adverse Effect (as defined in the Transaction Agreement) shall have occurred between the date of the Transaction Agreement and
the Closing Date that is continuing.

 

3.2.2 The
obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the
additional conditions that, on the Closing Date:

 

(i) All representations
and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material respects as
of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true
and correct in all material respects as of such date), and consummation of the Closing shall constitute a reaffirmation by Subscriber
of each of the representations, warranties and agreements contained in this Subscription Agreement as of the Closing Date (other
than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material
respects as of such date).

 

(ii) The Subscriber
shall have performed or complied in all material respects with all agreements and covenants required by this Subscription Agreement.

 

(iii) The
Subscriber shall have delivered a duly executed Registration Rights Agreement in the form of Exhibit A attached hereto
(“Registration Rights Agreement”).

 

3.2.3 The
obligation of the Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by the Subscriber
of the additional conditions that, on the Closing Date:

 

(i) All representations
and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material respects as of
the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and
correct in all material respects as of such date), and consummation of the Closing shall constitute a reaffirmation by the Company
of each of the representations, warranties and agreements contained in this Subscription Agreement as of the Closing Date (other
than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material
respects as of such date).

 

(ii) The Company
shall have performed or complied in all material respects with all agreements and covenants required by this Subscription Agreement.

 

(iii) The
Company shall have delivered a duly executed Registration Rights Agreement.

 

    8

     

    

 

(iv) The Company
shall have filed with the Nasdaq Capital Market (“Nasdaq”) a notice of the listing of the Ordinary Shares purchased
hereunder (including the Warrant and the Warrant Shares) and Nasdaq shall have raised no objection with respect thereto.

 

(v) The Transaction
Agreement (as the same exists on the date of this Subscription Agreement) shall not have been amended to materially adversely
affect the economic benefits that the Subscriber would reasonably expect to receive under this Subscription Agreement without
having received prior written consent as described in Section 6.5.

 

(vi) All conditions
precedent to the closing of the Transaction set forth in the Transaction Agreement shall have been satisfied or waived by the
parties thereto (other than those conditions that may only be satisfied at the closing of the Transaction, but subject to the
satisfaction or waiver of such conditions as of the closing of the Transaction).

 

4. Transfer Restrictions.

 

4.1 The
Securities may only be resold, transferred, pledged or otherwise disposed of in compliance with state and federal securities laws.
In connection with any transfer of Securities other than pursuant to an effective registration statement, Rule 144 under the Securities
Act (“Rule 144”) or pursuant to another applicable exemption from the registration requirements of the Securities
Act, to the Company or to an affiliate of the Subscriber, the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the
terms of this Subscription Agreement and the Registration Rights Agreement and shall have the rights and obligations of the Subscriber
under this Agreement and the Registration Rights Agreement.

 

4.2 The
Company acknowledges and agrees that the Subscriber may from time to time pledge pursuant to a bona fide margin agreement with
a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an
“accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such
arrangement, the Subscriber may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer
would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor
shall be required in connection therewith; further, no notice shall be required of such pledge; provided that the Subscriber
and its pledgee shall be required to comply with other provisions of Section 4 hereof in order to effect a sale, transfer or assignment
of the Securities to such pledgee. At the Subscriber’s expense, the Company will execute and deliver such reasonable documentation
as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities.

 

4.3 The
Subscriber agrees to the imprinting, so long as is required by this Section 4, of a legend on any of the Securities
in the following form:

 

THIS SECURITY
HAS NOT 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.

 

4.4 Subject
to applicable requirements of the Securities Act and the interpretations of the Commission thereunder and any requirements of
the Company’s transfer agent, the Company shall use commercially reasonable efforts to ensure that instruments, whether
certificated or uncertificated, evidencing the Securities shall not contain any legend (including the legend set forth in Section 4.3
hereof), (i) while a registration statement covering the resale of such Securities is effective under the Securities Act,
(ii) following any sale of such Securities pursuant to Rule 144, (iii) if such Securities are eligible for sale under Rule 144
(assuming cashless exercise of the Warrants), without the requirement for the Company to be in compliance with the current public
information required under Rule 144 and without volume or manner-of-sale restrictions, and in each case, the Subscriber provides
the Company with an undertaking to effect any sales or other transfers in accordance with the Securities Act, or (iv) if such
legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission) (the earliest of such dates, the “Effective Date”).

 

    9

     

    

 

4.5 The
Subscriber agrees with the Company that the Subscriber will sell any Securities pursuant to either the registration requirements
of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities
are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein,
and acknowledges that the removal of the restrictive legend from instruments representing Securities as set forth in this Section 4
is predicated upon the Company’s reliance upon this understanding.

 

5. Termination.
Except for the provisions of Sections 5, 6 and 8, which shall survive any termination hereunder, this Subscription Agreement shall
terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate
without any further liability on the part of any party in respect thereof, upon the earlier to occur of (i) such date and
time as the Transaction Agreement is terminated in accordance with its terms, (ii) upon the mutual written agreement of each
of the parties hereto pursuant to Section 6.4 to terminate this Subscription Agreement, (iii) if any of the conditions to
Closing set forth in Section 3.2 of this Subscription Agreement are not satisfied or waived on or prior to the Closing and,
as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing or (iv) if
the Closing shall not have occurred on or before _______________2021; provided, that, subject to the limitations set forth
in Section 8, nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such
breach. The Company shall promptly notify Subscriber of the termination of the Transaction Agreement promptly after the termination
of such agreement.

 

6. Miscellaneous.

 

6.1 Further Assurances.
At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the
parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription
Agreement.

 

6.1.1 Subscriber
acknowledges that the Company, the Placement Agent and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company
if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate
in all material respects. Subscriber further acknowledges and agrees that the Placement Agent are third-party beneficiaries of
the representations and warranties of the Subscriber contained in Section 2.1 of this Subscription Agreement.

 

6.1.2 The
Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement
or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby.

 

6.1.3 The
Company may request from Subscriber such additional information as the Company may deem necessary to evaluate the eligibility
of Subscriber to acquire the Securities, and Subscriber shall use reasonable best efforts to provide such information as may be
reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures.

 

6.1.4 Subscriber
shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

6.2 Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent
by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed
to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection
notice, if sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other
address or addresses as such person may hereafter designate by notice given hereunder:

 

(i) if to Subscriber,
to such address or addresses set forth on the signature page hereto;

 

    10

     

    

 

(ii) if to the Company
(prior to the Transaction closing), to:

 

Room 801, Building C

SOHO Square, No. 88

Zhongshan East 2nd Road, Huangpu District

Shanghai, China, 200002

 

Attention:

E-mail:

 

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

 

Loeb & Loeb LLP

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Giovanni Caruso

E-mail: gcaruso@loeb.com

 

(iii) if to the Company (following the
Transaction closing), to:

 

Attention:

E-mail:

 

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

 

Attention:

E-mail:

 

6.3 Entire Agreement.
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly
set forth in Section 6.1.1, this Subscription Agreement shall not confer rights or remedies upon any person other than the
parties hereto and their respective successors and assigns.

 

6.4 Modifications
and Amendments. This Subscription Agreement may be modified or terminated by (and only by) an instrument in writing, signed
by the Company and a majority in interest of, collectively, the Subscriber and subscribers party to the Other Subscription Agreements.

 

6.5 Waivers and
Consents. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
by (and only by) a written document executed by the Company and a majority in interest of, collectively, the Subscriber and subscribers
party to the Other Subscription Agreements. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent
with respect to any other terms or provisions of this Subscription Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

 

    11

     

    

 

6.6 Assignment.
Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Securities acquired
hereunder, if any) may be transferred or assigned; provided, however, Subscriber may transfer its rights and obligations
hereunder to another investment fund or account managed or advised by the same manager as Subscriber (or a related party or affiliate),
provided, that no such transfer shall release Subscriber of its obligations hereunder.

 

6.7 Benefit.
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

6.8 Governing Law.
This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance
or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of
New York, without giving effect to the principles of conflicts of law thereof.

 

6.9 Consent to
Jurisdiction; Waiver of Jury Trial. The parties hereto agree to submit any matter or dispute resulting from or arising out
of the execution, performance, interpretation, breach or termination of this Agreement to the non-exclusive jurisdiction of federal
or state courts within the State of New York. Each of the Parties agrees that service of any process, summons, notice or document
in the manner set forth in Section 6.2 hereof or in such other manner as may be permitted by applicable law, shall be effective
service of process for any proceeding in the State of New York with respect to any matters to which it has submitted to jurisdiction
in this Section 6.9. Each of the parties hereto irrevocably and unconditionally agrees that it is subject to, and hereby submits
to, the personal jurisdiction of the courts located in the State of New York for any action, suit or proceeding arising out of
this Subscription Agreement or the transactions contemplated hereunder and waives any objection to the laying of venue in the
United States District Court for the Southern District of New York, or the New York state courts if the federal jurisdictional
standards are not satisfied, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A TRIAL BY JURY.

  

6.10 Severability.
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

6.11 No Waiver
of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this
Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by a party
hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from
any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy
by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or
demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand
to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving
such notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.12 Survival of
Representations and Warranties. All representations and warranties made by the parties hereto in this Subscription Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

    12

     

    

 

6.13 Expenses.
Except for placement fees equal to 6% of gross proceeds payable to the Placement Agent, the Company has not paid, and is not obligated
to pay, any brokerage, finder’s or other fee or commission in connection with its issuance and sale of the Securities, including,
for the avoidance of doubt, any fee or commission payable to any stockholder or affiliate of the Company. Each of the parties
hereto shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated hereby.

 

6.14 Headings and
Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15 Counterparts.
This Subscription Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.16 Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement
as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation,
warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.17 Mutual Drafting.
This Subscription Agreement is the joint product of Subscriber and the Company and each provision hereof has been subject to the
mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Disclosure.
The Subscriber hereby acknowledges that the terms of this Subscription Agreement and the Transaction Agreement will be disclosed
by the Company in a Current Report on Form 8-K filed with the SEC (the time of such filing, “Disclosure Time”)
and a form of this Subscription Agreement and the Transaction Agreement will be filed with the SEC as an exhibit thereto. From
and after the Disclosure Time, the Company represents to the Subscriber that it shall have publicly disclosed all material, non-public
information delivered to the Subscriber by the Company or any of its officers, directors, employees or agents in connection with
the transactions contemplated by the Subscription Agreement and the Transaction Agreement. In addition, effective upon the Disclosure
Time, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether
written or oral, between the Company or any of its officers, directors, agents, employees or affiliates on the one hand, and any
of the Subscribers or any of their affiliates on the other hand, shall terminate.

 

8. Trust Account
Waiver. Subscriber acknowledges that the Company is a blank check company with the powers and privileges to effect a merger,
asset acquisition, reorganization or similar business combination involving the Company and one or more businesses or assets.
Subscriber further acknowledges that, as described in the Company’s prospectus relating to its initial public offering (“IPO”)
dated February 13, 2020 (the “Prospectus”) available at www.sec.gov, substantially all of the Company’s
assets consist of the cash proceeds of Company’s initial public offering and private placements of its securities, and substantially
all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of Company,
its public shareholders and the underwriters of Company’s initial public offering. Except with respect to interest earned
on the funds held in the Trust Account that may be released to Company to pay its tax obligations, if any, the cash in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Company entering into
this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and
its representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may
have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as
a result of, or arising out of, this Subscription Agreement; provided, however, that nothing in this Section 8 shall
be deemed to limit any Subscriber’s right, title, interest or claim to the Trust Account by virtue of such Subscriber’s
record or beneficial ownership of securities of the Company acquired by any means other than pursuant to this Subscription Agreement,
including but not limited to any redemption right with respect to any such securities of the Company.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, each
of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	 	NEWBORN ACQUISITION CORP.
	 	 	 
	 	By:  	                   
	 	Name:	 
	 	Title:	 

 

	 	Acknowledged:
	 	 	 
	 	NUVVE CORPORATION
	 	 	 
	 	By:  	                 
	 	Name:	 
	 	Title:	 

  

	Accepted and agreed this __th day of [____],
    2020.

  

	SUBSCRIBER:	 	 	 	 	 	 
	 	 	 
	Signature of Subscriber:	 	 	 	Signature of Joint Subscriber,
    if applicable:
	 	 	 	 	 
	By:	 	                                      	 	 	 	By:	 	                                  
	Name:	 	 	 	Name:
	Title:	 	 	 	Title:
	 	 	 
	Date: [•], 2020	 	 	 	 
	 	 	 
	Name of Subscriber:	 	 	 	Name of Joint Subscriber, if applicable:
	 	 	 	 	 
	 	 	 	 
	

        (Please print. Please indicate name and capacity of
person signing above) 
	 	 	 	

        (Please Print. Please indicate name and capacity of
person signing above) 

	 	 	 	 	 
	 	 	 	 
	

        Name in which securities are to be registered (if different
from the name of Subscriber listed directly above): 
	 	 	 	 	 	 
	 	 	 	 
	Email Address:	 	 	 	 	 	 
	 	 	 	 
	If there are joint investors, please
    check one:	 	 	 	 	 	 
	 	 	 	 
	☐   Joint
    Tenants with Rights of Survivorship	 	 	 	 	 	 
	 	 	 	 
	☐   Tenants-in-Common
    	 	 	 	 	 	 
	 	 	 	 
	☐   Community
    Property	 	 	 	 	 	 
	 	 	 
	Subscriber’s EIN: __________________________	 	 	 	Joint Subscriber’s EIN: ________________
	 	 	 
	Business Address-Street:	 	 	 	Mailing Address-Street (if different):
	 	 	 	 
		 	 	 	
	 	 	 	 
	

        City, State, Zip:

        
	 	 	 	

        City, State, Zip:

        

 

	Attn:	 	Attn:
	 	 
	Telephone No.: __________________________	 	Telephone No.: _____________________
	 	 
	Facsimile No.: __________________________	 	Facsimile No.: ______________________
	 	 
	Aggregate Number of Securities subscribed for:

         

        Aggregate Number of Warrants:
	 	 
	 
	Aggregate Purchase Price: $ 

 

You must pay the Purchase Price by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Company in the Closing Notice.

 

If Subscriber wants certificated Securities rather than book-entry
form, indicate here: _____ 

    14

     

    

 

SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 

 

	          (Please	check the applicable subparagraphs): 

 

	 	1.	☐
    We are a “qualified institutional buyer” (as defined in Rule 144A under the
    Securities Act of 1933, as amended (the “Securities Act”) (a “QIB”)). 

 

	 	2.	☐
    We are subscribing for the Securities as a fiduciary or agent for one or more investor
    accounts, and each owner of such account is a QIB. 

 

*** OR ***

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS 

 

	          (Please	check the applicable subparagraphs): 

 

	 	1.	☐
    We are an “accredited investor” (within the meaning of Rule 501(a) under
    the Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a)
    under the Securities Act, and have marked and initialed the appropriate box on the following page indicating the provision
    under which we qualify as an “accredited investor.” 

 

	 	2.	☐
    We are not a natural person. 

 

*** AND ***

 

	C.	AFFILIATE STATUS 

 

	          (Please	check the applicable box) SUBSCRIBER: 

 

	 	☐	is: 

 

	 	☐	is not: 

 

an “affiliate” (as defined in Rule
144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should be completed by
Subscriber 

and constitutes a part of the Subscription
Agreement. 

 

Rule 501(a), in relevant part, states that an “accredited
investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes
comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated,
by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber
accordingly qualifies as an “accredited investor.”

 

☐
Any bank, registered broker or dealer, insurance company, registered investment company, business development company,
or small business investment company; any plan established and maintained by a state, its political subdivisions, or any agency
or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in
excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the
investment decision is made by a plan fiduciary, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors;

 

☐
Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

    15

     

    

 

☐
Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar
business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in
excess of $5,000,000;

 

☐
Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director,
executive officer, or general partner of a general partner of that issuer;

 

☐
Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000.
For purposes of calculating a natural person’s net worth: (i) the person’s primary residence shall not be included
as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value
of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount
of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other
than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and
(iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of
the primary residence at the time of the sale of securities shall be included as a liability;

 

☐
Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income
with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the
same income level in the current year;

 

☐
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered,
whose purchase is directed by a sophisticated person; or

 

☐
Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

 

16

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