Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of July 24, 2020 (the “Execution
Date”), between Naked Brand Group Limited, an Australian company (the “Company”), and the investors
listed on the Buyer Schedules attached hereto (“Buyer”).

 

RECITALS

 

A.
The Company has outstanding ordinary shares, without par value (“Ordinary Shares”), which Ordinary Shares are
currently traded on the Nasdaq Capital Market (“the Principal Market”).

 

B.
The Company and Buyers are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506 of Regulation
D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the 1933 Act.

 

C.
Buyers wish to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i) 2% convertible
unsecured notes in the form attached hereto as Exhibit A (the “Convertible Notes”) convertible
into Ordinary Shares in an aggregate amount as set forth on the Buyer Schedules (the “Conversion Shares”) or,
in lieu thereof as set forth therein and in Section 1(f), warrants, in the form attached hereto as Exhibit B (the
“Pre-Funded Warrants”), to acquire such Ordinary Shares, at an exercise price of $0.0001 per share; and (ii)
warrants, in the form attached hereto as Exhibit C (the “Purchase Warrants,” and together with
the Pre-Funded Warrants, the “Warrants”), to acquire up to the aggregate number of Ordinary Shares set forth
on the Buyer Schedules. “Warrant Shares” means all or a portion of the total number of Ordinary Shares issuable
upon full exercise of all Warrants.

 

D.
At the Closing (as defined below), the parties hereto shall execute and deliver a Registration Rights Agreement, in the form attached
hereto as Exhibit D (the “Registration Rights Agreement”), pursuant to which the Company has
agreed to provide certain registration rights with respect to the Registrable Securities (as defined in the Registration Rights
Agreement), under the 1933 Act and the rules and regulations promulgated thereunder, and applicable state securities laws.

 

E.
The Convertible Notes, the Conversion Shares, the Warrants and the Warrant Shares are collectively referred to herein as the “Securities.”

 

    	 

    	 

    

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and Buyers hereby agree as follows:

 

1.
PURCHASE AND SALE OF CONVERTIBLE NOTES
AND WARRANTS.

 

(a)
Convertible Notes and Warrants.

 

Subject
to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company shall issue and sell to Buyers,
and Buyers shall purchase from the Company on the Closing Date (as defined below), Convertible Notes in original principal amounts
as is set forth on the Buyer Schedules, along with Purchase Warrants to initially acquire up to the aggregate number of Warrant
Shares as is set forth on the Buyer Schedules.

 

(b)
Closing.

 

The
date and time of the closing (the “Closing”) of the purchase of the Convertible Notes and the Warrants by each
Buyer as contemplated by this Agreement shall be 9:00 a.m., New York City time, on July 24, 2020 (the “Closing Date”).
As used herein “Business Day” means any day other than a Saturday, Sunday or other day on which commercial
banks in New York, New York, Sydney, Australia or Auckland, New Zealand are authorized or required by law to remain closed.

 

(c)
Purchase Price.

 

The
aggregate purchase price for the Convertible Notes and the Purchase Warrants to be purchased by each Buyer (the applicable “Purchase
Price”) shall be paid at the Closing and in the applicable amount as set forth on the applicable Buyer Schedule; provided,
however, that the aggregate Purchase Price paid by all Buyers hereunder shall not exceed $8,000,000.00.

 

(d)
Payment of Purchase Price; Delivery of Securities.

 

On
the Closing Date, (i) each Buyer shall pay the applicable Purchase Price to the Company for the respective Securities to be issued
and sold to each Buyer at the Closing, by wire transfer of immediately available funds in accordance with the Company’s
written wire instructions and (ii) the Company shall issue to each Buyer the Convertible Notes (pursuant to which such Buyer initially
shall have the right to acquire up to the aggregate number of Conversion Shares as is set forth on such Buyer Schedule in respect
of such Convertible Notes) and the Purchase Warrants (pursuant to which such Buyer initially shall have the right to acquire up
to the aggregate number of Warrant Shares as is set forth on such Buyer Schedule in respect of such Purchase Warrants) as set
forth on the applicable Buyer Schedule, in all cases, duly executed on behalf of the Company and registered in the name of each
Buyer or its designee, all as set forth on the Buyer Schedules.

 

(e)
Beneficial Ownership Limitation.

 

The
Company shall not issue and Buyers shall not accept any Ordinary Shares under the Transaction Documents, and Buyers shall not
otherwise purchase Ordinary Shares or securities exercisable or exchangeable for or convertible into Ordinary Shares from any
party, in the public market or otherwise, if such shares proposed to be sold or otherwise issued, or the Ordinary Shares proposed
to be purchased or issuable upon exercise, exchange or conversion of the securities proposed to be purchased (after giving effect
to any limitation on exercise, exchange or conversion therein), when aggregated with all other Ordinary Shares then owned beneficially
(as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by any Buyer and its affiliates,
constitute more than 9.9% of the then issued and outstanding Ordinary Shares (the “Maximum Percentage”). The
number of Ordinary Shares constituting the Maximum Percentage determination shall be appropriately adjusted for any stock dividend,
stock split, reverse stock split or similar transaction. For the avoidance of doubt, subject to Section 1(f) below, any such Ordinary
Shares that are determined at any time to cause any Buyer’s beneficial ownership of Ordinary Shares to exceed the Maximum
Percentage upon issuance shall be issued to such Buyer at such later time to the extent such issuance would not cause such Buyer’s
beneficial ownership of Ordinary Shares to exceed the Maximum Percentage.

 

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(f)
Pre-Funded Warrants.

 

To
the extent that issuance of any number of Conversion Shares will cause any Buyer’s beneficial ownership of the Ordinary
Shares to exceed the Maximum Percentage, the Company shall, in lieu of issuing such Conversion Shares that will cause such Buyer’s
beneficial ownership of the Ordinary Shares to exceed the Maximum Percentage, issue to such Buyer Pre-Funded Warrants to acquire
up to the aggregate number of Conversion Shares that would cause such Buyer’s beneficial ownership to exceed the Maximum
Percentage. The Company shall also issue to such Buyer additional Pre-Funded Warrants in an amount equal in value to the aggregate
exercise price of Pre-Funded Warrants issued pursuant to this section.

 

(g)
Taxes.

 

The
Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery of
any Securities to the Buyers made under this Agreement or the other Transaction Documents (as defined below).

 

(h)
Original Issue Discount; Transaction Expense.

 

Each
Convertible Note shall carry an original issue discount of 5% of the Purchase Price for such Convertible Note. In addition, the
Company agrees to pay $20,000.00 to Iliad Research and Trading, L.P., a Utah limited partnership (“Iliad”),
to cover Iliad’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection
with the purchase and sale of the Securities, all of which amount shall be included in the initial principal balance of the Convertible
Note issued to Iliad.

 

2.
BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each
Buyer represents and warrants to the Company, on behalf of itself, that:

 

(a)
Organization; Authority.

 

Each
Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

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(b)
No Public Sale or Distribution.

 

Each
Buyer (i) is acquiring the Convertible Notes purchased at the Closing and all Warrants being acquired at the Closing, (ii) upon
conversion of its Convertible Notes, will acquire the Conversion Shares issuable upon conversion thereof, and (iii) upon exercise
of its Warrants, will acquire the Warrant Shares issuable upon exercise thereof, in each case, for its own account and not with
a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities
laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations herein,
each Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement
or an exemption under the 1933 Act. Each Buyer does not presently have any agreement or understanding, directly or indirectly,
with any Person (as defined below) to distribute any of the Securities in violation of applicable securities laws.

 

(c)
Accredited Investor Status.

 

Each
Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

 

(d)
Reliance on Exemptions.

 

Each
Buyer understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration
requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy
of, and such Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of
such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of such Buyer to acquire
the Securities.

 

(e)
Information.

 

Each
Buyer and its advisors, if any, acknowledge that they have been furnished with or provided access via EDGAR to the Company’s
most recent Annual Report on Form 20-F, its Reports of Foreign Private Issuers on Form 6-K, if any, as well as its Registration
Statements on Form F-1 or F-3 (including amendments thereto). Each Buyer and its advisors, if any, have been afforded the opportunity
to ask questions of, and receive answers from, the Company concerning the offer and sale of the Securities and to obtain any additional
information such Buyer has requested which is necessary to verify the accuracy of the information furnished to such Buyer concerning
the Company and such offering. Each Buyer understands that its investment in the Securities involves a high degree of risk. Each
Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to its acquisition of the Securities. Each Buyer acknowledges that such Buyer is basing its decision to invest in
the Securities solely upon the information contained in the Transaction Documents, the Company’s most recent Annual Report
on Form 20-F and Reports of Foreign Private Issuers on Form 6-K, if any, and its own due diligence and, except as specifically
set forth in this Agreement, has not based its investment decision upon any representations made by any Person (as defined below).

 

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(f)
No Governmental Review.

 

Each
Buyer understands that no United States federal or state agency or any other government or governmental agency has passed on or
made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(g)
Transfer or Resale.

 

Each
Buyer understands that except as provided in the Registration Rights Agreement and Section 4(h) hereof: (i) the Securities have
not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold,
assigned or transferred unless (A) subsequently registered thereunder, (B) such Buyer shall have delivered to the Company (if
requested by the Company) an opinion of counsel to such Buyer, in a form reasonably acceptable to the Company, to the effect that
such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration,
or (C) such Buyer provides the Company with reasonable assurance that such Securities can be sold, assigned or transferred pursuant
to Rule 144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”);
(ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further,
if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person (as defined
below) through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require
compliance with some other exemption under the 1933 Act or the rules and regulations of the U.S. Securities and Exchange Commission
(the “SEC”) promulgated thereunder; and (iii) neither the Company nor any other Person is under any obligation
to register the Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption
thereunder.

 

(h)
Validity; Enforcement.

 

The
execution and delivery of the Transaction Documents and the consummation by each Buyer of the transactions contemplated hereby
and thereby have been duly and validly authorized by all necessary action on the part of such Buyer and no further consent or
authorization of such Buyer or its members is required. Each Transaction Document has been duly executed by such Buyer and when
delivered in accordance with terms hereof and thereof, constitutes the legal, valid and binding obligations of such Buyer enforceable
against such Buyer in accordance with its terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting
generally, the enforcement of applicable creditors’ rights and remedies.

 

(i)
No Conflicts.

 

The
execution, delivery and performance by each Buyer of this Agreement and the consummation by such Buyer of the transactions contemplated
hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party or (iii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable
to such Buyer, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would
not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to
perform its obligations hereunder.

 

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(j)
Certain Trading Activities.

 

Each
Buyer has not directly or indirectly, nor has any Person (as defined below) acting on behalf of or pursuant to any understanding
with such Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales
(as defined below) involving the Company’s securities) during the period commencing as of the time that such Buyer and the
Company first began discussions regarding the specific investment in the Company contemplated by this Agreement and ending immediately
prior to the execution of this Agreement (it being understood and agreed that for all purposes of this Agreement, and without
implication that the contrary would otherwise be true, that neither transactions nor purchases nor sales shall include the location
and/or reservation of borrowable Ordinary Shares). “Short Sales” means all “short sales” as defined
in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “1934 Act”).

 

(k)
Experience of Buyer.

 

Each
Buyer has such knowledge, sophistication and experience in business and financial matter so as to be capable of evaluating the
merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment.
Each Buyer is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a
complete loss of such investment.

 

(l)
Foreign Corrupt Practices.

 

Neither
Buyer, nor any of its subsidiaries or affiliates, nor to the knowledge of such Buyer, any of its directors, officers, agents,
employees, members or other Persons acting on behalf of such Buyer or any its subsidiaries or affiliates has, in the course of
its actions for, or on behalf of, such Buyer or any of its subsidiaries or affiliates (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment of any foreign or domestic government official or employee.

 

(m)
General Solicitation.

 

Each
Buyer is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the
Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar
or any other general solicitation or advertisement.

 

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(n)
Patriot Act Representations.

 

(i)
Each Buyer represents that all evidence of identity provided is genuine and all related information furnished is accurate.

 

(ii)
Each Buyer hereby acknowledges that the Company seeks to comply with all applicable anti-money laundering laws and regulations.
In furtherance of such efforts, each Buyer hereby represents and agrees that: (1) no part of the funds used by such Buyer to acquire
the Securities have been, or shall be, directly or indirectly derived from, or related to, any activity that may contravene federal,
state, or international laws and regulations, including anti-money laundering laws and regulations; and (ii) no payment to the
Company by such Buyer shall cause the Company to be in violation of any applicable anti-money laundering laws and regulations
including without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001, Executive Order 13224 (2001) (the “Patriot Act”) issued by the President
of the United States and the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) regulations.

 

(iii)
Each Buyer represents and warrants that the amounts to be paid by such Buyer to the Company will not be directly or indirectly
derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering
laws and regulations. Each Buyer represents and warrants that, to the best of its knowledge, none of: (a) such Buyer; (b) any
person controlling or controlled by such Buyer; or (c) any person having a beneficial interest in such Buyer is (i) a country,
territory, individual or entity named on a list maintained by OFAC, (ii) a person prohibited under the OFAC Programs, (iii) a
senior foreign political figure,1 or any immediate family member 2 or close associate 3 of a senior
foreign political figure as such terms are defined in the footnotes below or (iv) a “foreign shell bank” within the
meaning of the U.S. Bank Secrecy Act (31 U.S.C. §5311 et seq.), as amended (the “Bank Secrecy Act”) and the regulations
promulgated thereunder by the U.S. Department of the Treasury.

 

(iv)
Each Buyer further represents and warrants that such Buyer: (i) has conducted thorough due diligence with respect to all of its
beneficial owners, (ii) has established the identities of all beneficial owners and the source of each of the beneficial owner’s
funds and (iii) will retain evidence of any such identities, any such source of funds and any such due diligence.

 

1
A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative,
military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political
party, or a senior executive of a foreign government-owned corporation. In addition, a “senior foreign political figure”
includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political
figure.

 

2
“Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings,
spouse, children and in-laws.

 

3
A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain
an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct
substantial domestic and international financial transactions on behalf of the senior foreign political figure.

 

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(v)
Neither any Buyer nor any person directly or indirectly controlling, controlled by or under common control with such Buyer is
a person identified as a terrorist organization on any relevant lists maintained by governmental authorities.

 

(vi)
Each Buyer agrees to provide the Company all information that may be reasonably requested to comply with applicable laws and regulations
of any applicable jurisdiction, or to respond to requests for information concerning the identity of such Buyer from any governmental
authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures,
or to update such information. Each Buyer agrees to notify the Company promptly if there is any change with respect to the representations
and warranties provided herein. Each Buyer consents to the disclosure to regulators and law enforcement authorities by the Company
and its affiliates and agents of any information about such Buyer or its constituents as the Company reasonably deems necessary
or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and
orders.

 

(o)
Non-Reliance.

 

The
Buyers acknowledge and agree that the Company makes no and has not made any representations or warranties with respect to the
Company, its business or the transactions contemplated hereby other than those specifically set forth in Section 3.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE
COMPANY.

 

The
Company represents and warrants to the Buyers the matters set forth in this Section 3, as may be qualified by the corresponding
section of the Company Disclosure Schedule. These representations and warranties, and the information set forth in the Company
Disclosure Schedule, are current as of the date of this Agreement, except to the extent that a representation, warranty or section
of the Company Disclosure Schedule expressly states that such representation or warranty, or information in such section of the
Company Disclosure Schedule, is current only as of an earlier date. If any information is so reflected as of an earlier date,
there have been no material changes since such date to the date hereof.

 

(a)
Organization and Qualification.

 

Each
of the Company and each of its subsidiaries are entities duly organized and validly existing and in good standing under the laws
of the jurisdiction in which they are formed, and have the requisite power and authorization to own their properties and to carry
on their business as now being conducted and as presently proposed to be conducted. Each of the Company and each of its subsidiaries
is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be
so qualified or be in good standing would not have a Material Adverse Effect. “Material Adverse Effect” means
any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition
(financial or otherwise) or prospects of the Company and its subsidiaries, taken as a whole, (ii) the transactions contemplated
hereby or in any of the other Transaction Documents or (iii) the authority or ability of the Company or any of its subsidiaries
to perform any of its respective obligations under any of the Transaction Documents (as defined below). Other than as set forth
in the Company’s most recent Annual Report on Form 20-F, the Company has no material subsidiaries.

 

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(b)
Authorization; Enforcement; Validity.

 

The
Company has the requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction
Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement
and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby
and thereby (including, without limitation, the issuance of the Convertible Notes and the issuance of the Warrants and the reservation
for issuance and issuance of the Convertible Shares upon conversion of the Convertible Notes and issuance of the Warrant Shares
issuable upon exercise of the Warrants) have been (i) duly authorized by the Company’s board of directors and (ii) no further
filing, consent or authorization is required by the Company, its board of directors or its stockholders or other governing body
of the Company (other than the filing with the SEC of one or more Registration Statements (as defined in the Registration Rights
Agreement) in accordance with the requirements of the Registration Rights Agreement, a Form D with the SEC and any other filings
as may be required by any state securities agencies, the filing of required notices and/or applications to the Principal Market
for the issuance and sale of the Securities, and the filings required by Section 4(i) of this Agreement). This Agreement has been,
and the other Transaction Documents will be prior to the Closing, duly executed and delivered by the Company, and each constitutes
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement, the Convertible Notes, the Warrants, the Registration Rights Agreement,
and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the
transactions contemplated hereby and thereby, as may be amended from time to time.

 

(c)
Issuance of Securities.

 

The
issuance of the Ordinary Shares pursuant to this Agreement is duly authorized and, upon issuance in accordance with the terms
of this Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes,
liens, charges and other encumbrances with respect to the issue thereof (other than pursuant to the securities laws). The issuance
of the Convertible Notes and Warrants pursuant to the Transaction Documents is duly authorized, and upon the due execution, issuance
and delivery thereof against payment in full therefor in accordance with the terms of this Agreement, the Convertible Notes and
Warrants will be valid and binding obligations of the Company enforceable against the Company in accordance with their terms.
The issuance of the Conversion Shares is duly authorized, and upon issuance in accordance with the Convertible Notes, the Conversion
Shares will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges
and other encumbrances with respect to the issue thereof (other than pursuant to the securities laws), with the holders being
entitled to all rights accorded to a holder of Ordinary Shares. The issuance of the Warrant Shares is duly authorized, and upon
issuance in accordance with the Warrants, the Warrant Shares will be validly issued, fully paid and non-assessable and free from
all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof (other than pursuant
to the securities laws), with the holders being entitled to all rights accorded to a holder of Ordinary Shares. As of the Closing,
the Company shall have reserved from its duly authorized capital stock not less than the sum of (i) 200% of the maximum number
of Convertible Shares issuable upon conversion of the Convertible Notes (without taking into account any limitations on the conversion
of the Convertible Notes set forth therein) and (ii) 200% of the maximum number of Warrant Shares issuable upon exercise of the
Warrants (without taking into account any limitations on the exercise of the Warrants set forth therein). Subject to the accuracy
of the representations and warranties of the Buyers in this Agreement, the offer and issuance by the Company of the Securities
is exempt from registration under the 1933 Act. Buyers will have good and marketable title to the Securities.

 

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(d)
No Conflicts.

 

The
execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Notes, the Conversion Shares,
the Warrants and the Warrant Shares and the reservation for issuance of the Conversion Shares and the Warrant Shares) will not
(i) result in a violation of the certificate of incorporation of the Company (including, without limitation, any certificate of
designation contained therein) or other organizational documents of the Company or any of its subsidiaries, any capital stock
of the Company or any of its subsidiaries or bylaws or operating agreements of the Company or any of its subsidiaries, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its subsidiaries is a party or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including, without limitation, foreign, federal and state securities laws and regulations and the rules and regulations
of the Principal Market applicable to the Company or by which any property or asset of the Company is bound or affected except,
in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a Material
Adverse Effect.

 

(e)
Consents.

 

Neither
the Company nor any subsidiary is required to obtain any consent from, authorization or order of, or make any filing or registration
with any court, governmental agency or any regulatory or self-regulatory agency or any other Person (other than the filing with
the SEC of one or more Registration Statements in accordance with the requirements of the Registration Rights Agreement, a Form
D with the SEC and other filings as may be required by any state securities agencies, the filing of required notice and/or application
to the Principal Market for the issuance and sale of the Securities and the filings required by Section 4(i) of this Agreement),
in order for it to execute, deliver or perform any of its respective obligations under, or contemplated by, the Transaction Documents,
in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company is required to obtain at or prior to the Closing have been obtained or effected on or prior to the Closing Date,
and the Company is not aware of any facts or circumstances which might prevent the Company from obtaining or effecting any of
the registration, application or filings contemplated by the Transaction Documents. Except as disclosed in the SEC Documents,
the Company is not in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances
which could reasonably lead to suspension of the Ordinary Shares in the foreseeable future. There is no requirement for the Company
to obtain approval of the Principal Market for listing or trading of Registrable Securities which constitute Ordinary Shares.

 

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(f)
Acknowledgment Regarding Buyers’ Purchase of Securities.

 

The
Company acknowledges and agrees that each Buyer is acting solely in the capacity of an arm’s length purchaser with respect
to the Transaction Documents and the transactions contemplated hereby and thereby and that such Buyer is not (i) an officer or
director of the Company, (ii) an affiliate (as defined in Rule 405 of the 1933 Act) of the Company (an “Affiliate”)
or (iii) to its knowledge, a “beneficial owner” (as defined for purposes of Rule 13d-3 of the 1934 Act) of more than
10% of the Ordinary Shares. The Company further acknowledges that each Buyer is not acting as a financial advisor or fiduciary
of the Company or any of its subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the transactions
contemplated hereby and thereby, and any advice given by such Buyer or any of its representatives or agents in connection with
the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer’s purchase
of the Securities. The Company further represents to such Buyer that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation by the Company and its representatives.

 

(g)
No General Solicitation; Placement Agent’s Fees.

 

None
of the Company, any of its Affiliates, or any Person acting on the behalf of the Company or any of its Affiliates, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or
sale of the Securities. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory
fees, or brokers’ commissions, relating to or arising out of the transactions contemplated hereby.

 

(h)
No Integrated Offering.

 

None
of the Company, any of its Affiliates, or, to the knowledge of the Company, any Person acting on the behalf of the Company or
any of its Affiliates has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any
security, under circumstances that would require registration of the issuance of any of the Securities under the 1933 Act, whether
through integration with prior offerings or otherwise, or cause this offering of the Securities to require approval of stockholders
of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations
of any exchange or automated quotation system on which any of the securities of the Company are listed or designated for quotation.
None of the Company, any of its Affiliates, or, to the knowledge of the Company, any Person acting on the behalf of the Company
or any of its Affiliates will take any action or steps that would require registration of the issuance of any of the Securities
under the 1933 Act or cause the offering of any of the Securities to be integrated with other offerings of securities of the Company.

 

    	 	11	 

     

    

 

(i)
Dilutive Effect.

 

The
Company understands and acknowledges that the number of Conversion Shares and Warrant Shares may increase in certain circumstances.
The Company further acknowledges that, except to the extent an issuance would exceed the beneficial ownership limitation in Section
1(e) of this Agreement, its obligation to issue the Conversion Shares upon conversion of the Convertible Notes and the Warrant
Shares upon exercise of the Warrants in accordance therewith and with this Agreement is absolute and unconditional, regardless
of the dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

(j)
Application of Takeover Protections; Rights Agreement.

 

The
Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any control share
acquisition, interested stockholder, business combination, poison pill (including, without limitation, any distribution under
a rights agreement), shareholder rights plan or other similar anti-takeover provision under the certificate of incorporation,
bylaws or other organizational documents of the Company or any of its Affiliates or the laws of the jurisdiction of its incorporation
or otherwise which is or could become applicable to each Buyer as a result of the transactions contemplated by this Agreement,
including, without limitation, the Company’s issuance of the Securities and such Buyer’s ownership of the Securities.
The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any shareholder
rights plan or similar arrangement relating to accumulations of beneficial ownership of Ordinary Shares or a change in control
of the Company or any of its Affiliates.

 

(k)
SEC Documents; Financial Statements.

 

During
the two (2) years prior to the date hereof, the Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing, as well
as all registration statements under the 1933 Act, filed prior to the date hereof and all exhibits and appendices included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Documents”). As of their respective dates, the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. As of its dates, the financial statements of the Company included
in the SEC Documents complied in all material respects with applicable accounting requirements and the published rules and regulations
of the SEC with respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance
with generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent
they may exclude the footnotes or may be condensed or summary statements) and fairly present in all material respects the financial
position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in
the aggregate). No other information provided by or on behalf of the Company to each Buyer which is not included in the SEC Documents
contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements
therein not misleading, in the light of the circumstance under which they are or were made.

 

    	 	12	 

     

    

 

(l)
Absence of Certain Changes.

 

Since
the date of the Company’s most recent audited financial statements contained in a Form 20-F, except as disclosed in the
SEC Documents filed subsequent to such Form 20-F, there has been no material adverse change and no material adverse development
in the business, assets, liabilities, properties, operations (including results thereof), or condition (financial or otherwise)
of the Company and its subsidiaries. Since the date of the Company’s most recent audited financial statements contained
in a Form 20-F, neither the Company nor any of its subsidiaries has (i) declared or paid any dividends, (ii) sold any material
assets outside of the ordinary course of business or (iii) made any material capital expenditures, individually or in the aggregate,
outside of the ordinary course of business. Neither the Company nor any of its subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up. Neither
the Company nor any of its subsidiaries has any knowledge or reason to believe that any of their respective creditors intend to
initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.
The Company is not, and after giving effect to the transactions contemplated hereby to occur at the Closing will not be, Insolvent
(as defined below). “Insolvent” means the present fair saleable value of the Company’s assets is less
than the amount required to pay the Company’s total Indebtedness (as defined below). The Company has not engaged in any
business or in any transaction, and is not about to engage in any business or in any transaction, for which the Company’s
remaining assets constitute unreasonably small capital.

 

(m)
No Undisclosed Events, Liabilities, Developments or Circumstances.

 

Except
as disclosed in the SEC Documents, no event, liability, development or circumstance has occurred or exists, or is reasonably expected
to occur or exist with respect to the Company or any of its subsidiaries or any of their respective businesses, properties, liabilities,
prospects, operations (including results thereof) or condition (financial or otherwise) that to the Company’s knowledge,
would have a Material Adverse Effect on the Company. Additionally, except as disclosed in the SEC Documents, the Company has not
consummated any financing transaction that has not been disclosed in a periodic filing or current report with the SEC under the
1934 Act.

 

    	 	13	 

     

    

 

(n)
Conduct of Business; Regulatory Permits.

 

Neither
the Company nor any of its subsidiaries is in violation of any term of or in default under its organizational documents including
its certificate of incorporation, bylaws, certificate of formation, any other organizational charter, any certificate of designation,
preferences or rights of any outstanding series of preferred stock of the Company or any of its subsidiaries, respectively. Neither
the Company nor any of its subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation
applicable to the Company or any of its subsidiaries, and the Company will not conduct its business in violation of any of the
foregoing, except in all cases for possible violations which could not, individually or in the aggregate, have a Material Adverse
Effect. Without limiting the generality of the foregoing, except as disclosed in the SEC Documents, the Company is not in violation
of any of the rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances that
could reasonably lead to suspension of the Ordinary Shares by the Principal Market in the foreseeable future. Since June 20, 2018,
(i) the Ordinary Shares have been designated for quotation on the Principal Market, (ii) trading in the Ordinary Shares has not
been suspended by the SEC or the Principal Market and (iii) except as disclosed in the SEC Documents, the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension of the Ordinary Shares from the
Principal Market. The Company and each of its subsidiaries possess all certificates, authorizations and permits issued by the
appropriate regulatory authorities necessary to conduct their businesses, except where the failure to possess such certificates,
authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and neither the Company
nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit.

 

(o)
Foreign Corrupt Practices.

 

Neither
the Company nor any of its subsidiaries nor to the knowledge of the Company, any director, officer, agent, employee or other Person
acting on behalf of the Company or any of its subsidiaries (as applicable) has, in the course of its actions for, or on behalf
of, the Company or any of its subsidiaries (i) used any corporate funds for any unlawful contribution, gift, entertainment or
other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to any foreign or domestic government official or employee.

 

(p)
Sarbanes-Oxley Act.

 

Except
as set forth in the SEC Documents, the Company and each of its subsidiaries is in material compliance with all applicable requirements
of the Sarbanes-Oxley Act of 2002 and all applicable rules and regulations promulgated by the SEC thereunder.

 

(q)
Transactions With Affiliates.

 

Except
as disclosed in the SEC Documents, none of the officers, directors, employees or Affiliates of the Company is presently a party
to any transaction with the Company (other than for ordinary course services as employees, officers or directors and immaterial
transactions), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any such officer, director, employee
or Affiliate or, to the knowledge of the Company, any corporation, partnership, trust or other Person in which any such officer,
director, employee or Affiliate has a substantial interest or is an employee, officer, director, trustee or partner.

 

    	 	14	 

     

    

 

(r)
Equity Capitalization.

 

There
is no limit on the number of Ordinary Shares the Company is authorized to issue under its formation documents or applicable law.
The Company has registered its Ordinary Shares under Section 12(b) of the 1934 Act, and is obligated to file reports pursuant
to Section 13 or Section 15(d) of the 1934 Act. As of the date hereof, the authorized capital stock of the Company consists solely
of (i) Ordinary Shares, of which 34,805,088 are issued and outstanding and approximately 23,900,000 are reserved for issuance
pursuant to Convertible Securities (as defined below) (other than the Convertible Notes and Warrants), and (ii) preference shares,
of which none are issued and outstanding. No Ordinary Shares are held in treasury. All of such outstanding shares are duly authorized
and have been, or upon issuance will be, validly issued and are fully paid and non-assessable. Approximately 17,600 shares of
the Company’s issued and outstanding Ordinary Shares, as of the date hereof, are owned by officers, directors and, to the
best of the Company’s knowledge, other Persons who are “affiliates” (as defined in Rule 405 of the 1933 Act
and calculated based on the assumption that only officers, directors and holders of at least 10% of the Company’s issued
and outstanding Ordinary Shares are “affiliates” without conceding that any such Persons are “affiliates”
for purposes of federal securities laws) of the Company. Except as disclosed in the SEC Documents or as otherwise disclosed to
the Buyers in writing: (i) to the Company’s knowledge, no Person owns 10% or more of the Company’s issued and outstanding
Ordinary Shares (calculated based on the assumption that all Convertible Securities, whether or not presently exercisable or convertible,
have been fully exercised or converted (as the case may be) taking account of any limitations on exercise or conversion (including
“blockers”) contained therein without conceding that such identified Person is a 10% stockholder for purposes of federal
securities laws); (ii) the Company’s capital stock and the capital stock of its subsidiaries are not subject to preemptive
rights or any other similar rights or any liens or encumbrances; (iii) there are no outstanding options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable
or exchangeable for, any capital stock of the Company or any of its subsidiaries, or contracts, commitments, understandings or
arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional capital stock or options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any capital stock of the Company or any of its subsidiaries, respectively
(other than as may be issued from time to time under any equity incentive plan maintained); (iv) there are no outstanding debt
securities, convertible notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness
of the Company or any of its subsidiaries or by which the Company or any of its subsidiaries is or may become bound; (v) there
are no financing statements securing obligations in any amounts filed in connection with the Company or any of its subsidiaries;
(vi) there are no agreements or arrangements under which the Company or any of its subsidiaries is obligated to register the sale
of any of their securities under the 1933 Act (except pursuant to the Registration Rights Agreement or as set forth on Schedule
3(r)); (vii) there are no outstanding securities or instruments of the Company or any of its subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of
its subsidiaries is or may become bound to redeem a security of the Company or any of its subsidiaries; (viii) there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities; (ix) neither
the Company nor any of its subsidiaries has stock appreciation rights or “phantom stock” plans or agreements or any
similar plan or agreement; and (x) the Company does not have any liabilities or obligations required to be disclosed in the SEC
Documents which are not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the Company’s
business and which do not and would not reasonably be expected to have a Material Adverse Effect. The SEC Documents contain true,
correct and complete copies of the Company’s constitution, as amended and as in effect on the date, and the terms of all
material securities convertible into, or exercisable or exchangeable for, Ordinary Shares and the material rights of the holders
thereof. “Convertible Securities” means any capital stock or other security of the Company that is at any time
and under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any capital stock or other security of the Company (including, without limitation, Ordinary Shares).

 

    	 	15	 

     

    

 

(s)
Indebtedness and Other Contracts.

 

Except
as disclosed in the SEC Documents, each of the Company and its subsidiaries (i) does not have any material outstanding Indebtedness
or other material debt obligations, (ii) is not a party to any contract, agreement or instrument, the violation of which, or default
under which, by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material
Adverse Effect, (iii) is not in violation of any term of, or in default under, any contract, agreement or instrument relating
to any Indebtedness, except where such violations and defaults would not result, individually or in the aggregate, in a Material
Adverse Effect, and (iv) is not a party to any contract, agreement or instrument relating to any Indebtedness, the performance
of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. The Company has
no current intention or expectation to file for reorganization or liquidation under the bankruptcy or reorganization laws of any
jurisdiction. “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money,
(B) all obligations issued, undertaken or assumed as the purchase price of property or assets, including indebtedness created
or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect
to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or
bank under such agreement in the event of default are limited to repossession or sale of such property), other than trade payables
entered into in the ordinary course of business, (C) all reimbursement or payment obligations with respect to letters of credit,
surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments,
(E) all monetary obligations under any leasing or similar arrangement which, in connection with generally accepted accounting
principles, consistently applied for the periods covered thereby, is classified as a capital lease, (F) all indebtedness referred
to in clauses (A) through (E) above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any material
property or assets (including accounts and contract rights) owned by such Person, even though the Person has not assumed or become
liable for the payment of such indebtedness, and (G) all Contingent Obligations in respect of indebtedness or obligations of others
of the kinds referred to in clauses (A) through (F) above. “Contingent Obligation” means, as to any Person,
any direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or
other obligation of another Person (other than a Subsidiary of the first Person) if the primary purpose or intent of the first
Person, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid
or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected
(in whole or in part) against loss with respect thereto. “Person” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government
or any department or agency thereof.

 

    	 	16	 

     

    

 

(t)
Absence of Litigation.

 

Except
as disclosed in the SEC Documents or as set forth in Schedule 3(t), there is no action, suit, proceeding, inquiry or investigation
before or by the Principal Market, any court, public board, government agency, self-regulatory organization or body pending or,
to the knowledge of the Company, threatened against or affecting the Company or any of its subsidiaries, the Ordinary Shares or
any of the Company’s or its subsidiaries’ executive officers or directors which would be reasonably likely to adversely
affect the transactions contemplated by this Agreement or would require disclosure in the SEC Documents. There has not been, and
to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any
of its subsidiaries or any current or former director or officer of the Company or any of its subsidiaries. The SEC has not issued
any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the 1933 Act
or the 1934 Act.

 

(u)
Insurance.

 

The
Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and
its subsidiaries are engaged. Neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied
for, and the Company has no reason to believe that it will be unable to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that
would not have a Material Adverse Effect.

 

(v)
Employee Relations.

 

Neither
the Company nor any of its subsidiaries is a party to any collective bargaining agreement nor does it employ any member of a union.
No executive officer (as defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any of
its subsidiaries has notified the Company or any such subsidiary that such officer intends to leave the Company or any such subsidiary
or otherwise terminate such officer’s employment with the Company or any such subsidiary. To the knowledge of the Company,
no executive officer or other key employee of the Company or any of its subsidiaries is, or is now expected to be, in violation
of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition
agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each such executive
officer or other key employee (as the case may be) does not subject the Company or any of its subsidiaries to any liability with
respect to any of the foregoing matters. The Company and its subsidiaries are in compliance with all federal, state, local and
foreign laws and regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment
and wages and hours, except where failure to be in compliance would not, either individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect.

 

    	 	17	 

     

    

 

(w)
Title.

 

The
Company and its subsidiaries have good and marketable title to (i) all real property owned by it and (ii) all personal property,
owned by them which is material to the business of the Company and its subsidiaries, in each case, free and clear of all liens,
encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use
made and proposed to be made of such property by the Company and any of its subsidiaries. Any real property and facilities held
under lease by the Company and any of its subsidiaries are held by them under valid, subsisting and enforceable leases with such
exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by
the Company or any of its subsidiaries.

 

(x)
Intellectual Property Rights.

 

The
Company and its subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks,
service mark registrations, service names, patents, patent rights, copyrights, original works, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor
(“Intellectual Property Rights”) necessary to conduct their respective businesses as now conducted and as presently
proposed to be conducted. Except as disclosed in the SEC Documents, none of the Company’s or its subsidiaries’ Intellectual
Property Rights have expired, terminated or been abandoned, or are expected to expire, terminate or be abandoned, within three
years from the date of this Agreement, which could reasonably be expected to result in a Material Adverse Effect. The Company
has no knowledge of any material infringement by the Company or any of its subsidiaries of Intellectual Property Rights of others,
except as disclosed in the SEC Documents. There is no claim, action or proceeding being made or brought, or to the knowledge of
the Company or any of its subsidiaries, being threatened, against the Company or any of its subsidiaries regarding their Intellectual
Property Rights and which would reasonably be expected to have a Material Adverse Effect, except as disclosed in the SEC Documents.
The Company is not aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims,
actions or proceedings. The Company and each of its subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their Intellectual Property Rights, except where failure to take such measures would not,
either individually or in the aggregate, reasonably be expected to materially affect the value of their respective Intellectual
Property Rights.

 

    	 	18	 

     

    

 

(y)
Environmental Laws.

 

The
Company and its subsidiaries (i) are in compliance with all Environmental Laws (as defined below), (ii) have received all permits,
licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii)
are in compliance with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses
(i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material
Adverse Effect. “Environmental Laws” means all federal, state, local or foreign laws relating to pollution
or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(z)
Subsidiary Rights.

 

The
Company or one of its subsidiaries has unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive
dividends and distributions on, all capital securities of its subsidiaries as owned by the Company or such subsidiary.

 

(aa)
Tax Status.

 

Each
of the Company and its subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations,
except those being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment
of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply, except in each case where
the failure to file, pay or set aside could not be reasonably expected to have a Material Adverse Effect. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and
it subsidiaries know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive foreign
investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

    	 	19	 

     

    

 

(bb)
Internal Accounting and Disclosure Controls.

 

Except
as disclosed in the SEC Documents, the Company and each of its subsidiaries maintains internal control over financial reporting
(as such term is defined in Rule 13a-15(f) under the 1934 Act) that is effective to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, including that (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles and to maintain asset and liability accountability, (iii) access to assets or incurrence
of liabilities is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate
action is taken with respect to any difference. Except as disclosed in the SEC Documents, the Company maintains disclosure controls
and procedures (as such term is defined in Rule 13a-15(e) under the 1934 Act) that are effective in ensuring that information
required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed, summarized
and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls and
procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits
under the 1934 Act is accumulated and communicated to the Company’s management, including its principal executive officer
or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure.
Except as disclosed in the SEC Documents, neither the Company nor any of its subsidiaries has received any notice or correspondence
from any accountant or other Person relating to any potential material weakness or significant deficiency in any part of the internal
controls over financial reporting of the Company or any of its subsidiaries. There are no material disagreements presently existing,
or reasonably anticipated by the Company to arise, between the accountants and lawyers formerly or presently employed by the Company.

 

(cc)
Off Balance Sheet Arrangements.

 

There
is no transaction, arrangement, or other relationship between the Company or any of its subsidiaries and an unconsolidated or
other off balance sheet entity that is required to be disclosed by the Company in the SEC Documents and is not so disclosed or
that otherwise could be reasonably likely to have a Material Adverse Effect.

 

(dd)
Investment Company Status.

 

The
Company is not, and upon consummation of the sale of the Securities will not be, an “investment company,” an affiliate
of an “investment company,” a company controlled by an “investment company” or an “affiliated person”
of, or “promoter” or “principal underwriter” for, an “investment company” as such terms are
defined in the Investment Company Act of 1940, as amended.

 

(ee)
Acknowledgement.

 

The
Company acknowledges that sales of Ordinary Shares by each Buyer following the effectiveness of the Registration Statement or
sales of the Ordinary Shares pursuant to Rule 144 or otherwise pursuant to an exemption from registration may reduce the price
of the Ordinary Shares. None of the foregoing shall constitute a breach of this Agreement or any other obligation of such Buyer.

 

(ff)
Manipulation of Price.

 

The
Company has not, and, to the knowledge of the Company, no Person acting on its behalf has, directly or indirectly, (i) taken any
action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company.

 

    	 	20	 

     

    

 

(gg)
U.S. Real Property Holding Corporation.

 

Neither
the Company nor any of its subsidiaries is or has ever been, and so long as any of the Securities are held by any Buyer, shall
not become, a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as
amended, and the Company and each subsidiary shall so certify upon any Buyer’s request.

 

(hh)
No Disqualification Events.

 

None
of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company
participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s outstanding voting
equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the 1933
Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject
to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable
care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

 

(ii)
Transfer Taxes.

 

On
the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required to be paid in connection
with the issuance, sale and transfer of the Securities to be sold to any Buyer hereunder will be, or will have been, fully paid
or provided for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

(jj)
Bank Holding Company Act.

 

The
Company is not subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by
the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of
its affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting
securities or twenty-five percent (25%) or more of the total equity of a bank or any equity that is subject to the BHCA and to
regulation by the Federal Reserve. Neither the Company nor any of its affiliates exercises a controlling influence over the management
or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(kk)
Shell Company Status.

 

The
Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

(ll)
Public Utility Holding Act.

 

The
Company is not a “holding company,” or an “affiliate” of a “holding company,” as such terms
are defined in the Public Utility Holding Act of 2005.

 

    	 	21	 

     

    

 

(mm)
Federal Power Act.

 

The
Company is not subject to regulation as a “public utility” under the Federal Power Act, as amended.

 

(nn)
Fixtures and Equipment.

 

Each
of the Company and its subsidiaries (as applicable) has good title to, or a valid leasehold interest in, the tangible personal
property, equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or its
subsidiary in connection with the conduct of its business (the “Fixtures and Equipment”). The Fixtures and
Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses to which they are being
put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient for the
conduct of the Company’s and/or its subsidiaries’ businesses (as applicable) in the manner as conducted prior to the
Closing. Each of the Company and its Subsidiaries owns all of its Fixtures and Equipment free and clear of all Encumbrances except
for (a) liens for current taxes not yet due and (b) zoning laws and other land use restrictions that do not impair the present
or anticipated use of the property subject thereto.

 

(oo)
Illegal or Unauthorized Payments; Political Contributions.

 

Neither
the Company nor any of its subsidiaries nor, to the best of the Company’s knowledge (after reasonable inquiry of its executive
officers and directors), any of the officers, directors, employees, agents or other representatives of the Company or any of its
subsidiaries or any other business entity or enterprise with which the Company or any of its subsidiaries is or has been affiliated
or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services,
whether or not in contravention of applicable law, (a) as a kickback or bribe to any Person or (b) to any political organization,
or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving
the direct or indirect use of funds of the Company or any of its subsidiaries.

 

(pp)
Money Laundering.

 

The
Company and its subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001 and all other
applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, without limitation, the laws, regulations
and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, without limitation,
(i) Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31
CFR, Subtitle B, Chapter V.

 

(qq)
Registration Rights.

 

Except
as disclosed in the SEC Documents or as set forth in the Schedule 3(qq), no holder of securities of the Company has rights to
the registration of any securities of the Company because of the filing of the Registration Statement or the issuance of the Securities
hereunder that could expose the Company to material liability or any Buyer to any liability or that could impair the Company’s
ability to consummate the issuance and sale of the Securities in the manner, and at the times, contemplated hereby, which rights
have not been waived by the holder thereof as of the date hereof.

 

    	 	22	 

     

    

 

(rr)
Sufficient Contacts.

 

The
Company acknowledges that the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated
by the Transaction Documents and any dispute that may arise related thereto such that the laws and venue of the State of Utah,
as set forth more specifically in Section 9(a) below, shall be applicable to the Transaction Documents and the transactions contemplated
therein.

 

(ss)
Company Due Diligence.

 

The
Company has performed due diligence and background research on Iliad and its affiliates including, without limitation, John M.
Fife, and, to its satisfaction, has made inquiries with respect to all matters the Company may consider relevant to the undertakings
and relationships contemplated by the Transaction Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=
7505107&ticker=UAHC; SEC Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case
#2011029203701. The Company, being aware of the matters described in the foregoing sentence, acknowledges and agrees that such
matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction Documents and agrees it will
not use any such information as a defense to performance of its obligations under the Transaction Documents or in any attempt
to avoid, modify or reduce such obligations.

 

(tt)
Disclosure.

 

The
Company confirms that neither it nor any other Person acting on its behalf has provided any Buyer or their agents or counsel with
any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the
Company or any of its subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other
Transaction Documents. The Company understands and confirms that Buyers will rely on the foregoing representations in effecting
transactions in securities of the Company. All disclosure provided to any Buyer regarding the Company, its subsidiaries, their
respective businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on
behalf of the Company or any of its subsidiaries is true and correct in all material respects and does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading. Each press release issued by the Company during the twelve
(12) months preceding the date of this Agreement did not at the time of release contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they are made, not misleading. No event or circumstance has occurred or information exists with
respect to the Company or any of its subsidiaries or their respective businesses, properties, liabilities, prospects, operations
(including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires
public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly disclosed. The
Company acknowledges and agrees that each Buyer makes no and has not made any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in Section 2.

 

    	 	23	 

     

    

 

4.
COVENANTS.

 

(a)
Registration Statement.

 

The
Company shall file with the SEC within fifteen (15) calendar days from the date hereof a new registration statement covering the
sale of the Securities by the Buyers, as set forth further on the Buyer Schedules, in accordance with the terms of the Registration
Rights Agreement between the Company and the Buyers, dated as of the date hereof.

 

(b)
Form D and Blue Sky.

 

The
Company shall file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof to each
Buyer promptly after filing. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to, qualify the Securities for sale to each Buyer at the Closing
pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to
obtain an exemption from such qualification), and shall provide confirmation of any such action, if applicable, so taken to such
Buyer on or prior to such Closing Date. Without limiting any other obligation of the Company under this Agreement, the Company
shall timely make all filings and reports relating to the offer and sale of the Securities required under all applicable securities
laws (including, without limitation, all applicable federal securities laws and all applicable “Blue Sky” laws), and
the Company shall comply with all applicable federal, foreign, state and local laws, statutes, rules, regulations and the like
relating to the offering and sale of the Securities to such Buyer.

 

(c)
Reporting Status.

 

Until
the date on which the Buyers shall have sold all of the Registrable Securities (the “Reporting Period”), the
Company shall file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate
its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder
would no longer require or otherwise permit such termination.

 

(d)
Use of Proceeds.

 

The
Company shall use the proceeds from the sale of the Securities for general corporate purposes.

 

(e)
Financial Information.

 

During
the Reporting Period, the Company agrees to send the following to each Buyer, unless the following are filed with the SEC through
EDGAR and are available to the public through the EDGAR system, (i) within one (1) Business Day after the filing thereof with
the SEC, a copy of its Annual Reports on Form 20-F and Reports of Foreign Private Issuers on Form 6-K, any interim reports or
any consolidated balance sheets, income statements, stockholders’ equity statements and/or cash flow statements for any
period other than annual, and any registration statements (other than on Form S-8) or amendments filed pursuant to the 1933 Act,
(ii) on the same day as the release thereof, facsimile copies of all press releases issued by the Company and (iii) copies of
any notices and other information made available or given to the stockholders of the Company generally, contemporaneously with
the making available or giving thereof to the stockholders.

 

    	 	24	 

     

    

 

(f)
Listing.

 

The
Company shall use its commercially reasonable efforts to promptly secure the listing or designation for quotation (as the case
may be) of all of the Registrable Securities consisting of Ordinary Shares upon each trading market and national securities exchange
and automated quotation system, if any, upon which the Ordinary Shares are then listed or designated for quotation (as the case
may be) so that all such Registrable Securities consisting of Ordinary Shares may be traded on the foregoing, subject to official
notice of issuance, but in no event later than the Closing Date, and during the Reporting Period, shall use commercially reasonable
efforts to maintain such listing or designation for quotation (as the case may be) of all Registrable Securities from time to
time issuable under the terms of the Transaction Documents on such national securities exchange or automated quotation system.
During the Reporting Period, the Company shall use its commercially reasonable efforts to maintain the Ordinary Shares’
listing or designation for quotation (as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE Amex,
the Nasdaq Global Select Market or the Nasdaq Global Market (each, an “Eligible Market”). During the Reporting
Period, the Company shall not take any action which could be reasonably expected to result in the delisting or suspension of the
Ordinary Shares on an Eligible Market. The Company shall pay all fees and expenses in connection with satisfying its obligations
under this Section 4(f).

 

(g)
Fees.

 

The
Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, transfer agent fees,
DTC fees or broker’s commissions, relating to or arising out of the issuance and sale of the Securities by the Company as
contemplated hereby. The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without
limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising in connection with any claim relating to any
such payment. Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses
in connection with the sale of the Securities to each Buyer.

 

(h)
Pledge of Securities.

 

Notwithstanding
anything to the contrary contained in this Agreement, the Company acknowledges and agrees that the Securities may be pledged by
each Buyer in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Securities.
The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and each Buyer
effecting a pledge of Securities shall not be required to provide the Company with any notice thereof or otherwise make any delivery
to the Company pursuant to this Agreement or any other Transaction Document. At each Buyer’s expense, the Company hereby
agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge
of the Securities to such pledgee by each Buyer provided that the Company shall be under no obligation to deliver any legal opinion
required in connection therewith unless required by the Company’s transfer agent to be issued by the Company’s legal
counsel.

 

    	 	25	 

     

    

 

(i)
Disclosure of Transactions and Other Material Information.

 

The
Company shall, on or before 8:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement, file a
Report of Foreign Private Issuer on Form 6-K describing all the material terms of the transactions contemplated by the Transaction
Documents in the form required by the 1934 Act and attaching all the material Transaction Documents (including, without limitation,
this Agreement and the form of each of the Convertible Notes and Warrants) (including all attachments, the “6-K Filing”).
From and after the date of the 6-K Filing, the Company shall have disclosed all material, non-public information (if any) delivered
to each Buyer by the Company, or any of its officers, directors, employees or agents in connection with the transactions contemplated
by the Transaction Documents. The Company shall not, and the Company shall cause each of its officers, directors, employees and
agents not to, provide each Buyer with any material, non-public information regarding the Company from and after the date of the
6-K Filing without the express prior written consent of such Buyer. Subject to the foregoing, neither the Company nor any Buyer
shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided,
however, the Company shall be entitled, without the prior approval of each Buyer, to make any press release or other public disclosure
with respect to such transactions (i) in substantial conformity with the 6-K Filing and contemporaneously therewith and (ii) as
is required by applicable law and regulations (provided that in the case of clause (i) such Buyer shall be consulted by the Company
in connection with any such press release or other public disclosure prior to its release). Without the prior written consent
of each Buyer, the Company shall not (and shall cause each of its affiliates to not) disclose the name of such Buyer in any filing
(other than the 6-K Filing or any filing that incorporates language from the 6-K Filing and other than the Registration Statement
and other than as required by applicable law or rules and regulations), announcement, release or otherwise. Notwithstanding anything
contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly
acknowledges and agrees that, from and after the 6-K Filing, and except as set forth in Section 4(p), such Buyer shall not have
(unless expressly agreed to by such Buyer after the date hereof in a written definitive and binding agreement executed by the
Company and such Buyer), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any information
regarding the Company or any of its subsidiaries (as applicable) that such Buyer receives from the Company, any of its subsidiaries
or any of its or its officers, directors, employees, stockholders or agents.

 

(j)
Lock-Up Period.

 

For
the period commencing on the date hereof and ending on the earlier of (i) the date immediately following the 90th day
after the Initial Registration Statement has been declared effective by the SEC and (ii) the 90th day after the Securities
purchased hereunder are saleable under Rule 144 without volume or manner of sale limitations (the “Restricted Period”),
the Company will cause each of its directors and officers listed on Exhibit E attached hereto or, where the Ordinary
Shares or other securities referred to below are held by an entity represented by the relevant director or officer rather than
by the director or officer himself, cause such entity to furnish, prior to the Closing Date, a letter pursuant to which each such
person shall agree not to directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise transfer
or dispose of any Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares or enter into
any derivative or other transaction having substantially similar economic effect with respect to the shares of the Company or
any such securities or announce publicly their intention to do any of the foregoing during the Restricted Period, without the
prior written consent of each Buyer, subject to customary exceptions.

 

    	 	26	 

     

    

 

(k)
Reservation of Shares.

 

As
long as any of the Convertible Notes and Warrants remain outstanding, the Company shall take all action necessary to at all times
have authorized and reserved for the purpose of issuance, no less than 200% of the Ordinary Shares issuable upon conversion of
the Convertible Notes (assuming the Convertible Notes are exercisable in full and without regard to any limitations on the exercise
of the Convertible Notes set forth therein) or exercise of the Warrants (assuming the Warrants are exercisable in full and without
regard to any limitations on the exercise of the Warrants set forth therein).

 

(l)
Conduct of Business.

 

During
the Reporting Period, the business of the Company shall not be conducted in violation of any law, ordinance or regulation of any
governmental entity, except where such violations would not result, either individually or in the aggregate, in a Material Adverse
Effect.

 

(m)
Passive Foreign Investment Company.

 

During
the Reporting Period, the Company shall conduct its business in such a manner as will ensure that the Company will not be deemed
to constitute a passive foreign investment company within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986,
as amended.

 

(n)
Corporate Existence.

 

So
long as any Buyer owns any Warrants, the Company shall not be party to any Fundamental Transaction (as defined in the Warrants)
unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Warrants.

 

(o)
Activity Restrictions.

 

For
so long as any Buyer or any of its Affiliates holds any Securities, neither such Buyer nor any of its Affiliates will: (i) engage
or participate in any actions, plans or proposals which relate to or would result in (a) acquiring additional securities of the
Company, alone or together with any other Person, which would result in beneficially owning or controlling, or being deemed to
beneficially own or control, more than 9.9% of the total outstanding Ordinary Shares or other voting securities of the Company,
(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving Company, (c) a sale or
transfer of a material amount of assets of the Company, (d) any change in the present board of directors or management of the
Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board,
(e) any material change in the present capitalization or dividend policy of the Company, (f) any other material change in the
Company’s business or corporate structure, (g) changes in the Company’s charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the Company by any Person, (h) causing a class of securities
of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer
quotation system of a registered national securities association, (i) a class of equity securities of the Company becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Act, or (j) any action, intention, plan or arrangement similar
to any of those enumerated above, or (ii) request the Company or its directors, officers, employees, agents or representatives
to amend or waive any provision of this Section 4(o); provided, however, that notwithstanding anything to the contrary contain
in clauses (i) and (ii) above, each Buyer may vote any Ordinary Shares owned or controlled by it, solicit any proxies, or seek
to advise or influence any Person with respect to any voting securities of the Company.

 

    	 	27	 

     

    

 

(p)
Due Diligence.

 

In
connection with any reasonable request by any Buyer made in connection with the filing of the registration statement described
in Section 4(a) hereof, or any amendment or supplement thereto, such Buyer shall have the right, from time to time as such Buyer
may reasonably deem appropriate, to perform reasonable due diligence on the Company during normal business hours and subject to
reasonable prior notice to the Company. The Company and its officers and employees shall provide information (“Confidential
Information”) and reasonably cooperate with such Buyer in connection with such Buyer’s due diligence; provided,
however, that at no time is the Company required or permitted to disclose material nonpublic information to such Buyer or breach
any obligation of confidentiality or non-disclosure to a third party or make any disclosure that could cause a waiver of attorney-client
privilege. Except as may be required by law, court order or governmental authority, each party hereto agrees not to disclose any
Confidential Information of the other party to any third party and shall not use the Confidential Information of such other party
for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby. In the event a party
is required by law, court order or governmental authority to disclose the Confidential Information of the other party, such party
shall give the other party written notice of the information to be disclosed as far in advance of its disclosure as practicable
and use its commercially reasonable efforts, and shall reasonably cooperate with the other party’s efforts, to obtain assurances
that confidential treatment will be accorded such information. Each party hereto acknowledges that the Confidential Information
shall remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy
of any Confidential Information disclosed by the other party.

 

(q)
Right of First Offer.

 

Beginning
on the Closing Date and ending on the Minimum Debt Balance Date (as defined below), in the event Company intends to consummate
any financing through the sale of Ordinary Shares and/or securities exercisable or exchangeable for or convertible into Ordinary
Shares, other than a Permitted Financing, it shall first offer such financing to Buyer in writing (the “ROFO Notice”).
The ROFO Notice shall specify the amount of the proposed financing. The ROFO Notice shall constitute an offer by Company to allow
Buyer to make the proposed financing on substantially the same terms and conditions set forth herein. Buyer, if it desires to
accept such offer, shall give Company written notice to such effect (the “Acceptance Notice”) within seven
(7) days of its receipt of the ROFO Notice (the “Acceptance Period”). If Buyer sends the Acceptance Notice
to Company, the parties shall have seven (7) days to negotiate definitive documents and consummate the financing. If Buyer shall
fail to give the Acceptance Notice to Company within the time period provided or otherwise elects not to participate in the financing,
Company shall be free to consummate, within 90 days of the expiration of the Acceptance Period, a financing with a third party
investor on any terms. A “Permitted Financing” shall mean (x) any financing in which the Company sells only
Ordinary Shares, and (y) one financing of up to $12,000,000.00, provided, in the case of clause (y), that (1) each investor in
such financing must invest at least $500,000.00, (2) in such financing the securities sold are restricted securities as defined
in Rule 144 under the 1933 Act, and (3) the holders thereof do not have the right to require the registration of such securities
under the 1933 Act until six months after the Closing.

 

    	 	28	 

     

    

 

(r)
No Exchange Transactions.

 

Until
the date the aggregate debt balance owing to Iliad and its affiliates is less than $3,000,000.00 (the “Minimum Debt Balance
Date”), and so long as any Buyer owns any Registrable Securities of the Company, other than a Permitted Financing and
except as otherwise disclosed to Iliad in writing prior to the date hereof, the Company will not enter into any exchange transaction
for Ordinary Shares pursuant Section 3(a)(9) of the 1933 Act without Iliad’s prior written consent, which consent may be
granted or withheld in Buyer’s sole discretion.

 

5.
REGISTER; TRANSFER AGENT INSTRUCTIONS;
LEGEND.

 

(a)
Register.

 

The
Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by
notice to each holder of Securities), a register for the Convertible Notes and the Warrants in which the Company shall record
the name and address of the Person in whose name the Convertible Notes and the Warrants have been issued (including the name and
address of each transferee) reflecting the principal amount of the Convertible Note and the Warrants held by such Person. The
Company shall keep the register open and available at all times during business hours for inspection by each Buyer or its legal
representatives.

 

(b)
Transfer Agent Instructions.

 

The
Company shall issue irrevocable instructions to its transfer agent and any subsequent transfer agent in a form acceptable to each
Buyer to issue certificates or credit shares to the applicable balance accounts at The Depository Trust Company (“DTC”),
registered in the name of such Buyer or its respective nominee(s), for the Conversion Shares and the Warrant Shares in such amounts
as specified from time to time by such Buyer to the Company, and confirmed by the Company, upon the conversion of the Convertible
Notes or the exercise of the Warrants (as the case may be). The Company represents and warrants that no instruction other than
such irrevocable transfer agent instructions referred to in this Section 5(b), and stop transfer instructions to give effect to
2(g) hereof, will be given by the Company to its transfer agent with respect to the Securities, and that the Securities shall
otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement
and the other Transaction Documents. If any Buyer effects a sale, assignment or transfer of the Securities in accordance with
Section 2(g), the Company shall permit the transfer and shall promptly instruct its transfer agent to issue one or more certificates
or credit shares to the applicable balance accounts at DTC in such name and in such denominations as specified by such Buyer to
effect such sale, transfer or assignment. In the event that such sale, assignment or transfer involves Conversion Shares or Warrant
Shares sold, assigned or transferred pursuant to an effective registration statement or in compliance with Rule 144 or another
exemption from registration, the transfer agent shall issue such shares to such Buyer, assignee or transferee (as the case may
be) without any restrictive legend in accordance with Section 5(d) below. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to each Buyer. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Section 5(b), that each Buyer shall be entitled, in addition to all other available
remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall cause its counsel to issue the
legal opinion referred to in the irrevocable transfer agent instructions to the Company’s transfer agent on the Effective
Date (as defined in the Registration Rights Agreement). Any fees (with respect to the transfer agent, counsel to the Company or
otherwise) associated with the issuance of such opinion or the removal of any legends on any of the Securities shall be borne
by the Company.

 

    	 	29	 

     

    

 

(c)
Legends.

 

Each
Buyer understands that the Securities have been issued (or will be issued in the case of the Conversion Shares and Warrant Shares)
pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities laws, and except
as set forth below, the Securities shall bear any legend as required by the “blue sky” laws of any state and a restrictive
legend in substantially the following form (and a stop-transfer order may be placed against transfer of such stock certificates):

 

[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

    	 	30	 

     

    

 

(d)
Removal of Legends.

 

Certificates
evidencing Securities shall not be required to contain the legend set forth in Section 5(c) above or any other legend (i) while
a registration statement (including a Registration Statement) covering the resale of such Securities is effective under the 1933
Act (provided that each Buyer provides the Company with any certificates from such Buyer or its broker reasonably required by
the Company’s transfer agent), (ii) following any sale of such Securities pursuant to Rule 144 (assuming the transferor
is not an affiliate of the Company) or a registration statement, (iii) if such Securities are eligible to be sold, assigned or
transferred under Rule 144 without current public information being available (provided that each Buyer provides the Company with
reasonable assurances that such Securities are eligible for sale, assignment or transfer under Rule 144, which shall not include
an opinion of counsel, but which may include any certificates from such Buyer or its broker reasonably required by the Company’s
transfer agent), (iv) in connection with a sale, assignment or other transfer (other than under Rule 144), provided that each
Buyer provides the Company with an opinion of counsel to such Buyer from reputable counsel to the effect that such sale, assignment
or transfer of the Securities may be made without registration under the applicable requirements of the 1933 Act or (v) if such
legend is not required under applicable requirements of the 1933 Act (including, without limitation, controlling judicial interpretations
and pronouncements issued by the SEC). If a legend is not required pursuant to the foregoing, the Company shall no later than
two (5) Trading Days following either (x) the delivery by any Buyer to the Company or the transfer agent (with notice to the Company)
of a legended certificate representing such Securities (endorsed or with stock powers attached, signatures guaranteed, and otherwise
in form necessary to affect the reissuance and/or transfer, if applicable), or (y) the delivery by any Buyer to the Company of
a notice of exercise or conversion, in each case, together with any other deliveries from such Buyer as may be required above
in this Section 5(d), as directed by such Buyer, either: (A) provided that the Company’s transfer agent is participating
in the DTC Fast Automated Securities Transfer Program and such Securities are Warrant Shares, credit the aggregate number of Ordinary
Shares to which each Buyer shall be entitled to such Buyer’s or its designee’s balance account with DTC through its
Deposit/Withdrawal at Custodian system or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver (via reputable overnight courier) to such Buyer, a certificate representing such
Securities that is free from all restrictive and other legends, registered in the name of such Buyer or its designee (the date
by which such credit is so required to be made to the balance account of such Buyer’s or Buyer’s nominee with DTC
or such certificate is required to be delivered to such Buyer pursuant to the foregoing is referred to herein as the “Required
Delivery Date”). “Trading Day” means, as applicable, (x) with respect to all price determinations
relating to the Ordinary Shares, any day on which the Ordinary Shares is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities market
on which the Ordinary Shares is then traded, provided that “Trading Day” shall not include any day on which the Ordinary
Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Ordinary Shares is suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in
advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless
such day is otherwise designated as a Trading Day in writing by the Buyer or (y) with respect to all determinations other than
price determinations relating to the Ordinary Shares, any day on which The New York Stock Exchange (or any successor thereto)
is open for trading of securities.

 

    	 	31	 

     

    

 

(e)
Failure to Timely Deliver; Buy-In.

 

If
the Company fails to issue and deliver (or cause to be delivered) to any Buyer by the Required Delivery Date a certificate representing
the Securities so delivered to the Company by such Buyer that is free from all restrictive and other legends or credit the balance
account of such Buyer’s or Buyer’s nominee with DTC for such number of Securities so delivered to the Company, then,
in addition to all other remedies available to such Buyer, at the sole discretion of such Buyer, the Company shall:

 

(i)
pay in cash to such Buyer on each Trading Day after the Required Delivery Date that the issuance or credit of such shares is not
timely effected an amount equal to 1% of the product of (A) the number of Ordinary Shares not so delivered or credited (as the
case may be) to such Buyer or Buyer’s nominee multiplied by (B) the Closing Sale Price (as defined in the Warrants) of the
Ordinary Shares on the Trading Day immediately preceding the Required Delivery Date; or

 

(ii)
if on or after the Required Delivery Date, such Buyer (or any other Person in respect, or on behalf, of such Buyer) purchases
(in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by such Buyer of all or any
portion of the number of Ordinary Shares, or a sale of a number of Ordinary Shares equal to all or any portion of the number of
Ordinary Shares, that such Buyer so anticipated receiving from the Company without any restrictive legend, then, within five (5)
Trading Days after such Buyer’s request, promptly honor its obligation to so deliver to such Buyer a certificate or certificates
or credit such Buyer’s DTC account representing such number of Ordinary Shares that would have been so delivered if the
Company timely complied with its obligations hereunder and pay cash to such Buyer in an amount equal to the excess (if any) of
such Buyer’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Ordinary
Shares so purchased, over the product of (1) such number of Ordinary Shares that the Company was required to deliver to such Buyer
by the Required Delivery Date multiplied by (2) the lowest Closing Sale Price of the Ordinary Shares on any Trading Day during
the period commencing on the date of the delivery by such Buyer to the Company of the applicable certificate (or notice of exercise
or conversion) and ending on the date of such delivery and payment under this clause (ii).

 

(f)
Manner of Sale.

 

Each
Buyer, severally and not jointly with the other Buyers, agrees with the Company that such Buyer will sell any Securities pursuant
to either the registration requirements of the 1933 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 substantially in the form set forth in Exhibit B to the Registration Rights Agreement, and acknowledges
that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 5 is predicated
upon the Company’s reliance upon this understanding.

 

    	 	32	 

     

    

 

6.
CONDITIONS TO THE COMPANY’S OBLIGATION
TO SELL.

 

(a)
The obligation of the Company hereunder to issue and sell the Convertible Notes and the related Warrants to each Buyer at the
Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these
conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing
each Buyer with prior written notice thereof:

 

(i)
Each Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

 

(ii)
Each Buyer shall have delivered to the Company the Purchase Price for the Convertible Notes and Warrants being purchased by such
Buyer at the Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company.

 

(iii)
The representations and warranties of each Buyer shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such date), and such Buyer shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with
by such Buyer at or prior to the Closing Date.

 

(iv)
Each Buyer shall have executed and delivered, to the reasonable satisfaction of the Company, such questionnaires and documents
in support thereof that the Company and its agents deem reasonably necessary (or prudent) to comply with the requirements of Regulation
D with respect to the transactions contemplated by this Agreement.

 

7.
CONDITIONS TO BUYERS’ OBLIGATION
TO PURCHASE.

 

(a)
The obligation of each Buyer hereunder to purchase its Convertible Notes and related Warrants at the Closing is subject to the
satisfaction, at or before each applicable Closing Date and in respect of each such Closing Date, of each of the following conditions,
provided that these conditions are for each Buyer’s sole benefit and may be waived by such Buyer at any time in its sole
discretion by providing the Company with prior written notice thereof:

 

(i)
The Company shall have duly executed and delivered to each Buyer each of the Transaction Documents to which it is a party and
the Company shall have duly executed and delivered to such Buyer the Convertible Notes and Warrants as is set forth on the applicable
Buyer Schedule and the Company shall have complied in all respects with all obligations under this Agreement and the other Transaction
Documents, including, without limitation, the Convertible Notes and the Warrants.

 

    	 	33	 

     

    

 

(ii)
The Company shall have delivered to each Buyer the search results from the companies register of the Australian Securities and
Investments Commission which shows the due incorporation of the Company.

 

(iii)
The Company shall have delivered to each Buyer a certificate evidencing the Company’s qualification as a foreign corporation
and good standing issued by the Secretary of State (or comparable office) of each jurisdiction that provides such certificates
and in which the Company conducts business and is required to so qualify, each dated as of a date within ten (10) days of the
Closing.

 

(iv)
The Company shall have delivered to each Buyer a certificate, in the form previously provided to the Company by such Buyer, executed
by the Secretary of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted
by the Company’s board of directors in a form reasonably acceptable to such Buyer, and (ii) the certificate of incorporation
and bylaws (or comparable charter documents) of the Company as in effect at the Closing.

 

(v)
Each and every representation and warranty of the Company shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct in all material respects as of such date) and the Company shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required to be performed, satisfied
or complied with by the Company at or prior to the Closing Date, including, without limitation the issuance of all Securities
prior to the date of such Closing as required by the Transaction Documents and the Company has a sufficient number of duly authorized
Ordinary Shares reserved for issuance as may be required to fulfill its obligations pursuant to the Transaction Documents. Each
Buyer shall have received a certificate, executed by the Chief Executive Officer of the Company, dated as of the Closing Date,
to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer in the form reasonably acceptable
to such Buyer.

 

(vi)
The Company shall have delivered to each Buyer information from the Company’s transfer agent certifying the number of Ordinary
Shares outstanding on the Closing Date immediately prior to the Closing.

 

(vii)
The Ordinary Shares (I) shall be designated for quotation on the Principal Market; (II) shall not have been suspended, as of the
Closing Date, by the SEC or the Principal Market from trading on the Principal Market; and (III) except as disclosed in the SEC
Documents, the Company is in compliance with all requirements in order to maintain quotation on the Principal Market (including
reporting requirements under the 1934 Act).

 

(viii)
All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company
with the SEC pursuant to the reporting requirements of the 1934 Act, including all material required to have been filed pursuant
to Section 13(a) or 15(d) of the 1934 Act, since February 1, 2019 shall have been filed with the Commission under the 1934 Act.

 

    	 	34	 

     

    

 

(ix)
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the
sale of the Securities, including without limitation, those required by the Principal Market.

 

(x)
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents, and no actions, suits or proceedings shall be in progress or pending by any Person that seeks to
enjoin, prohibit or otherwise adversely affect any of the transactions contemplated by the Transaction Documents.

 

(xi)
Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or
result in a Material Adverse Effect and the Company has not filed for nor is it subject to any bankruptcy, insolvency, reorganization
or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors instituted
by or against the Company.

 

(xii)
The Company shall have delivered to each Buyer such other documents, instruments or certificates relating to the transactions
contemplated by this Agreement reasonably required to consummate the transactions contemplated hereby.

 

8.
TERMINATION.

 

In
the event that the Closing shall not have occurred within ten (10) days after the date hereof, then each Buyer shall have the
right to terminate its obligations under this Agreement at any time on or after the close of business on such date without liability
of such Buyer to any other party; provided, however, the right to terminate this Agreement under this Section 8 shall not be available
to such Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result
of such Buyer’s breach of this Agreement. Notwithstanding anything to the contrary above, nothing contained in this Section
8 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement
or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its
obligations under this Agreement or the other Transaction Documents.

 

9.
MISCELLANEOUS.

 

(a)
Arbitration of Claims; Governing Law; Jurisdiction; Jury Trial.

 

The
parties shall submit all Claims (as defined in Exhibit F) arising under this Agreement or any other Transaction
Document or any other agreement between the parties and their affiliates to binding arbitration pursuant to the arbitration provisions
set forth in Exhibit F attached hereto (the “Arbitration Provisions”) and the International Dispute
Resolution Procedures (the “IDR Procedures”) established by the International Centre for Dispute Resolution
(“ICDR”), the international division of the American Arbitration Association. In the event of any conflict
between or among the Arbitration Provisions and those of the ICDR, the Arbitration Provisions shall prevail. For the avoidance
of doubt, the parties agree that the injunction described below may be pursued in an arbitration that is separate and apart from
any other arbitration regarding all other Claims arising under the Transaction Documents. The parties hereby acknowledge and agree
that the Arbitration Provisions are binding on the parties hereto and are severable from all other provisions of this Agreement.
By executing this Agreement, the Company represents, warrants and covenants that the Company has reviewed the Arbitration Provisions
carefully, consulted with legal counsel about such provisions (or waived its right to do so), understands that the Arbitration
Provisions are intended to allow for the expeditious and efficient resolution of any dispute hereunder, and agrees to the terms
and limitations set forth in the Arbitration Provisions. The Company acknowledges and agrees that the Buyers may rely upon the
foregoing representations and covenants of the Company regarding the Arbitration Provisions.

 

    	 	35	 

     

    

 

This
Agreement and all other Transaction Documents shall be construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Agreement and each of the other Transaction Documents shall
be governed by, the internal laws of the State of Utah, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Utah or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Utah. Each party consents to and expressly agrees that the exclusive venue for arbitration of any dispute
arising out of or relating to any Transaction Document or the relationship of the parties or their affiliates shall be in Salt
Lake County, Utah. Without modifying the parties’ obligations to resolve disputes hereunder pursuant to the Arbitration
Provisions, for any litigation arising in connection with any of the Transaction Documents, each party hereto hereby (i) consents
to and expressly submits to the exclusive personal jurisdiction of any state or federal court sitting in Salt Lake County, Utah,
(ii) expressly submits to the exclusive venue of any such court for the purposes hereof, (iii) agrees to not bring any such action
outside of any state or federal court sitting in Salt Lake County, Utah, and (iv) waives any claim of improper venue and any claim
or objection that such courts are an inconvenient forum or any other claim, defense or objection to the bringing of any such proceeding
in such jurisdiction or to any claim that such venue of the suit, action or proceeding is improper. Finally, the Company covenants
and agrees to name Iliad as a party in interest in, and provide written notice to Iliad in accordance with Section 9(f) below
prior to bringing or filing, any action (including without limitation any filing or action against any person or entity that is
not a party to this Agreement, including without limitation the Company’s transfer agent) that is related in any way to
the Transaction Documents or any transaction contemplated herein or therein, including without limitation any action brought by
the Company to enjoin or prevent the issuance of any Ordinary Shares to Iliad by the Company’s transfer agent, and further
agrees to timely name Iliad as a party to any such action. The Company acknowledges that the governing law and venue provisions
set forth in this Section are material terms to induce Iliad to enter into the Transaction Documents and that but for the Company’s
agreements set forth in this Section Iliad would not have entered into the Transaction Documents. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	36	 

     

    

 

(b)
Counterparts.

 

This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any
signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed
signature page, such signature page 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.

 

(c)
Headings; Gender.

 

The
headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine,
neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and
words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(d)
Severability.

 

If
any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(e)
Entire Agreement; Amendments.

 

This
Agreement, the other Transaction Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein supersede all other prior oral or written agreements between the Buyers, the Company, its affiliates and Persons
acting on its behalf solely with respect to the matters contained herein and therein, and this Agreement, the other Transaction
Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the
entire understanding of the parties solely with respect to the matters covered herein and therein. Except as specifically set
forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect
to such matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended
other than by an instrument in writing signed by the Company and each Buyer. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party. No consideration shall be offered or paid to any Person to amend
or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration also
is offered to all of the parties to the Transaction Documents or all holders of the Warrants (as the case may be). The Company
has not, directly or indirectly, made any agreements with any Buyer relating to the terms or conditions of the transactions contemplated
by the Transaction Documents except as set forth in the Transaction Documents. Without limiting the foregoing, the Company confirms
that, except as set forth in this Agreement, no Buyer has made any commitment or promise or has any other obligation to provide
any financing to the Company or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Company expressly
acknowledges and agrees that (i) no due diligence or other investigation or inquiry conducted by any Buyer, any of its advisors
or any of its representatives shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be
an exception to any of, the Company’s representations and warranties contained in this Agreement or any other Transaction
Document and (ii) unless a provision of this Agreement or any other Transaction Document is expressly preceded by the phrase “except
as disclosed in the SEC Documents,” nothing contained in any of the SEC Documents shall affect any Buyer’s right to
rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties
contained in this Agreement or any other Transaction Document.

 

    	 	37	 

     

    

 

(f)
Notices.

 

Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by e-mail
(provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party
does not receive an automatically generated message from the recipient’s e-mail server that such e-mail could not be delivered
to such recipient) and (iii) if sent by overnight courier service, one (1) Business Day after deposit with an overnight courier
service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and
e-mail addresses for such communications shall be:

 

If
to the Company:

 

Naked
Brand Group Limited

c/o
Bendon Limited

8
Airpark Drive, Airport Oaks

Auckland
2022

New
Zealand

Telephone:
+64 9 275 0000

Email
Address: justin.davis@bendon.com

Attention:
Executive Chairman

 

With
a copy (for informational purposes only) to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue, 11th Floor

New
York, NY 10174

Email:
jgallant@graubard.com, eschwartz@graubard.com

Attention:
Jeffrey M. Gallent, Eric T. Schwartz

 

    	 	38	 

     

    

 

If
to the Transfer Agent:

 

Continental
Stock Transfer & Trust Company

1
State Street 30th Floor

New
York, NY 10004-1561

Telephone:
212.845.3256

Email:
agois@continentalstock.com

Attention:
Ana Gois, Vice President & Account Administrator

 

If
to a Buyer:

 

See
each Buyer Schedule with regard to that Buyer

 

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

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

or
to such other address or e-mail address and/or to the attention of such other Person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A)
given by the recipient of such notice, consent, waiver or other communication or (B) provided by an overnight courier service
shall be rebuttable evidence of personal service or receipt from an overnight courier service in accordance with clause (i) or
(iii) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e-mail address shall be rebuttable
evidence of receipt by e-mail in accordance with clause (ii) above.

 

(g)
Successors and Assigns.

 

This
Agreement shall be binding upon and inure to the benefit of the parties and its successors and assigns, including, as contemplated
below, any assignee of any of the Securities. The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Buyers, including, without limitation, by way of a Fundamental Transaction (as defined
in the Warrants) (unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth
in the applicable Warrants).

 

(h)
No Third Party Beneficiaries.

 

This
Agreement is intended for the benefit of the parties hereto and its permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, other than the Indemnitees referred to in Section 9(k).

 

(i)
Survival.

 

The
representations, warranties, agreements and covenants shall survive the Closing. Each Buyer shall be responsible only for its
representations, warranties, agreements and covenants hereunder.

 

    	 	39	 

     

    

 

(j)
Further Assurances.

 

Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k)
Indemnification.

 

(i)
In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless such Buyer and each holder of any Securities and all of their stockholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such
Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’
fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising
out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in any of the
Transaction Documents, (b) any breach of any covenant, agreement or obligation of the Company contained in any of the Transaction
Documents or (c) any cause of action, suit, proceeding or claim brought or made against such Indemnitee by a third party (including
for these purposes a derivative action brought on behalf of the Company, but other than by an affiliate of any Buyer) or which
otherwise involves such Indemnitee that arises out of or results from (i) the execution, delivery, performance or enforcement
of any of the Transaction Documents, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, (iii) any disclosure properly made by any Buyer pursuant to Section 4(i),
or (iv) the status of any Buyer or holder of the Securities either as an investor in the Company pursuant to the transactions
contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation, as a party in interest
or otherwise in any action or proceeding for injunctive or other equitable relief), unless such action is based primarily upon
a breach of such Buyer’s representations, warranties, or covenants under the Transaction Documents, or any agreements or
understandings such Buyer may have with any such third party, or any violations by such Buyer of state or federal securities laws
or any conduct by such Buyer which constitutes fraud, gross negligence or willful misconduct. To the extent that the foregoing
undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

    	 	40	 

     

    

 

(ii)
Promptly after receipt by an Indemnitee under this Section 9(k) of notice of the commencement of any action or proceeding (including
any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof
is to be made against the Company under this Section 9(k), deliver to the Company a written notice of the commencement thereof,
and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel mutually satisfactory to the Company and the Indemnitee; provided, however, that an Indemnitee shall have
the right to retain its own counsel with the fees and expenses of such counsel to be paid by the Company if: (i) the Company has
agreed in writing to pay such fees and expenses; (ii) the Company shall have failed promptly to assume the defense of such Indemnified
Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified Liability; or (iii) the named
parties to any such Indemnified Liability (including any impleaded parties) include both such Indemnitee and the Company, and
such Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to
represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in writing that it elects to
employ separate counsel at the expense of the Company, then the Company shall not have the right to assume the defense thereof
and such counsel shall be at the expense of the Company), provided further, that in the case of clause (iii) above the Company
shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnitee.
The Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any such action or
Indemnified Liability by the Company and shall furnish to the Company all information reasonably available to the Indemnitee which
relates to such action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at all times as to
the status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable for any settlement
of any action, claim or proceeding effected without its prior written consent, provided, however, that the Company shall not unreasonably
withhold, delay or condition its consent. The Company shall not, without the prior written consent of the Indemnitee, consent
to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified Liability
or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following indemnification
as provided for hereunder, the Company shall be subrogated to all rights of the Indemnitee with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to
the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to
the Indemnitee under this Section 9(k), except to the extent that the Company is materially and adversely prejudiced in its ability
to defend such action.

 

(iii)
The indemnification required by this Section 9(k) shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or Indemnified Liabilities are incurred.

 

(iv)
Notwithstanding any provision in this Agreement or any other Transaction Documents, the aggregate indemnification obligations
of the Company pursuant to this Section 9(k) shall not exceed 100% of the aggregate Purchase Price actually paid by the Buyers.

 

    	 	41	 

     

    

 

(v)
The sole and exclusive remedies for any breach of any representation, warranty, covenant or agreement hereunder shall be the indemnification
provided by this Section 9(k), and each Buyer expressly waives any other rights or remedies it may have; provided however, that
equitable relief, including remedies of specific performance and injunction, shall be available with respect to any matter where
money damages would not be sufficient to compensate any Buyer or to preserve the rights of such Buyer pending resolution of a
dispute, and this Section 9(k) shall not relieve the Company from liability for willful misconduct, gross negligence, bad faith,
fraud or willful breach of any of its representations, warranties, covenants or agreements set forth in this Agreement.

 

(l)
Construction.

 

The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, Ordinary Shares and any
other numbers in this Agreement that relate to the Ordinary Shares shall be automatically adjusted for stock dividends, stock
splits, stock combinations and other similar transactions that occur with respect to the Ordinary Shares after the date of this
Agreement.

 

(m)
Remedies.

 

Each
Buyer and each holder of any Securities shall have all rights and remedies set forth in the Transaction Documents and all rights
and remedies which such holders have been granted at any time under any other agreement or contract and all of the rights which
such holders have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce
such rights specifically (without posting a bond or other security, to the extent permitted by law), to recover damages by reason
of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes
that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Transaction Documents,
any remedy at law may prove to be inadequate relief to each Buyer. The Company therefore agrees that each Buyer shall be entitled
to seek specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of
competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security.
The Company also specifically agrees that following an Event of Default (as defined in the Note) under Section 4(a)(iii) or 4(a)(iv)
of the Note, Buyer shall have the right to seek and receive injunctive relief from a court or an arbitrator prohibiting Company
from issuing any of its Ordinary Shares or any of its preferred shares to any party unless at least fifty (50%) of the proceeds
from such issuance (but in any event not more than the Outstanding Balance of the Note) will be paid simultaneously to Buyer.
The Company specifically acknowledges that Buyer’s right to seek specific performance constitutes bargained for leverage
and that the loss of such leverage would result in irreparable harm to Buyer. For the avoidance of doubt, in the event Buyer seeks
to obtain an injunction from a court or an arbitrator against Company or specific performance of any provision of any Transaction
Document, such action shall not be a waiver of any right of Buyer under any Transaction Document, at law, or in equity, including
without limitation its rights to arbitrate any Claim pursuant to the terms of the Transaction Documents, nor shall Buyer’s
pursuit of an injunction prevent Buyer, under the doctrines of claim preclusion, issues preclusion, res judicata or other similar
legal doctrines, from pursuing other Claims in the future in a separate arbitration.

 

    	 	42	 

     

    

 

(n)
Exercise of Right.

 

Notwithstanding
anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever each
Buyer exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related
obligations within the periods therein provided, then such Buyer may continue to exercise it other rights, elections, demands
and options hereunder and under any other Transaction Document from time to time as if such original right, election, demand or
option had not been exercised without prejudice to its future actions and rights and remedies.

 

(o)
Payment Set Aside; Currency.

 

To
the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to any of the other Transaction Documents
or any Buyer enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable
cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had
not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other Transaction
Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Agreement and all
other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted
into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation.

 

[Signature
Pages Follow]

 

    	 	43	 

     

    

 

IN
WITNESS WHEREOF, each Buyer and the Company has caused its signature page to this Agreement to be duly executed as of the
date first written above.

 

	 	COMPANY:
	 	 	 
	 	Naked
    Brand Group Limited
	 	 	 
	 	By:	/s/
    Justin Davis-Rice
	 	Name:	Justin
    Davis-Rice
	 	Title:	Director

 

[Signature
page to Securities Purchase Agreement]

 

    	 

     

    

 

IN
WITNESS WHEREOF, each Buyer and the Company has caused its signature page to this Agreement to be duly executed as of the
date first written above.

 

		BUYER:
	 	 
	 	Iliad
    Research and Trading, L.P.
	 	 	 
	 	By:	Iliad
    Management, LLC, its General Partner
	 	 	 
	 	By:	Fife
    Trading, Inc., its Manager
	 	 	 
	 	By:	/s/
    John M. Fife
	 	 	John
    M. Fife, President

 

[Signature
page to Securities Purchase Agreement]Exhibit
10.2

 

EXHIBIT
D

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of July 24, 2020, is by and among Naked Brand
Group Limited, an Australian company (the “Company”), and the undersigned buyers (the “Buyers”).

 

RECITALS

 

A.
In connection with the Securities Purchase Agreement by and between the parties hereto, dated as of July 24, 2020 (the
“Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of
the Securities Purchase Agreement, to issue and sell to the Buyers (i) the Convertible Notes (as defined in the Securities
Purchase Agreement), which will be convertible into Conversion Shares (as defined in the Securities Purchase Agreement) or
Pre-Funded Warrants (as defined in the Securities Purchase Agreement) in lieu thereof, in accordance with the terms of the
Convertible Notes, and which Pre-Funded Warrants in turn will be exercisable for Warrant Shares (as defined in the Securities
Purchase Agreement), in accordance with the terms of the Pre-Funded Warrants, and (ii) the Purchase Warrants (as defined in
the Securities Purchase Agreement), which will be exercisable for Warrant Shares, in accordance with the terms of the
Purchase Warrants.

 

B. To
induce the Buyers to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to
provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or
any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and
the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Buyers hereby agree as follows:

 

 1. DEFINITIONS.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings:

 

(a) “Business
Day” means any day other than (i) Saturday, Sunday or any other day on which commercial banks in New York, New York,
Sydney, Australia or Aukland, New Zealand are authorized or required by law to remain closed or (ii) with respect to dates on
which filings are required to be made with the SEC, any day on which the SEC is not open and available to accept filings.

 

(b) “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement with respect to the Closing (as defined
in the Securities Purchase Agreement).

 

(c) “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

    	 

    	 

    

 

(d) “Effectiveness
Deadline” means (i) with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a),
the earlier of the (A) 60th calendar day after the Closing Date and (B) 5th Business Day after the date
the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed
or will not be subject to further review and (ii) with respect to any additional Registration Statements that may be required
to be filed by the Company pursuant to this Agreement, the earlier of the (A) 60th calendar day following the date
on which the Company was required to file such additional Registration Statement and (B) 5th Business Day after the
date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not
be reviewed or will not be subject to further review. Notwithstanding the foregoing or anything to the contrary herein, if the
Effectiveness Deadline falls on a day that is not a Business Day, the Effectiveness Deadline shall be on the next succeeding Business
Day.

 

(e) “Filing
Deadline” means (i) with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a),
the 15th calendar day after the Closing Date and (ii) with respect to any additional Registration Statements that may
be required to be filed by the Company pursuant to this Agreement, the date on which the Company was required to file such additional
Registration Statement pursuant to the terms of this Agreement. Notwithstanding the foregoing or anything to the contrary herein,
if the Filing Deadline falls on a day that is not a Business Day, the Filing Deadline shall be on the next succeeding Business
Day.

 

(f) “Investor”
means a Buyer or any transferee or assignee of any Registrable Securities, Convertible Notes or Warrants, as applicable, to whom
such Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance
with Section 9 and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities, Convertible
Notes or Warrants, as applicable, assigns its rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 9.

 

(g) “Initial
Required Registration Amount” means the sum of (i) 150% of the initial number of Conversion Shares issued and issuable
upon a conversion pursuant to the Convertible Notes and (ii) 150% of the initial number of Warrant Shares issued and issuable
upon a cash exercise pursuant to the Warrants (or the number of Warrant Shares so issued and issuable as of the filing of the
Initial Registration Statement, if more).

 

(h) “Ordinary
Shares” means ordinary shares of the Company, without par value per share.

 

(i) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, or any other entity of any kind
or nature whatsoever, a trust, an unincorporated organization or a government or any department or agency or portion thereof.

 

(j) “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 and the declaration of effectiveness
of such Registration Statement(s) by the SEC.

 

    	- 2 -

    	 

    

 

(k) “Registrable
Securities” means (i) the Conversion Shares, (ii) the Warrant Shares and (iii) any capital stock of the Company issued
or issuable with respect to such Conversion Shares, the Warrant Shares, the Convertible Notes or the Warrants, including, without
limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2)
shares of capital stock of the Company into which the Ordinary Shares are converted or exchanged and shares of capital stock of
a Successor Entity (as defined in the Warrants) into which the Ordinary Shares are converted or exchanged, in each case, without
regard to any limitations on exercise or exchange of the Warrants. As to any Registrable Securities, such securities shall cease
to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing
a legend restricting further transfer shall have been delivered by the Company, and subsequent public distribution of them shall
not require registration under the Securities Act; or (c) such securities are freely saleable under Rule 144 under the Securities
Act without the requirement for current public information and without volume or manner of sale limitations, assuming, in the
case of the Warrant Shares, cashless exercise of the Warrants.

 

(l) “Registration
Statement” means a registration statement or registration statements of the Company including (in each case) the Prospectus,
amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration
statement, filed under the 1933 Act covering Registrable Securities (and the term “Initial Registration Statement”
shall mean the initial Registration Statement filed pursuant to Section 2(a)).

 

(m) “Required
Holders” means the holders of a majority in interest of the Registrable Securities (in the case of the Registrable Securities
issuable upon exercise of the Warrants, based on the number of Ordinary Shares then issuable upon a cash exercise thereof).

 

(n) “Required
Registration Amount” means the sum of (i) the Ordinary Shares issued pursuant to the Transaction Documents (including
any issued Conversion Shares or Warrant Shares), (ii) the maximum number of Conversion Shares issuable upon a conversion pursuant
to the Convertible Notes and (iii) the maximum number of Warrant Shares issuable upon a cash exercise pursuant to the Warrants,
in each case, as of the Trading Day (as defined in the Securities Purchase Agreement) immediately preceding the applicable date
of determination (without taking into account any limitations on the exercise or exchange of the Warrants set forth therein).

 

(o) “Rule
144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company
to the public without registration.

 

(p) “Rule
415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(q) “SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

    	- 3 -

    	 

    

 

 2. REGISTRATION.

 

(a) Mandatory
Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file
with the SEC an initial Registration Statement on Form F-1 or F-3 covering the resale of all of the Registrable Securities, provided
that such Initial Registration Statement shall register for resale at least the number of Ordinary Shares equal to the Initial
Required Registration Amount as of the date such Registration Statement is initially filed with the SEC (together with such other
number of Ordinary Shares constituting Registrable Securities as may be registered thereunder pursuant to Rule 416 or otherwise).
Such Initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this
Agreement, shall contain (except if otherwise directed by the Required Holders) the “Selling Shareholder” and
“Plan of Distribution” sections in substantially the form attached hereto as Exhibit B. The Company
shall use its best efforts to have such Initial Registration Statement, and each other Registration Statement required to be filed
pursuant to the terms of this Agreement, declared effective by the SEC as soon as practicable, but in no event later than the
applicable Effectiveness Deadline for such Registration Statement. The Company shall be entitled to take into account of the position
of the staff of the SEC (the “Staff”) with respect to the maximum number of Ordinary Shares which may be registered
on such Initial Registration Statement and each such other Registration Statement at the time of effectiveness thereof.

 

(b) Legal
Counsel. Subject to Section 5 hereof, Iliad Research and Trading, L.P., a Utah limited partnership (“Lead Buyer”),
shall have the right to select one (1) legal counsel to review and oversee, solely on its behalf, any registration pursuant to
this Section 2 (“Legal Counsel”), which shall be Hansen Black Anderson Ashcraft PLLC or such other counsel
as thereafter designated by Lead Buyer.

 

(c) Form
F-3. If the Initial Registration Statement is on Form F-1, the Company shall undertake to register the resale of the Registrable
Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of all Registration
Statements then in effect and the availability for use of each prospectus contained therein until such time as a Registration
Statement on Form F-3 covering the resale of all the Registrable Securities has been declared effective by the SEC and the prospectus
contained therein is available for use or, if sooner, the expiration of the Registration Period (as defined below).

 

(d) Sufficient
Number of Shares Registered. In the event the number of shares available under any Registration Statement is insufficient
to cover from time to time the Required Registration Amount, the Company shall amend such Registration Statement (if permissible),
or file with the SEC a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover
at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of such amendment
or new Registration Statement, in each case, as soon as practicable, but in any event not later than fifteen (15) days after written
notice from the Buyers of the necessity therefor (but taking account of the position of the Staff with respect to the date on
which the Staff will permit such amendment to the Registration Statement and/or such new Registration Statement (as the case may
be) to be filed with the SEC). The Company shall use its best efforts to cause such amendment to such Registration Statement and/or
such new Registration Statement (as the case may be) to become effective as soon as practicable following the filing thereof with
the SEC, but in no event later than the applicable Effectiveness Deadline for such Registration Statement. The Company shall be
entitled to take into account of the position of the Staff with respect to the maximum number of Ordinary Shares which may be
registered on each such Registration Statement at the time of effectiveness thereof. For purposes of the foregoing provision,
the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable
Securities” if at any time the number of Ordinary Shares available for resale under the applicable Registration Statement
is less than the Required Registration Amount as of such time.

 

    	- 4 -

    	 

    

 

(e) Effect
of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration Statement covering
the resale of all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant
to this Agreement is (A) not filed with the SEC on or before the Filing Deadline for such Registration Statement (a “Filing
Failure”) (it being understood that if the Company files a Registration Statement without affording each Investor the
opportunity to review and comment on the same as required by Section 3(c) hereof, the Company shall be deemed to not have satisfied
this clause (i)(A) and such event shall be deemed to be a Filing Failure), or (B) not declared effective by the SEC on or before
the Effectiveness Deadline for such Registration Statement (an “Effectiveness Failure”) (it being understood
that if on the Business Day immediately following the Effective Date for such Registration Statement the Company shall not have
filed a “final” prospectus for such Registration Statement with the SEC under Rule 424(b) in accordance with Section
3(b) (whether or not such a prospectus is technically required by such rule), the Company shall be deemed to not have satisfied
this clause (i)(B) and such event shall be deemed to be an Effectiveness Failure), (ii) on any day after the Effective Date of
a Registration Statement sales of all of the Registrable Securities required to be included on such Registration Statement cannot
be made pursuant to such Registration Statement (including, without limitation, because of a failure to keep such Registration
Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such Registration
Statement, a suspension or delisting of (or a failure to timely list) the Ordinary Shares on the Principal Market (as defined
in the Securities Purchase Agreement), or a failure to register in accordance with Section 2(d) a sufficient number of Ordinary
Shares or by reason of a stop order) (but, for the avoidance of doubt, taking account of the position of the Staff with respect
to the maximum number of Ordinary Shares which may be registered on such Registration Statement) or the prospectus contained therein
is not properly available for use for any reason (a “Maintenance Failure”), for more than five (5) consecutive
calendar days or more than an aggregate of ten (10) calendar days (which need not be consecutive calendar days) during any 12-month
period, provided that a Maintenance Failure shall not be deemed to occur for the purposes of this section to the extent a post-effective
amendment to the Registration Statement is required for the purpose of meeting the requirements of section 10(a)(3) of the 1933
Act and the resulting Maintenance Failure continues for fifteen (15) days or less (which, for the avoidance of doubt, shall not
be counted toward the five and ten-day periods above), or (iii) a Filing Failure, an Effectiveness Failure or a Maintenance Failure
has occurred and is continuing, or the number of Ordinary Shares available for resale under the applicable Registration Statement
is less than the Required Registration Amount, and the Company fails to file with the SEC any required reports under Section 13
or 15(d) of the 1934 Act such that it is not in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable) (a “Current
Public Information Failure”) as a result of which any of the Investors are unable to sell Registrable Securities without
restriction under Rule 144 (including, without limitation, volume restrictions) (each, a “Failure”), then,
as partial relief for the damages to any holder by reason of any such delay in, or reduction of, its ability to sell the underlying
Ordinary Shares (which remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall pay
to each holder of Registrable Securities relating to such Registration Statement an amount in cash (unless the Convertible Note
is still outstanding in which case it will be added to the outstanding balance of each Convertible Note still outstanding) equal
to two percent (2%) of the applicable Buyer’s total committed purchase price for the Registrable Securities affected by
such failure pursuant to the Securities Purchase Agreement (i.e., if all of the Securities are so affected, 2.0% of $8,000,000,
or $160,000) (1) within three (3) Business Days after the date of such Filing Failure, Effectiveness Failure, Maintenance Failure
or Current Public Information Failure, as applicable, and (2) on every thirty (30) day anniversary of (I) a Filing Failure until
such Filing Failure is cured; (II) an Effectiveness Failure until such Effectiveness Failure is cured; (III) a Maintenance Failure
until such Maintenance Failure is cured; and (IV) a Current Public Information Failure until the earlier of (i) the date such
Current Public Information Failure is cured and (ii) such time that such public information is no longer required pursuant to
Rule 144 (in each case, pro rated for periods totaling less than thirty (30) days). The payments to which a holder of Registrable
Securities shall be entitled pursuant to this Section 2(e) are referred to herein as “Registration Delay Payments.”
Following the initial Registration Delay Payment for any particular Failure, without limiting the foregoing, if a Failure giving
rise to the Registration Delay Payments is cured prior to any thirty (30) day anniversary of such Failure, then no further Registration
Delay Payment(s) shall accrue after such cure. In the event the Company fails to make Registration Delay Payments in a timely
manner in accordance with the foregoing, such Registration Delay Payments shall bear interest at the rate of one percent (1%)
per month (prorated for partial months) until paid in full. Notwithstanding the foregoing, no Registration Delay Payments shall
be owed to an Investor: (i) for any period after the date on which such Investor may conduct a resale (assuming cashless exercise
of the Warrants in case of Warrant Shares) of all of its Registrable Securities in reliance on a valid exemption from registration
in accordance with Rule 144 (and no Failure shall be deemed to have occurred or be continuing for any purpose during such period),
(ii) with respect to more than one Failure at any time, or (iii) with respect to any Registrable Securities excluded from a Registration
Statement by election of an Investor. Notwithstanding anything herein to the contrary, except in connection with a Current Public
Information Failure, the Company shall not be required to make more than an aggregate of twelve (12) Registration Delay Payments
pursuant to this Section 2(e), where any such payment pursuant to clause (2) of this Section 2(e) covering less than a 30-day
period shall constitute a fraction of a Registration Delay Payment (i.e., no more than 24% in the aggregate).

 

    	- 5 -

    	 

    

 

(f) Offering.
Notwithstanding anything to the contrary contained in this Agreement, the Company agrees with the Buyers that each Registration
Statement required to become effective hereunder shall become effective and be used for resales by the Investors such that it
does not constitute and is not deemed to constitute an offering of securities by, or on behalf of, the Company, and that permits
the continuous resale at the market by the Investors participating therein (or as otherwise may be acceptable to each Investor)
without being named therein as an “underwriter.”

 

(g) Piggyback
Registrations. Without limiting any obligation of the Company hereunder or under the Securities Purchase Agreement, if there
is not an effective Registration Statement covering all of the Registrable Securities or the prospectus contained therein is not
available for use and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering
for its own account or the account of others under the 1933 Act of any of its equity securities (other than on Form F-4 or Form
S-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities to be issued solely in connection
with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option
or other employee benefit plans), then the Company shall deliver to each Investor a written notice of such determination and,
if within fifteen (15) days after the date of the delivery of such notice, any such Investor shall so request in writing, the
Company shall include in such registration statement all or any part of such Registrable Securities such Investor requests to
be registered; provided, however, the Company shall not be required to register any Registrable Securities pursuant to this Section
2(g) that are eligible for resale pursuant to Rule 144 without restriction (including, without limitation, volume restrictions)
and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or that are
the subject of a then-effective Registration Statement. Notwithstanding anything else to the contrary in this Section 2(g), if
(i) the Commission or any position of the Staff sets forth a limitation on the number of Registrable Securities permitted to be
registered on a particular Registration Statement as a secondary offering or (ii) the Registration Statement relates to an offering
for the Company’s account and the Company or the placement agent or underwriter for the offering reasonably determines that
the dollar amount or number of Registrable Securities, taken together with all of the other securities which the Company desires
to sell or for which registration has been requested pursuant to written contractual piggy-back registration rights held by other
stockholders, exceeds the maximum dollar amount or maximum number of securities that can be sold in such offering without adversely
affecting the proposed offering price, timing, distribution method, or probability of success (collectively, such limitation the
“Maximum Number of Securities”), then the Company shall limit the securities to be included on such Registration
Statement to: first, the number of securities which the Company desires to sell for itself without exceeding the Maximum Number
of Securities; and second, securities (including Registrable Securities) for which registration has been requested pursuant to
written contractual piggy-back registration rights, pro rata in accordance with the number of securities that each such person
has requested be included in such registration regardless of the number of securities held by each such person, that can be sold
without exceeding the Maximum Number of Securities.

 

    	- 6 -

    	 

    

 

 3. RELATED OBLIGATIONS.

 

The
Company shall use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method
of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(a) The
Company shall promptly prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities (but
in no event later than the applicable Filing Deadline) and use its best efforts to cause such Registration Statement to become
effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). The Company shall
keep each Registration Statement effective (and the prospectus contained therein available for use) pursuant to Rule 415 for resales
by the Investors on a delayed or continuous basis at then-prevailing market prices (and not fixed prices) at all times until the
earlier of (i) the date as of which all of the Investors may sell all of the Registrable Securities required to be covered by
such Registration Statement without restriction pursuant to Rule 144 (including, without limitation, volume restrictions) and
without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) (assuming cashless
exercise of the Warrants in case of Warrant Shares) or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything to
the contrary contained in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration
Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation,
all amendments and supplements thereto) used in connection with such Registration Statement (1) shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein
(in the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will disclose
(whether directly or through incorporation by reference to other SEC filings to the extent permitted) all material information
regarding the Company and its securities. The Company shall submit to the SEC, within one (1) Business Day after the later of
the date that (i) the Company learns that no review of a particular Registration Statement will be made by the Staff or that the
Staff has no further comments on a particular Registration Statement (as the case may be) and (ii) the consent of Legal Counsel
is obtained pursuant to Section 3(c) (which consent shall be immediately sought), a request for acceleration of effectiveness
of such Registration Statement to a time and date not later than forty-eight (48) hours after the submission of such request.

 

(b) The
Company shall prepare and file with the SEC such amendments (including, without limitation, post-effective amendments) and supplements
to each Registration Statement and the prospectus used in connection with each such Registration Statement, which prospectus is
to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep each such Registration Statement
effective at all times during the Registration Period for such Registration Statement, and, during such period, comply with the
provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company required to be covered
by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance
with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement; provided,
however, by 8:30 a.m. (New York time) on the Business Day immediately following each Effective Date, the Company shall file with
the SEC in accordance with Rule 424(b) under the 1933 Act the final prospectus to be used in connection with sales pursuant to
the applicable Registration Statement (whether or not such a prospectus is technically required by such rule). In the case of
amendments and supplements to any Registration Statement which are required to be filed pursuant to this Agreement (including,
without limitation, pursuant to this Section 3(b)) by reason of the Company filing a report on Form 20-F or any similar or successor
report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall have incorporated
such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the
SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement
such Registration Statement.

 

    	- 7 -

    	 

    

 

(c) The
Company shall (A) permit Legal Counsel to review and comment upon (i) each Registration Statement at least two (2) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation,
the prospectus contained therein) (except for Annual Reports on Form 20-F, Report of Foreign Private Issuer on Form 6-K, and any
similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration
Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects. The Company shall not submit
a request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto or to any prospectus
contained therein without the prior consent of Legal Counsel, which consent shall not be unreasonably withheld. The Company shall
promptly furnish to Legal Counsel without charge, (i) copies of any correspondence from the SEC or the Staff to the Company or
its representatives relating to each Registration Statement, provided that such correspondence shall not contain any material,
non-public information regarding the Company or any of its Subsidiaries (as defined in the Securities Purchase Agreement), (ii)
after the same is prepared and filed with the SEC, one (1) copy of each Registration Statement and any amendment(s) and supplement(s)
thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) copy of the
prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall reasonably cooperate
with Legal Counsel in performing the Company’s obligations pursuant to this Section 3.

 

(d) The
Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement, without
charge, (i) after the same is prepared and filed with the SEC, one (1) copy of each Registration Statement and any amendment(s)
and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein
by reference, if requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of each Registration
Statement, one (1) copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or
such other number of copies as such Investor may reasonably request from time to time) and (iii) such other documents, including,
without limitation, copies of any preliminary or final prospectus, as such Investor may reasonably request from time to time in
order to facilitate the disposition of the Registrable Securities owned by such Investor.

 

(e) The
Company shall use its best efforts to (i) register and qualify, unless an exemption from registration and qualification applies,
the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “blue
sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such amendments
(including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be
necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary
to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however,
the Company shall not be required in connection therewith or as a condition thereto to (y) qualify to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(e), or (z) subject itself to general taxation in any
such jurisdiction. The Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt
by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable
Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt
of actual notice of the initiation or threatening of any proceeding for such purpose.

 

    	- 8 -

    	 

    

 

(f) The
Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after
becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event
shall such notice contain any material, non-public information regarding the Company or any of its Subsidiaries), and promptly
prepare a supplement or amendment to such Registration Statement and such prospectus contained therein to correct such untrue
statement or omission and deliver ten (10) copies of such supplement or amendment to Legal Counsel and each Investor (or such
other number of copies as Legal Counsel, legal counsel for each other Investor or such Investor may reasonably request). The Company
shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, when a Registration Statement or any post-effective amendment has become effective (notification of
such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile or e-mail on the same day of such effectiveness
and by overnight mail), and when the Company receives written notice from the SEC that a Registration Statement or any post-effective
amendment will be reviewed by the SEC, (ii) of any request by the SEC for amendments or supplements to a Registration Statement
or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective amendment
to a Registration Statement would be appropriate; and (iv) of the receipt of any request by the SEC or any other federal or state
governmental authority for any additional information relating to the Registration Statement or any amendment or supplement thereto
or any related prospectus. The Company shall respond as promptly as practicable to any comments received from the SEC with respect
to each Registration Statement or any amendment thereto (it being understood and agreed that the Company’s response to any
such comments shall be delivered to the SEC no later than five (5) Business Days after the receipt thereof).

 

(g) The
Company shall (i) use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of each
Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss of
an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension
is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and (ii) notify Legal Counsel
and each Investor who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of
actual notice of the initiation or threat of any proceeding for such purpose.

 

(h) The
Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws or delivered to the Company for
the purpose of inclusion in a Registration Statement, (ii) the disclosure of such information is necessary to avoid or correct
a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in such Registration Statement
pursuant to the 1933 Act, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable
order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available
to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that
it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at
such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for,
such information.

 

    	- 9 -

    	 

    

 

(i) Without
limiting any obligation of the Company under the Securities Purchase Agreement, the Company shall use its best efforts either
to cause all of the Registrable Securities covered by each Registration Statement to be listed on each securities exchange on
which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange, or (ii) if, despite the Company’s best efforts to satisfy
the preceding clause (i) the Company is unsuccessful in satisfying the preceding clause (i), without limiting the generality of
the foregoing, to use its best efforts to arrange for at least two market makers to register with the Financial Industry Regulatory
Authority (“FINRA”) as such with respect to such Registrable Securities.

 

(j) The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts (as the
case may be) as the Investors may reasonably request from time to time and registered in such names as the Investors may request.

 

(k) If
requested by an Investor, the Company shall as soon as practicable after receipt of notice from such Investor, (i) incorporate
in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein
relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the
number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering
of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective
amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and
(iii) supplement or make amendments to any Registration Statement or prospectus contained therein if reasonably requested by an
Investor holding any Registrable Securities.

 

(l) The
Company shall use its best efforts to cause the Registrable Securities covered by a Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

 

(m) The
Company shall make generally available to its security holders as soon as practical, but not later than one hundred twenty (120)
days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided
by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the
Company’s fiscal half-year next following the applicable Effective Date of each Registration Statement.

 

(n) The
Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

 

    	- 10 -

    	 

    

 

(o) Within
one (1) Business Day after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such
Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A.

 

(p) The
Company shall use its commercially reasonable efforts to maintain eligibility for use of Form F-3 (or any successor form thereto)
for the registration of the resale of all the Registrable Securities.

 

(q) The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of its Registrable
Securities pursuant to each Registration Statement.

 

 4. OBLIGATIONS OF THE INVESTORS.

 

(a) At
least two (2) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall notify
each Investor in writing of the information the Company seeks from each such Investor with respect to such Registration Statement.
It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with
respect to the Registrable Securities of a particular Investor that such Investor shall furnish to the Company such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held
by it, as shall be reasonably required, in the good faith judgment of such Investor, to effect and maintain the effectiveness
of the registration of such Registrable Securities.

 

(b) Each
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(g) or the first sentence of 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that
no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(b), the Company shall cause
its transfer agent to deliver unlegended Ordinary Shares to a transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with respect to which such Investor has entered into
a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind
described in Section 3(g) or the first sentence of Section 3(f) and for which such Investor has not yet settled.

 

(c) Each
Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it
in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

 5. EXPENSES OF REGISTRATION.

 

All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company shall be paid by
the Company.

 

    	- 11 -

    	 

    

 

 6. INDEMNIFICATION.

 

(a) To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor and
each of its directors, officers, managers, shareholders, members, partners, employees, agents, advisors, representatives (and
any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or
any other title) and each Person, if any, who controls such Investor within the meaning of the 1933 Act or the 1934 Act and each
of the directors, officers, managers, shareholders, members, partners, employees, agents, advisors, representatives (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) of such controlling Persons (each, an “Indemnified Person”), against any losses, obligations, claims,
damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs,
reasonable attorneys’ fees and costs of defense and investigation), amounts paid in settlement or expenses, joint or several,
(collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material
fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities
are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement
of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement,
or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto
with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein,
in light of the circumstances under which the statements therein were made, not misleading or (iii) any violation or alleged violation
by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule
or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the
matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”) unless such Violations
are based primarily upon a breach of Investor’s representations, warranties, or covenants under the Transaction Documents
or any violations by Investor of state or federal securities laws or any conduct by Investor which constitutes fraud, gross negligence
or willful misconduct. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law. Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses
are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating
or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained
in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs
in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified
Person expressly for use in connection with the preparation of such Registration Statement or any such amendment thereof or supplement
thereto and (ii) shall not be available to a particular Investor to the extent such Claim is based on a failure of such Investor
to deliver or to cause to be delivered the prospectus made available by the Company (to the extent applicable), including, without
limitation, a corrected prospectus, if such prospectus or corrected prospectus was timely made available by the Company pursuant
to Section 3(d) and then only if, and to the extent that, following the receipt of the corrected prospectus no grounds for such
Claim would have existed; and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall
survive the transfer of any of the Registrable Securities by any of the Investors pursuant to Section 9.

 

    	- 12 -

    	 

    

 

(b) In
connection with any Registration Statement in which an Investor is participating, such Investor agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company
within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim or Indemnified
Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified
Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation
occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use
in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), such
Investor will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this Section 6(b) and
the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld
or delayed, provided further that such Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the applicable sale of Registrable Securities pursuant
to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities by any of the Investors
pursuant to Section 9. Moreover, and notwithstanding anything to the contrary in this Agreement, no Indemnified Party shall have
a right of offset pursuant to this Section 6(b) and, for the avoidance of doubt, the Company may not offset any amount owing pursuant
to the Convertible Notes or any Warrants against any amount an Investor owes, or may owe, pursuant to this Section 6(b).

 

    	- 13 -

    	 

    

 

(c) Promptly
after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice of the commencement
of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party
under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party
and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified Person or Indemnified
Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid
by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying
party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Indemnified
Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without
limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the case may be) and the indemnifying
party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have been advised by counsel in writing
that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Person or such Indemnified
Party and the indemnifying party (in which case, if such Indemnified Person or such Indemnified Party (as the case may be) notifies
the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the
indemnifying party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the indemnifying
party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable
fees and expenses of more than one (1) separate legal counsel for such Indemnified Person or Indemnified Party (as the case may
be)). The Indemnified Party or Indemnified Person (as the case may be) shall reasonably cooperate with the indemnifying party
in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Indemnified Party or Indemnified Person (as the case may be) which relates to
such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person (as the case may be) reasonably
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party
shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however,
the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the
prior written consent of the Indemnified Party or Indemnified Person (as the case may be), which shall not be unreasonably withheld,
conditioned or delayed, consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the
case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any
admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Indemnified Party or Indemnified Person (as the case may be) with respect to all
third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party (as the case may be) under this Section 6, except to the
extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.

 

    	- 14 -

    	 

    

 

(d) No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale
of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e) The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

(f) The
indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the
Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party
may be subject to pursuant to the law.

 

 7. CONTRIBUTION.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, then indemnifying party, in lieu of indemnifying
such Indemnified Party or Indemnified Person, shall contribute to the amount paid or payable by such Indemnified Party or Indemnified
Person as a result of such Claim or Indemnified Damages in such proportion as is appropriate to reflect the relative fault of
the Indemnified Party or Indemnified Person and the indemnifying party in connection with the actions or omissions which resulted
in Claim or Indemnified Damages, as well as any other relevant equitable considerations. The relative fault of any Indemnified
Party or Indemnified Person and any indemnifying party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately preceding sentence. Notwithstanding the foregoing:
(i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the
fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which
Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such
sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of
net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement.
Notwithstanding the provisions of this Section 7, no Investor shall be required to contribute, in the aggregate, any amount in
excess of the amount by which the net proceeds actually received by such Investor from the applicable sale of the Registrable
Securities subject to the Claim exceeds the amount of any damages that such Investor has otherwise been required to pay, or would
otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

    	- 15 -

    	 

    

 

 8. REPORTS UNDER THE 1934 ACT.

 

With
a view to making available to the Investors the benefits of Rule 144, until the sale by the Investors of all of the Registrable
Securities, the Company agrees to:

 

(a) make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b) file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall limit any obligations
of the Company under the Securities Purchase Agreement) and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

 

(c) furnish
to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the 1934 Act, (ii) a copy
of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company with
the SEC if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested
to permit the Investors to sell such securities pursuant to Rule 144 without registration.

 

 9. ASSIGNMENT OF REGISTRATION RIGHTS.

 

All
or any portion of the rights under this Agreement shall be automatically assignable by each Investor to any transferee or assignee
(as the case may be) of all or any portion of such Investor’s Registrable Securities, Convertible Notes or Warrants if:
(i) such Investor agrees in writing with such transferee or assignee (as the case may be) to assign all or any portion of such
rights, and a copy of such agreement is furnished to the Company within a reasonable time after such transfer or assignment (as
the case may be); (ii) the Company is, within a reasonable time after such transfer or assignment (as the case may be), furnished
with written notice of (a) the name and address of such transferee or assignee (as the case may be), and (b) the securities with
respect to which such registration rights are being transferred or assigned (as the case may be); (iii) immediately following
such transfer or assignment (as the case may be) the further disposition of such securities by such transferee or assignee (as
the case may be) is restricted under the 1933 Act or applicable state securities laws if so required; (iv) at or before the time
the Company receives the written notice contemplated by clause (ii) of this sentence such transferee or assignee (as the case
may be) agrees in writing with the Company to be bound by all of the provisions contained herein; (v) such transfer or assignment
(as the case may be) shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement,
Convertible Notes or the Warrants (as the case may be); and (vi) such transfer or assignment (as the case may be) shall have been
conducted in accordance with all applicable federal and state securities laws.

 

 10. AMENDMENT OF REGISTRATION RIGHTS.

 

Provisions
of this Agreement may be amended only with the written consent of the Company and the Required Holders. No waiver shall be effective
unless it is in writing and signed by an authorized representative of the waiving party. No consideration shall be offered or
paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
also is offered to all of the parties to this Agreement.

 

    	- 16 -

    	 

    

 

 11. MISCELLANEOUS.

 

(a) Solely
for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns, or is deemed
to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two
or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice
or election received from such record owner of such Registrable Securities.

 

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

 

If
to the Company:

 

Naked
Brand Group Limited

c/o
Bendon Limited

8
Airpark Drive, Airport Oaks

Auckland
2022

New
Zealand

Telephone:
+64 9 275 0000

Email
Address: justin.davis@bendon.com

Attention:
Executive Chairman

 

With
a copy (for informational purposes only) to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue, 11th Floor

New
York, NY 10174

Email:
jgallant@graubard.com, eschwartz@graubard.com

Attention:
Jeffrey M. Gallent, Eric T. Schwartz

 

If
to the Transfer Agent:

 

Continental
Stock Transfer & Trust Company

1
State Street 30th Floor

New
York, NY 10004-1561

Telephone:
212.845.3256

Email:
agois@continentalstock.com

Attention:
Ana Gois, Vice President & Account Administrator

 

    	- 17 -

    	 

    

 

If
to a Buyer:

 

See
the respective Buyer Schedule of the Securities Purchase Agreement or to such address or e-mail address (as the case may be) set
forth on the applicable Buyer Schedule attached to the Securities Purchase Agreement, with copies to such Buyer’s representatives
as set forth on the applicable Buyer Schedule, or to such other address and/or to the attention of such other Person as the recipient
party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change, provided
that Legal Counsel shall only be provided notices sent to each Buyer. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail
transmission containing the time, date and e-mail address or (C) provided by a courier or overnight courier service shall be rebuttable
evidence of personal service or receipt from a nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

 

(c) Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof. The Company and each Investor acknowledge and agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to
prevent or cure breaches of the provisions of this Agreement by any other party hereto and to enforce specifically the terms and
provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this
being in addition to any other remedy to which any party may be entitled by law or equity.

 

(d) This
Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by, the internal laws of the State of Utah, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Securities Purchase
Agreement to determine the proper venue for any disputes are incorporated herein by this reference. By its execution of this Agreement,
each party agrees to be bound by the Arbitration Provisions (as defined in the Securities Purchase Agreement) set forth as an
exhibit to the Securities Purchase Agreement. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	- 18 -

    	 

    

 

(e) This
Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and
the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto solely
with respect to the subject matter hereof and thereof; provided, however, nothing contained in this Agreement or any other Transaction
Document shall (or shall be deemed to) (i) have any effect on any agreements any Investor has entered into with, or any instrument
that any Investor received from, the Company prior to the date hereof with respect to any prior investment made by such Investor
in the Company, (ii) waive, alter, modify or amend in any respect any obligations of the Company or any rights of or benefits
to any Investor or any other Person in any agreement entered into prior to the date hereof between or among the Company and any
Investor or any instrument that any Investor received prior to the date hereof from the Company and all such agreements and instruments
shall continue in full force and effect or (iii) limit any obligations of the Company under any of the other Transaction Documents.

 

(f) Subject
to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision hereof be enforced
by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons referred to in
Sections 6 and 7 hereof.

 

(g) The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless
the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular
and plural forms thereof. The terms “including,” “includes,” “include” and words of like import
shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

(h) This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any
signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed
signature page, such signature page 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.

 

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

 

(j) The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party. Notwithstanding anything to the contrary set forth in Section
10, terms used in this Agreement but defined in the other Transaction Documents shall have the meanings ascribed to such terms
on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by each Investor.

 

    	- 19 -

    	 

    

 

(k) All
consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Required Holders.

 

(l) The
obligations of each Investor under this Agreement and the other Transaction Documents are several and not joint with the obligations
of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor
under this Agreement or any other Transaction Document. Nothing contained herein or in any other Transaction Document, and no
action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as, and the Company acknowledges
that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity,
or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect to such obligations
or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges that the Investors
are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or
the transactions contemplated by this Agreement or any of the other the Transaction Documents. Each Investor shall be entitled
to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out
of any other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in
any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained herein
was solely in the control of the Company, not the action or decision of any Investor, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Investor. It is expressly understood and agreed that
each provision contained in this Agreement and in each other Transaction Document is between the Company and an Investor, solely,
and not between the Company and the Investors collectively and not between and among Investors.

 

[Signature
Pages Follow]

 

    	- 20 -

    	 

    

 

IN
WITNESS WHEREOF, each of the Buyers and the Company have caused their respective signature page to this Registration Rights
Agreement to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	NAKED
    BRAND GROUP LIMITED
	 	 	 
	 	By: 	 
	 	Name:	               
	 	Title:	 

 

[Signature
page to Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Buyers and the Company have caused their respective signature page to this Registration Rights
Agreement to be duly executed as of the date first written above.

 

	 	BUYERS:
	 	 
	 	ILIAD
    RESEARCH AND TRADING, L.P.
	 	 	 
	 	By:	Iliad
    Management, LLC, its General Partner
	 	 	 
	 	By:
    	Fife
    trading, Inc., its Manager
	 	 	 
	 	By:	 
	 	 	John M. Fife, President

 

[Signature
page to Registration Rights Agreement]

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