Document:

tenx_ex1022.htm

Exhibit 10.22
  
 CONSULTING AGREEMENT
  
 This Consulting Agreement (the “Agreement”) is entered into as of the 14th day of October, 2021, by and between Tenax Therapeutics, Inc. a Delaware corporation with its principal place of business in North Carolina (“the “Company”), and Michael B. Jebsen, a resident of North Carolina (“Consultant”). The Company and Consultant are sometimes referred to herein each as a “Party” and together as the “Parties.”
  
 WHEREAS, the Company desires to engage Consultant to provide services to the Company as a Special Advisor to the Company’s Chief Executive Officer subject to the terms and conditions of this Agreement; and
  
 WHEREAS, Consultant desires to provide those services to the Company subject to the terms and conditions of this Agreement;
  
 NOW, THEREFORE, for and in consideration of the premises and mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the terms and conditions hereinafter set forth, the Parties hereto enter into this Agreement and agree as follows.
  
 1. SERVICES. The services to be performed by Consultant as Special Advisor to the Chief Executive Officer under this Agreement will be as set forth on Exhibit A attached hereto and are hereafter referred to as the “Services.” Consultant agrees to perform the Services in a timely and professional manner and at the direction of the Company’s Chief Executive Officer.
  
 2. TERM. The term of this Agreement will be for a period beginning as of October 29, 2021 (the “Effective Date”) and continuing for six (6) months unless earlier terminated pursuant to Section 4 of this Agreement (the “Term”). The Term may be extended upon mutual agreement of the Parties.
  
 3. COMPENSATION. During the Term of this Agreement, the Company will pay Consultant fees for the Services in accordance with the fee schedule that is attached to this Agreement as Exhibit B (the “Consultant Fees”). Consultant will submit monthly invoices to the Company detailing the Services provided, and the Company will make payments of the Consultant Fees earned on or before the tenth (10th) business day after receipt of such invoices. By signing this Agreement, Consultant acknowledges and agrees that he is solely responsible for payment of all required taxes on the Consultant Fees.
  
 4. TERMINATION.
  
 a. Termination by Notice. At any time during the Term, either Party hereto may terminate this Agreement by providing at least thirty (30) days advance written notice of termination to the other Party (“Termination by Notice”). Upon Termination by Notice, the Company will pay Consultant only that portion of the Consultant Fees due to Consultant for Services performed through the effective date of the termination.
  
 b. Termination for Cause. At any time during the Term, the Company may terminate this Agreement immediately and without advanced notice for “Cause.” For purposes of this Agreement, “Cause” shall mean and include: (i) Consultant’s material breach of this Agreement; (ii) Consultant’s commission of a felony or crime involving moral turpitude; (iii) any act by Consultant involving dishonesty in the performance of the Services, including, without limitation, fraud, misappropriation or embezzlement; (iv) Consultant’s repeated failure or refusal to perform the Services; or (v) any willful or grossly negligent act or omission by Consultant that is injurious to the Company or the Company, including injury to the Company’s reputation. If the Company terminates this Agreement for Cause, the Company will pay Consultant only that portion of the Consultant Fees due to Consultant for Services performed through the effective date of the termination.
  
 c. Other Termination. This Agreement shall terminate immediately upon Consultant’s death or “Disability.” For purposes of this Agreement, “Disability” is defined as Consultant’s inability due to a physical or mental impairment to perform the Services for a period of thirty (30) consecutive days. If this Agreement is terminated due to Consultant’s death or Disability, the Company will pay Consultant only that portion of the Consultant Fees due to Consultant for Services performed through the effective date of the termination.
  
 	 
	
	

	 

  
 5. Independent Contractor Status. During the Term, Consultant will be an independent contractor and not the Company’s employee for any purpose, including, but not limited to, the application of the Fair Labor Standards Act’s minimum wage and overtime provisions, the Federal Insurance Contribution Act, the Social Security Act, the Federal Unemployment Tax Act, the provisions of the Internal Revenue Code, and all federal, state and local laws and regulations. Consultant understands that the Company will not be responsible for withholding or paying any federal or state income, social security or other taxes in connection with any compensation paid under this Agreement, and Consultant agrees to pay all such taxes when due. The Company will provide Consultant with a Form 1099 to the extent required by law. Consultant hereby agrees to indemnify and hold the Company harmless from any and all claims, causes of action or other proceedings related to or resulting from Consultant’s failure to pay taxes in compliance with applicable law. Consultant further understands and agrees that Consultant will not be entitled to any medical, disability, pension or other employment benefits made available by the Company to its employees. During the Term, Consultant will retain sole and absolute discretion and judgment in the manner and means of carrying out the Services. Consultant further agrees that during the Term, he has a full opportunity to find other business (so long as such other business is not in violation of this Agreement), and that he will use a high level of skill necessary to perform the Services. During the Term, Consultant will not have the authority to enter into any contract on behalf of the Company or otherwise to bind the Company to any agreement unless expressly authorized in writing to do so, and the Company will not be liable for any obligation incurred by Consultant during the Term. During the Term, Consultant shall indemnify and hold the Company harmless from all claims, losses, injuries or damages, and wages or any other form of compensation (including, without limitation, reasonable attorneys’ fees and costs) arising in connection with any claim, suit or proceeding alleging that Consultant has or had a relationship with the Company other than an independent contracting relationship during the Term.
  
 6. NO CONFLICTING OBLIGATIONS. Consultant hereby represents that his agreement to the terms of this Agreement will not breach any prior agreement not to compete or solicit customers or employees or to keep in confidence any proprietary information acquired by Consultant in confidence or in trust prior to the execution of this Agreement. Consultant further represents that he has not entered into, and agrees he will not enter into, any agreement, either written or oral, in conflict with this Agreement.
  
 7. WAIVER OF BREACH. Any waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any subsequent breach of that provision or any other provision of this Agreement.
  
 8. CHOICE OF LAW; VENUE. This Agreement is to be governed by the laws of the State of North Carolina without regard to its choice of law provisions. The Parties agree that any litigation arising out of or related to this Agreement will be brought exclusively in any state or federal court in Wake County, North Carolina. Each Party (i) consents to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient forum defense to any proceeding maintained in such courts, and (iii) agrees not to bring any proceeding arising out of or relating to this Agreement or Consultant’s engagement by the Company in any other court.
  
 9. COMPLETE AND FINAL AGREEMENT. This Agreement, including any exhibits, represents the complete and final agreement of the Parties and will control over any other statement, representation or agreement by the Company. This Agreement supersedes any prior negotiations or discussions between the Parties with regard to the subject matter hereof. This Agreement may be amended only in a writing signed by each of the Parties hereto.
  
 10. HEADINGS. The headings or titles to the paragraphs of this Agreement are solely for convenience of reference and shall be ignored when interpreting this Agreement.
  
 11. SEVERABILITY AND CONSTRUCTION. Should any part of this Agreement be declared invalid for any reason by any court of competent jurisdiction, such decision or determination shall not affect the validity of any remaining portion, and such remaining portion shall remain in force and effect as if this Agreement had been executed with the invalid portion eliminated; provided, that, in the event of a declaration of invalidity, the provision declared invalid shall not be invalidated in its entirety, but shall be observed and performed by the Parties to the extent such provision is valid and enforceable. The Parties hereby agree that any such provision shall be deemed to be altered and amended to the extent necessary to effect such validity and enforceability.
  
 	 
	
	

	 

  
 12. VOLUNTARY EXECUTION. Consultant hereby acknowledges that he has read the foregoing Agreement, that he understands its contents, and that he has relied upon or had the opportunity to seek the legal advice of his attorney, who is the attorney of his choosing.
  
 13. COUNTERPARTS. This Agreement may be executed in any number of counterparts and all of such counterparts shall for all purposes constitute one and the same instrument.
  
 14. NOTICES. All notices or demands by any Party relating to this Agreement shall be in writing and shall be deemed effectively given: (a) upon person delivery to the Party to be notified; (b) five (5) days after having been sent by registered mail, postage prepaid, return receipt requested; or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, at its addresses set forth below:
  
 	 
	 If to the Company: 
	 Tenax Therapeutics, Inc.

	 
	 
	 

	 
		  
ONE Copley Parkway, Suite 490

	 
	 
	 

	 
		  
Morrisville, NC 27560

	 
	 
	 

	 
	 
	  
Attention: Christopher T. Giordano

	 
	 
	 

  
 If to Consultant: Michael B. Jebsen
  
 The Parties hereto may change the address at which they are to receive notice hereunder, by notice in writing in the foregoing manner given to the other.
  
 [Signature page follows.]
  
 	 
	
	

	 

  
 IN WITNESS WHEREOF, each of the Parties hereto acknowledges having read and understood the contents and effect of this Agreement and has executed this Agreement freely and with full authority duly given, all as of the date first above written.
  
 	 	 THE COMPANY:
	
	  
	  
	  

	  
	 TENAX THERAPEUTICS, INC.
	  

	 	 	 	 
		By:	/s/ Christopher T. Giordano	
	  
	 Name:
	Christopher T. Giordano	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	  
	 CONSULTANT:
	  

	  
	  
	  
	  

	  
	 /s/ Michael B. Jebsen
	 (SEAL)

	  
	  
	  
	  

	  
	 Michael B. Jebsen
	  

  
  
 	 
	
	

	 

  
 EXHIBIT A
  
 THE “SERVICES” DEFINED
  
 Consultant shall make himself available to the Company’s Chief Executive Officer for special projects and requests. Consultant shall be expected to devote no more than twenty (20) hours per week in performing the Services. The Services will include:
  
 	  
	 ●
	 Assist with questions related to daily operations of the accounting department

	  
	  
	  

	  
	 ●
	 Assist with processes and procedures related to filing financial statements and other documents with the SEC

	  
	  
	  

	  
	 ●
	 Assist with other accounting and finance related questions as they arise

	  
	  
	  

	  
	 ●
	 Any other reasonable assistance to the Company, including to the Chief Financial Officer, as requested by the Chief Executive Officer

	  
	  
	  

  
  
 	 
	
	

	 

  
 EXHIBIT B
  
 CONSULTANT FEES
  
 Consultant will receive Consulting Fee at the rate of Two Hundred And Seventy-Five Dollars ($275.00) per hour.Exhibit 10.1

 

PURCHASE AGREEMENT

 

PURCHASE AGREEMENT
(the “Agreement”), dated as of March 28, 2022, by and between AiAdvertising Inc., a Nevada corporation (the “Company”),
and GHS INVESTMENTS, LLC, a Nevada limited liability company (the “Investor”).

 

WHEREAS:

 

Subject to the terms and conditions
set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to ten million
dollars ($10,000,000) worth of the Company’s registered common stock, $0.001 par value per share (the “Common Stock”).
The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares” or “Securities.”

 

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

 

1. CERTAIN DEFINITIONS.

 

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

 

(a) “Available Amount”
means, up to ten million dollars ($10,000,000) of Common Stock in the aggregate, which amount shall be reduced by the number of shares
of Common Stock purchased each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof.

 

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

 

(c) “Base Prospectus”
means the Company’s final base prospectus, dated February 16, 2021, a preliminary form of which is included in the Registration
Statement, including the documents incorporated by reference therein.

 

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

 

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

 

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

 

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

 

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

  

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

 

     

     

    

 

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

 

(k) “Maturity Date”
means the twelve month anniversary of the date of this Agreement, or March 28, 2023.

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(s) “Purchase Price”
means, with respect to a Purchase made pursuant to Section 2(a) hereof, the lower of (a) 90% of the lowest VWAP during the Valuation
Period; or (b) the Closing Price for the common stock on the trading day preceding the date of the Purchase Notice. The Purchase Price
will be subject to a floor of $.01 per share, at or below which the Company will not deliver a Purchase Notice.

  

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

   

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

 

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

 

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

 

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

 

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

 

(z) “Valuation Period”
means the ten (10) consecutive Business Days immediately preceding, but not including, the date a Purchase Notice is delivered.

 

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

 

2. PURCHASE OF
COMMON STOCK.

 

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

  

(a) Sales of Common Stock.
Subject to the satisfaction of all of the conditions set forth in Sections 6 and 7 hereof (the “Commencement” and the
date of satisfaction of such conditions the “Commencement Date”), at any time commencing on the Commencement Date and
thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Purchase
Notice from time to time, to purchase a minimum of ten thousand dollars ($10,000) worth of shares and up to a maximum of the lower of:
(1) one hundred percent (100%) of the average daily trading dollar volume for the Company’s common stock during the ten Trading
Days preceding the Purchase Date; or (2) One million dollars ($1,000,000) Each Purchase Notice will set forth the Purchase Price and number
of Purchase Shares in accordance with the terms of this Agreement. If the Company delivers any Purchase Notice for a Purchase Amount in
excess of the limitations contained herein, such Purchase Notice shall be void ab initio to the extent of the amount by which the
amount of Purchase Shares set forth in such Purchase Notice exceeds the amount of Purchase Shares which the Company is permitted to include
in such Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares in respect
of such Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the amount of Purchase
Shares which the Company is permitted to include in such Purchase Notice. Notwithstanding the foregoing dollar limitations, the Company
and the Investor may, from time to time, mutually agree (in writing) to waive the aforementioned limitations for a relevant Purchase Notice,
which waiver, for the avoidance of doubt, shall not exceed the Beneficial Ownership Limitation contained herein. The Company may not deliver
more than one Purchase Notice to the Investor every five (5) Business Days unless, from time to time, the Company and the Investor mutually
agree to different timing of the delivery Purchase Notices.

  

    3

     

    

 

(b) Settlement for Purchase
Shares. On each Settlement Date, for each Purchase hereunder, the Company shall deliver a number of Purchase Shares equal to 112.5%
of the aggregate Purchase Amount for such Purchase divided by the Purchase Price per share for such Purchase, against payment by the Investor
to the Company of the Purchase Amount with respect to such Purchase (less documented deposit and clearing fees, if any), as full payment
for such Purchase Shares via wire transfer of immediately available funds. The Company shall not issue any fraction of a share of Common
Stock upon the any Purchase. If any issuance hereunder would result in the issuance of a fraction of a share of Common Stock, the Company
shall round such fraction of a share of Common Stock up or down to the nearest whole share. All Purchase Shares issued hereunder will
be DWAC Shares. All payments made under this Agreement shall be made in lawful money of the United States of America by wire transfer
of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with the
provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business
Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

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

  

3. INVESTOR’S
REPRESENTATIONS AND WARRANTIES.

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

4. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

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

 

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

 

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

 

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

 

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

 

(e) Filings,
Consents and Approvals. Except as disclosed on Schedule 4 (e), the Company has timely filed all quarterly and annual reports
required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to
the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to
such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”). The
Company has delivered to Investor true and complete copies of the SEC Documents, except for such exhibits and incorporated documents,
and except as such Documents are available EDGAR filings on the SEC’s sec.gov website. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or
has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent
filings prior the date hereof). As of their respective dates, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently
applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and
its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods
then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial
statements of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business subsequent to September 30, 2021, and (ii) obligations under contracts and commitments incurred
in the ordinary course of business and not required under generally accepted accounting principles to be reflected in such financial statements,
which, individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company
is subject to the reporting requirements of the Exchange Act. For the avoidance of doubt, filing of the documents required in this Section
4(e) via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall satisfy all delivery
requirements of this Section 4(e).

 

Except as otherwise provided,
herein, the Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to this Section 4(e),
(ii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities, and (iii) such filings
as are required to be made under applicable state and federal securities laws (collectively, the “Required Approvals”).

 

    6

     

    

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

(l) Title
to Assets. Except as disclosed in Schedule 4(l), the Company and the Subsidiaries have good and marketable title in fee simple
to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business
of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value
of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease
by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries
are in compliance.

 

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

 

    8

     

    

 

(n) Insurance.
Except as set forth on Schedule 4(n), the Company and the Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount.
Neither the Company nor any Subsidiary has any reason to believe that it will not be able 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 without
a significant increase in cost.

 

(o) Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary
and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with
the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other
arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing
for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is
an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for: (i) payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
including stock option agreements under any stock option plan of the Company. Except as set forth on Schedule 4.1(o), all employee
salaries and contractor fees have been paid to date and no such amounts are outstanding or past due.

 

(p) Sarbanes-Oxley;
Internal Accounting Controls. Except as may be disclosed in the SEC Reports and on Schedule 4(p), the Company and the Subsidiaries
are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof,
and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and
as of each Settlement Date. Except as disclosed in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general
or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls
and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The
Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the
Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying
officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since
the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control
over financial reporting of the Company and its Subsidiaries.

 

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

 

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

 

    9

     

    

 

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

 

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

 

(u) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms
that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that
it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Investor will
rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on
behalf of the Company to the Investor regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated
hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement
taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.
The Company acknowledges and agrees that the Investor does not make and has not made any representations or warranties with respect to
the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5. COVENANTS.

 

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

  

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

 

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

    

(d) Purchase Records.
The Investor and the Company shall each maintain records showing the remaining Available Amount at any given time.

  

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

 

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(f) Registration. The
Company agrees that in the event the Initial Prospectus is unavailable to the Investor for resale of any or all of the Purchase Shares,
the Company shall undertake to file within (20) twenty calendar days, with the SEC a registration statement or registration statements
(as is necessary) on such form as is available relating to the transactions contemplated hereby to allow for resale of the Purchase Shares
by the Investor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

8. EVENTS OF DEFAULT.

 

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

 

(a) the effectiveness of the
Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or such Registration
Statement (or the prospectus forming a part thereof) is unavailable to the Investor or there is not otherwise an effective registration
statement on such available form, for resale of any or all of the Purchase Shares to be issued to the Investor under the Transaction Documents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9. TERMINATION

 

This Agreement may be terminated
only as follows:

 

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

 

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

 

    14

     

    

 

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

 

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

  

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

 

10. MISCELLANEOUS.

 

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

 

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

 

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

 

    15

     

    

 

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

 

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

  

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

 

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

 

If to the Company:

 

AIAdvertising, Inc.

321 Sixth Street

San Antonio, TX 78215

Telephone:
(805) 964-3313

E-mail: andrew@aiadvertising.com   

Attention:
Andrew VanNoy

 

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

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st Floor

New York, NY 10036

Telephone: (212) 930-9700

E-mail: gsichenzia@srf.law

Attention: Gregory Sichenzia

 

If to the Investor:

 

GHS Investments, LLC

420 Jericho Turnpike, Suite 102

Jericho, NY 11753 

 

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

 

Pryor Cashman LLP

7 Times Square

New York, NY 10036

Telephone:
212-421-4100

E-mail:
ali.panjwani@pryorcashman.com 

Attention:
M. Ali Panjwani, Esq.

 

    16

     

    

 

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

 

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

 

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

  

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

   

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

  

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

 

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

 

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

 

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

 

[Remainder of page intentionally blank –
signature page follows]

 

    17

     

    

 

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

 

	 	THE COMPANY:
	 	 	 
	 	AIADVERTISING, INC.
	 	 	 
	 	By:	/s/ Andrew VanNoy 
	 	Name: 	Andrew VanNoy
	 	Title:	Chief Executive Officer 
	 	 	 
	 	INVESTOR:
	 	 
	 	GHS INVESTMENTS, LLC
	 	 	 
	 	By:	/s/Sarfraz Hajee
	 	Name:	Sarfraz Hajee
	 	Title:	Member

 

     

     

    

 

EXHIBIT A

 

FORM OF PURCHASE NOTICE

 

________, 202__

 

To: GHS Investments, LLC

 

In accordance with Section 2 of the purchase agreement, dated March
[ ], 2022 (the “Purchase Agreement”), between AiAdvertising Inc. (the “Company”) and GHS Investments, LLC (the
“Investor”), the Company hereby provides notice to the Investor of a sale by the Company to the Investor of Purchase Shares
in the amount set forth in this Purchase Notice. Capitalized terms used herein have the meanings set forth in the Purchase Agreement.

 

Purchase Amount: $___________

 

Purchase Price per share: $____________

 

Number of Purchase Shares: __________

 

Very truly yours,

 

	AiAdvertising, Inc.	 
	 	 	 
	By:	                 	 
	Name:  	 	 
	Title:	 	 

 

     

     

    

 

EXHIBIT B

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s Certificate
(“Certificate”) is being delivered pursuant to Section 7(c) of that certain Purchase Agreement dated as of March
[ ], 2022, (“Purchase Agreement”), by and between AiAdvertising, Inc., a Nevada corporation (the “Company”),
and GHS INVESTMENTS, LLC (the “Investor”). Terms used herein and not otherwise defined shall have the meanings ascribed to
them in the Purchase Agreement.

 

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

 

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

 

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

 

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

 

 

IN WITNESS WHEREOF, I have
hereunder signed my name on this [ ] day of March, 2022.

 

	 	 	 
	 	Name: 	 	 
	 	Title:	Chief Executive Officer

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