Document:

Exhibit 4.10

 

AMENDED AND RESTATED

PURCHASE AGREEMENT

 

THIS AMENDED AND RESTATED
PURCHASE AGREEMENT (the “Agreement”), dated as of July 30, 2021, by and between BIT DIGITAL, INC.,  a company
organized under the laws of the Cayman Islands (the “Company”), and IONIC VENTURES, LLC, a California 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 Eighty
Million Dollars ($80,000,000) of ordinary shares of the Company, with a nominal or par value of $0.01 per share (the “Ordinary
Shares”). As of the date of this Amended and Restated Purchase Agreement, an aggregate of $33,000,000 of Ordinary Shares have
been sold to the Investor. The Ordinary Shares to be purchased hereunder are referred to herein as the “Purchase Shares”.

 

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) “Alternate
Purchase Measurement Period” means the period starting on, and ending five (5) Trading Days after, the date that the Investor
receives the Pre-Settlement Alternate Purchase Shares.

 

(b) “Alternate
Purchase Notice” means, with respect to any Alternate Purchase made pursuant to Section 20 hereof, an irrevocable written
notice from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares as specified by the Company
therein.

 

(c) “Alternate
Purchase Notice Date” means, with respect to an Alternate Purchase made pursuant to Section 2(a) hereof, the Business
Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 5:00 p.m., Eastern time, on such Business Day, a valid
Alternate Purchase Notice for such Alternate Purchase in accordance with this Agreement.

 

(d) “Alternate
Purchase Price” means, with respect to any Alternate Purchase made pursuant to Section 20 hereof, 80% (the “APP
Percentage) of the arithmetic average of the VWAPs during the Alternate Purchase Measurement Date.

 

(e) “Available
Amount” means, initially, Eighty Million Dollars ($80,000,000) in the aggregate, which amount shall be reduced by the Purchase
Amount each time the Investor purchases Ordinary Shares pursuant to Section 2 hereof.

 

(f) “Average
Price” means a price per Purchase Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing
(i) the aggregate gross purchase price paid by the Investor for all Purchase Shares purchased pursuant to this Agreement, by (ii) the
aggregate number of Purchase Shares issued pursuant to this Agreement.

 

(g) “Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal, state or similar laws applicable to Cayman Island companies for the
relief of debtors.

 

(h) “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.

 

(i) “Closing
Sale Price” means, for any security as of any date, the last closing sale price for such security on the Principal Market as
reported by the Principal Market.

 

(j) “Confidential
Information” means any information disclosed by either party to the other party, either directly or indirectly, in writing,
orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which
is designated as “Confidential,” “Proprietary” or some similar designation. Information communicated orally shall
be considered Confidential Information if such information is confirmed in writing as being Confidential Information within ten (10) Business
Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing party by third parties.
Confidential Information shall not, however, include any information which (i) was publicly known and made generally available in the
public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after
disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party; (iii) is already in the
possession of the receiving party without confidential restriction at the time of disclosure by the disclosing party as shown by the receiving
party’s files and records immediately prior to the time of disclosure; (iv) is obtained by the receiving party from a third party
without a breach of such third party’s obligations of confidentiality; (v) is independently developed by the receiving party without
use of or reference to the disclosing party’s Confidential Information, as shown by documents and other competent evidence in the
receiving party’s possession; or (vi) is required by law to be disclosed by the receiving party, provided that the receiving party
gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting
the information from public disclosure.

 

     

     

    

 

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

 

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

 

(m) “DWAC
Shares” means Ordinary Shares 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.

 

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

 

(o) “Floor
Price” means $1.00, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share
split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend,
share split or other similar transaction, the Floor Price shall mean the lower of (i) the adjusted price and (ii) $1.00.

 

(p)
“Material Adverse Effect” means any material adverse effect on (i) the business, properties, assets, liabilities, operations
(including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, taken as a whole, (ii)
the transactions contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered
into in connection herewith or therewith or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of
their respective obligations under any of the Transaction Documents.

 

(q) “Maturity
Date” means the first day of the month immediately following the thirty-six (36) month anniversary of the Commencement Date.

 

(r) “PEA
Period” means the period commencing at 9:30 a.m., Eastern time, on the tenth (10th) Business Day immediately prior to the filing
of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is defined
in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately following the effective
date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is
defined in the Registration Rights Agreement).

 

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

 

(t) “Principal
Market” means The Nasdaq Capital Market (or any nationally recognized successor thereto); provided, however, that in the event
the Company’s Ordinary Shares are ever listed or traded on The Nasdaq Global Market, The Nasdaq Global Select Market, the New York
Stock Exchange, the NYSE American or the NYSE Arca (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 Ordinary Shares are then listed or traded.

 

(u)
“Purchase Amount” means, with respect to any Regular Purchase or any Alternate Purchase made hereunder, the portion
of the Available Amount to be purchased by the Investor pursuant to Section 2 hereof.

 

(v)
“Purchase Notice” means a Regular Purchase Notice or an Alternate Purchase Notice with respect to any Regular Purchase
or Alternate Purchase, respectively.

 

(w) “Registration
Rights Agreement” means that certain Registration Rights Agreement, of even date herewith between the Company and the Investor.

 

(x) “Regular
Purchase Measurement Period” means the period starting five (5) Trading Days prior to, and ending five (5) Trading Days after,
the date that the Investor receives the Pre-Settlement Regular Purchase Shares.

 

(y)
“Regular Purchase Notice” means, with respect to any Regular Purchase pursuant to Section 2(a) hereof, an irrevocable
written notice from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares as specified by
the Company therein.

 

    -2-

     

    

 

(z) “Regular
Purchase Notice Date” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the Business Day
on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 5:00 p.m., Eastern time, on such Business Day, a valid Regular
Purchase Notice for such Regular Purchase in accordance with this Agreement.

 

(aa)  “Regular
Purchase Price” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, 85% (the “RPP
Percentage”) of the arithmetic average of the three (3) lowest VWAPs during a Regular Purchase Measurement Period (in each case,
to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share split or other similar transaction that
occurs on or after the date of this Agreement).

 

(bb) “Required
Delivery Date” means any date on which the Company or the Transfer Agent is required to deliver Ordinary Shares to Investor
hereunder and under the Registration Rights Agreement, including, without limitation, Pre-Settlement Regular Purchase Shares, Pre-Settlement
Alternate Purchase Shares, Settlement Regular Purchase Shares, Settlement Alternate Purchase Shares, and Commitment Shares.

 

(cc) “Sale Price”
means any trade price for the Ordinary Shares on the Principal Market as reported by the Principal Market.

 

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

 

(ee) “Securities”
means, collectively, the Purchase Shares, the Commitment Shares and Additional Commitment Shares.

 

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

 

(gg) “Settlement
Shares” means the 200,000 Ordinary Shares issued as of July 29, 2021 upon an Event of Default and deemed to be Purchase Shares.

 

(hh)  “Subsidiary”
means any Person the Company wholly owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock,
voting shares or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated
under the Securities Act.

 

(ii) “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Ordinary Shares, any
day on which the Ordinary Shares is traded on the Principal Market, or, if the Principal Market is not the principal trading market for
the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is then traded during
the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time; provided that “Trading Day”
shall not include any day on which the Ordinary Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any
day that the Ordinary Shares is suspended from trading during the final hour of trading on such exchange or market (or if such exchange
or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00
p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Investor or (y) with respect to all determinations
other than price determinations relating to the Ordinary Shares, any day on which The New York Stock Exchange (or any successor thereto)
is open for trading of securities.

 

(jj) “Transaction
Documents” means, collectively, this Agreement and the schedules and exhibits hereto, the Registration Rights Agreement and
the schedules and exhibits thereto, 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.

 

(kk)  “Transfer
Agent” means TranShare Securities Transfer and Registrar, the registrar and transfer agent for the Company.

 

(ll) “VWAP”
means the volume weighted average price of the Ordinary Shares on the Principal Market, as reported on the Principal Market or by another
reputable source such as Bloomberg, L.P.

 

 2. PURCHASE OF ORDINARY SHARES.

 

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) Commencement
of Regular Sales of Ordinary Shares.

 

(i) Regular
Purchase Notice. Upon the satisfaction of the conditions set forth in Sections 7 and 8 hereof (the “Commencement”
and the date of satisfaction of such conditions the “Commencement Date”), the Company shall have the right, but not
the obligation, to direct the Investor, by its delivery to the Investor of a Regular Purchase Notice from time to time in accordance with
this Agreement, to purchase up to the lesser of (y) $2,500,000 in Ordinary Shares and (z) 75% of the average dollar volume of Ordinary
Shares traded on the Principal Market for the lowest 8 of the 10 Trading Days prior to the Regular Purchase Notice Date, at the Regular
Purchase Price on the Regular Purchase Settlement Date (defined below) in accordance with the terms herein (each such purchase a “Regular
Purchase”).

 

(ii) Frequency.
Subject also to Section 10, the Company may deliver a Regular Purchase Notice to the Investor as often as every Business Day, so long
as (i) on any Regular Purchase Notice Date, the Closing Sale Price of the Ordinary Shares is not below the Floor Price, (ii) Purchase
Shares for all prior Regular Purchases and Alternate Purchases have theretofore been received by the Investor in accordance with this
Agreement, and (iii) no current Regular Purchase Measurement Period or Alternate Purchase Measurement Period is running (unless the Company
and the Investor mutually agree otherwise in writing). Notwithstanding the foregoing, the Company shall not deliver a Regular Purchase
Notice to the Investor during the PEA Period.

 

    -3-

     

    

 

(iii) Pre-Settlement.
No later than two (2) Trading Days (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation
for the settlement of a trade initiated on the Regular Purchase Notice Date of such Ordinary Shares issuable pursuant to the Regular Purchase)
after the Regular Purchase Notice Date, the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares such number
of Ordinary Shares (the “Pre-Settlement Regular Purchase Shares”) equal to the product of (A) the quotient of (y) the
Purchase Amount divided by (z) the Pre-Settlement Regular Purchase Price (as defined below), and as to which the Holder shall be the owner
thereof as of such time of delivery of such Regular Purchase Notice Date, multiplied by (B) 125%. The “Pre-Settlement Regular
Purchase Price” means 80% of the Closing Price on the date immediately preceding the Regular Purchase Notice Date. All such
determinations to be appropriately adjusted for any share split, share dividend, share combination or other similar transaction during
any such measuring period.

 

(iv) Payment
for Regular Purchase Shares. If the Company delivers a valid Regular Purchase Notice to Investor and delivers the Pre-Settlement Regular
Purchase Shares in accordance with the terms herein, then the Investor shall pay to the Company an amount equal to the Purchase Amount
with respect to such Regular Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds on the
first Business Day following the date that the Investor receives the Pre-Settlement Regular Purchase Shares, if such Purchase Shares are
received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern
time, the following Business Day.

 

(v) Settlement.
No later than two (2) Trading Days after the Regular Purchase Measurement Period (the “Regular Purchase Settlement Date”),
the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares such number of Ordinary Shares (the “Settlement
Regular Purchase Shares”) equal to the Purchase Amount divided by the Regular Purchase Price. The number of Ordinary Shares
to be delivered on the Regular Purchase Settlement Date shall be reduced by the number of Pre-Settlement Regular Purchase Shares delivered.
Notwithstanding anything herein to the contrary, if the number of Pre-Settlement Regular Purchase Shares delivered to the Investor exceeds
the number of Settlement Regular Purchase Shares, then the Investor shall return such excess shares.

 

(vi) Event
of Default. If an Event of Default occurs between the Regular Purchase Notice Date and any time through the Regular Purchase Settlement
Date, then (i) the RPP Percentage shall be automatically adjusted to 60% for so long as such Event of Default remains uncured and
(ii) the Investor shall be entitled to all the rights hereunder as if such Event of Default occurred immediately
prior to such Regular Purchase Notice Date.

 

		(b)	Alternate Purchases.

 

(i) Alternate
Purchase Notice. Subject to the terms and conditions of this Agreement, beginning on the Commencement Date, in addition to Regular
Purchases of Purchase Shares as described in Section 2(a) above, the Company shall also have the right, but not the obligation,
to direct the Investor, by its delivery to the Investor of an Alternate Purchase Notice from time to time in accordance with this Agreement,
to purchase up to the lesser of (y) $2,500,000 in Ordinary Shares and (z) 75% of the average dollar volume of Ordinary Shares traded on
the Principal Market for the lowest 8 of the 10 Trading Days prior to the Alternate Purchase Notice Date, at the Alternate Purchase Price
on the Alternate Purchase Settlement Date (defined below) in accordance with the terms herein (each such purchase a “Alternate
Purchase”).

 

(ii) Frequency.
Subject also to Section 10, the Company may deliver an Alternate Purchase Notice to the Investor as often as every Business Day, so long
as (i) on any Alternate Purchase Notice Date, the Closing Sale Price of the Ordinary Shares is not below the Floor Price, (ii) Purchase
Shares for all prior Regular Purchases and Alternate Purchases have theretofore been received by the Investor in accordance with this
Agreement, and (iii) no current Regular Purchase Measurement Period or Alternate Purchase Measurement Period is running. Notwithstanding
the foregoing, the Company shall not deliver an Alternate Purchase Notice to the Investor during the PEA Period.

 

    -4-

     

    

 

(iii) Pre-Settlement.
No later than two (2) Trading Days (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation
for the settlement of a trade initiated on the Alternate Purchase Notice Date of such Ordinary Shares issuable pursuant to the Alternate
Purchase) after the Alternate Purchase Notice Date, the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares
such number of Ordinary Shares (the “Pre-Settlement Alternate Purchase Shares”) equal to the product of (A) the quotient
of (y) the Purchase Amount divided by (z) the Pre-Settlement Alternate Purchase Price (as defined below), and as to which the Investor
shall be the owner thereof as of such time of delivery of such Regular Purchase Notice Date, multiplied by (B) 125%. The “Pre-Settlement
Alternate Purchase Price” means 80% of the Closing Price on the date immediately preceding the Alternate Purchase Notice Date.
All such determinations to be appropriately adjusted for any share split, share dividend, share combination or other similar transaction
during any such measuring period.

 

(iv) Payment
for Alternate Purchase Shares. If the Company delivers a valid Alternate Purchase Notice to Investor and delivers the Pre-Settlement
Alternate Purchase Shares in accordance with the terms herein, then the Investor shall pay to the Company an amount equal to the Purchase
Amount with respect to such Alternate Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds
on the first Business Day following the date that the Investor receives the Pre-Settlement Alternate Purchase Shares, if such Purchase
Shares are received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00
p.m., Eastern time, the following Business Day.

 

(v) Settlement.
No later than two (2) Trading Days after the Alternate Purchase Measurement Period (the “Alternate Purchase Settlement Date”),
the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares such number of Ordinary Shares (the “Settlement
Regular Purchase Shares”) equal to the Purchase Amount divided by the Alternate Purchase Price. The number of Ordinary Shares
to be delivered on the Alternate Purchase Settlement Date shall be reduced by the number of Pre-Settlement Alternate Purchase Shares delivered.
Notwithstanding anything herein to the contrary, if the number of Pre-Settlement Alternate Purchase Shares delivered to the Investor exceeds
the number of Settlement Alternate Purchase Shares, then the Investor shall return such excess shares.

 

(vi) Event
of Default. If an Event of Default occurs between the Alternate Purchase Notice Date and any time through the Alternate Purchase Settlement
Date, then (i) the APP Percentage shall be automatically adjusted to 60% and (ii) the Investor shall be entitled to all the rights hereunder
as if such Event of Default occurred immediately prior to such Alternate Purchase Notice Date.

 

(c) The
APP Percentage shall be automatically adjusted to 90% after $40,000,000 in Ordinary Shares have been purchased under this Agreement, which
shall not include, for the avoidance of any doubt, any commitment, default, settlement or penalty shares issued or issuable pursuant to
the Transaction Documents.

 

(d) [Intentionally
Omitted]

 

(e) Compliance
with Principal Market Rules. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not be required
or permitted to issue, and the Investor shall not be required to purchase, any Ordinary Shares under this Agreement if such issuance would
violate the rules or regulations of the Principal Market. The Company may, in its sole discretion, determine whether to obtain shareholder
approval to issue Ordinary Shares equivalent to more than 19.99% of its outstanding Ordinary Shares hereunder if such issuance would require
shareholder approval under the rules or regulations of the Principal Market.

 

(f) 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 Ordinary Shares under this Agreement which, when aggregated with all other
Ordinary Shares 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 Ordinary Shares of the Company (the “Beneficial Ownership Limitation”). Upon the
written or oral request of the Investor, the Company shall promptly (but not later than twenty-four (24) hours) confirm orally or in writing
to the Investor the amount of Ordinary Shares then outstanding. The Investor and the Company shall each cooperate in good faith in the
determinations required hereby and the application hereof.

 

    -5-

     

    

 

(g) Excess
Share Limitation. If the Company delivers any Purchase Notice for a Purchase Amount in excess of the limitations contained in this
Section 2, such Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase Shares
set forth in such Purchase Notice exceeds the number 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 with respect to such Purchase
Notice; provided, however, that the Investor shall remain obligated to purchase the number of Purchase Shares which the
Company is permitted to include in such Purchase Notice.

 

(h) Adjustments
for Shares. All share-related numbers contained in this Section 2 shall be adjusted to take into account any reorganization,
recapitalization, non-cash dividend, share split or other similar transaction effected with respect to the Ordinary Shares, except as
specifically stated herein.

 

 3. INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

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

 

(a) Investment
Purpose. The Investor is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling
such Securities 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 Securities 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 Securities in violation
of the Securities Act or any applicable state securities law (this representation and warranty not limiting the Investor’s right
to sell Ordinary Shares representing the Securities 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 Securities hereunder in the ordinary course
of its business.

 

(b)
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.

 

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

 

(d) Information.
Investor and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities that have been requested by Investor. Investor and its advisors, if any,
have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations
conducted by Investor or its advisors, if any, or its representatives shall modify, amend or affect Investor’s right to rely on
the Company’s representations and warranties contained herein. Investor understands that its investment in the Securities involves
a high degree of risk. 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 Securities.

 

(e) No
Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the Securities
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f) Transfer
or Sale. The Investor understands that (i) the Securities may not be offered for sale, sold, assigned or transferred unless (A) registered
pursuant to the Securities Act or (B) an exemption exists permitting such Securities to be sold, assigned or transferred without such
registration and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144
and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through
whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with
some other exemption under the Securities Act or the rules and regulations of the SEC thereunder.

 

(g) 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.

 

    -6-

     

    

 

(h) Residency.
The Investor is a resident of the State of California.

 

(i) 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, and shall not engage in or effect, 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 Ordinary Shares (excluding transactions properly marked “short exempt”) or (ii) hedging transaction, which establishes
a net short position with respect to the Ordinary Shares.

 

 4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

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

 

(a) Organization
and Qualification. Each of the Company and each of its Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction in which it was formed and have the requisite corporate power and authority
to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company and its Subsidiaries
is duly qualified as a foreign entity to conduct business and is in good standing 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 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.
The Company has no Subsidiaries except as set forth on Schedule 4(a). The Company has furnished or made available to the Investor
true and correct copies of the Company’s Memorandum and Articles of Association, as amended (the “Memorandum and Articles
of Association”), summaries of the terms of all securities convertible into or exercisable for Ordinary Shares or Ordinary Shares,
if any, and copies of any documents containing the material rights of the holders thereof in respect thereto.

 

(b) Authorization;
Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance with the terms hereof and thereof,
(ii) the execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions contemplated
hereby and thereby, including without limitation, the issuance of the Commitment Shares (as defined below in Section 5(e)) and
the Additional Commitment Shares and the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement,
have been duly authorized by the Company’s Board of Directors (the “Signing Resolutions”); the Signing Resolutions
are valid, in full force and effect, have been made available or furnished to Investor, and have not been modified or supplemented in
any respect; and except as set forth in this Agreement, and no further consent or authorization is required by the Company, its Board
of Directors or its shareholders, (iii) this Agreement has been, and each other Transaction Document shall be on the Commencement Date,
duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction Document upon its execution
on behalf of the Company, shall constitute, the valid and binding obligations of the Company enforceable against the Company in accordance
with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

(c) Equity
Capitalization.

 

(i) As
of July 29, 2021, the authorized share capital of the Company consists of 140,000,000 Ordinary Shares, of which 54,605,086 shares are
issued and outstanding and 2,225,930 shares are reserved for issuance pursuant to securities exercisable or exchangeable for, or convertible
into, Ordinary Shares. No Ordinary Shares are held in the treasury of the Company.

 

(ii) All
of such outstanding shares are duly authorized and have been validly issued and are fully paid and nonassessable. All shares underlying
convertible securities are duly authorized and, upon issuance in accordance with the terms of the agreements governing such convertible
securities, will be validly issued, fully paid and nonassessable. Schedule 4(c)(ii) sets forth the number of Ordinary Shares
that are (A) reserved for issuance pursuant to convertible securities and (B) as of the date hereof, owned by Persons who are “affiliates”
(as defined in Rule 405 of the Securities Act and calculated based on the assumption that only officers, directors and holders of at least
10% of the Company’s issued and outstanding Ordinary Shares are “affiliates” without conceding that any such Persons
are “affiliates” for purposes of federal securities laws) of the Company or any of its Subsidiaries. To the Company’s
knowledge, no Person owns 10% or more of the Company’s issued and outstanding Ordinary Shares (calculated based on the assumption
that all convertible securities, whether or not presently exercisable or convertible, have been fully exercised or converted (as
the case may be) taking account of any limitations on exercise or conversion (including “blockers”) contained therein without
conceding that such identified Person is a 10% shareholder for purposes of federal securities laws).

 

    -7-

     

    

 

(iii) Except
as set forth on Schedule 4(c)(iii) or as disclosed in the SEC Documents (as defined below), (i) none of the Company’s or any Subsidiary’s
shares are subject to preemptive rights or any other similar rights or any liens, encumbrances and defects (“Liens”)
suffered or permitted by the Company or any Subsidiary, (ii) neither the Company nor any Subsidiary has any outstanding debt securities,
(iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, any of the Company’s or any of its Subsidiary’s shares, or contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional Ordinary Shares
of the Company or any shares of capital stock of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any of the Company’s shares or of capital stock
of any of its Subsidiaries, (iv) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated
to register the sale of any of their securities under the Securities Act (except the Registration Rights Agreement), (v) there are no
outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and
there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound
to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing anti-dilution or
similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii) the Company does
not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.

 

(d) Issuance
of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement, the Purchase Shares
shall be validly issued, fully paid and nonassessable and free from all taxes, Liens, charges, restrictions, rights of first refusal and
preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Ordinary Shares.
All currently authorized but unissued Ordinary Shares shall be reserved for issuance as Purchase Shares, Commitment Shares and Settlement
Shares: (i) 19,305,000 Ordinary Shares (subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend, share
split or other similar transaction) shall automatically be duly authorized and initially reserved for issuance upon purchase under this
Agreement as Purchase Shares, (ii) 495,000 Ordinary Shares (subject to equitable adjustment for any reorganization, recapitalization,
non-cash dividend, share split or other similar transaction) shall automatically be duly authorized and initially reserved for issuance
as Commitment Shares (as defined below in Section 5(e)) in accordance with this Agreement, of which 125,000 of such Ordinary Shares
(subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend, share split or other similar transaction)
shall be duly authorized and initially reserved for issuance as Additional Commitment Shares in accordance with this Agreement and (iii)
200,000 Ordinary Shares (subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend, share split or other
similar transaction) shall automatically be duly authorized and issued as Settlement Shares. The Commitment Shares, Additional Commitment
Shares and Settlement Shares shall be validly issued, fully paid and nonassessable and free from all taxes, Liens, charges, restrictions,
rights of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded
to a holder of Ordinary Shares. Subject to the accuracy of the representations and warranties of Investor in this Agreement, the offer
and issuance by the Company of the Securities is exempt from registration under the Securities Act.

 

(e) Indebtedness
and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as disclosed on Schedule 4(e), has any outstanding
debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness of
the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (ii) except as disclosed
in the SEC Documents, is a party to any contract, agreement or instrument, the violation of which, or default under which, by the other
party or parties to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, (iii)
has any financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries; (iv)
is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, except where
such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or (v) is a party to any
contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the Company’s officers,
has or is expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries have any liabilities or obligations
required to be disclosed in the SEC Documents which are not so disclosed in the SEC Documents, other than those incurred in the ordinary
course of the Company’s or its Subsidiaries’ respective businesses and which, individually or in the aggregate, do not or
could not have a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of any Person means, without
duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price
of property or services (including, without limitation, “capital leases” in accordance with U.S. GAAP) (other than trade payables
entered into in the ordinary course of business consistent with past practice), (C) all reimbursement or payment obligations with respect
to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all
indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case
with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller
or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations
under any leasing or similar arrangement which, in connection with U.S. GAAP, consistently applied for the periods covered thereby, is
classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of
such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become
liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of
the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means, as to any Person, any
direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation
of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide
assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will
be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto.

 

    -8-

     

    

 

(f) No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance of the Securities)
will not (i) result in a violation of the Memorandum and Articles of Association or the Bylaws or (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is
a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation foreign, federal
and state securities laws and regulations and the rules and regulations of the Principal Market and including all applicable foreign,
federal and state laws, rules and regulations, including, without limitation, the laws, rules and regulations of Cayman Islands, Hong
Kong and People’s Republic of China) applicable to the Company or any of its Subsidiaries or by which any property or asset of the
Company or any of its Subsidiaries is bound or affected. Neither the Company nor any Subsidiary is in violation or default of or under
(i) any provision of the Memorandum and Articles of Association or, in the case of the Subsidiaries, under its respective certificate
or articles of incorporation, any certificate of designation, preferences and rights of any outstanding series of preferred stock or classes
of shares, organizational charter or bylaws, respectively, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust,
note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to
which its property is subject, or (iii) any judgment, order or decree of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or any of its properties. Other than the filing with the SEC
of one or more Registration Statements in accordance with the requirements of the Registration Rights Agreement, the filing of a Form
D with the SEC, any other filings as may be required by any state securities agencies, and the submission of a Listing of Additional Shares
Notification with the Principal Market, the Company is not required to obtain any consent, Authorization or order of, or make any filing
or registration with, any court or governmental agency or any regulatory or self-regulatory agency in order for it to execute, deliver
or perform any of its obligations under or contemplated by the Transaction Documents in accordance with the terms hereof or thereof. The
Company is permitted to rely on Nasdaq Rule 5615(a)(3) with respect to issuances of Registrable Securities, which Registrable Securities
may be issued accordingly without compliance with the 20% limitation under Nasdaq Rule 5635(d), if necessary. The Company has taken all
necessary action to be permitted to be listed on the Principal Market in compliance with the Holding Foreign Companies Accountable Act
(Senate Bill S.945) in the form approved by the Senate prior to the date hereof, assuming, for such purposes, that such bill was made
into a federal law of the United States without any further changes prior to such time of determination (unless such bill or any applicable
successor bill was made into a federal law of the United States on or prior to such time of determination, in which case, the foregoing
representation shall apply to such successor federal law of the United States, as applicable, mutatis mutandis). Except as set
forth elsewhere in this Agreement, all consents, Authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence shall be obtained or effected on or prior to the Commencement Date.

 

(g) SEC
Documents; Financial Statements. Since December 31, 2018, except as set forth on Schedule 4(g), the Company has filed all reports,
schedules, forms, proxy statements, information statements and other documents required to be filed or furnished by the Company under
the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (all of the foregoing materials, including
all exhibits and appendices included therein and financial statements, notes and schedules thereto and documents incorporated by reference
therein and SEC correspondence, being collectively referred to herein as the “SEC Documents”) on a timely basis or
has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension.
The Company has delivered or has made available to Investor or its representatives true, correct and complete copies of each of the SEC
Documents not available on the EDGAR system. As of their respective dates, the SEC Documents complied in all material respects with the
requirements of the Securities Act and the Exchange Act, as applicable. None of the SEC Documents, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
SEC Documents (the “Financial Statements”) comply in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such Financial Statements
have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the
periods involved (“GAAP”) (except (i) as may be otherwise specified in such Financial Statements or the notes thereto
and (ii) in the case of any unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements),
and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the
dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to
normal, year-end audit adjustments which will not be material, either individually or in the aggregate. The reserves, if any, established
by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the Company on the date
hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of
the Financial Accounting Standards Board which are not provided for by the Company in its financial statements or otherwise. No other
information provided by or on behalf of the Company to Investor which is not included in the SEC Documents (including, without limitation,
information referred to in Section 3(d) of this Agreement or in the disclosure schedules to this Agreement) contains any untrue statement
of a material fact or omits to state any material fact necessary in order to make the statements therein not misleading, in the light
of the circumstance under which they are or were made. The Company is not currently contemplating to amend or restate any of the Financial
Statements (including, without limitation, any notes or any letter of the independent accountants of the Company with respect thereto),
nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial
Statements, in each case, in order for any of the Financials Statements to be in material compliance with GAAP and the rules and regulations
of the SEC. The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any
of the Financial Statements or that there is any need for the Company to amend or restate any of the Financial Statements. Except as set
forth in the SEC Documents, neither the Company nor any of its Subsidiaries has received any accountant, Governmental Entity or other
Person relating to any potential material weakness or significant deficiency in any part of the internal controls over financial reporting
of the Company or any of its Subsidiaries. The SEC has not commenced any enforcement proceedings against the Company or any of its Subsidiaries.

 

    -9-

     

    

 

(h) Absence
of Certain Changes. Since the date of the Company’s most recent audited Financial Statements filed with the SEC, there has been
no material adverse change and no material adverse development in the business, assets, liabilities, properties, operations (including
results thereof), condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries. Since the date of the Company’s
most recent audited Financial Statements filed with the SEC, except as otherwise disclosed in the SEC Documents, neither the Company nor
any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the
ordinary course of business or (iii) made any capital expenditures, individually or in the aggregate, outside of the ordinary course of
business. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating
to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge
or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge
of any fact which would reasonably lead a creditor to do so. The Company and its Subsidiaries, individually and on a consolidated basis,
are not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at each Closing, will not be Insolvent
(as defined below). For purposes of this Section 4(h), “Insolvent” means, (i) with respect to the Company and its Subsidiaries,
on a consolidated basis, (A) the present fair saleable value of the Company’s and its Subsidiaries’ assets is less than the
amount required to pay the Company’s and its Subsidiaries’ total Indebtedness (as defined below), (B) the Company and its
Subsidiaries are unable to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured or (C) the Company and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond
their ability to pay as such debts mature; and (ii) with respect to the Company and each Subsidiary, individually, (A) the present fair
saleable value of the Company’s or such Subsidiary’s (as the case may be) assets is less than the amount required to pay its
respective total Indebtedness, (B) the Company or such Subsidiary (as the case may be) is unable to pay its respective debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary
(as the case may be) intends to incur or believes that it will incur debts that would be beyond its respective ability to pay as such
debts mature. Neither the Company nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage
in any business or in any transaction, for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably
small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

(i) Litigation.
There is no material action, suit, arbitration, proceeding, inquiry or investigation before or by the Principal Market, any court, public
board, other Governmental Entity, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against
or affecting the Company or any of its Subsidiaries, the Ordinary Shares or any of the Company’s or its Subsidiaries’ officers
or directors, whether of a civil or criminal nature or otherwise, in their capacities as such, except as set forth in the SEC Documents.
To the Company’s knowledge, no director, officer or employee of the Company or any of its Subsidiaries has willfully violated 18
U.S.C. §1519 or engaged in spoliation in reasonable anticipation of litigation. Without limitation of the foregoing, there has not
been, there is not pending, and to the knowledge of the Company, there is not contemplated, any investigation by the SEC involving the
Company, any of its Subsidiaries or any current or former director or officer of the Company or any of its Subsidiaries. The SEC has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Securities
Act or the Exchange Act. After reasonable inquiry of its employees, the Company is not aware of any fact which might result in or form
the basis for any such action, suit, arbitration, investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries
is subject to any order, writ, judgment, injunction, decree, determination or award of any Governmental Entity.

 

(j) Acknowledgment
Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that Investor is acting solely in the
capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby
and that Investor is not (i) an officer or director of the Company or any of its Subsidiaries, (ii) an “affiliate” (as defined
in Rule 144) of the Company or any of its Subsidiaries or (iii) to the Company’s knowledge, a “beneficial owner” (as
defined for purposes of Rule 13d-3 of the Exchange Act of more than 10% of the Ordinary Shares. The Company further acknowledges that
Investor is not acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with
respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by Investor or any of
its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely
incidental to Investor’s purchase of the Securities. The Company further represents to Investor that the Company’s and each
Subsidiary’s decision to enter into the Transaction Documents to which each is a party has been based solely on the independent
evaluation by the Company, each Subsidiary and their respective representatives.

 

(k) No
Integrated or Aggregated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on its
or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of the offer and sale of any of the Securities under the Securities Act, whether through
integration with prior offerings or otherwise, or cause the transactions contemplated hereby to be aggregated with prior offerings by
the Company in a manner that would require shareholder approval for purposes of the Securities Act or under any applicable shareholder
approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which
any of the securities of the Company are listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor
any Person acting on their behalf will take any action or steps that would require registration of the issuance of any of the Securities
under the Securities Act or cause the offering of any of the Securities to be integrated with other offerings of securities of the Company.

 

    -10-

     

    

 

(l)
Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications
and registrations therefor (“Intellectual Property Rights”) necessary to conduct their respective businesses as now
conducted. Each of the patents owned by the Company or any of its Subsidiaries is disclosed in the SEC Documents. The Company does not
have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim,
action or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the
Company or any of its Subsidiaries regarding its Intellectual Property Rights except where such claim, action or proceeding is not likely
to result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is aware of any facts or circumstances which might
give rise to any of the foregoing infringements or claims, actions or proceedings. The Company and its Subsidiaries have taken reasonable
security measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights.

 

(m) Environmental
Laws.

 

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

 

(ii) No
Hazardous Materials:

 

		(1)	have been disposed of or otherwise released from any Real Property of the Company or any of its Subsidiaries in violation of any Environmental
Laws; or

 

		(2)	are present on, over, beneath, in or upon a Real Property or any portion thereof in quantities that would
constitute a violation of any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred
that violates any Environmental Laws, which violation would have a Material Adverse Effect.

 

(iii) Neither
the Company nor any of its Subsidiaries knows of any other Person who or entity which has stored, treated, recycled, disposed of or otherwise
located on any Real Property any Hazardous Materials, including, without limitation, such substances as asbestos and polychlorinated biphenyls.

 

(iv) None
of the Real Properties are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related Liens.

 

(n) Title.

 

(i) Real
Property. Each of the Company and its Subsidiaries holds good title to all real property, leases in real property, facilities or other
interests in real property owned or held by the Company or any of its Subsidiaries (the “Real Property”) owned by the
Company or any of its Subsidiaries (as applicable). Such Real Property is free and clear of all Liens and is not subject to any rights
of way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a) Liens for current
taxes not yet due, (b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the property subject
thereto and (c) those that are not likely to result in a Material Adverse Effect. Any Real Property held under lease by the Company or
any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not interfere in any material respect with the use made and proposed to be made of such property and buildings by the Company or any of
its Subsidiaries.

 

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

 

    -11-

     

    

 

(o) Insurance.
Neither Company nor any of its Subsidiaries have insurance coverage against losses and risks to their respective businesses.

 

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

 

(q) Violations;
Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default under the Articles
of Association, the Memorandum of Association, any certificate of designation, preferences or rights of any outstanding series of preferred
shares or other special shares of the Company or any of its Subsidiaries or the certificate of formation, memorandum of association, articles
of association, articles of incorporation, certificate of incorporation, bylaws or other organizational documents of any of the Subsidiaries,
as applicable. Except as disclosed in the SEC Documents, the Company is not in violation of any of the rules, regulations or requirements
of the Principal Market and has no knowledge of any facts or circumstances that could reasonably lead to delisting or suspension of the
Ordinary Shares by the Principal Market in the foreseeable future. Since December 31, 2018, (i) the Ordinary Shares have been listed or
designated for quotation on the Principal Market, (ii) except as otherwise disclosed in the SEC Documents, trading in the Ordinary Shares
has not been suspended by the SEC or the Principal Market and (iii) except as disclosed in the SEC Documents, the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Ordinary Shares from
the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations
or permits would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Company
nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization
or permit. There is no agreement, commitment, judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries
or to which the Company or any of its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting
or materially impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or
any of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than such effects,
individually or in the aggregate, which have not had and would not reasonably be expected to have a Material Adverse Effect.

 

(r) Subsidiary
Rights. Except as otherwise disclosed in the SEC Documents, the Company or one of its Subsidiaries has the unrestricted right to vote,
and (subject to limitations imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries
as owned by the Company or such Subsidiary.

 

(s) Tax
Status. The Company and each of its Subsidiaries (i) has made or filed all foreign, federal and state income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all material taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company
and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim. The Company is
not operated in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297 of the United States Internal
Revenue Code, as amended (the “Code”). The net operating loss carryforwards (“NOLs”) for United
States federal income tax purposes of the consolidated group of which the Company is the common parent, if any, shall not be adversely
affected by the transactions contemplated hereby. The transactions contemplated hereby do not constitute an “ownership change”
within the meaning of Section 382 of the Code, thereby preserving the Company’s ability to utilize such NOLs.

 

    -12-

     

    

 

(t) Transactions
with Affiliates. Except as set forth in the SEC Documents, none of the officers or directors of the Company and, to the knowledge
of the Company, none of the Company’s shareholders, the officers or directors of any shareholder of the Company, or any family member
or affiliate of any of the foregoing, has either directly or indirectly any interest in, or is a party to, any transaction that is required
to be disclosed as a related party transaction pursuant to Item 404 of Regulation S-K promulgated under the Securities Act.

 

(u) Application
of Takeover Protections; Rights Agreement. The Company and its Board of Directors have taken or will take prior to the Commencement
Date all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) shareholder rights plan or other similar anti-takeover provision under the Memorandum and Articles
of Association or other organizational documents or the laws of the jurisdiction of its incorporation or otherwise which is or could become
applicable to the Investor as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s
issuance of the Securities and the Investor’s ownership of the Securities. The Company and its Board of Directors have taken all
necessary action, if any, in order to render inapplicable any shareholder rights plan or similar arrangement relating to accumulations
of beneficial ownership of Ordinary Shares or a change in control of the Company or any of its Subsidiaries.

 

(v) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents that will be timely
publicly disclosed by the Company, 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 which
is not otherwise disclosed in the Registration Statement or the SEC Documents. The Company understands and confirms that the Investor
will rely on the foregoing representation in effecting purchases and sales of securities of the Company. All of the disclosure furnished
by or on behalf of the Company to the Investor regarding the Company, its business and the transactions contemplated hereby, including
the disclosure schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made,
not misleading. The press releases disseminated by the Company during the twelve (12) months preceding the date of this Agreement taken
as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading. The Company
acknowledges and agrees that the Investor neither makes nor has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3 hereof.

 

(w) Foreign
Corrupt Practices. Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or affiliate of the Company or any of the Subsidiaries is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA; and the Company, the Subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith. The operations of the Company and the Subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental
agency, including, without limitation, Title 18 U.S. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international
anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force
on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or
organization continues to concur, all as amended, and any Executive order, directive or regulation pursuant to the authority of any of
the foregoing, or any orders or licenses issued 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 of
its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. Neither the Company
nor any of its Subsidiaries, nor to the knowledge of the Company any of the directors, officers or employees, agents, affiliates or representatives
of the Company or its Subsidiaries, is an individual or entity that is, or is owned or controlled by an individual or entity that is:
(i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),
nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the
Balkans, Belarus, Burma/Myanmar, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, Libya, North Korea, Sudan,
Syria, Venezuela and Zimbabwe). Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds of the
transactions contemplated hereby, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other individual or entity: (i) to fund or facilitate any activities or business of or with any individual or entity or in any country
or territory that, at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other manner that will result
in a violation of Sanctions by any individual or entity (including any individual or entity participating in the transactions contemplated
hereby, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries
has knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

 

    -13-

     

    

 

(x) DTC
Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer (FAST)
Program and the Ordinary Shares can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer (FAST)
Program.

 

(y) Accounting
Controls; Sarbanes-Oxley. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances
that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C) access
to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except
as disclosed in the SEC Documents, the Company has concluded that its internal control over financial reporting is effective and the Company
is not aware of any “significant deficiencies” or “material weaknesses” (each as defined by the rules adopted
by the SEC) in its internal control over financial reporting, or any fraud, whether or not material, that involves management or other
employees of the Company and its Subsidiaries who have a significant role in the Company’s internal controls; and since the end
of the latest audited fiscal year, there has been no change in the Company’s internal control over financial reporting (whether
or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting. The Board of Directors has, subject to the exceptions, cure periods and the phase in periods specified in the applicable
stock exchange rules of the Principal Market (“Exchange Rules”), validly appointed an audit committee to oversee internal
accounting controls whose composition satisfies the applicable independence and other requirements of the Exchange Rules and the rules
under the Exchange Act, and the Board of Directors has adopted a charter for the audit committee that satisfies the requirements of the
Exchange Rules and the rules under the Exchange Act. No relationship, direct or indirect, exists between or among the Company, on the
one hand, and the directors, officers, shareholders, customers or suppliers of the Company, on the other hand, which is required to be
described in the Registration Statement which is not so described. The Company has not, directly or indirectly, extended or maintained
credit, or arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any of its
directors or executive officers in violation of Applicable Laws, including Section 402 of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith. The Company and each Subsidiary is in compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002, as amended, and any and all applicable rules and regulations promulgated by the SEC thereunder.

 

(z) No
General Solicitation; Placement Agent’s Fees. Except as disclosed on Schedule 4(z), neither the Company, nor any of its
Subsidiaries or affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with the offer or sale of the Securities. Except as disclosed on Schedule 4(z),
the Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions
(other than for Persons engaged by Buyer or its investment advisor) relating to or arising out of the transactions contemplated hereby.
Except as disclosed on Schedule 4(z), the Company shall pay, and hold Buyer harmless against, any liability, loss or expense (including,
without limitation, attorneys’ fees and out-of-pocket expenses) arising in connection with any such claim. Except as disclosed on
Schedule 4(z), neither the Company nor any of its Subsidiaries has engaged any placement agent, broker, finder or other agent in
connection with the offer or sale of the Securities.

 

(aa) Off Balance Sheet
Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated
or other off balance sheet entity that is required to be disclosed by the Company in its Exchange Act filings and is not so disclosed
or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

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

 

(cc) Listing and Maintenance
Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action
designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares pursuant to
the Exchange Act nor has the Company received any notification that the SEC is currently contemplating terminating such registration.
Except as disclosed in the SEC Documents, the Company has not, in the twelve (12) months preceding the date hereof, received any notice
from any Person to the effect that the Company is not in compliance with the listing or maintenance requirements of the Principal Market.
Except as disclosed in the SEC Documents, 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.

 

(dd) Accountants; No
Disagreements. The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company, such accountants
are an independent registered public accounting firm as required by the Securities Act. There are no material disagreements of any kind
presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or
presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could
affect the Company's ability to perform any of its obligations under any of the Transaction Documents. In addition, on or prior to the
date hereof, the Company has had discussions with its accountants about its financial statements previously filed with the SEC. Based
on those discussions, the Company has no reason to believe that it will need to restate any such financial statements or any part thereof.

 

    -14-

     

    

 

(ee) No Market Manipulation.
Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their behalf has, directly
or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company or any of its Subsidiaries 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, (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company or any of its Subsidiaries, or (iv) paid or agreed to pay any Person for research
services with respect to any securities of the Company or any of its Subsidiaries.

 

(ff) U.S. Real Property
Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and so long as any of the Securities are
held by Buyer, shall become, a United States real property holding corporation within the meaning of Section 897 of the Code, and the
Company and each Subsidiary shall so certify upon Buyer’s request.

 

(gg) Registration Eligibility.
The Company is eligible to register the Registrable Securities for resale by Buyer using Form F-1 promulgated under the Securities Act.

 

(hh) Bank Holding Company
Act. Neither the Company nor any of its Subsidiaries 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, 5% or more of the outstanding shares of any class
of voting securities or 25% 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.

 

(ii) Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i) under the Securities Act.

 

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

 

(kk) Benefit Plans.
Each benefit and compensation plan, agreement, policy and arrangement that is maintained, administered or contributed to by the Company
or any Subsidiary for current or former employees or directors of, or independent contractors with respect to, the Company has been maintained
in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, and the Company has complied
in all material respects with all applicable statutes, orders, rules and regulations in regard to such plans, agreements, policies and
arrangements. Each stock option granted under any equity incentive plan of the Company (each, a “Stock Plan”) was granted
with a per share exercise price no less than the market price per common share on the grant date of such option in accordance with the
rules of the Principal Market, and no such grant involved any “back-dating,” “forward-dating” or similar practice
with respect to the effective date of such grant; each such option (i) was granted in compliance in all material respects with Applicable
Laws and with the applicable Stock Plan(s), (ii) was duly approved by the Board of Directors or a duly authorized committee thereof, and
(iii) has been (or will be, if granted after September 30, 2020) properly accounted for in the Company’s Financial Statements
and disclosed, to the extent required, in the Company’s filings or submissions with the SEC, and the Principal Market. The Company
has not knowingly granted, and there is no and has been no policy or practice of the Company to knowingly grant, share options prior to,
or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding
the Company or its Subsidiaries or their financial results or prospects.

 

    -15-

     

    

 

(ll) Regulatory.
During the 12-month period immediately preceding the date hereof, except as described in the SEC Documents, the Company and each of its
Subsidiaries: (A) is and at all times has been in material compliance with all applicable U.S. and foreign statutes, rules, regulations,
or guidance applicable to Company and its Subsidiaries (“Applicable Laws”), except as would not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect; (B) have not received any notice of adverse finding, warning
letter, untitled letter or other correspondence or notice from the U.S. Food and Drug Administration or any nation, state, province, region,
county, prefecture, city, town, township, village, district, or other political jurisdiction of any nature, federal, state, local, municipal,
foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department,
official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise,
any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality
of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization
or any of the foregoing (“Governmental Entity”) alleging or asserting noncompliance with any Applicable Laws or any
licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable
Laws (“Authorizations”); (C) possess all material Authorizations and such material Authorizations are valid and in
full force and effect and are not in violation of any term of any such material Authorizations; (D) have not received notice of any claim,
action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party
alleging that any product, operation or activity is in violation of any Applicable Laws or Authorizations and have no knowledge that any
such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding;
(E) have not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or
revoke any Authorizations and the Company has no knowledge that any such Governmental Entity is considering such action; and (F) have
filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and
supplements or amendments as required by any Applicable Laws or material Authorizations and that all such reports, documents, forms, notices,
applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date
filed (or were corrected or supplemented by a subsequent submission).

 

(mm) No
Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer,
other officer of the Company participating in the transactions contemplated hereby, any beneficial owner of 20% or more of the
Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is
defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an
“Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule
506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised reasonable care to determine whether any
Issuer Covered Person is subject to a Disqualification Event.

 

(nn) Other Covered
Persons  Except as set forth on Schedule 4(nn), the Company is not aware of any Person
that has been or will be paid (directly or indirectly) remuneration for solicitation of Buyer or potential purchasers in connection
with the sale of any Regulation D Securities.

 

(pp) Absence of Schedules.
In the event that on the Commencement Date, the Company does not deliver any disclosure schedule contemplated by this Agreement, the Company
hereby acknowledges and agrees that each such undelivered disclosure schedule shall be deemed to read as follows: “Nothing to Disclose”.

 

    -16-

     

    

 

(qq) No Undisclosed
Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred or exists, or
is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses,
properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be
required to be disclosed by the Company under applicable securities laws on a registration statement on Form F-1 filed with the SEC
relating to an issuance and sale by the Company of its Ordinary Shares and which has not been publicly announced or (ii) could have
a Material Adverse Effect.

 

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

 

(ss) Management.
Except as set forth in Schedule 4(ss) hereto, during the past five year period, no current officer or director or, to the knowledge
of the Company, no former officer or director or current 10% or greater equity holder of the Company or any of its Subsidiaries has been
the subject of:

 

(i) a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent or
similar officer for such Person, or any partnership in which such Person was a general partner at or within two years before the filing
of such petition or such appointment, or any corporation or business association of which such Person was an executive officer at or within
two years before the time of the filing of such petition or such appointment;

 

(ii) a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do not relate
to driving while intoxicated or driving under the influence);

 

(iii) any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining any such Person from, or otherwise limiting, the following activities:

 

(iv) acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other Person regulated by the United States Commodity Futures Trading Commission or an associated Person of any of the foregoing,
or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated Person, director or employee of any investment
company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with
such activity;

 

(v) engaging
in any particular type of business practice; or

 

(vi) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;

 

(vii) any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting
for more than sixty (60) days the right of any such Person to engage in any activity described in the preceding sub paragraph, or to be
associated with Persons engaged in any such activity;

 

    -17-

     

    

 

(viii) a
finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities law, regulation
or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently reversed, suspended
or vacated; or

 

(ix) a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal
commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or vacated.

 

(tt) No Additional Agreements.
The Company does not have any agreement or understanding with Buyer with respect to the transactions contemplated by the Transaction
Documents other than as specified in the Transaction Documents.

 

(vv) Public Utility
Holding Act. None of the Company nor any of its Subsidiaries is a “holding company,” or an “affiliate” of
a “holding company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(ww) Federal Power Act.
None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility” under the Federal Power Act,
as amended.

 

(xx) Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided Investor or Investor’s agents or counsel
with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company
or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents.
The Company understands and confirms that Investor will rely on the foregoing representations in effecting transactions in securities
of the Company. All disclosure provided to Investor in the Transaction Documents regarding the Company and its Subsidiaries, their businesses
and the transactions contemplated hereby and thereby, including the disclosures schedules to this Agreement, furnished by or on behalf
of the Company or any of its Subsidiaries 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 the light of the circumstances under which they were
made, not misleading. All of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries
to Investor pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct
in all material respects as of the date on which such information is so provided and will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading. Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months
preceding the date of this Agreement did not, and each press release issued by the Company or any of its Subsidiaries during the term
of this Agreement will not, at the time of release contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made,
not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or
its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise),
which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company
but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company
or any of its Subsidiaries and made available to Investor have been prepared in good faith based upon reasonable assumptions and represented,
at the time each such financial projection or forecast was delivered to Investor, the Company’s best estimate of future financial
performance (it being recognized that such financial projections or forecasts are not to be viewed as facts and that the actual results
during the period or periods covered by any such financial projections or forecasts may differ from the projected or forecasted results).
The Company acknowledges and agrees that Investor has not made and is not making any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in Section 3.

 

    -18-

     

    

 

5.
COVENANTS.

 

(a) Filing
of Registration Statement. The Company shall file with the SEC a registration statement on Form F-3 (the “Registration Statement”)
covering the resale of no less than 19,305,000 Purchase Shares, 495,000 Commitment Shares and 200,000 Settlement Shares.

 

(b) Blue
Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to register
or qualify (i) the issuance of the Commitment Shares, Additional Commitment Shares, Filing Settlement Shares and Effectiveness Settlement
Shares and the sale of the Purchase Shares to the Investor under this Agreement and (ii) any subsequent resale of all Commitment Shares,
Additional Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or “Blue Sky”
laws of the states of the United States in such states as is reasonably requested by the Investor from time to time, and shall provide
evidence of any such action so taken to the Investor.

 

(c) Listing/DTC.
The Company shall promptly secure the listing of all of the Ordinary Shares representing the Purchase Shares, Commitment Shares, Additional
Commitment Shares, Filing Settlement Shares and Effectiveness Settlement Shares to be issued to the Investor hereunder on the Principal
Market (subject to official notice of issuance) and upon each other national securities exchange or automated quotation system, if any,
upon which the Ordinary Shares is then listed, and shall maintain, so long as any Ordinary Shares shall be so listed, such listing of
all such Securities from time to time issuable hereunder. The Company shall maintain the listing of the Ordinary Shares on the Principal
Market and shall comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and
regulations of the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would reasonably be expected
to result in the delisting or suspension of the Ordinary Shares 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 Ordinary Shares for listing on the Principal Market; provided, however, that the Company shall not 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 under the Exchange Act (including on Form 6-K) or the Securities
Act. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 5(c).
The Company shall take all action necessary to ensure that its Ordinary Shares can be transferred electronically as DWAC Shares.

 

(d) 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 11, 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 Ordinary Shares (excluding transactions properly marked “short exempt”)
or (ii) hedging transaction, which establishes a net short position with respect to the Ordinary Shares.

 

(e) Issuance
of Commitment Shares. In connection with each Regular Purchase and Alternate Purchase hereunder, the Company shall cause the Transfer
Agent to issue to the Investor a number of Ordinary Shares (the “Commitment Shares”) equal to the product of (x) the
number of Settlement Regular Purchase Shares or Settlement Alternate Purchase Shares (as applicable) issuable to Investor in accordance
with Section 2 herein and (y) 2.5%. The Commitment Shares shall be issued to the Investor on the Regular Purchase Settlement Date or the
Alternative Purchase Settlement Purchase Date, as applicable.

 

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(f) Due
Diligence; Non-Public Information. The Investor shall have the right, from time to time as the Investor may reasonably deem appropriate,
to perform reasonable due diligence on the Company during normal business hours upon five (5) Business Days’ prior written notice.
The Company and its directors or officers and employees shall provide information and reasonably cooperate with the Investor in connection
with any reasonable request by the Investor related to the Investor’s due diligence of the Company. Each party hereto agrees not
to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information for any
purpose other than in connection with, or in furtherance of, the transactions contemplated hereby in full compliance with applicable securities
laws; provided, however that a party may disclose Confidential Information that is required by law to be disclosed by the receiving party,
provided that the receiving party gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance
in obtaining an order protecting the information from public disclosure. Each party hereto acknowledges that the Confidential Information
shall remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any
Confidential Information disclosed by the other party. The Company confirms that neither it nor any other Person acting on its behalf
shall provide the Investor or its agents or counsel with any information that constitutes material, non-public information, unless a simultaneous
public announcement thereof is made by the Company in the manner contemplated by Regulation FD under the Exchange Act. In the event of
a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined in the reasonable good faith judgment
of the Investor), in addition to any other remedy provided herein or in the other Transaction Documents, the Investor shall have the right
to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information
without the prior approval by the Company; provided the Investor shall have first provided notice to the Company that it believes it has
received information that constitutes material, non-public information, the Company shall have at least twenty-four (24) hours to publicly
disclose such material, non-public information prior to any such disclosure by the Investor, and the Company shall have failed to publicly
disclose such material, non-public information within such time period. The Investor shall not have any liability to the Company, any
of its Subsidiaries, or any of their respective directors, officers, employees, shareholders or agents, for any such disclosure. The Company
understands and confirms that the Investor shall be relying on the foregoing covenants in effecting transactions in securities of the
Company.

 

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

 

(h) Taxes
and Fees. The Company shall pay any and all transfer, stamp or similar taxes and fees that may be payable with respect to the issuance
and delivery of any Ordinary Shares or Ordinary Shares to the Investor made under this Agreement.

 

(i) Aggregation.
 From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company shall use its
reasonable best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any offers or sales of any
security or solicit any offers to buy any security, under circumstances that would cause this offering of the Securities by the Company
to the Investor to be aggregated with other offerings by the Company in a manner that would require shareholder approval pursuant to the
rules of the Principal Market on which any of the securities of the Company are listed or designated, unless shareholder approval is obtained
before the closing of such subsequent transaction in accordance with the rules of such Principal Market.

 

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

 

(k) Other
Transactions. The Company shall not enter into, announce or recommend to its shareholders any agreement, plan, arrangement or transaction
in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform
its obligations under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Securities
to the Investor in accordance with the terms of the Transaction Documents.

 

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(l) Integration.
From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company shall use its reasonable
best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any offers or sales of any security or
solicit any offers to buy any security, under circumstances that would require registration of the offer and sale of any of the Securities
under the Securities Act.

 

(m) Limitation
on Variable Rate Transactions. From the date hereof until the later of (i) thirty-six (36) months from the date hereof or (ii) the
Maturity Date (irrespective of any earlier termination of this Agreement), the Company shall be prohibited from effecting or entering
into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents (or
a combination of units thereof) involving a Variable Rate Transaction, other than in connection with an Exempt Issuance. The Investor
shall be entitled to seek injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which remedy shall
be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other security
being required. “Ordinary Share Equivalents” means any securities of the Company or its Subsidiaries which entitle
the holder thereof to acquire at any time Ordinary Shares, including, without limitation, Ordinary Shares, any debt, preferred shares,
rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Ordinary Shares. “Variable Rate Transaction” means a transaction in which the Company
(i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable for, or include the right to
receive additional Ordinary Shares or Ordinary Share Equivalents either (A) at a conversion price, exercise price, exchange rate or other
price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial
issuance of such equity or debt securities (including, without limitation, pursuant to any “cashless exercise” provision),
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of
such equity or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the business of
the Company or the market for the Ordinary Shares (including, without limitation, any “full ratchet” or “weighted average”
anti-dilution provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend,
share split, reverse share split or other similar transaction), (ii) issues or sells any equity or debt securities, including without
limitation, Ordinary Shares or Ordinary Share Equivalents, either (A) at a price that is subject to being reset at some future date
after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly
related to the business of the Company or the market for the Ordinary Shares (other than standard anti-dilution protection for any reorganization,
recapitalization, non-cash dividend, share split, reverse share split or other similar transaction), or (B) that is subject to or contains
any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes”
put or call right) that provides for the issuance of additional equity securities of the Company or the payment of cash by the Company,
or (iii) enters into any agreement, including, but not limited to, an “equity line”, “at-the-market offering”
that is not an Exempt Issuance or other continuous offering or similar offering of Ordinary Shares or Ordinary Share Equivalents, whereby
the Company may sell Ordinary Shares or Ordinary Share Equivalents at a future determined price. “Exempt Issuance”
means the issuance of (a) Ordinary Shares, options, restricted stock units or other equity incentive awards to employees, officers, directors
or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Board of Directors of the Company
or a majority of the members of a committee of directors established for such purpose, (b) any Securities issued to the Investor pursuant
to this Agreement, (c) Ordinary Shares, Ordinary Shares Equivalents or other securities issued to the Investor pursuant to any other existing
or future contract, agreement or arrangement between the Company and the Investor, (d) Ordinary Shares, Ordinary Share Equivalents or
other securities upon the exercise, exchange or conversion of any Ordinary Shares, Ordinary Share Equivalents or other securities held
by the Investor at any time, (e) any securities issued upon the exercise or exchange of or conversion of any Ordinary Share Equivalents
issued and outstanding on the date hereof, provided that such securities or Ordinary Share Equivalents referred to in this clause (e)
have not been amended since the date hereof to increase the number of such securities or Ordinary Shares underlying such securities or
to decrease the exercise price, exchange price or conversion price of such securities, (f) Ordinary Share Equivalents that are convertible
into, exchangeable or exercisable for, or include the right to receive Ordinary Shares at a conversion price, exercise price, exchange
rate or other price (which may be below the then current market price of the Ordinary Shares) that is fixed at the time of initial issuance
of such Ordinary Share Equivalents (subject only to standard anti-dilution protection for any reorganization, recapitalization, non-cash
dividend, share split, reverse share split or other similar transaction), which fixed conversion price, exercise price, exchange rate
or other price shall not at any time after the initial issuance of such Ordinary Share Equivalent be based upon or varying with the trading
prices of or quotations for the Ordinary Shares or subject to being reset at some future date, and (g) securities issued pursuant to acquisitions,
divestitures, licenses, partnerships, collaborations or strategic transactions approved by the Board of Directors of the Company or a
majority of the members of a committee of directors established for such purpose, which acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be
to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities.

 

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6.
IRREVOCABLE TRANSFER AGENT INSTRUCTIONS; FAILURE TO TIMELY DELIVER.

 

(a) Irrevocable
Transfer Agent Instructions. On the Commencement Date, the Company shall issue to the Transfer Agent (and any subsequent transfer
agent) irrevocable instructions, in the form substantially similar to those used by investors in substantially similar transactions, to
issue the Purchase Shares, the Commitment Shares, Additional Commitment Shares and Settlement Shares (if not already issued) in accordance
with the terms of this Agreement (the “Irrevocable Transfer Agent Instructions”). All Securities to be issued to or
for the benefit of the Investor pursuant to this Agreement shall be issued as DWAC Shares. The Company warrants to the Investor that no
instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 6 will be given by the Company to the Transfer
Agent with respect to the Securities, and the Securities shall otherwise be freely transferable on the books and records of the Company.
The Company represents and warrants to the Investor that, from and after Commencement, and the Commitment Shares, Additional Commitment
Shares, Settlement Shares and the Purchase Shares covered by the Registration Statement shall otherwise be freely transferable on the
books and records of the Company.

 

(b) Failure to Timely
Deliver  If the Company fails, for any reason or for no reason, to issue and deliver
(or cause to be delivered) to Investor (or its designee) by each Required Delivery Date hereunder, either (I) if the Transfer Agent
is not participating In the DTC Fast Automated Securities Transfer Program, a certificate for the number of Ordinary Shares to which
Investor is entitled and register such Ordinary Shares on the Company’s share register or, if the Transfer Agent is
participating in the DTC Fast Automated Securities Transfer Program, to credit the balance account of Investor or Investor’s
designee with DTC for such number of Ordinary Shares submitted for legend removal by Investor pursuant to Section 5(d) above or (II)
if the Registration Statement covering the resale of the Conversion Shares submitted for legend removal by Investor (the
“Unavailable Shares”) is not available for the resale of such Unavailable Shares and the Company fails to
promptly, but in no event later than as required pursuant to the Registration Rights Agreement (x) so notify Investor and (y)
deliver the Ordinary Shares electronically without any restrictive legend by crediting such aggregate number of Ordinary Shares
submitted for legend removal by Investor to Investor’s or its designee’s balance account with DTC through its
Deposit/Withdrawal At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter referred as a
“Notice Failure” and together with the event described in clause (I) above, a “Delivery
Failure”), then, in addition to all other remedies available to Investor, the Company shall pay in cash to Investor on
each day after the Required Delivery Date and during such Delivery Failure an amount equal to 2% of the product of (A) the aggregate
number of Ordinary Shares not issued to Investor on or prior to the Required Delivery Date and to which Investor is entitled,
multiplied by (B) the highest trading price of the applicable Ordinary Shares between the Required Delivery Date and the actual date
the shares are delivered. In addition to the foregoing, if on or prior to the Required Delivery Date either (I) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver a
certificate to Investor and register such Ordinary Shares on the Company's share register or, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, credit the balance account of Investor or Investor’s designee with DTC
for the number of Ordinary Shares to which Investor submitted for legend removal by Investor pursuant to clause (ii) below or
otherwise or (II) a Notice Failure occurs, and if on or after such Trading Day Investor purchases (in an open market transaction or
otherwise) Ordinary Shares to deliver in satisfaction of a sale by Investor of Ordinary Shares submitted for legend removal by
Investor that Investor is entitled to receive from the Company (a “Buy-In”), then the Company shall, within two
(2) Business Days after Investor’s request and in Investor’s discretion, either (i) pay cash to Investor in an amount
equal to Investor’s total purchase price (including brokerage commissions, borrow fees and other out-of-pocket expenses, if
any, for the Ordinary Shares so purchased) (the “Buy-In Price”), at which point the Company’s
obligation to so deliver such certificate or credit Investor’s balance account shall terminate and such shares shall be
cancelled, or (ii) promptly honor its obligation to so deliver to Investor a certificate or certificates or credit the balance
account of Investor or Investor’s designee with DTC representing such number of Ordinary Shares that would have been so
delivered if the Company timely complied with its obligations hereunder and pay cash to Investor in an amount equal to the excess
(if any) of the Buy-In Price over the product of (A) such number of Ordinary Shares that the Company was required to deliver to
Investor by the Required Delivery Date multiplied by (B) the price at which Investor sold such Ordinary Shares in anticipation of
the Company’s timely compliance with its delivery obligations hereunder. Nothing shall limit Investor’s right to pursue
any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Ordinary Shares (or
to electronically deliver such Ordinary Shares) as required pursuant to the terms hereof.

 

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7.
CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF ORDINARY SHARES.

 

The right of the Company hereunder
to commence sales of the Purchase Shares on the Commencement Date 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;

 

(b) The
Registration Statement covering the resale of the Ordinary Shares representing Commitment Shares, Additional Commitment Shares, Settlement
Shares and Purchase Shares shall have been declared effective under the Securities Act by the SEC and no stop order with respect to the
Registration Statement shall be pending or threatened by the SEC;

 

(c) All
Securities to be issued by the Company to the Investor under the Transaction Documents shall have been approved for listing on the Principal
Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official notice of issuance; and

 

(d) The
representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and as of the
Commencement Date as though made at that time.

 

8.
CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE ORDINARY SHARES.

 

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
Ordinary Shares shall be listed or quoted on the Principal Market, trading in the Ordinary Shares shall not have been within the last
180 days suspended by the SEC or the Principal Market, and all Ordinary Shares representing Securities to be issued by the Company to
the Investor pursuant to this Agreement shall have been approved for listing or quotation on the Principal Market in accordance with the
applicable rules and regulations of the Principal Market, subject only to official notice of issuance;

 

(c) The
Investor shall have received

 

(i) an
opinion letter of Davidoff Hutcher & Citron LLP, the Company’s U.S. legal counsel, dated as of the Commencement Date, in form
and substance which are customary for deals of this nature and satisfactory to counsel for the Investor and previously agreed upon by
the Investor and such counsel;

 

(ii) an
opinion letter of Ogier, the Company’s Cayman Islands legal counsel, dated as of the Commencement Date, in form and substance which
are customary for deals of this nature and satisfactory to counsel for the Investor and previously agreed upon by the Investor and such
counsel;

 

(d) 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 CEO of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto
as Exhibit A;

 

    -23-

     

    

 

(e) As
of the Commencement Date, the Company shall have reserved 19,305,000 Ordinary Shares out of its authorized and unissued Ordinary Shares,
solely for the purpose of effecting purchases of Purchase Shares hereunder, 495,000 Ordinary Shares solely for the purpose of effecting
the issuance of Commitment Shares hereunder, of which 125,000 of such Ordinary Shares shall be reserved solely for the purpose of effecting
the issuance of Additional Commitment Shares hereunder and 200,000 Ordinary Shares solely for the purpose of effecting the issuance of
the Settlement Shares;

 

(f) The
Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and the Company's Transfer
Agent (or any successor transfer agent);

 

(g) The
Company shall have delivered to the Investor certificates evidencing the incorporation and good standing of the Company in the Cayman
Islands issued by the Cayman Islands Government General Registry and (ii) a certificate or its equivalent evidencing the good standing
of the Company as a foreign corporation in each jurisdiction where the Company is duly qualified to conduct business, in each case, as
of a date within ten (10) Business Days of the Commencement Date;

 

(h) The
Company shall have delivered to the Investor a certified copy of the Memorandum and Articles of Association as certified by the Cayman
Islands Government General Registry within ten (10) Business Days of the Commencement Date;

 

(i) The
Company shall have delivered to the Investor a certificate executed by a director of the Company, dated as of the Commencement Date, in
the form attached hereto as Exhibit B;

 

(j) The
Registration Statement covering the resale of the Ordinary Shares representing Commitment Shares, Additional Commitment Shares and Purchase
Shares shall have been declared effective under the Securities Act by the SEC and no stop order with respect to the Registration Statement
shall be pending or, to the knowledge of the Company, threatened by the SEC. The Company shall have prepared and filed with the SEC, not
later than one (1) Business Day after the effective date of the Registration Statement, a final and complete prospectus (the preliminary
form of which shall be included in the Registration Statement) and shall have delivered to the Investor a true and complete copy thereof.
Such prospectus shall be current and available for the resale by the Investor of all of the Ordinary Shares representing Securities covered
thereby;

 

(k) No
Event of Default has occurred, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

 

(l) All
foreign, federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction
Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, Authorizations and orders of,
and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local
regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation
of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation,
in each case those required under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or
applicable rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities
regulators;

 

(m) No
statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by
any federal, state, local or foreign court or Governmental Entity of competent jurisdiction which prohibits the consummation of or which
would materially modify or delay any of the transactions contemplated by the Transaction Documents;

 

(n) No
action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or Governmental Entity of competent jurisdiction
shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign Governmental Entity of
competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors or affiliates of
the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages
in connection with such transactions; and

 

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(o) The
Company shall have provided the Investor with the information requested by the Investor in connection with its due diligence requests
in accordance with the terms of Section 5(f) hereof.

 

9.
INDEMNIFICATION.

 

In consideration of the Investor’s
execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all
of its affiliates, shareholders, officers, directors, members, managers, employees and direct or indirect investors and any of the foregoing
Person’s agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated
by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such
Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys' fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of or relating to: (a) any
misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other certificate,
instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company contained
in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (c) any cause of action,
suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement
of the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (d) any violation of the
Securities Act, the Exchange Act, state securities or “Blue Sky” laws, or the rules and regulations of the Principal Market
in connection with the transactions contemplated by the Transaction Documents by the Company or any of its Subsidiaries, affiliates, officers,
directors or employees, (e) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference,
in the Registration Statement or any amendment thereto or any omission or alleged omission to state therein, or in any document incorporated
by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (f)
any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference, in the Registration Statement,
or any omission or alleged omission to state therein, or in any document incorporated by reference therein, a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that (I) the indemnity contained in clause (c) of this Section 9 shall not apply to any Indemnified
Liabilities which directly and primarily result from the fraud, gross negligence or willful misconduct of an Indemnitee, (II) the indemnity
contained in clauses (d), (e) and (f) of this Section 9 shall not apply to any Indemnified Liabilities to the extent, but only
to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the Investor expressly for use in any Registration
Statement and (III) the indemnity in this Section 9 shall not apply to amounts paid in settlement of any claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.
To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law, provided that no seller
of Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any seller of Securities who was not guilty of fraudulent misrepresentation. Payment under this indemnification shall
be made within thirty (30) days from the date the Indemnitee makes written request for it. A certificate containing reasonable detail
as to the amount of such indemnification submitted to the Company by the Indemnitee shall be conclusive evidence, absent manifest error,
of the amount due from the Company to the Indemnitee. If any action shall be brought against any Indemnitee with respect to which indemnity
may be sought pursuant to this Agreement, such Indemnitee shall promptly notify the Company in writing, and the Company shall have the
right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnitee. Any Indemnitee shall have
the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnitee, except to the extent that (i) the employment thereof has been specifically authorized
by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel
or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between
the position of the Company and the position of such Indemnitee, in which case the Company shall be responsible for the reasonable fees
and expenses of no more than one such separate counsel.

 

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10.
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 a registration statement registering the resale of the Ordinary Shares representing Securities lapses for any reason
(including, without limitation, the issuance of a stop order or similar order) or such registration statement (or the prospectus forming
a part thereof) is unavailable to the Investor for resale of any or all of the Ordinary Shares representing Securities to be issued to
the Investor under the Transaction Documents, and such lapse or unavailability continues for a period of ten (10) consecutive Business
Days or for more than an aggregate of thirty (30) Business Days in any 365-day period, but excluding a lapse or unavailability where (i)
the Company terminates a registration statement after the Investor has confirmed in writing that all of the Ordinary Shares representing
Securities covered thereby have been resold or (ii) the Company supersedes one registration statement with another registration statement,
including (without limitation) by terminating a prior registration statement when it is effectively replaced with a new registration statement
covering Ordinary Shares representing Securities (provided in the case of this clause (ii) that all of the Ordinary Shares representing
Securities covered by the superseded (or terminated) registration statement that have not theretofore been resold are included in the
superseding (or new) registration statement);

 

(b) the
suspension of the Ordinary Shares from trading on the Principal Market for a period of one (1) Business Day, provided that the Company
may not direct the Investor to purchase any Ordinary Shares during any such suspension;

 

(c) the
delisting of the Ordinary Shares from The Nasdaq Capital Market, provided, however, that the Ordinary Shares is not immediately thereafter
trading on the New York Stock Exchange, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE American, or the NYSE Arca
(or nationally recognized successor to any of the foregoing);

 

(d) the
failure for any reason by Company or the Transfer Agent to deliver, as DWAC Shares, (i) the Pre-settlement Purchase Shares or the Pre-Settlement
Alternate Purchase Shares (as applicable) to the Investor within two (2) Trading Days after the Regular Purchase Notice Date or Alternate
Purchase Notice Date (as applicable), (ii) the Settlement Regular Purchase Shares or Settlement Alternate Purchase Shares (as applicable)
to the Investor within two (2) Trading Days after the Regular Purchase Measurement Period or Alternate Purchase Measurement Period (as
applicable), or (iii) the Commitment Shares to which Investor is entitled hereunder in connection with a Regular Purchase or Alternate
Purchase within two (2) Trading Days after the Regular Purchase Measurement Period or Alternate Purchase Measurement Period (as applicable);

 

(e) the
Company breaches any representation or warranty in any material respect, or breaches any covenant or other term or condition under any
Transaction Document, 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 three (3) consecutive Business Days;

 

(f) if
any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law for so long as such proceeding
is not dismissed;

 

    -26-

     

    

 

(g) if
the Company is at any time insolvent, or, 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 (v) the Company
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 any Subsidiary for so long as such order, decree or similar action remains in effect; or

 

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

 

In addition to any other rights
and remedies under applicable law and this Agreement, so long as an Event of Default has occurred and is continuing, or if any event which,
after notice and/or lapse of time, would become an Event of Default, has occurred and is continuing, the Company shall not deliver to
the Investor any Regular Purchase Notice or Alternate Purchase Notice. Notwithstanding the foregoing, the foregoing sentence shall not
be deemed to apply to any notice from Nasdaq previously received or received in the future regarding the Company’s failure to comply
with the continuing listing standards of The Nasdaq Capital Market, and to the fact of each such failure, unless and unless all compliance
and appeal periods for such failure have lapsed or expired.

 

11.
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 is not cured within the applicable cure period (any of which would be an Event
of Default as described in Sections 10(f), 10(g) and 10(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) [INTENTIONALLY
LEFT BLANK].

 

(c) At
any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason by
delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without any
liability whatsoever of any party to any other party under this Agreement (except as set forth below). Upon any such termination, if the
Company has sold less than $40,000,000 to the Investor hereunder, the Company shall pay an additional commitment fee of $1,000,000 (the
“Additional Commitment Fee”), which shall be payable either in cash or in Ordinary Shares at a price equal to 100%
of the Closing Price on the date immediately preceding the date of receipt by the Investor of the Company Termination Notice (such shares,
the “Additional Commitment Shares”) at the Company’s discretion, within two (2) Trading Days after a Company
Termination Note is received by the Investor; provided, however, that the Additional Commitment Fee shall be reduced by the aggregate
Purchase Amount previously sold hereunder prior to the Company Termination Notice multiplied by 2.5%, which such amount shall be not less
than $0. The Company Termination Notice shall not be effective until one (1) Business Day after the Additional Commitment Fee has been
received by the Investor.

 

(d) 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).

 

(e) 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
11(a) (with respect to an Event of Default under Sections 10(g), 10(h) and 10(i)), 11(d)
and 11(e), any termination of this Agreement pursuant to this Section 11 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, 5, and 6
hereof, the indemnification provisions set forth in Section 9 hereof and the agreements and covenants set forth in Sections
10, 11 and 12 shall survive the Commencement 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 pending Regular
Purchases and Alternate Purchases and the Company and the Investor shall complete their respective obligations with respect to any pending
Regular Purchases and Alternate Purchases under this Agreement and (B) the Registration Rights Agreement, which shall survive any such
termination, 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.

 

    -27-

     

    

 

12.
MISCELLANEOUS.

 

(a) Governing
Law; Jurisdiction; Jury Trial. 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 New York, 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(b) Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; 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.

 

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

 

(d) 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.

 

(e) 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. The Company acknowledges and agrees that is has not relied on, in any manner whatsoever,
any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents.

 

(f) 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:

 

Bit Digital, Inc.

33 Irving Place

New York, New York 10003

Telephone: (347) 328-3680

Attention: Erke Huang

Email: erkeh@bit-digital.com

 

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

 

Davidoff Hutcher & Citron
LLP

605 Third Avenue, 34th
FL.

New York NY 10158

Attention: Elliot H. Lutzker,
Esq.

 

Email: ehl@dhclegal.com

 

If to the Investor:

 

As set forth on Schedule 12(f).

 

    -28-

     

    

 

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

 

K&L Gates LLP

599 Lexington Avenue

 New York, NY 10022-6030

Telephone: (212) 536-4085

Attention: Matthew Ogurick, Esq.

Email: matthew.ogurick@klgates.com

 

If to the Transfer Agent:

 

TranShare Securities Transfer and Registrar

Bayshore Center 1

17755 North US Highway 19, Suite 140

Clearwater, Florida 33764

Attention: Kimberly Whiteside

 

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 three (3) Business Days 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 receipt
from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g) 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.

 

(h) No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and, except as set forth in Section 9, is not for the benefit of, nor may any provision hereof be enforced by, any
other Person.

 

(i) Publicity.
The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall consult with the Investor
and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel on,
any press release, SEC filing or any other public disclosure by or on behalf of the Company relating to the Investor, its purchases hereunder
or any aspect of the Transaction Documents or the transactions contemplated thereby, not less than 24 hours prior to the issuance, filing
or public disclosure thereof. The Investor must be provided with a final version of any such press release, SEC filing or other public
disclosure at least 24 hours prior to any release, filing or use by the Company thereof. The Company agrees and acknowledges that its
failure to fully comply with this provision constitutes a Material Adverse Effect.

 

(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
Financial Advisor, Placement Agent, Broker or Finder. Except as set forth on Schedule 12(k), the Company represents
and warrants to the Investor that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions
contemplated hereby. The Investor represents and warrants to the Company that it has not engaged any financial advisor, placement agent,
broker or finder in connection with the transactions contemplated hereby. The Company shall be responsible for the payment of any fees
or commissions, if any, of any financial advisor, placement agent, broker or finder relating to or arising out of the transactions contemplated
hereby. The Company shall pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation,
attorneys’ fees and out of pocket expenses) arising in connection with any such claim.

 

    -29-

     

    

 

(l) 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.

 

(m) Remedies,
Other Obligations, Breaches and Injunctive Relief. The parties’ remedies provided in this Agreement, including, without
limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all other remedies available
to the parties under this Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief),
no remedy of any party contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing
herein shall limit the parties’ right to pursue actual damages for any failure by the Company to comply with the terms of this Agreement.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investor and that the remedy
at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach,
the Investor shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required.

 

(n) Enforcement
Costs. If: (i) due to a breach or anticipatory breach of this Agreement by a party hereto, this Agreement is enforced by the Investor
through any legal proceeding; (ii) an attorney is retained to represent a party hereto in any bankruptcy, reorganization, receivership
or other proceedings affecting creditors’ rights and involving a claim under this Agreement; or (iii) an attorney is retained to
represent a party hereto in any other proceedings whatsoever in connection with this Agreement, then the party against which enforcement
is sought shall pay to the enforcing party, as incurred by such party, all reasonable costs and expenses including attorneys’ fees
incurred in connection therewith, in addition to all other amounts due hereunder.

 

(o) Amendment
and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement may be amended or waived by the parties from and after
the date that is one (1) Business Day immediately preceding the filing of the Registration Statement with the SEC. Subject to the immediately
preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto
and (ii) no provision of this Agreement 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.

 

** Signature Page Follows **

 

    -30-

     

    

 

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:
	 	 
		BIT DIGITAL, INC. 
	 	 
	 	By:	/s/ Erke Huang
	 	Name: 	 Erke Huang
	 	Title:	CFO
	 	 
		INVESTOR:
	 	 
		IONIC VENTURES, LLC
	 	 
	 	By:	/s/ Brendan O’Neil
	 	Name:	 Brendan O’Neil
	 	Title:	Authorized Signatory

 

    -31-

     

    

 

SCHEDULES

 

 EXHIBITS

 

Exhibit A Form
of Officer’s Certificate

Exhibit B Form
of Director’s Certificate

 

     

     

    

 

EXHIBIT A

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s Certificate
(“Certificate”) is being delivered pursuant to Section 8(d) of that certain Purchase Agreement dated as of July
30, 2021, (“Purchase Agreement”), by and between BIT DIGITAL, INC., a company organized under the laws of the
Cayman Islands (the “Company”), and IONIC VENTURES, INC. (the “Investor”). Terms used herein
and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

 

The undersigned, ___________,
______________ of the Company, hereby certifies as follows:

 

1. I
am the _____________ of the Company and make the statements contained in this Certificate;

 

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 when made 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 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.

 

4. The
Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor
does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary
bankruptcy or insolvency proceedings.

 

IN WITNESS WHEREOF, I have
hereunder signed my name on this ___ day of ___________ 2021.

 

	 	 
	 	Name:	 
	 	Title:	Director

 

The undersigned as Director
or Officer (as applicable) of BIT DIGITAL, INC., a company organized under the laws of the Cayman Islands, hereby certifies that
  is a duly elected, appointed, qualified and acting Director of the company and that the signature appearing above is their
genuine signature.

 

	 	 
	 	[Director/Officer]

 

    -1-

     

    

 

EXHIBIT B

 

FORM OF DIRECTOR’S CERTIFICATE

 

This Director’s Certificate
(“Certificate”) is being delivered pursuant to Section 8(i) of that certain Purchase Agreement dated as of January
__, 2021 (“Purchase Agreement”), by and between BIT DIGITAL, INC., a company organized under the laws of the Cayman
Islands (the “Company”) and IONIC VENTURES, LLC (the “Investor”), pursuant to which the Company may sell
to the Investor up to Eighty Million Dollars ($80,000,000) of ordinary shares of the Company, with a nominal or par value of $0.01 per
share (the “Ordinary Shares”). Terms used herein and not otherwise defined shall have the meanings ascribed to them
in the Purchase Agreement.

 

The undersigned, ____________,
a Director of the Company, hereby certifies as follows:

 

1. I
am a Director of the Company and make the statements contained in this Director's Certificate.

 

2. Attached
hereto as Exhibit A and Exhibit B are true, correct and complete copies of the Company’s Memorandum and Articles of
Association (“Charter”), in each case, as amended through the date hereof, and no action has been taken by the Company, its
directors, officers or shareholders, in contemplation of the filing of any further amendment relating to or affecting the Charter.

 

3. Attached
hereto as Exhibit C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company
on _____________, at which a quorum was present and acting throughout. Such resolutions have not been amended, modified or rescinded and
remain in full force and effect and such resolutions are the only resolutions adopted by the Company’s Board of Directors, or any
committee thereof, or the shareholders of the Company relating to or affecting (i) the entering into and performance of the Purchase Agreement,
or the issuance, offering and sale of the Purchase Shares and the Commitment Shares and (ii) and the performance of the Company of its
obligation under the Transaction Documents as contemplated therein.

 

4. As
of the date hereof, the authorized, issued and reserved share capital of the Company is as set forth on Exhibit D hereto.

 

IN WITNESS WHEREOF,
I have hereunder signed my name on this ___ day of ____________ 2021.

 

	 	 
	 	Director

 

The undersigned as  
of BIT DIGITAL, INC, a company organized under the laws of the Cayman Islands, hereby certifies that   is a duly elected,
appointed, qualified and acting Director of the Company, and that the signature appearing above is their genuine signature.

 

	 	 

 

 

-2-Exhibit 10.1

 

Execution
Version

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (as amended, supplemented, restated and/or modified from time to time, this “Agreement”)
is entered into as of August 25, 2021, by and between COMSovereign Holding Corp., a Nevada corporation (the “Company”),
and Lind Global Fund II LP, a Delaware limited partnership (the “Investor”).

 

BACKGROUND

 

A. The
board of directors (the “Board of Directors”) of the Company has authorized the issuance to Investor of the Note (as
defined below) and the Warrant (as defined below).

 

B. The
Investor desires to purchase the Note and the Warrant on the terms and conditions set forth in this Agreement.

 

C. Concurrently
with the execution of this Agreement, the Company and the Investor will enter into an Amended and Restated Security Agreement, substantially
in the form attached hereto as Exhibit A (the “Amended and Restated Security Agreement”), pursuant to which
the Company will grant a first priority security interest in substantially all of its assets to the Collateral Agent to secure the Company’s
obligations hereunder.

 

NOW
THEREFORE, in consideration of the foregoing recitals and the covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.
DEFINITIONS.
As used in this Agreement, the following terms shall have the following meanings specified or indicated below, and such meanings shall
be equally applicable to the singular and plural forms of such defined terms:

 

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

 

“1934
Act” means the Securities Exchange Act of 1934, as amended.

 

“Acquisition”
means the acquisition by the Company or any direct or indirect Subsidiary of the Company of a majority of the Equity Interests or substantially
all of the assets and business of any Person, whether by direct purchase of Equity Interests, asset purchase, merger, consolidation or
like combination.

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Amended
and Restated Guarantor Security Agreement” means the amended and restated security agreement dated as of the date hereof among
the Guarantors other than Lighter Than Air and the Collateral Agent, for the benefit of the Secured Parties, and any other security agreement
dated after the date hereof from (a) a Guarantor which is formed or acquired after the date hereof and (b) Lighter Than Air once the
Lighter Than Air Restriction is no longer applicable, in each case in accordance with the terms hereof.

 

      

     

    

 

“Amended
and Restated Guaranty” means that certain amended and restated Guaranty dated as of the date hereof from the Guarantors in
favor of the Collateral Agent and the Secured Parties, as the same may be amended, restated, and/or modified from time to time, together
with any other guaranty entered into after the date hereof in accordance with the terms hereof.

 

“Amended
and Restated Security Agreement” has the meaning set forth in the recitals.

 

“Blue
Sky Application” has the meaning set forth in Section ‎10.3(a).

 

“Board
of Directors” has the meaning set forth in the recitals.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed in
New York City.

 

“Capital
Stock” means the Common Stock, the Preferred Stock and any other classes of capital stock of the Company.

 

“Change
of Control” means, with respect to the Company:

 

		(a)	a
                                            change in the composition of the Board of Directors of the Company at a single shareholder
                                            meeting where a majority of the individuals that were directors of the Company immediately
                                            prior to the start of such shareholder meeting are no longer directors at the conclusion
                                            of such meeting;

 

		(b)	a
                                            change in composition of the Board of Directors of the Company prior to the termination of
                                            this Agreement where a majority of the individuals that were directors as of the date of
                                            this Agreement cease to be directors of the Company prior to the termination of this Agreement;

 

		(c)	Daniel
                                            L. Hodges shall fail to hold the position of Chairman of the Board of Directors of the Company
                                            or cease to serve a managerial function with respect to the day to day affairs of the Company,
                                            other than as a result of his death at any time prior to the termination of this Agreement;

 

		(d)	other
                                            than a shareholder that holds such a position at the date of this Agreement, if a Person
                                            comes to have beneficial ownership, control or direction over more than forty percent (40%)
                                            of the voting rights attached to any class of voting securities of the Company; or

 

		(e)	without
                                            the prior consent of the Investor, the sale or other disposition by the Company or any of
                                            its Subsidiaries in a single transaction, or in a series of transactions, of all or substantially
                                            all of their respective assets other than to the Company or a subsidiary of the Company,
                                            whether now owned or hereafter acquired or created; provided, however, that a public offering
                                            of not more than 50% of the common stock of a Subsidiary shall not be deemed a sale of all
                                            or substantially all of the assets of that Subsidiary or any of its Subsidiaries.

 

“Closing”
has the meaning set forth in Section 2.2.

 

“Closing
Date” has the meaning set forth in Section 2.2.

 

“Code”
has the meaning set forth in Section 2.1.

 

     2

     

    

 

“Collateral
Agent” means Lind Global Asset Management IV, LLC, a Delaware limited liability company in its capacity as collateral agent
for the Secured Parties.

 

“Commitment
Fee” means an amount equal to One Hundred Fifty Thousand Dollars ($150,000).

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share.

 

“Company”
has the meaning set forth in the preamble.

 

“Conversion
Shares” means the shares of Common Stock issuable upon the full or any partial conversion of the Note.

 

“Effectiveness
Period” has the meaning set forth in Section 9.2(a).

 

“Equity
Interests” means and includes capital stock, membership interests and other similar equity securities, and shall also include
warrants or options to purchase capital stock, membership interests or other equity interests.

 

“Event”
means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.

 

“Event
of Default” has the meaning set forth in Section 7.1.

 

“Exempted
Securities” means (a) shares of Common Stock or preferred stock or rights, warrants or options to purchase Common Stock or
preferred stock issued in connection with any Acquisition, (b) equity securities issued by reason of a dividend, stock split, split-up
or other distribution on shares of Common Stock, (c) shares of Common Stock or rights, warrants or options to purchase Common Stock
issued to employees or directors of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement
or arrangement approved by the Board of Directors (“Equity Plans”), (d) shares of Common Stock actually issued upon
the exercise of options, warrants or shares of Common Stock actually issued upon the conversion or exchange of any securities convertible
into Common Stock, in each case provided that such issuance is pursuant to the terms of the applicable option, warrant or convertible
security, or (e) shares of Common Stock issued upon the exercise or conversion of options, warrants or convertible securities outstanding
on the date hereof.

 

“First
NPA” means that certain Amended and Restated Securities Purchase Agreement dated as of the date hereof (as amended, supplemented,
restated and/or modified from time to time) by and between the Company and Lind Global Asset Management IV, LLC.

 

“Funding
Amount” means an amount equal to Five Million Dollars ($5,000,000).

 

“Guarantor”
means each direct and indirect Subsidiary of the Company.

 

“HSR
Act” has the meaning set forth in Section 5.15.

 

“Investor”
has the meaning set forth in the preamble.

 

“Investor
Group” shall mean the Investor plus any other Person with which the Investor is considered to be part of a group under Section
13 of the 1934 Act or with which the Investor otherwise files reports under Sections 13 and/or 16 of the 1934 Act.

 

     3

     

    

 

“Investor
Party” has the meaning set forth in Section 5.11(a).

 

“Investor
Shares” means the Conversion Shares, the Warrant Shares and any other shares issued or issuable to the Investor pursuant to
this Agreement, the Note or the Warrant.

 

“IP
Rights” has the meaning set forth in Section 3.10.

 

“Law”
means any law, rule, regulation, order, judgment or decree, including, without limitation, any federal and state securities laws.

 

“Legend
Removal Date” has the meaning set forth in Section 5.1(c).

 

“Lighter
Than Air” means Lighter Than Air Systems Corp., a Florida corporation and wholly-owned Subsidiary of Sky Sovereign, Inc., a
Nevada corporation.

 

“Lighter
Than Air Restriction” means that certain restriction contained in a purchase order financing arrangement with Newgate Commercial
Credit LLC pursuant to which Lighter Than Air is precluded from granting a Lien (as such term is defined in the Guarantor Security Agreement)
on its assets.

 

“Losses”
has the meaning set forth in Section 5.11(a).

 

“Material
Adverse Effect” means any material adverse effect on (i) the businesses, properties, assets, prospects, operations, results
of operations or financial condition of the Company, or the Company and the Subsidiaries, taken as a whole, or (ii) the ability of the
Company to consummate the transactions contemplated by this Agreement or to perform its obligations hereunder or under the Note or the
Warrant; provided, however, that none of the following shall be deemed either alone or in combination to constitute, and none
of the following shall be taken into account in determining whether there has been or would be, a Material Adverse Effect: (a) any
adverse effect resulting from or arising out of general economic conditions; (b) any adverse effect resulting from or arising out of
general conditions in the industries in which the Company and the Subsidiaries operate; (c) any adverse effect resulting from any changes
to applicable Law; or (d) any adverse effect resulting from or arising out of any natural disaster or any acts of terrorism, sabotage,
military action or war or any escalation or worsening thereof; provided, further, that any event, occurrence, fact, condition
or change referred to in clauses (a) through (d) immediately above shall be taken into account in determining whether a Material Adverse
Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has
a disproportionate effect on the Company and/or the Subsidiaries compared to other participants in the industries in which the Company
and the Subsidiaries operate.

 

“Maximum
Percentage” means 4.99%; provided, that if at any time after the date hereof the Investor Group beneficially owns in
excess of 4.99% of any class of Equity Interests in the Company that is registered under the 1934 Act (excluding any Equity Interests
deemed beneficially owned by virtue of the Note and the Warrant), then the Maximum Percentage shall automatically increase to 9.99% so
long as the Investor Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically
decrease to 4.99% upon the Investor Group ceasing to own in excess of 4.99% of such class of Equity Interests).

 

“Money
Laundering Laws” has the meaning set forth in Section 3.25.

 

“New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights,
options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or
exchangeable into or exercisable for such equity securities.

 

     4

     

    

 

“Note”
has the meaning set forth in Section 2.1.

 

“OFAC”
has the meaning set forth in Section 3.23.

 

“Offer
Notice” has the meaning set forth in Section 10.1.

 

“Permitted
Debt” shall have the meaning set forth in Section 5.7.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred
Stock” has the meaning set forth in Section 3.4(a).

 

“Prepayment
Right” shall have the meaning set forth in Section 2.4.

 

“Principal
Amount” has the meaning set forth in Section 2.1.

 

“Proceedings”
has the meaning set forth in Section 3.6.

 

“Prohibited
Transaction” means a transaction with a third party or third parties in which the Company issues or sells (or arranges or agrees
to issue or sell):

 

(a) any
debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable for,
or include the right to receive shares of the Company’s Capital Stock:

 

(i) at
a conversion, repayment, exercise or exchange rate or other price that is based on, and/or varies with, a discount to the
future trading prices of, or quotations for, shares of Common Stock; or

 

(ii) at
a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after the
initial issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other than
warrants that may be repriced by the Company); or

 

(b) any
securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right to receive
additional securities based upon future transactions of the Company on terms more favorable than those granted to such investor in such
first transaction or series of related transactions;

 

and
are deemed to include transactions generally referred to as at-the-market transactions (ATMs) or equity lines of credit and stand-by
equity distribution agreements, and convertible securities and loans having a similar effect. Notwithstanding the foregoing, and for
the avoidance of doubt, rights issuances, shareholder purchase plans, Equity Plans, convertible securities, or issuances of Equity Interests,
based on the trading price of the Common Stock on the Trading Market but each at a fixed price per share, shall not be deemed to be a
Prohibited Transaction.

 

     5

     

    

 

“Prospectus”
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to
the terms of the offering of any portion of the Investor Shares covered by such Registration Statement and by all other amendments and
supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and
any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“register,”
“registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of
such Registration Statement or document.

 

“Registration
Statement” means any registration statement of the Company filed under the 1933 Act, including the Prospectus and amendments
and supplements to such Registration Statement, and including post-effective amendments, all exhibits and all material incorporated by
reference in such Registration Statement.

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any Warrant Shares issuable upon exercise in full of all Warrants or Conversion
Shares issuable upon conversion in full of the Note, ignoring any conversion or exercise limits set forth therein.

 

“Reverse
Split” has the meaning set forth in Section 5.20.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“SEC
Documents” has the meaning set forth in Section 3.5(a).

 

“Secured
Parties” means the Investor and Lind Global Asset Management IV, LLC in its capacity as an "Investor," as such term
is defined in the First NPA.

 

“Securities”
means the Note, the Warrant and the Investor Shares.

 

“Securities
Termination Event” means either of the following has occurred:

 

(a) trading
in securities generally in the United States has been suspended or limited for a consecutive period of greater than three (3) Business
Days; or

 

(b) a
banking moratorium has been declared by the United States or the New York State authorities and is continuing for a consecutive period
of greater than three (3) Business Days.

 

“Skyline
Partners Notes” has the meaning set forth in Section 5.7.

 

“Stockholder
Approval” shall mean the approval of the holders of a majority of the outstanding shares of the Company’s voting Common
Stock: (a) if and to the extent legally required, to amend the Company’s Restated Articles of Incorporation to increase the number
of authorized shares of Common Stock by at least the number of shares of Common Stock equal to the number of Shares issuable hereunder,
(b) to ratify and approve all of the transactions contemplated by the Transaction Documents, including the issuance of all of the Investor
Shares (as such term is defined in each of such documents) issued and potentially issuable to the Investor thereunder, all as may be
required by the applicable rules and regulations of the Trading Market (or any successor entity).

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Company.

 

     6

     

    

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means whichever of the New York Stock Exchange, NYSE American, or the Nasdaq Stock Market (including the Nasdaq Capital
Market), on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transaction
Documents” means this Agreement, the Note, the Warrant, the Amended and Restated Security Agreement, the Amended and Restated
Guaranty, the Amended and Restated Guarantor Security Agreement, and any other documents or agreements executed or delivered in connection
with the transactions contemplated hereunder.

 

“VWAP”
means, as of any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of one share of Common Stock trading in the ordinary course of
business on the applicable trading price for such date (or the nearest preceding date) on such Trading Market as reported by Bloomberg
Financial L.P.; (b) if the Common Stock is not then listed on a Trading Market and if the Common Stock is traded in the over-the-counter
market, as reported by the OTCQX or OTCQB Markets, the volume weighted average price of one share of Common Stock for such date (or the
nearest preceding date) on the OTCQX or OTCQB Markets, as reported by Bloomberg Financial L.P.; (c) if the Common Stock is not then listed
or quoted on a Trading Market or on the OTCQX or OTCQB Markets and if prices for the Common Stock are then reported in the “Pink
Sheets” published by the OTC Markets Group (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price of one share of Common Stock so reported, as reported by Bloomberg Financial L.P.; or (d) in all other cases,
the fair market value of one share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and
reasonably acceptable to the Company.

 

“Warrant”
has the meaning set forth in Section 2.1.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrant.

 

2.
PURCHASE AND SALE OF THE NOTE AND THE WARRANT.

 

2.1
Purchase and Sale of the Note and the Warrant. Subject to the terms and conditions set forth herein, at the Closing, the Company
shall issue and sell to the Investor, and the Investor shall purchase from the Company, (a) a convertible promissory note, in the form
attached hereto as Exhibit B (the “Note”), in the principal amount of Five Million Eight Hundred Thousand Dollars
($5,800,000) (the “Principal Amount”) and (b) a Common Stock purchase warrant, in the form attached hereto as Exhibit
C, registered in the name of the Investor, pursuant to which the Investor shall have the right to acquire 1,315,789 shares of Common
Stock (the “Warrant”), in exchange for the Funding Amount. The Investor and the Company agree that for U.S. federal
income tax purposes and applicable state, local and non-U.S. tax purposes, the Funding Amount shall be allocable between the Note and
the Warrant based on the relative fair market values thereof. Neither the Investor nor the Company shall take any contrary position on
any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes, unless otherwise required pursuant
to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any analogous provision of applicable state, local or non-U.S. law.

 

     7

     

    

 

2.2 Closing.
The closing hereunder, including payment for and delivery of the Note and the Warrant, shall take place remotely via the exchange of
documents and signatures, no later than ten (10) Business Days following the execution and delivery of this Agreement, subject to satisfaction
or waiver of the conditions set forth in Section 6, or at such other time and place as the Company and the Investor agree upon,
orally or in writing (the “Closing,” and the date of the Closing being the “Closing Date”).

 

2.3 Commitment
Fee. At the Closing, the Company shall pay to the Investor the Commitment Fee, in United States dollars and in immediately available
funds. The Commitment Fee shall be paid by being offset against the Funding Amount payable by the Investor at Closing.

 

2.4 Prepayment
Right. As set forth in the Note, in its sole discretion and upon giving the prior written notice set forth in the Note, the Company
will have the right to pre-pay the entire then-outstanding principal amount of the Note at any time with no penalty or premium of any
kind (the “Prepayment Right”); provided, that in the event that the Company elects to exercise its Prepayment
Right, the Investor will have the option to convert up to thirty-three and one third percent (331/3%) of the then outstanding
principal amount of the Note, at a price per share equal to the lesser of the Repayment Share Price or the Conversion Price (as each
such term is defined in the Note).

 

2.5 Senior
Obligation. As an inducement for the Investor to enter into this Agreement and to purchase the Note, all obligations of the Company
pursuant to this Agreement and the Note shall be secured by a first priority security interest in and lien upon substantially all of
the assets of the Company, other than as described in the Amended and Restated Security Agreement. The obligations of the Company under
the Transaction Documents are also being guaranteed by each direct and indirect Subsidiary of the Company pursuant to the Amended and
Restated Guaranty and the guarantee obligations are secured by a first priority lien and security interest in their assets pursuant to
the Amended and Restated Guarantor Security Agreement, other than the liens permitted by the Amended and Restated Guarantor Security
Agreement. 

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
The Company represents and warrants to the Investor and covenants with the Investor that, except as is set forth in the Disclosure Letter
being delivered to the Investor as of the date hereof and as of the Closing Date and except for the transactions required or contemplated
by the First NPA, the securities issued thereunder or the agreements executed and delivered in connection therewith, the following representations
and warranties are true and correct:

 

3.1 Organization
and Qualification. The Company is a corporation duly organized and validly existing in good standing under the Laws of the State
of Nevada and has the requisite corporate power and authority to own its properties and to carry on its business as now being conducted.
The Company is duly qualified to do business and is in good standing in every jurisdiction in which the ownership of its property or
the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified
or be in good standing would not have a Material Adverse Effect.

 

3.2 Authorization;
Enforcement; Compliance with Other Instruments. The Company has the requisite corporate power and authority to execute the Transaction
Documents, to issue and sell the Note and the Warrant pursuant hereto, and to perform its obligations under the Transaction Documents,
including issuing the Investor Shares on the terms set forth in this Agreement. The execution and delivery of the Transaction Documents
by the Company and the issuance and sale of the Securities pursuant hereto, including without limitation the reservation of the Conversion
Shares and the Warrant Shares for future insuance, have been duly and validly authorized by the Company’s Board of Directors and
no further consent or authorization is required by the Company, its Board of Directors, its stockholders or any other Person in connection
therewith. The Transaction Documents have been duly and validly executed and delivered by the Company and constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
Laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

     8

     

    

 

3.3
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale
of the Note and the Warrant hereunder will not (a) conflict with or result in a violation of the Company’s Restated Articles of
Incorporation or Amended and Restated By-laws, (b) conflict with, or constitute a default (or an event which, with notice or lapse
of time or both, would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation of,
any agreement to which the Company or any of the Subsidiaries is a party, or require the Company or any Subsidiary to grant a Lien (as
such term is defined in the Security Agreement) on any of its property or assets under the terms of any other agreement to which it is
a party, or (c) subject to the making of the filings referred to in Section 5, violate in any material respect any Law or
any rule or regulation of the Trading Market applicable to the Company or any of the Subsidiaries or by which any of their properties
or assets are bound or affected. Assuming the accuracy of the Investor’s representations in Section 4 and subject to
the making of the filings referred to in Section 5, (i) no approval or authorization will be required from any governmental
authority or agency, regulatory or self-regulatory agency or other third party (including the Trading Market) in connection with the
issuance of the Note and the Warrant and the other transactions contemplated by this Agreement (including the issuance of the Conversion
Shares upon conversion of the Note and the Warrant Shares upon exercise of the Warrant) and (ii) the issuance of the Note and the
Warrant, and the issuance of the Conversion Shares upon the conversion of the Note and the Warrant Shares upon exercise of the Warrant
will be exempt from the registration and qualification requirements under the 1933 Act and all applicable state securities Laws.

 

3.4
Capitalization and Subsidiaries.

 

(a) The
authorized Capital Stock of the Company consists of: (i) 300,000,000 shares of Common Stock and (ii) 100,000,000 shares of Preferred
Stock to be designated by the Board of Directors (the “Preferred Stock”). As of the close of business on August 25, 2021,
72,533,850 shares of Common Stock and no shares of Preferred Stock were issued and outstanding. As of August 25, 2021, (x) an aggregate
of 2,525,010 shares of Common Stock are issuable upon exercise of options granted under the Drone Aviation Holding Corp. 2015 Equity
Incentive Plan, all of which are fully vested and exercisable; (y) an aggregate of 8,333,334 shares of Common Stock are issuable upon
exercise of options granted under the Company’s 2020 Long-Term Incentive Plan, of which 811,838 shares were exercisable as of August
25, 2021 and 2,989,496 additional shares are reserved for future issuance thereunder; and (z) an aggregate of 50,004 shares of Common
Stock are issuable upon exercise of outstanding warrants granted by the Company prior to the merger with Drone Aviation Holding Corp.,
with exercise prices ranging from $1.50 to $3.00 per share. As of August 25, 2021, an aggregate of 560,192 shares of Common Stock are
issuable upon exercise of outstanding warrants that were issued in connection with acquisitions, with exercise prices ranging from $0.1497
to $0.7212 per share. As of August 25, 2021, an aggregate of 4,433,734 shares of Common Stock are issuable upon exercise of warrants
traded on Nasdaq under the symbol “COMSW” with an exercise price of $4.50. As of August 25, 2021, an aggregate of 5,331,874
shares of Common Stock are issuable upon exercise of other outstanding warrants granted by the Company with exercise prices ranging from
$2.97 to $8.40 per share. The Company has duly reserved up to 6,500,000 shares of Common Stock for issuance upon conversion of the Note
(which assumes Conversion Shares (as defined in the Note) are used to pay all principal installments under the Note) and has duly reserved
1,315,789 shares of Common Stock for issuance upon exercise of the Warrant. The Conversion Shares, when issued upon conversion of the
Note in accordance with its terms, and the Warrant Shares, if and when issued upon exercise of the Warrant in accordance with its terms,
will be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issuance thereof.
No shares of the Company’s Capital Stock are subject to preemptive rights or any other similar rights or any liens or encumbrances
suffered or permitted by the Company. The Company’s Restated Articles of Incorporation and Amended and Restated By-laws on file
on the SEC’s EDGAR website are true and correct copies of the Company’s Restated Articles of Incorporation and Amended and
Restated By-laws as in effect as of the date hereof. The Company is not in violation of any provision of its Restated Articles of Incorporation
or Amended and Restated By-laws.

 

     9

     

    

 

(b) Schedule
3.4(b) lists each direct and indirect Subsidiary of the Company existing on the date hereof and indicates for each Subsidiary (i)
the authorized capital stock or other Equity Interests of such Subsidiary as of the date hereof, (ii) the number and kind of shares or
other ownership interests of such Subsidiary that are issued and outstanding as of the date hereof, and (iii) the owner of such shares
or other ownership interests. No Subsidiary has any outstanding stock options, warrants or other instruments pursuant to which such Subsidiary
may at any time or under any circumstances be obligated to issue any shares of its capital stock or other Equity Interests. Each Subsidiary
is duly organized and validly existing in good standing under the laws of its jurisdiction of formation and has all requisite power and
authority to own its properties and to carry on its business as now being conducted.

 

(c) Neither
the Company nor any Subsidiary is bound by any agreement or arrangement pursuant to which it is obligated to register the sale of any
securities under the 1933 Act. There are no outstanding securities of the Company or any of the Subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to redeem or purchase any security of the Company or any Subsidiary. There are no outstanding securities or instruments
containing anti-dilution or similar provisions that will be triggered by the issuance of the Note, the Warrant or the Investor Shares.
Neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement.

 

(d) The
issuance and sale of any of the Securities on the Closing Date will not obligate the Company to issue shares of Common Stock or other
securities to any other Person and will not result in the adjustment of the exercise, conversion, exchange, or reset price of any outstanding
securities. 

 

(e) As
of the date of this Agreement, the Company has capacity under the rules and regulations of the Trading Market to issue up to 14,506,000
shares of Common Stock (or securities convertible into or exercisable for Common Stock) without obtaining Stockholder Approval.

 

3.5
SEC Documents; Financial Statements.

 

(a) As
of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with
the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits
included therein and financial statements and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Documents”). As of their respective filing dates, the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

     10

     

    

 

(b) 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 generally accepted accounting principles, and audited by a firm that is a member a member
of the Public Companies Accounting Oversight Board consistently applied, during the periods involved (except as may be otherwise indicated
in such financial statements or the notes thereto, or, in the case of unaudited interim statements, to the extent they may exclude footnotes
or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company
as of the dates thereof and the consolidated results of its operations and consolidated cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments). No other written information provided by or on behalf of
the Company to the Investor in connection with the Investor’s purchase of the Note and the Warrant which is not included in the
SEC Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstance under which they are or were made, not misleading.

 

(c) Except
as set forth on Schedule 3.5(c), the Company and each of 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 generally accepted accounting
principles and to maintain asset accountability, (iii) reasonable controls to safeguard assets are in place 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.

 

3.6
Litigation and Regulatory Proceedings. Except as disclosed in SEC Documents, there are no material actions, causes of action,
suits, claims, proceedings, inquiries or investigations (collectively, “Proceedings”) before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company
or any of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Common Stock or any other class
of issued and outstanding shares of the Company’s Capital Stock, or any of the Company’s or the Subsidiaries’ officers
or directors in their capacities as such and, to the knowledge of the executive officers of the Company, there is no reason to believe
that there is any basis for any such Proceeding.

 

3.7
No Undisclosed Events, Liabilities or Developments. Other than as set forth on Schedule 3.7 hereto, no event, development
or circumstance has occurred or exists, or to the knowledge of the executive officers of the Company is reasonably anticipated to occur
or exist that (a) would reasonably be anticipated to have a Material Adverse Effect or (b) would be required to be disclosed by the Company
under applicable securities Laws on a Registration Statement relating to an issuance and sale by the Company of its Common Stock and
which has not been publicly announced.

 

3.8
Compliance with Law. The Company and each of the Subsidiaries have conducted and are conducting their respective businesses
in compliance in all material respects with all applicable Laws and are in compliance in all material respects with the rules and regulations
of the Trading Market. The Company is not aware of any facts which could reasonably be anticipated to lead to a delisting of the Common
Stock by the Trading Market in the future.

 

     11

     

    

 

3.9
Employee Relations. Neither the Company nor any Subsidiary is involved in any union labor dispute nor, to the knowledge of
the Company, is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective bargaining agreement.
No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company’s
employ or otherwise terminate such officer’s employment with the Company.

 

3.10
Intellectual Property Rights. The Company and each Subsidiary owns or possesses adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights (collectively, “IP Rights”) necessary
to conduct their respective businesses as now conducted. None of the material IP Rights of the Company or any of the Subsidiaries are
expected to expire or terminate within three (3) years from the date of this Agreement. Neither the Company nor any Subsidiary is infringing,
misappropriating or otherwise violating any IP Rights of any other Person. No claim has been asserted, and no Proceeding is pending,
against the Company or any Subsidiary alleging that the Company or any Subsidiary is infringing, misappropriating or otherwise violating
the IP Rights of any other Person, and, to the Company’s knowledge, no such claim or Proceeding is threatened, and the Company
is not aware of any facts or circumstances which might give rise to any such claim or Proceeding. The Company and the Subsidiaries have
taken commercially reasonable security measures to protect the secrecy, confidentiality and value of all of their material IP Rights.

 

3.11
Environmental Laws. Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company
and the Subsidiaries (a) are in compliance in all material respects with any and all applicable Laws relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold
all permits, licenses or other approvals required of them under all such Laws to conduct their respective businesses and (c) are in compliance
in all material respects with all terms and conditions of any such permit, license or approval.

 

3.12
Title to Assets. The Company and the Subsidiaries have good and marketable title to all personal property owned by them which
is material to their respective businesses, in each case free and clear of all liens, encumbrances and defects except those set forth
on Schedule 3.12. Any real property and facilities held under lease by the Company or any Subsidiary are held under valid, subsisting
and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such
property and buildings by the Company and the Subsidiaries.

 

3.13
Insurance. The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses
in which the Company and the Subsidiaries are engaged. Neither the Company nor any of the Subsidiaries has been refused any insurance
coverage sought or applied for, and the Company has no reason to believe that it will not be able to renew all existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers.

 

3.14
Regulatory Permits. The Company and the Subsidiaries have in full force and effect all certificates, approvals, authorizations
and permits from all regulatory authorities and agencies necessary to own, lease or operate their respective properties and assets and
conduct their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the
revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals, authorizations
or permits with respect to which the failure to hold would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

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3.15
No Materially Adverse Contracts, Etc. Neither the Company nor any of the Subsidiaries is (a) subject to any charter, corporate
or other legal restriction, or any judgment, decree or order which in the judgment of the Company’s officers has or is expected
in the future to have a Material Adverse Effect or (b) a party to any contract or agreement which in the judgment of the Company’s
management has or would reasonably be anticipated to have a Material Adverse Effect.

 

3.16
Taxes. The Company and the Subsidiaries each has made or filed, or caused to be made or filed, all United States federal,
and applicable state, local and non-U.S. tax returns, reports and declarations required by any jurisdiction to which it is subject and
has paid all taxes and other governmental assessments and charges that are material in amount, required to be paid by it, regardless
of whether such amounts are shown or determined to be due on such returns, reports and declarations, except those being contested in
good faith by appropriate proceedings and for which it has set aside on its books provision reasonably adequate for the payment of all
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and, to the knowledge of the Company, there is no basis for any
such claim.

 

3.17 Solvency.
After giving effect to the receipt by the Company of the proceeds from the transactions contemplated by this Agreement (a) the Company’s
fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing
debts and other liabilities (including known contingent liabilities) as they mature; and (b) the current cash flow of the Company,
together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated
uses of the cash, would be sufficient to pay all amounts on or in respect of its debt when such amounts are required to be paid. The
Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts
of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe
that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction.

 

3.18 Investment
Company. The Company is not, and is not an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

3.19
Certain Transactions. Other than as disclosed in the SEC Documents, there are no contracts, transactions, arrangements or
understandings between the Company or any of its Subsidiaries, on the one hand, and any director, officer or employee thereof on the
other hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC in the Company’s
Form 10-K or proxy statement pertaining to an annual meeting of stockholders.

 

3.20
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any person acting on its behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale
of the Note or the Warrant pursuant to this Agreement.

 

3.21
Acknowledgment Regarding the Investor’s Purchase of the Note and the Warrant. The Company’s Board of Directors
has approved the execution of the Transaction Documents and the issuance and sale of the Note and the Warrant, based on its own independent
evaluation and determination that the terms of the Transaction Documents are reasonable and fair to the Company and in the best interests
of the Company and its stockholders. The Company is entering into this Agreement and the Amended and Restated Security Agreement and
is issuing and selling the Note and the Warrant voluntarily and without economic duress. The Company has had independent legal counsel
of its own choosing review the Transaction Documents and advise the Company with respect thereto. The Company acknowledges and agrees
that the Investor is acting solely in the capacity of an arm’s length purchaser with respect to the Note and the Warrant and the
transactions contemplated hereby and that neither the Investor nor any person affiliated with the Investor is acting as a financial advisor
to, or a fiduciary of, the Company (or in any similar capacity) with respect to execution of the Transaction Documents or the issuance
of the Note and the Warrant or any other transaction contemplated hereby.

 

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3.22
No Brokers’, Finders’ or Other Advisory Fees or Commissions. No brokers, finders or other similar advisory fees
or commissions will be payable by the Company or any Subsidiary or by any of their respective agents with respect to the issuance of
the Note or any of the other transactions contemplated by this Agreement.

 

3.23 OFAC.
None of the Company nor any of the Subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee, affiliate
or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to any United States sanctions administered
by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”); and the Company
will not directly or indirectly use any proceeds received from the Investor, or lend, contribute or otherwise make available such proceeds
to its Subsidiaries or to any affiliated entity, joint venture partner or other person or entity, to finance any investments in, or make
any payments to, any country or person currently subject to any of the sanctions of the United States administered by OFAC.

 

3.24 No
Foreign Corrupt Practices. None of the Company or any of the Subsidiaries has, directly or indirectly: (a) made or authorized any
contribution, payment or gift of funds or property to any official, employee or agent of any governmental authority of any jurisdiction
except as otherwise permitted under applicable Law; or (b) made any contribution to any candidate for public office, in either case,
where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited under the Foreign Corrupt
Practices Act or the rules and regulations promulgated thereunder or under any other legislation of any relevant jurisdiction covering
a similar subject matter applicable to the Company or its Subsidiaries and their respective operations and the Company has instituted
and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
with such legislation.

 

3.25 Anti-Money
Laundering. The operations of each of the Company and the Subsidiaries are and have been conducted at all times in compliance with
all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction of incorporation and in each other jurisdiction
in which such entity, as the case may be, conducts business (collectively, the “Money Laundering Laws”) and no action,
suit or proceeding by or before any court or governmental authority involving the Company or its Subsidiaries with respect to any of
the Money Laundering Laws is, to the best knowledge of the Company, pending, threatened or contemplated.

 

3.26 Disclosure.
The Company confirms that neither it, nor to its knowledge, any other Person acting on its behalf has provided the Investor or its agents
or counsel with any information that the Company believes constitutes material, non-public information. The Company understands and confirms
that the Investor will rely on the foregoing representations and covenants in effecting transactions in securities of the Company. All
disclosures provided to the Investor regarding the Company, its business and the transactions contemplated hereby, furnished by or on
behalf of the Company (including the Company’s representations and warranties set forth in this Agreement) are true and correct
in all material respects and do 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.

 

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4. REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR. The Investor represents and warrants to the Company as follows:

 

4.1
Organization and Qualification. The Investor is a limited partnership, duly organized and validly existing in good standing
under the laws of the State of Delaware.

 

4.2
Authorization; Enforcement; Compliance with Other Instruments. The Investor has the requisite power and authority to enter
into this Agreement and the Amended and Restated Security Agreement and to perform its obligations under the Transaction Documents. The
execution and delivery by the Investor of the Transaction Documents to which it is a party have been duly and validly authorized by the
Investor’s governing body and no further consent or authorization is required. The Transaction Documents to which it is a party
have been duly and validly executed and delivered by the Investor and constitute valid and binding obligations of the Investor, enforceable
against the Investor in accordance with their terms, except as such enforceability may be limited by general principles of equity or
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies.

 

4.3
No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by the Investor
and the purchase of the Note and the Warrant by the Investor will not (a) conflict with or result in a violation of the Investor’s
organizational documents, (b) conflict with, or constitute a material default (or an event which, with notice or lapse of time or both,
would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
material agreement, contract, indenture mortgage, indebtedness or instrument to which the Investor is a party, or (c) violate any Law
applicable to the Investor or by which any of the Investor’s properties or assets are bound or affected. No approval or authorization
will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third party in connection with
the purchase of the Note and the Warrant and the other transactions contemplated by this Agreement.

 

4.4
Investment Intent; Accredited Investor. The Investor is purchasing the Note and the Warrant for its own account, for investment
purposes, and not with a view towards distribution. The Investor is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D of the 1933 Act. The Investor has, by reason of its business and financial experience, such knowledge, sophistication
and experience in financial and business matters and in making investment decisions of this type that it is capable of (a) evaluating
the merits and risks of an investment in the Note, the Warrant and the Investor Shares and making an informed investment decision, (b)
protecting its own interests and (c) bearing the economic risk of such investment for an indefinite period of time.

 

4.5
Opportunity to Discuss. The Investor has received all materials relating to the business, finance and operations of the Company
and the Subsidiaries as it has requested and has had an opportunity to discuss the business, management and financial affairs of the
Company and the Subsidiaries with the Company’s management. In making its investment decision, the Investor has relied solely on
its own due diligence performed on the Company by its own representatives.

 

4.6No
Other Representations.Except for the representations and warranties set forth in this Agreement and in other Transaction Documents,
the Investor makes no other representations or warranties to the Company.

 

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5. OTHER
AGREEMENTS OF THE PARTIES.

 

5.1 Legends,
etc.  

 

(a) Securities
may only be disposed of pursuant to an effective Registration Statement, to the Company or pursuant to an available exemption from or
in a transaction not subject to the registration requirements of the 1933 Act, and in compliance with any applicable state securities
laws. 

 

(b) Certificates
evidencing the Securities will contain the following legend, so long as is required by this Section 5.1(b) or Section 5.1(c):

 

[NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED] [THESE SECURITIES HAVE NOT BEEN
REGISTERED] WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY. [THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES] [THESE SECURITIES] MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that the Investor may from time to time pledge, and/or grant a security interest in some or all of the
Securities, in accordance with applicable securities laws, pursuant to a bona fide margin agreement in connection with a bona fide margin
account and, if required under the terms of such agreement or account, the Investor may transfer pledged or secured Securities to the
pledgees or secured parties. Such a pledge or transfer would not be subject to approval or consent of the Company and no legal opinion
of legal counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal opinion may
be required in connection with a subsequent transfer following default by the Investor transferee of the pledge. No notice shall be required
of such pledge. At the Company’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured
party of Securities may reasonably request in connection with a pledge or transfer of the Securities including the preparation and filing
of any required prospectus supplement under Rule 424(b)(3) of the 1933 Act or other applicable provision of the 1933 Act to appropriately
amend the list of selling stockholders thereunder.

 

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(c) Certificates
evidencing the Investor Shares shall not contain any legend (including the legend set forth in Section 5.1(b)): (i) while a Registration
Statement covering the Investor Shares is effective under the 1933 Act, (ii) following any sale of such Investor Shares pursuant to Rule
144, (iii) while such Investor Shares are eligible for sale without restriction under Rule 144, or (iv) if such legend is not required
under applicable requirements of the 1933 Act (including judicial interpretations and pronouncements issued by the Staff of the SEC).
The Company shall cause its counsel to issue any legal opinion or instruction required by the Company’s transfer agent to comply
with the requirements set forth in this Section. At such time as a legend is no longer required for the Investor Shares under this Section
5.1(c), the Company will, no later than three (3) Business Days following the delivery by the Investor to the Company or the Company’s
transfer agent of a certificate representing Investor Shares containing a restrictive legend (such third Business Day, the “Legend
Removal Date”), deliver or cause to be delivered to the Investor a certificate representing such Investor Shares that is free
from all restrictive and other legends. In addition to any other remedies available to the Investor, the Company shall pay to the Investor,
in cash, as partial liquidated damages and not as a penalty, for each $1,000 of Investor Shares (based on the VWAP of the Common Stock
on the date such Investor Shares are submitted to the Company or the Company’s transfer agent) delivered for removal of the restrictive
or other legend, $5 per Trading Day for each Trading Day after the Legend Removal Date until such Investor Shares are delivered without
a legend.  The Company may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge
the restrictions on transfer set forth in this Section except as it may reasonably determine are necessary or appropriate to comply or
to ensure compliance with those applicable laws that are enacted or modified after the Closing.

 

5.2 Furnishing
of Information. As long as the Investor owns the Securities, the Company covenants to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to
the 1934 Act. As long as the Investor owns the Securities, if the Company is not required to file reports pursuant to such laws, it will
prepare and furnish to the Investor and make publicly available in accordance with Rule 144(c) such information as is required for the
Investor to sell the Investor Shares under Rule 144. The Company further covenants that it will take such further action as any holder
of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell such Investor Shares
without registration under the 1933 Act within the limitation of the exemptions provided by Rule 144 or other applicable exemptions.

 

5.3 Integration.
The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with
the offer or sale of the Securities in a manner that would require the registration under the 1933 Act of the sale of the Securities
to the Investor, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any
Trading Market that would require, under the rules of the Trading Market, the Stockholder Approval.

 

5.4 Notification
of Certain Events. The Company shall give prompt written notice to the Investor of (a) the occurrence or non-occurrence of any
Event, the occurrence or non-occurrence of which would render any representation or warranty of the Company contained in this Agreement
or any other Transaction Document, if made on or immediately following the date of such Event, untrue or inaccurate in any material respect,
(b) the occurrence of any Event that, individually or in combination with any other Events, has had or could reasonably be expected
to have a Material Adverse Effect, (c) any failure of the Company to comply with or satisfy any covenant or agreement to be complied
with or satisfied by it hereunder or any Event that would otherwise result in the nonfulfillment of any of the conditions to the Investor’s
obligations hereunder, (d) any notice or other communication from any Person alleging that the consent of such Person is or may
be required in connection with the consummation of the transactions contemplated by this Agreement or any other Transaction Document,
or (e) any Proceeding pending or, to the Company’s knowledge, threatened against a party relating to the transactions contemplated
by this Agreement or any other Transaction Document.

 

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5.5
Available Stock. The Company shall at all times keep authorized and reserved and available for issuance, free of preemptive
rights, such number of shares of Common Stock as are issuable upon conversion of the Note and exercise of the Warrant at any time. If
the Company determines at any time that it does not have a sufficient number of authorized shares of Common Stock to reserve and keep
available for issuance as described in this Section 5.5, the Company shall use all commercially reasonable efforts to increase
the number of authorized shares of Common Stock by seeking Stockholder Approval for the authorization of such additional shares.

 

5.6
Use of Proceeds. The Company will use the proceeds from the sale of the Note and the Warrant for the repayment of indebtedness
and general working capital purposes in anticipation of purchase orders.

 

5.7 Repayment
of Note. Other than as set forth on Schedule 5.7, neither the Company nor any Subsidiary has outstanding any Indebtedness (all such
Indebtedness set forth on Schedule 5.7 is hereinafter referred to as the “Permitted Debt”). The Company shall not
make any voluntary cash prepayments on any Indebtedness at any time while any amounts are owing under the Note, and shall not make any
cash payments whatsoever with respect to amounts owing under any convertible promissory notes issued in connection with the Company’s
acquisition of Skyline Partners Technology LLC (the “Skyline Partners Notes”) at any time while any amounts are owing
under the Note other than cash payments the Company is required to make pursuant to the express terms thereof existing on the date hereof.
If the Company or any Subsidiary issues any debt other than the Permitted Debt, including any subordinated debt or convertible debt (other
than the Note), or any Preferred Stock, other than Exempted Securities, unless otherwise waived in writing by and at the discretion of
the Investor, the Company will immediately utilize the proceeds of such issuance (or cause such Subsidiary to immediately utilize the
proceeds of such issuance) to repay the Note. If the Company issues any Equity Interests, other than Exempted Securities, for aggregate
proceeds to the Company of greater than $20,000,000, excluding offering costs or other expenses, unless otherwise waived in writing by
and at the discretion of the Investor, the Company will direct 20% of such proceeds from such issuance to repay the Note. Any such repayment
of the Note shall be made without premium or penalty.

 

5.8 Intercreditor
Agreement. In the event that the Company or any Subsidiary incurs debt or issues convertible debt securities to a seller as partial
consideration paid to such seller in connection with an Acquisition, unless otherwise waived in writing by the Investor, as a condition
to consummation of such Acquisition, the holder of such debt or convertible debt securities shall enter into an intercreditor agreement
with the Company and the Investor on terms reasonably satisfactory to the Investor. 

 

5.9 Prohibited
Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions without the Investor’s
prior written consent, until (30) days after such time as the Note has been repaid in full and/or has been converted into Conversion
Shares.

 

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5.10 Securities
Laws Disclosure; Publicity. The Company shall, by 9:00 a.m. (New York City time) on the Trading Day immediately following the date
hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and shall, within four (4) Trading
Days following the date hereof, file a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby
and including this Agreement as an exhibit thereto; provided, that the Company may not issue such press release or file such Form 8-K
without the Investor’s prior written consent. The Company shall not issue any press release nor otherwise make any such public
statement regarding the Investor or the Transaction Documents without the prior written consent of the Investor, except if such disclosure
is required by law, in which case the Company shall (a) ensure that such disclosure is restricted and limited in content and scope to
the maximum extent permitted by Law to meet the relevant disclosure requirement and (b) provide a copy of the proposed disclosure to
the Investor for review prior to release and the Company shall incorporate the Investor’s reasonable comments. Following the execution
of this Agreement, the Investor and its Affiliates and/or advisors may place announcements on their respective corporate websites and
in financial and other newspapers and publications (including, without limitation, customary “tombstone” advertisements)
describing the Investor’s relationship with the Company under this Agreement and including the name and corporate logo of the Company.
Notwithstanding anything herein to the contrary, to comply with United States Treasury Regulations Section 1.6011-4(b)(3)(i), each of
the Company and the Investor, and each employee, representative or other agent of the Company or the Investor, may disclose to any and
all persons, without limitation of any kind, the U.S. federal and state income tax treatment, and the U.S. federal and state income tax
structure, of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are
provided to such party relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S.
federal or state income tax strategy provided to such recipient.

 

5.11 Indemnification
of the Investor.

 

(a) The
Company will indemnify and hold the Investor, its Affiliates and their respective directors, officers, managers, shareholders, members,
partners, employees and agents and permitted successors and assigns (each, an “Investor Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation and defense (collectively, “Losses”)
that any such Investor Party may suffer or incur as a result of or relating to:

 

(i) any
breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Document;

 

(ii) any
misrepresentation made by the Company in any Transaction Document or in any SEC Document;

 

(iii) any
omission to state any material fact necessary in order to make the statements made in any SEC Document, in light of the circumstances
under which they were made, not misleading;

 

(iv) any
Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon, or resulting from
the execution, delivery, performance or enforcement of any of the Transaction Documents or the consummation of the transactions contemplated
thereby, and whether or not the Investor is party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise, or if such
Proceeding is based upon, or results from, any of the items set forth in clauses (i) through (iii) above.

 

(b) In
addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and other expenses
(including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses
are incurred.

 

(c) The
provisions of this Section 5.11 shall survive the termination or expiration of this Agreement.

 

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5.12 Non-Public
Information. 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. To the extent the
Company provides the Investor with material, non-public information, the Company shall publicly disclose such information within forty
eight (48) hours of providing the information to the Investor; provided, however, in the event that such material non-public information
is provided to the Investor pursuant to Section 10, the Company shall publicly disclose such information within twenty (20) Business
Days of providing the information to the Investor. The Company understands and confirms that the Investor shall be relying on the foregoing
representation in effecting transactions in securities of the Company.

 

5.13 Stockholder
Approval. If required by the rules and regulations of the Trading Market or to otherwise fulfill any of its obligations under the
Transaction Documents, the Company shall hold a special meeting of stockholders (which may also be at the annual meeting of stockholders)
on or before the 60th calendar day following the date hereof for the purpose of obtaining the Stockholder Approval; provided, however,
such sixty (60) calendar days shall be increased to ninety (90) calendar days in the event the Company receives comments to its proxy
statement from the SEC, with the recommendation of the Board of Directors that such proposal be approved, and the Company shall solicit
proxies from its stockholders in connection therewith in the same manner as all other management proposals in such proxy statement and
all management-appointed proxyholders shall vote their proxies in favor of such proposal. If the Company does not obtain Stockholder
Approval at the first meeting, the Company shall call a meeting every four months thereafter to seek Stockholder Approval until the date
the Stockholder Approval is obtained. Prior to any such stockholder meeting, the Company shall timely file a proxy statement pursuant
to Section 14(a) of the 1934 Act in compliance in all material respects with the provisions of the Company’s Bylaws and all applicable
Law. 

 

5.14 Listing
of Securities. The Company shall: (a) in the time and manner required by each Trading Market on which the Common Stock is listed,
prepare and file with such Trading Market an additional shares listing application covering the Investor Shares, (b) take all steps
necessary to cause such shares to be approved for listing on each Trading Market on which the Common Stock is listed as soon as possible
thereafter, (c) provide to the Investor evidence of such listing, and (d) maintain the listing of such shares on each such Trading Market.

 

5.15 Antitrust
Notification. If the Investor determines, in its sole judgment and upon the advice of counsel, that the issuance of the Note, the
Warrant or the Investor Shares pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the “HSR Act”), the Company shall file as soon as practicable after the date on which the
Company receives notice from the Investor of the applicability of the HSR Act and a request to so file with the United States Federal
Trade Commission and the United States Department of Justice the notification and report form required to be filed by it pursuant to
the HSR Act in connection with such issuance.

 

5.16 Change
of Prime Broker, Custodian. The Investor has informed the Company of the names of its prime broker and its share custodian. The Investor
shall notify the Company of any change in its prime broker or share custodian within three (3) Business Days of such change having taken
effect.

 

5.17 Share
Transfer Agent. The Company has informed the Investor of the name of its share transfer agent and represents and warrants that the
transfer agent participates in the Depository Trust Company Fast Automated Securities Transfer program. The Company shall not change
its share transfer agent without the prior written consent of the Investor.

 

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5.18 Tax
Treatment. The Investor and the Company agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S.
income tax purposes, the Note is not intended to be, and shall not be, treated as indebtedness. Neither the Investor nor the Company
shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes,
unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Code, or any analogous provision
of applicable state, local or non-U.S. law.

 

5.19 Set-Off.

 

(a) The
Investor may set off any of its obligations to the Company (whether or not due for payment), against any of the Company’s obligations
to the Investor (whether or not due for payment) under this Agreement and/or any other Transaction Document.

 

(b) The
Investor may do anything necessary to effect any set-off undertaken in accordance with this Section 5.19 (including varying the
date for payment of any amount payable by the Investor to the Company).

 

5.20 Reverse
Stock Split. If at any time the last closing trade price for the Common Stock on the Trading Market as reported by the Trading Market
is less than $1.00, the Company shall promptly call a meeting of the stockholders of the Company for purposes of approving a reverse
stock split of the shares of Common Stock such that the trade price of the Common Stock will be at least $2.00 (a “Reverse Split”)
and, subject to receipt of stockholder approval, shall use its best efforts to promptly effect a Reverse Split.

 

5.21 Future
Entity Formation. To the extent that from and after the date hereof the Company or any of its Subsidiaries acquires or otherwise
forms any Subsidiary, the Company shall (i) provide the Investor with written notice of such acquisition or formation within five (5)
business days of the date of any such acquisition or formation, (ii) cause any such entity to enter into a guaranty in substantially
the same form as the guaranty entered into on the date hereof (or join the existing guaranty) in order to guarantee the obligations of
the Company under the Transaction Documents and (iii) cause such Subsidiary to grant a lien on substantially all of its assets in favor
of the Investor to secure its obligations under its guaranty and the obligations of the Company under the Transaction Documents pursuant
to (ii) above.

 

5.22 Covenants
Regarding Lighter Than Air.  To the extent that at any time after the date hereof Lighter Than Air is no longer subject to the
Lighter Than Air Restriction, immediately upon such occurrence, the Company shall (a) notify the Investor such restriction no longer
exists; and (b) cause Lighter Than Air to grant a lien on substantially all of its assets in favor of the Investor to secure its obligations
under the Guaranty and the obligations of the Company under the Transaction Documents.  In addition, until such time as Lighter
Than Air has provided the Investor with a security interest in its assets, the aggregate fair market value of all assets of Lighter Than
Air shall not exceed $5,000,000.

 

6. CLOSING
CONDITIONS

 

6.1 Conditions
Precedent to the Obligations of the Investor. The obligation of the Investor to fund the Note and acquire the Warrant at the Closing
is subject to the satisfaction or waiver by the Investor, at or before such Closing, of each of the following conditions:

 

(a) Required
Documentation. The Company must have delivered to the Investor copies of all resolutions duly adopted by the Board of Directors of
the Company, or any such other documentation of the Company approving the Agreement, the Transaction Documents and any of the transactions
contemplated hereby or thereby;

 

     21

     

    

 

(b) Consents
and Permits. The Company must have obtained and delivered to the Investor copies of all necessary permits, approvals, and registrations
necessary to effect this Agreement, the Transaction Documents and any of the transactions contemplated hereby or thereby, including pursuant
to Section 3.14 of this Agreement;

 

(c) Trading
Market Approval. The Company must have obtained and delivered to the Investor copies of all necessary Trading Market approvals for
the issuance of the Note, the Warrant, and, upon the conversion of the Note, the Conversion Shares, and upon exercise of the Warrant,
the Warrant Shares;

 

(d) No
Event(s) of Default. The Investor must be of the reasonable opinion that no Event of Default has occurred and no Event of Default
would result from the execution of this Agreement or any of the Transaction Documents or the transactions contemplated hereby or thereby;

 

(e) Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material respects
as of the date when made and as of such Closing as though made on and as of such date;

 

(f) Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by it at or prior to such Closing;

 

(g) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents;

 

(h) No
Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the SEC or any Trading
Market (except for any suspensions of trading of not more than one day on which the Trading Market is open solely to permit dissemination
of material information regarding the Company) at any time since the date of execution of this Agreement, and the Common Stock shall
have been at all times since such date listed for trading on a Trading Market; 

 

(i) Limitation
on Beneficial Ownership. The issuance of the Note and the Warrant shall not cause the Investor Group to become, directly or indirectly,
a “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder)
of a number of Equity Interests of a class that is registered under the 1934 Act which exceeds the Maximum Percentage of the Equity Interests
of such class that are outstanding at such time;

 

(j) Perfection
of Security Interest; Evidence of Lien Release. The Collateral Agent shall have, to the satisfaction of the Investor and the Collateral
Agent, perfected the security interest granted in the assets and collateral of the Company and its Subsidiaries (other than Lighter Than
Air) described in the Amended and Restated Security Agreement and the Amended and Restated Guarantor Security Agreement, as applicable;
and

 

(k) Funds
Flow Request. The Company shall have delivered to the Investor a flow of funds request, substantially in the form set out in Exhibit
D.

 

     22

     

    

 

6.2 Conditions
Precedent to the Obligations of the Company. The obligation of the Company to issue the Note and the Warrant at the Closing is subject
to the satisfaction or waiver by the Company, at or before such Closing, of each of the following conditions:

 

(a) Representations
and Warranties. The representations and warranties of the Investor contained herein shall be true and correct in all material respects
as of the date when made and as of such Closing Date as though made on and as of such date;

 

(b) Performance.
The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing; and

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

 

7. EVENTS
OF DEFAULT

 

7.1 Events
of Default. The occurrence of any of the following events shall be an “Event of Default” under this Agreement:

 

(a) an
Event of Default under the Note;

 

(b) any
of the representations or warranties made by the Company or any of its agents, officers, directors, employees or representatives in any
Transaction Document or public filing being inaccurate, false or misleading in any material respect, as of the date as of which it is
made or deemed to be made, or any certificate or financial or other written statements furnished by or on behalf of the Company to the
Investor or any of its representatives, is inaccurate, false or misleading, in any material respect, as of the date as of which it is
made or deemed to be made, or on any Closing Date; or

 

(c) a
failure by the Company to comply with any of its covenants or agreements set forth in this Agreement.

 

7.2 Investor
Right to Investigate an Event of Default. If in the Investor’s reasonable opinion, an Event of Default has occurred, or is
or may be continuing:

 

(a) the
Investor may notify the Company that is wishes to investigate such purported Event of Default;

 

(b) the
Company shall cooperate with the Investor in such investigation;

 

(c) the
Company shall comply with all reasonable requests made by the Investor to the Company in connection with any investigation by the Investor
and shall (i) provide all information requested by the Investor in relation to the Event of Default to the Investor; provided that the
Investor agrees that any materially price sensitive information and/or non-public information will be subject to confidentiality, and
(ii) provide all such requested information within three (3) Business Days of such request; and

 

     23

     

    

 

(d) the
Company shall pay all reasonable costs incurred by the Investor in connection with any such investigation.

 

7.3 Remedies
Upon an Event of Default

 

(a) If
an Event of Default occurs pursuant to Section 7.1(a), the Investor shall have such remedies as are set forth in the Note.

 

(b) If
an Event of Default occurs pursuant to Section 7.1(b) or Section 7.1(c) and is not remedied within (i) five (5) Business
Days following the Company becoming aware of such Event of Default or the Investor notifying the Company in writing of the occurrence
of such Event of Default, whichever is earlier, for an Event of Default occurring by the Company’s failure to comply with Section
7.1(c), or (ii) ten (10) Business Days following the Company becoming aware of such Event of Default or the Investor notifying the
Company in writing of the occurrence of such Event of Default, whichever is earlier, for an Event of Default occurring pursuant to Section
7.1(b), the Investor may declare, by notice to the Company, effective immediately, all outstanding obligations by the Company under
the Transaction Documents to be immediately due and payable in immediately available funds and the Investor shall have no obligation
to consummate any Closing under this Agreement or to accept the conversion of the Note into Conversion Shares.

 

(c) If
any Event of Default occurs and is not remedied within (i) five (5) Business Days following the Company becoming aware of such Event
of Default or the Investor notifying the Company in writing of the occurrence of such Event of Default, whichever is earlier, for an
Event of Default occurring by the Company’s failure to comply with Section 7.1(c), or (ii) ten (10) Business Days following
the Company becoming aware of such Event of Default or the Investor notifying the Company in writing of the occurrence of such Event
of Default, whichever is earlier, for an Event of Default occurring pursuant to Section 7.1(b), the Investor may, by written notice
to the Company, terminate this Agreement effective as of the date set forth in the Investor’s notice.

 

8. TERMINATION

 

8.1 Events
of Termination. This Agreement:

 

(a) may
be terminated:

 

(i) by
the Investor on the occurrence or existence of a Securities Termination Event or a Change of Control;

 

(ii) by
the mutual written consent of the Company and the Investor, at any time; 

 

(iii) by
either Party, by written notice to the other Party, effective immediately, if the Closing has not occurred within fifteen (15) Business
Days of the date of this Agreement or such later date as the Company and the Investor agree in writing, provided that the right to terminate
this Agreement under this Section 8.1(a)(iii) is not available to any party that is in material breach of or material default
under this Agreement or whose failure to fulfill any obligation under this Agreement has been the principal cause of, or has resulted
in the failure of the Closing to occur; or

 

(iv) by
the Investor, in accordance with Section 7.3(c).

 

     24

     

    

 

8.2 Automatic
Termination. This Agreement will automatically terminate, without further action by the parties, at the time after the Closing that
the Principal Amount outstanding under the Note and any accrued but unpaid interest is reduced to zero (0), whether as a result of Conversion
or repayment by the Company in accordance with the terms of this Agreement and the Note. 

 

8.3 Effect
of Termination.

 

(a) Subject
to Section 8.3(b), each party’s right of termination under Section 8.1 is in addition to any other rights it may
have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies.

 

(b) If
the Investor terminates this Agreement under Section 8.1(a)(i):

 

(i) the
Investor may declare, by notice to the Company, all outstanding obligations by the Company under the Transaction Documents to be due
and payable (including, without limitation, the immediate repayment of any Principal Amount outstanding under the Note plus accrued but
unpaid interest) without presentment, demand, protest or any other notice of any kind, all of which are expressly waived by the Company,
anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding; and

 

(ii) the
Company must within five (5) Business Days of such notice being received, pay to the Investor in immediately available funds the outstanding
Principal Amount for the Note plus all accrued interest thereon (if any), unless the Investor terminates this Agreement as a result of
an Event of Default and provided that (A) subsequent to the termination under Section 8.1(a)(i), the Investor is not prohibited
by Law or otherwise from exercising its conversion rights pursuant to this Agreement or the Note, (B) the Investor actually exercises
its conversion rights under this Agreement or the Note, and (C) the Company otherwise complies in all respects with its obligation to
issue Conversion Shares in accordance with the Note (which obligation will survive termination).

 

(c) Upon
termination of this Agreement, the Investor will not be required to fund any further amount after the date of termination of the Agreement,
provided that termination will not affect any undischarged obligation under this Agreement, and any obligation of the Company to pay
or repay any amounts owing to the Investor hereunder and which have not been repaid at the time of termination.

 

(d) Nothing
in this Agreement will be deemed to release any party from any liability for any breach by such party of the terms and provisions of
this Agreement or to impair the right of any party to compel specific performance by any other Party of its obligations under this Agreement.

 

9. REGISTRATION
RIGHTS

 

9.1 Registration.

 

(a) Registration
Statement. Promptly, but in any event no later than thirty (30) days following the Closing Date, the Company shall prepare and file
with the SEC a Registration Statement covering the resale of all of the Investor Shares. The foregoing Registration Statement shall be
filed on Form S-1 or a Form S-3 or any successor forms thereto. The Registration Statement (and each amendment or supplement thereto,
and each request for acceleration of effectiveness thereof) shall be provided to the Investor and its counsel at least five (5) Business
Days prior to its filing or other submission and the Company shall incorporate all reasonable comments provided by the Investor or its
counsel. 

 

     25

     

    

 

(b) Expenses.
Except as otherwise expressly provided herein, the Company will pay all fees and expenses incident to the performance of or compliance
with this Section 9, including all fees and expenses associated with effecting the registration of the Investor Shares, including
all filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Investor
Shares for sale under applicable state securities laws, listing fees, fees and expenses of one counsel to the Investor and the Investor’s
reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of underwriters, selling brokers,
dealer managers or similar securities industry professionals with respect to the Investor Shares being sold.

 

(c) Effectiveness.
The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after filing thereof but in no event later than November 30, 2021. The Company shall notify the Investor by e-mail as promptly as practicable,
and in any event, within twenty-four (24) hours, after the Registration Statement is declared effective and shall simultaneously provide
the Investor with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered
thereby.

 

(d) Piggyback
Registration Rights. If the Company at any time determines to file a registration statement under the 1933 Act to register the offer
and sale by the Company of Common Stock (other than (x) on Form S-4 or Form S-8 under the 1933 Act or any successor forms thereto, (y)
an at-the-market offering, or (z) a registration of securities solely relating to an offering and sale to employees or directors of the
Company pursuant to any employee stock plan or other employee benefit plan arrangement) the registration statement required by Section
9.1(a) is not then effective, the Company shall, as soon as reasonably practicable, give written notice to the Investor of its intention
to so register the offer and sale of Common Stock and, upon the written request, given within five (5) Business Days after delivery of
any such notice by the Company, of the Investor to include in such registration the Investor Shares (which request shall specify the
number of Investor Shares proposed to be included in such registration), the Company shall cause all such Investor Shares to be included
in such registration statement on the same terms and conditions as the Common Stock otherwise being sold pursuant to such registered
offering.

 

9.2 Company
Obligations. The Company will use its commercially reasonable efforts to effect the registration of the Investor Shares in accordance
with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a) use
its commercially reasonable efforts to cause the Registration Statement to become effective and to remain continuously effective for
a period that will terminate upon the first date on which all Investor Shares are either covered by the Registration Statement or may
be sold without restriction, including volume or manner-of-sale restrictions, pursuant to Rule 144 or have been sold by the Investor
(the “Effectiveness Period”) and advise the Investor in writing when the Effectiveness Period has expired; 

 

(b) prepare
and file with the SEC such amendments and post-effective amendments and supplements to the Registration Statement and the Prospectus
as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the
1933 Act and the 1934 Act with respect to the distribution of all of the Investor Shares covered thereby; 

 

(c) provide
copies to and permit counsel designated by the Investor to review all amendments and supplements to the Registration Statement no fewer
than three (3) Business Days prior to its filing with the SEC and not file any document to which such counsel reasonably objects; 

 

     26

     

    

 

(d) furnish
to the Investor and its legal counsel, without charge, (i) promptly after the same is prepared and publicly distributed, filed with the
SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the
case may be) one copy of the Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment
or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence
from the SEC or the staff of the SEC, in each case relating to the Registration Statement (other than any portion of any thereof which
contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including
a preliminary prospectus, and all amendments and supplements thereto and such other documents as the Investor may reasonably request
in order to facilitate the disposition of the Investor Shares that are covered by the related Registration Statement;

 

(e) immediately
notify the Investor of any request by the SEC for the amending or supplementing of the Registration Statement or Prospectus or for additional
information;

 

(f) use
its commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such
order is issued, obtain the withdrawal of any such order at the earliest possible moment and notify the Company of the issuance of any
such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding for such purpose; 

 

(g) prior
to any public offering of Investor Shares, use its commercially reasonable efforts to register or qualify or cooperate with the Investor
and its counsel in connection with the registration or qualification of such Investor Shares for offer and sale under the securities
or blue sky laws of such jurisdictions requested by the Investor and do any and all other commercially reasonable acts or things necessary
or advisable to enable the distribution in such jurisdictions of the Investor Shares covered by the Registration Statement and the Company
shall promptly notify the Investor of any notification with respect to the suspension of the registration or qualification of any of
such Investor Shares for sale under the securities or blue sky laws of such jurisdictions or its receipt of notice of the initiation
or threat of any proceeding for such purpose;

 

(h) immediately
notify the Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any event
as a result of which, the Registration Statement or Prospectus includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of the Prospectus,
in light of the circumstances in which they were made), and promptly prepare, file with the SEC and furnish to such holder a supplement
to or an amendment of such Registration Statement or Prospectus as may be necessary so that such Registration Statement or Prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading (in the case of such Prospectus, in light of the circumstances in which they were made);

 

(i) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934
Act; 

 

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

 

     27

     

    

 

(k) take
all other reasonable actions necessary to expedite and facilitate disposition by the Investor of all Investor Shares pursuant to the
Registration Statement.

 

9.3 Indemnification.

 

(a) Indemnification
by the Company. The Company will indemnify and hold harmless the Investor Parties, from and against any Losses to which they may
become subject under the 1933 Act or otherwise, arising out of, relating to or based upon: (i) any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement, any preliminary Prospectus, final Prospectus or other document,
including any Blue Sky Application (as defined below), or any amendment or supplement thereof or any omission or alleged omission of
a material fact required to be stated therein or, in the case of the Registration Statement, necessary to make the statements therein
not misleading or, in the case of any preliminary Prospectus, final Prospectus or other document, necessary to make the statements therein,
in light of the circumstances in which they were made, not misleading; (ii) any blue sky application or other document executed by the
Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction
in order to qualify any or all of the Investor Shares under the securities laws thereof (any such application, document or information
herein called a “Blue Sky Application”); (iii) any violation or alleged violation by the Company or its agents of
the 1933 Act, the 1934 Act or any similar federal or state law or any rule or regulation promulgated thereunder applicable to the Company
or its agents and relating to any action or inaction required of the Company in connection with the registration or the offer or sale
of the Investor Shares pursuant to any Registration Statement; or (iv) any failure to register or qualify the Investor Shares included
in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that
the Company will undertake such registration or qualification on the Investor’s behalf and will reimburse the Investor Indemnified
Parties for any legal or other expenses reasonably incurred by them in connection with investigating, preparing or defending any such
Losses; provided, however, that the Company will not be liable in any such case if and to the extent, but only to the extent,
that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by the Investor or any such controlling Person in writing specifically for use in such
Registration Statement or Prospectus.

 

(b) Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim, action, suit or proceeding with respect to which it seeks indemnification following such Person’s receipt of,
or such Person otherwise become aware of, the commencement of such claim, action, suit or proceeding and (ii) permit such indemnifying
party to assume the defense of such claim, action, suit or proceeding with counsel reasonably satisfactory to the indemnified party;
provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate counsel
and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless
(A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to such Person or (C) in the reasonable judgment of any such Person, based upon
written advice of its counsel, a conflict of interest exists between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense
of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person);
and provided, further, that the failure or delay of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations hereunder, except to the extent that such failure or delay to give notice shall materially
adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party
shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm
of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party,
consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

 

     28

     

    

 

(c) Contribution.
If for any reason the indemnification provided for in the preceding paragraph (a) is unavailable to an indemnified party or insufficient
to hold it harmless, other than as expressly specified therein, the indemnifying party shall contribute to the amount paid or payable
by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnified
party and the indemnifying party, as well as any other relevant equitable considerations. No Person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation.
The indemnity and contribution agreements contained in this Section are in addition to any other rights or remedies that any indemnified
party may have under applicable law, by separate agreement or otherwise. 

 

10. RIGHTS
TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions
of this Section 10 and applicable securities laws, if at any time prior to the second anniversary of the Closing, the Company
proposes to offer or sell any New Securities, the Company shall first offer the Investor the opportunity to purchase up to ten percent
(10%) of such New Securities. The Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions
as it deems appropriate among itself and its Affiliates.

 

10.1 The
Company shall give notice (the “Offer Notice”) to the Investor, stating (a) its bona fide intention to offer such
New Securities, (b) the number of such New Securities to be offered, and (c) the price and terms, if any, upon which it proposes to offer
such New Securities.

 

10.2 By
notification to the Company within ten (10) days after the Offer Notice is given, the Investor may elect to purchase or otherwise acquire,
at the price and on the terms specified in the Offer Notice, up to ten percent (10%) of such New Securities. The closing of any sale
pursuant to this Section 10 shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the
date of initial sale of New Securities pursuant to Section 10.3.

 

10.3 The
Company may, during the ninety (90) day period following the expiration of the period provided in Section 10.2, offer and sell
the remaining portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the
offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities
within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder
shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with
this Section 10.

 

10.4 The
right of first offer in this Section 10 shall not be applicable to Exempted Securities, or any New Securities registered for sale
under the 1933 Act.

 

     29

     

    

 

11. GENERAL
PROVISIONS

 

11.1
Fees and Expenses. Prior to the date of this Agreement, the Company has paid the Investor $30,000. At the Closing, the Company
shall reimburse the Investor up to an additional $40,000 of due diligence costs and reasonable fees and disbursements of Morgan, Lewis
& Bockius LLP in connection with the preparation of the Transaction Documents, it being understood that Morgan, Lewis & Bockius
LLP has not rendered any legal advice to the Company in connection with the transactions contemplated hereby and that the Company has
relied for such matters on the advice of its own counsel. All fees to be paid referenced above shall be offset against the Funding Amount
of Lind Global Fund II LP and paid directly by Lind Global Fund II LP to Morgan, Lewis & Bockius LLP. Except as specified above,
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 the Transaction Documents. The Company
shall pay all stamp and other taxes and duties levied in connection with the sale of the Note and the Warrant.

 

11.2 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via email
at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business Day after
the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section on a
day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on such
date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as
follows:

 

If
to the Company:

 

COMSovereign
Holding Corp.

500 Quorum Drive, Suite 400

Dallas, Texas

Telephone: (904) 834-4400

Email: dhodges@comsovereign.com

legal@comsovereign.com

Attention:
Daniel L. Hodges, Chairman & Chief

Executive Officer

 

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

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Telephone:
(212) 326-0846

Email:
ehellige@pryorcashman.com

Attention:
Eric M. Hellige, Esq.

 

     30

     

    

 

If
to the Investor:

 

Lind
Global Fund II LP

c/o The Lind Partners LLC

444 Madison Avenue, Floor 41

New York, NY 10022

Telephone: (646) 395-3931

Email: jeaston@thelindpartners.com and

notice@thelindpartners.com

Attention: Jeff Easton

 

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

 

Morgan,
Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

Telephone: (617) 341-7269

Email: bryan.keighery@morganlewis.com

Attention: Bryan S. Keighery

 

or
such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

11.3
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or
otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the
maximum extent possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected
or impaired thereby.

 

11.4
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
reference to principles of conflict of laws or choice of laws.

 

11.5
Jurisdiction and Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be
brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York. The Company and the Investor irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive,
and hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party
in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating
to such action or proceeding.

 

11.6
WAIVER OF RIGHT TO JURY TRIAL. THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER TRANSACTION
DOCUMENTS.

 

11.7 Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Securities.

 

11.8
Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

     31

     

    

 

11.9
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the
Company and the Investor. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

11.10 Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof. 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. This Agreement shall be construed as if drafted
jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement or any of the Transaction Documents.

 

11.11
Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the Company
and the Investor and their respective successors and assigns. The Company may not assign this Agreement or any rights or obligations
hereunder without the prior written consent of the Investor. The Investor may assign any or all of its rights under this Agreement to
any Person to whom the Investor assigns or transfers any Securities, provided such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions hereof that apply to the “Investor” and such transferee is an accredited
investor.

 

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

 

11.13
Further Assurances. Each party hereto 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 carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

11.14
Counterparts. This Agreement may be executed in two identical counterparts, both 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. Signature
pages delivered by facsimile or e-mail shall have the same force and effect as an original signature.

 

11.15 Specific
Performance. The Company acknowledges that monetary damages alone would not be adequate compensation to the Investor for a breach
by the Company of this Agreement and the Investor may seek an injunction or an order for specific performance from a court of competent
jurisdiction if (a) the Company fails to comply or threatens not to comply with this Agreement or (b) the Investor has reason to believe
that the Company will not comply with this Agreement.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Securities Purchase Agreement as of the date first set forth above.

 

	COMPANY:	 	INVESTOR:
	 	 	 	 
	COMSOVEREIGN HOLDING CORP.	 	Lind Global
    fund II LP
	 	 	 	 	 
	By: 	/s/ Daniel
    L. Hodges	 	By:	LIND GLOBAL PARTNERS II LLC, its
	Name: 	Daniel L. Hodges	 	 	general partner
	Title: 	Chief Executive Officer	 	 	 
	 	 	 	By: 	/s/ Jess Eason
	 	 	 	Name: 	Jeff Easton
	 	 	 	Title: 	Managing Member

 

[Signature
Page of Securities Purchase Agreement]

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