Document:

Amending Agreements dated June 14, 2022 between the Company and BV Lending LLC

THIS TWENTIETH AMENDING AGREEMENT is made as of June 14, 2022.

AMONG:

I-Minerals Inc., a body corporate, continued under the laws of

Canada, having its head office at Suite 880 - 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

(hereinafter called the “Company”)

OF THE FIRST PART AND:

i-minerals USA Inc., an Idaho limited liability company, having an office c/o the Company, at Suite 880 - 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

(hereinafter called the “Subsidiary”)

OF THE SECOND PART

AND:

BV Lending, LLC, an Idaho limited liability company, having its head office at Suite 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

(hereinafter called “BV”)

OF THE THIRD PART WHEREAS:

 

A.Pursuant to an agreement among the parties dated October 25, 2019, as amended by an amending agreement dated November 25, 2019 (hereinafter called the “First Amending Agreement”), as amended by an amending agreement dated January 20, 2020 (hereinafter called the “Second Amending Agreement”), as amended by an amending agreement dated June 4, 2020 (hereinafter called the “Third Amending Agreement”), as amended by an amending agreement dated July 8, 2020 (hereinafter called the “Fourth Amending Agreement”), as amended by an amending agreement dated December 3, 2020 (hereinafter called the “Fifth Amending Agreement”), as amended by an amending agreement dated March 9, 2021 (hereinafter called the “Sixth Amending Agreement”), as amended by an amending agreement dated April 15, 2021 (hereinafter called the “Seventh Amending Agreement”), as amended by an amending agreement dated May 10, 2021 (hereinafter called the “Eighth Amending Agreement”), as amended by an amending agreement dated June 15, 2021 (hereinafter called the “Ninth Amending Agreement”), as amended by an amending agreement dated July 15, 2021 (hereinafter called the “Tenth Amending Agreement”), as amended by an amending agreement dated August 13, 2021 (hereinafter called the “Eleventh Amending Agreement”), as amended by an amending agreement dated September 13, 2021 (hereinafter called the “Twelfth Amending Agreement”), as amended by an amending agreement dated October 13, 2021 (hereinafter called the “Thirteenth Amending Agreement”), as amended by an amending agreement dated November 15, 2021 (hereinafter called the “Fourteenth Amending Agreement”), as amended by an amending agreement dated December 15, 2021 (hereinafter called the “Fifteenth Amending Agreement”), as amended by an amending agreement dated January 13, 2022 (hereinafter called the “Sixteenth Amending Agreement”), as amended by an amending agreement dated February 15, 2022 (hereinafter called the “Seventeenth Amending Agreement”), as amended by an amending  

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agreement dated March 21, 2022 (hereinafter called the “Eighteenth Amending Agreement”), and as amended by an amending agreement dated April 14, 2022 (hereinafter called the “Nineteenth Amending Agreement”), with the agreement dated October 25, 2019, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement, the Fifth Amending Agreement, the Sixth Amending Agreement, the Seventh Amending Agreement, the Eighth Amending Agreement, the Ninth Amending Agreement, the Tenth Amending Agreement, the Eleventh Amending Agreement, the Twelfth Amending Agreement, the Thirteenth Amending Agreement, the Fourteenth Amending Agreement, the Fifteenth Amending Agreement, the Sixteenth Amending Agreement, the Seventeenth Amending Agreement, the Eighteenth Amending Agreement, and the Nineteenth Amending Agreement hereinafter collectively called the “Loan Agreement”, B.V. agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

B.The parties wish to further amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth; 

C. The Subsidiary is a wholly-owned subsidiary of the Company and is the legal owner of the Helmer Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A., as referred to in Recital A. herein; 

NOW THEREFORE THIS TWENTIETH AMENDING AGREEMENT WITNESSETH that in consideration of these presents and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties, the parties hereby agree as follows:

 

1.The parties agree that the Loan Agreement is hereby amended as follows. 

(a)Paragraph 2.01 is hereby amended by deleting the amount “$3,475,000” and replacing such amount with “$3,925,000”. 

 

(b)Paragraph 2.08(g) is hereby amended to read as follows: 

 

“(g)With respect to each of the Sixteenth Advance, Seventeenth Advance, Eighteenth Advance, Nineteenth Advance, Twentieth Advance, Twenty-First Advance, Twenty-Second Advance and Twenty-Third Advance as set forth on Schedule A, the Company shall have requested each such Advance in writing and BV shall have expressly consented in writing to making such Advance in its sole and absolute discretion.” 

 

(c)Paragraph 6.01 is replaced in its entirety with the following: 

“6.01The parties agree that the Company will repay the Indebtedness on September 15, 2022.” 

(d)Schedule A to the Loan Agreement is hereby amended to read as follows: 

  

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SCHEDULE A

	2019

	 

	 

	 

	 

	 

	October

(First Advance)

	November

(Second Advance

	December

Third Advance)

	 

	 

	 

	 

	 

	 

	$250,000

	$250,000

	$200,000

	 

	2020

	 

	 

	February

(Fourth Advance)

	March

(Fifth Advance)

	April

(Sixth Advance)

	July

(Seventh Advance)

	August

(Eighth Advance)

	September

(Ninth Advance)

	 

	 

	 

	up to $200,000

	up to $200,000

	up to $200,000

	up to $150,000

	up to $200,000

	up to $200,000

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	October

(Tenth Advance)

	November

(Eleventh Advance)

	December

(Twelfth Advance)

	 

	 

	 

	 

	 

	 

	up to $200,000

	up to $200,000

	up to $250,000

	 

	 

	 

	 

	2021

	 

	 

	July

(Thirteenth Advance)

	August

(Fourteenth Advance)

	November

(Fifteenth Advance)

	December

(Sixteenth Advance)

	 

	 

	 

	 

	 

	up to $112,500

	up to $112,500

	up to $125,000

	up to $125,000

	 

	 

	 

	2022

	 

	 

	January

(Seventeenth Advance)

	February

(Eighteenth Advance)

	March

(Nineteenth Advance)

	April

(Twentieth Advance)

	June (Twenty-First Advance)

	July (Twenty-Second Advance)

	 

	 

	 

	up to $125,000

	up to $125,000

	up to $125,000

	up to $125,000

	up to $150,000

	up to $150,000

	 

	 

	 

	August (Twenty-Third Advance)

	 

	 

	 

	 

	 

	 

	 

	 

	up to $150,000

	 

	 

	 

	 

	 

	 

 

2.Except as amended by this Twentieth Amending Agreement, all of the other terms and conditions of the Loan Agreement remain in full force and effect. 

3.Each of the parties agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances that may be required in order to carry out the true intent and meaning of this Twentieth Amending Agreement. 

4.This Twentieth Amending Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Twentieth Amending Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Twentieth Amending Agreement or any other writing by any party hereto will not become effective until each party hereto has executed a counterpart of this Twentieth Amending Agreement or any other writing, as the case may be. 

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 5.Each of the parties hereto will be entitled to rely upon delivery by facsimile or by email of executed copies of this Twentieth Amending Agreement and any certificates or other writings delivered in connection herewith, and such facsimile or emailed copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Twentieth Amending Agreement. 

6.This Twentieth Amending Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be. 

IN WITNESS WHEREOF the parties have executed and delivered this Twentieth Amending Agreement as of the day and year first above written.

 

Executed by

I-Minerals Inc.

in the presence of:

 

/s/ John Theobald

Authorized Signatory

 

 

Executed by

i-minerals USA Inc.

in the presence of:

 

/s/ John Theobald

Authorized Signatory

 

 

Executed by

BV Lending, LLC

 

By: Ball Ventures, LLC, an Idaho limited

liability company, the Member

 

By: BV Management Services, Inc., an Idaho

corporation, the Manager

 

 

Per: /s/ Cortney Liddiard

Cortney Liddiard, President

 

 

  

DATED: June 14, 2022

_______________________________________________________________________

 

Between:

 

I-Minerals Inc.

OF THE FIRST PART

And:

 

i-minerals USA Inc.

 

OF THE SECOND PART

And:

 

BV Lending, LLC

OF THE THIRD PART

_______________________________________________________________________

 

TWENTIETH AMENDING AGREEMENT

 

_______________________________________________________________________

 

Tupper Jonsson & Yeadon

1710 - 1177 West Hastings Street

Vancouver, B. C.

V6E 2L3

 

Telephone: (604) 640-6355

 

 

 

 

 

 

 

 

 

 

 

  

THIS AGREEMENT is dated June 14, 2022.

 

BETWEEN:

 

I-Minerals Inc., a body corporate, continued under the laws of Canada, having its head office at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

(hereinafter called the “Company”)

OF THE FIRST PART

AND:

BV Lending, LLC, an Idaho limited liability company, having its head office at Suite 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

 

(hereinafter called “BV”)

OF THE SECOND PART

 

WHEREAS:

 

A.Pursuant to an agreement among the parties dated June l, 2016, as amended by an amending agreement dated October 25, 2017 (hereinafter called the “First Amending Agreement”), as further amended by an amending agreement dated January 19, 2018 (hereinafter called the “Second Amending Agreement”), as further amended by an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further amended by an amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further amended by an amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan agreement dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively called the “Loan Agreement”, BV agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.; 

B.Pursuant to an agreement among the parties dated September 11, 2018 (hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.; 

C.The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively referred to as the “Loan Agreements”;  

D.The Loan Agreements were previously amended by an amending agreement dated October 25, 2019; 

 

E.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 4, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2020; 

 

F.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 3, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until March 15, 2021; 

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G.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated March 9, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2021; 

 

H.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until May 15, 2021; 

 

I.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated May 10, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2021; 

 

J.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until July 15, 2021; 

 

K.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated July 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until August 15, 2021; 

 

L.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated August 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2021; 

 

M.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated September 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until October 15, 2021; 

 

N.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated October 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until November 15, 2021; 

 

O.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated November 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2021; 

 

P.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until January 15, 2022; 

 

Q.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated January 13, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until February 15, 2022; 

 

R.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated February 15, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2022; 

 

S.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 14, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2022; and 

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T.The parties have agreed to further extend the repayment date by which the principal and interest outstanding pursuant to the Loan Agreements is to be made, as provided for herein; 

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of these presents and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties, the parties hereby agree as follows:

 

1.Extension for the repayment of the Indebtedness 

 

1.01Notwithstanding the provisions for the repayment of the cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, as provided for in the Loan Agreements and pursuant to certain related promissory notes issued pursuant to the Loan Agreements, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, is hereby extended until September 15, 2022. 

 

2.Notices 

 

2.01All notices, payments and other communications given in connection with this Agreement shall be in writing, and the respective addresses of the parties for the service of any notice, payment or other communication shall be as follows: 

 

(a)if to the Company: 

 

I-Minerals Inc.

Suite 880 – 580 Hornby Street

Vancouver, British Columbia, Canada

V6C 3B6

 

Attention:  Barry Girling, Director

Email: wbg@imineralsinc.com 

 

(b)if to BV: 

 

BV Lending, LLC

 

P.O. Box 51298

Idaho Falls, ID 83405

 

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 83402

 

Attention:  Cortney Liddiard, Chief Executive Officer

Email: flyfish@ballventures.com 

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with a copy to:

 

Thel W. Casper, Esq.

General Counsel to Ball Ventures, LLC

 

P.O. Box 51298

Idaho Falls, ID 83405

 

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 83402

 

Email: tcasper@ballventures.com 

 

Any notice, payment or other communication shall be sufficiently given if delivered by email or by hand or by reputable courier service, or, absent postal disruption, if sent by registered mail, postage prepaid, posted within either Canada or the United States of America, to the parties at their respective addresses for service as set forth above.  Any notice, payment or other communication shall be deemed to have been given and received on the first business day on which it is presented during normal business hours at the address for service of the addressee.  Any party may change its address for service by notice in writing to the other parties.

 

3.Time of the Essence 

 

3.01Time shall be of the essence of this Agreement. 

 

4.U.S. Dollars 

 

4.01All references herein to dollar amounts are to lawful currency of the United States of America, unless otherwise specifically provided for herein. 

 

5.Headings 

 

5.01The headings contained herein are for convenience only and shall not affect the meaning or interpretation hereof. 

 

6.Singular and Plural, etc. 

 

6.01Where the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders. 

 

7.Entire Agreement 

 

7.01This Agreement constitutes the only agreement among the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This Agreement may be amended or modified in any respect by written instrument only. 

 

8.Severability 

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8.01The invalidity or unenforceability of any particular provision of this Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement. 

 

9.Governing Law 

 

9.01This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to the jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising out of this Agreement. 

 

10.Dispute Resolution 

 

10.01If any dispute arises between any of the Parties (the Parties in dispute being the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or liabilities of the Parties, then a Participant may give to the other Participants notice in writing of the existence of such dispute, specifying its nature and the point at issue and the Participants agree: 

 

(a)to try to resolve the dispute by participating in a structured negotiation with a mediator under the Commercial Mediation Rules of British Columbia International Commercial Arbitration Centre (“BCICAC”); 

(b)where a dispute is not resolved by mediation within a period of 30 days after the appointment of a mediator or within such further period of time to which the Participants agree, any Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC is binding upon all of the Participants; 

(c)the arbitrator will give his decision in writing within three weeks of his being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and binding upon the Participants; 

(d)the arbitrator will have full authority to rule on any question of law in the same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on any question of law will be final and binding upon the Participants; and 

(e)the failure of any Participant to abide by the decision of the arbitrator is considered a material breach of this Agreement. 

This paragraph shall survive any termination of this Agreement and continues in full force and effect notwithstanding any determination by a court or the Parties that one or more other provisions of this Agreement are invalid, contrary to law or unenforceable.

 

11.Successors and Assigns 

 

11.01The terms and provisions of this Agreement shall be binding upon and enure to the benefit of each of the parties and their respective successors and permitted assigns; provided that this  

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Agreement shall not be assignable by any party without the written consent of each of the other parties hereto.

 

12.Further Assurances 

 

12.01Each of the parties hereto shall do or cause to be done all such acts and things and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement. 

 

13.Effective Date 

 

13.01This Agreement is intended to and shall take effect as of the date first set forth above, notwithstanding its actual date of execution or delivery. 

 

14.Counterparts and Facsimile 

 

14.01This Agreement may be executed in any number of counterparts by original, facsimile or other form of electronic signature, each of which so executed shall constitute an original and all of which taken together shall form one and the same agreement. 

 

IN WITNESS WHEREOF the parties have executed and delivered this Agreement as of the day and year first above written.

 

Executed by

I-Minerals Inc.

in the presence of:

 

/s/ John Theobald

Authorized Signatory

 

 

Executed by

BV Lending, LLC

 

By: Ball Ventures, LLC, an Idaho limited

liability company, the Member

 

By: BV Management Services, Inc., an

Idaho corporation, the Manager

 

 

Per: /s/ Cortney Liddiard

Cortney Liddiard, President

 

 

  

DATED: June 14, 2022

______________________________________________________________________

 

Between:

 

I-Minerals Inc.

OF THE FIRST PART

And:

 

BV Lending, LLC

OF THE SECOND PART

______________________________________________________________________

 

AGREEMENT

 

______________________________________________________________________

 

Tupper Jonsson & Yeadon

1710 - 1177 West Hastings Street

Vancouver, B. C.

V6E 2L3

 

Telephone: (604) 640-6355Exhibit 4.1

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT
BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT TO ANYONE OTHER THAN (I) BOUSTEAD SECURITIES,
LLC, OR A REPRESENTATIVE OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF BOUSTEAD SECURITIES,
LLC, OR OF ANY SUCH UNDERWRITERS OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO___, 2022. VOID AFTER 5:00 P.M., EASTERN TIME, _____, 2027.

 

UNDERWRITER’S WARRANT

 

FOR THE PURCHASE OF [●] ORDINARY SHARES

 

OF

 

Yi Po
International Holdings Limited 

 

1. Purchase Warrant. THIS CERTIFIES THAT,
pursuant to that certain Underwriting Agreement by and between Yi Po International Holdings Limited, a Cayman Islands company (the “Company”),
on one hand, and Boustead Securities, LLC (the “Holder”), on the other hand, dated __, 2022 (the “Underwriting
Agreement”), the Holder, as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from ___,
2022 (the “Exercise Date”), and at or before 5:00 p.m., Eastern time, on ____, 2027 (the “Expiration Date”,
which date shall be no more than five years from the commencement of sales of the initial public offering pursuant to the Underwriting
Agreement), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to _____ordinary shares (the “Shares”)
of the Company, no par value per ordinary share (the “Ordinary Shares”), subject to adjustment as provided in Section
6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then
this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During
the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $___ per Ordinary Share (100% of Offering price); provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including
the exercise price per Ordinary Share and the number of Ordinary Shares to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price as set forth above or the adjusted exercise
price as a result of the events set forth in Section 6 below, depending on the context. Capitalized terms not defined herein shall have
the meaning ascribed to them in the Underwriting Agreement. 

 

2. Exercise.

 

2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A must be duly executed and
completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Ordinary Shares
being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2 Cashless Exercise.
This Purchase Warrant may be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a number of Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the Fair Market
Value of one Ordinary Share;

 

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

 

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

 

    1

    	 

    

 

If Shares are issued in such
a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Shares shall
take on the registered characteristics of the Purchase Warrants being exercised. The Company agrees not to take any position contrary
to this Section 2.2.

 

Notwithstanding anything herein
to the contrary, on the Expiration Date, this Purchase Warrant shall be automatically exercised via cashless exercise pursuant to this
Section 2.2.

 

“Fair Market Value”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the common stock is then listed or
quoted on a Trading Market, the value shall be deemed to be the highest intra-day or closing price on any trading day on such Trading
Market on which the common stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, (b) if OTCQB or OTCQX is not an Trading
Market, the value shall be deemed to be the highest intra-day or closing price on any trading day on the OTCQB or OTCQX on which the common
stock is then quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)) during the five trading days preceding the exercise, as applicable, (c) if the common stock is not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the common stock are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the “OTC Markets Group”,
the value shall be deemed to be the highest intra-day or closing price on any trading day on the Pink Sheets on which the common stock
is then quoted as reported by OTC Markets Group (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)) during the five trading days preceding the exercise, or (d) in all other cases, the fair market value of a share of common stock
as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company.

 

“Trading Market”
means the NASDAQ Stock Market LLC, or any of the following other markets or exchanges on which the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (or any successors to any of the foregoing).

 

Upon a cashless exercise of
this Purchase Warrant pursuant to this Section 2.2 the Ordinary Shares to be issued to Holder shall be paid up out of any of the Company’s
freely distributable reserves, other than share premium reserves maintained by the Company for the benefit of holders of preferred shares,
or out of any of the Company’s statutory reserves which may be converted into share capital, to be determined by the Company’s board of
directors in its sole discretion. A cashless exercise of this Purchase Warrant pursuant to this Section 2.2 shall only be permitted to
the extent the Company has sufficient freely distributable reserves, other than share premium reserves maintained by the Company for the
benefit of holders of preferred shares, or reserves which may be converted into share capital. 

 

    2

    	 

    

 

2.3 Legend. Each certificate
for the securities purchased under this Purchase Warrant shall bear the following legends unless such securities have been registered
under the Securities Act of 1933, as amended (the “Act”), or are exempt from registration under the Act:

 

(i) “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE
LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW WHICH, IN THE
OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

(ii) Any legend required by the securities
laws of any state to the extent such laws are applicable to the Shares represented by a certificate, instrument, or book entry so legended.

  

3. Transfer.

 

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant (or any Shares issuable upon the exercise of this Purchase Warrant) for a period of
one hundred eighty (180) days following the effective date of the Registration Statement (the “Effective Date”) to
anyone other than: (i) the Underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of the
Underwriter or of any such selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) cause this Purchase
Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule
5110(e)(2). On and after that date that is one hundred eighty (180) days after the Effective Date, transfers to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to
the Company the assignment form attached hereto as Exhibit B duly executed and completed, together with this Purchase
Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer
this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor
to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Ordinary Shares purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.

 

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received
the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration under the Act
and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, (ii) a registration
statement or a post-effective amendment to the registration statement relating to the offer and sale of such securities that has been
declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and includes a current prospectus
or (iii) a registration statement, pursuant to which the Holder has exercised its registration rights pursuant to Section 4.1
herein, relating to the offer and sale of such securities has been filed and declared effective by the Commission and compliance with
applicable state securities law has been established.

 

    3

    	 

    

 

4. Registration Rights.

 

4.1 “Piggy-Back”
Registration. At any time after 180 days from the date hereof that all of the Shares may not be resold by the Holder pursuant to an
exemption from registration under the Securities Act upon exercise on a cashless basis and unless all of the Ordinary Shares underlying
the Purchase Warrant (collectively, the “Registrable Securities”) are included in an effective registration statement
with a current prospectus, the Holder shall have the right, until the Expiration Date, or the maximum time allowable under FINRA Rule
5110(g)(8), whichever is the earlier, to include the remaining Registrable Securities as part of any other registration of securities
filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or pursuant to Forms
S-8, F-3, F-4 or any equivalent forms); provided, however, that if, solely in connection with any primary underwritten public
offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation
on the number of Registrable Securities which may be included in the registration statement because, in such underwriter(s)’ judgment,
marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated
to include in such registration statement only such limited portion of the Registrable Securities with respect to which the Holder requested
inclusion hereunder as the underwriter shall reasonably permit; and further provided that no such piggy-back rights shall
exist for so long as the Registrable Securities (which term shall include those paid as consideration pursuant to the cashless exercise
provisions of this Purchase Warrant) may be sold pursuant to Rule 144 of the Act without restriction. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless
the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such
registration statement or are not entitled to pro rata inclusion with the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior
to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The Holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within seven (7) days of the
receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.1.

 

4.2 General Terms.

 

4.2.1 Expenses of Registration.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4 hereof, but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities.

 

4.2.2 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriter contained
in Section 5 of the Underwriting Agreement.

 

    4

    	 

    

 

4.2.3 Exercise of Purchase
Warrant. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrant
prior to or after the initial filing of any registration statement or the effectiveness thereof.

  

4.2.4 Documents to be Delivered
by Holder(s). Each of the Holder(s) participating in any registration statement filed by the Company shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

  

4.2.5 Damages. Should
the registration or the effectiveness thereof required by Section 4 hereof be delayed by the Company or the Company otherwise
fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.

 

5. New Purchase Warrants to be Issued.

 

5.1 Partial Exercise or
Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant
of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Ordinary
Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and
of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like
tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall
constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments to Exercise
Price and Number of Ordinary Shares. The Exercise Price and the number of Ordinary Shares underlying this Purchase Warrant shall be
subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share Dividends; Split
Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary
Shares is increased by a stock dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar event, then, on
the effective day thereof, the number of Ordinary Shares purchasable hereunder shall be increased in proportion to such increase in outstanding
Ordinary Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2 Aggregation of Ordinary
Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the
effective date thereof, the number of Ordinary Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding
Ordinary Shares, and the Exercise Price shall be proportionately increased.

 

    5

    	 

    

 

6.1.3 Replacement of Ordinary
Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other than a
change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely affects the par value of such
Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another
corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this
Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such
event, the kind and amount of ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by
a Holder of the number of Ordinary Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event;
and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1 or Section 6.1.2,
then such adjustment shall be made pursuant to Section 6.1.1, Section 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions
or amalgamations, or consolidations, sales or other transfers.

 

6.1.4 Fundamental
Transaction. If, at any time while this Purchase Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary
Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spinoff or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with, the other
Persons making or party to such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Purchase Warrant, the Holder shall have the right to receive, for each Ordinary Share that
would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of Ordinary
Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional or alternative
consideration (the “Alternative Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of Ordinary Shares for which this Purchase Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternative Consideration
based on the amount of Alternative Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternative Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternative Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative Consideration it receives
upon any exercise of this Purchase Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Purchase Warrant, and to deliver to the Holder in exchange for this Purchase Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Purchase Warrant which is exercisable for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable
and receivable upon exercise of this Purchase Warrant prior to such Fundamental Transaction, and with an exercise price which applies
the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Purchase Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Purchase Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of, the Company
and shall assume all of the obligations of the Company, under this Purchase Warrant and the other Transaction Documents with the same
effect as if such Successor Entity had been named as the Company herein. “Transaction Documents” shall mean the Underwriting
Agreement and any other agreement entered into between the Company and the Holder in connection therewith or herewith.

 

    6

    	 

    

 

6.1.5   Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Ordinary Shares as are stated
in the Purchase Warrant initially issued pursuant to the Underwriting Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date
hereof or the computation thereof.

 

6.2 Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another
corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change
of the outstanding Ordinary Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute
and deliver to the Holder a supplemental Purchase Warrant providing that the Holder of each Purchase Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase
Warrant, the kind and amount of Ordinary Shares and other securities and property receivable upon such consolidation or share reconstruction
or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Purchase Warrant might have been exercised
immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall
provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of
this Section 6 shall similarly apply to successive consolidations or share reconstructions or amalgamations. 

 

6.3 Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares upon the exercise of
the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of
the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Ordinary Shares or other securities, properties or rights.

 

7. Reservation and Listing. The Company
covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use
its commercially reasonable efforts to cause all Ordinary Shares issuable upon exercise of this Purchase Warrant to be listed (subject
to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB Market or any successor quotation
system) on which the Ordinary Shares issued to the public in the Offering may then be listed and/or quoted (if at all).

 

8. Certain Notice Requirements.

 

8.1 Holder’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice
as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company.
If, however, at any time prior to the expiration of this Purchase Warrant and its exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”) for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing
of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice
given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

    7

    	 

    

 

8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders
of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding
up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially
all of its property, assets and business shall be proposed. 

  

8.3 Notice of Change in
Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing
the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Financial
Officer.

 

8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been
duly made if made in accordance with the notice provisions of the Underwriting Agreement to the addresses and contact information for
the Holder appearing on the books and records of the Company.

 

If to the Holder, then to:

 

Boustead Securities, LLC

6 Venture, Suite 265

Irvine, CA 92618

		Attn:	Keith Moore

		Attn:	Daniel J. McClory

	 	Email:	keith@boustead1828.com

dan@boustead1828.com

 

With a copy to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st Floor

New York, NY 10036

	 	Attn:	Benjamin Tan, Esq.

	 	Email:	btan@srf.law

 

    8

    	 

    

 

If to the Company:

 

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

 

Ortoli Rosenstadt LLP

366 Madison Avenue

New York, NY 10017

Attn: William Rosenstadt, Esq.

Jason Ye, Esq.

		Email:	wsr@orllp.legal

 jye@orllp.legal

 

9. Miscellaneous.

 

9.1 Amendments. The
Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any
other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the
Underwriter may deem necessary or desirable and that the Company and the Underwriter deem shall not adversely affect the interest of the
Holders, in their sole and absolute discretion. All other modifications or amendments shall require the written consent of and be signed
by the party against whom enforcement of the modification or amendment is sought.

 

9.2 Headings. The headings
contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire Agreement.
This Purchase Warrant constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

    9

    	 

    

 

9.5 Governing Law; Submission
to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Warrant 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, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder 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 transactions contemplated hereby.

 

9.6 Waiver, etc. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete
exercise of this Purchase Warrant by Holder, if the Company and the Underwriter enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

 

9.8 Holder Not Deemed a
Shareholder. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Purchase Warrant,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Purchase Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Purchase
Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of share, reclassification of share, consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Ordinary Shares which it is then entitled
to receive upon the due exercise of this Purchase Warrant. In addition, nothing contained in this Purchase Warrant shall be construed
as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Purchase Warrant or otherwise) or as a shareholder
of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

[Signature Page to Follow]

 

    10

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this Purchase Warrant
to be signed by its duly authorized officer as of the __th day of  2022.

 

 

	 	
    Yi Po International Holdings
    Limited

    

	 	 	 
	 	By: 	 
	 	 	Name: Weiming Jin
	 	 	Title: Chief Executive Officer

 

    11

    	 

    

 

EXHIBIT A

 

Exercise Notice

 

Form to be used to exercise Purchase Warrant:

 

Date: __________, 20___

 

The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Ordinary Shares of Yi Po International
Holdings Limited, a Cayman Islands company (the “Company”) and hereby makes payment of $____ (at the rate of
$____ per Ordinary Share) in payment of the Exercise Price pursuant thereto. Please issue the Ordinary Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number
of Ordinary Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase ___ Ordinary Shares under the Purchase Warrant for ______ Ordinary Shares, as determined
in accordance with the following formula:

 

dividing [(A-B) (X)] by (A),
where:

 

(A) = the Fair Market
Value of one Ordinary Share;

 

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

 

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

 

The undersigned agrees and
acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation
shall be resolved by the Company in its sole discretion.

 

Please issue the Ordinary
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given and, if applicable, a new Purchase Warrant
representing the number of Ordinary Shares for which this Purchase Warrant has not been converted.

 

Signature

 

Signature Guaranteed

 

    12

    	 

    

 

EXHIBIT B

 

Form to be used to assign Purchase Warrant: ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the
within Purchase Warrant):

 

FOR VALUE RECEIVED,           does
hereby sell, assign and transfer unto the right to purchase [●] ordinary shares of Yi
Po International Holdings Limited, a Cayman Islands company (the “Company”), evidenced by the Purchase Warrant
and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: , 20__

 

Signature

 

Signature Guaranteed

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

(Print in Block Letters)

Address:

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

  

 

13

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