Document:

Exhibit 4.7

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER
OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE,
DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE PURCHASE OPTION BY ANY PERSON
FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (AS DEFINED HEREIN) TO ANYONE OTHER THAN TO (I) UNIVEST SECURITIES,
LLC (“UNIVEST”) OR AN UNDERWRITER OR SELECTED DEALER PARTICIPATING IN THE OFFERING OR (II) AN OFFICER OR PARTNER
OF UNIVEST OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE
PRIOR TO THE LATER OF THE CONSUMMATION BY UTXO ACQUISITION INC. (“COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET
ACQUISITION, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”)
(AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND [●]. VOID AFTER 5:00 P.M. NEW
YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION OF THE COMPANY’S TRUST ACCOUNT (AS DESCRIBED IN THE REGISTRATION
STATEMENT) IF THE COMPANY HAS NOT COMPLETED A BUSINESS COMBINATION WITHIN THE REQUIRED TIME PERIODS OR [●].1

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

500,000 UNITS

OF

UTXO ACQUISITION INC.

 

1. Purchase
Option.

 

THIS CERTIFIES THAT, in consideration of
$100.00 duly paid by or on behalf of Univest Securities, LLC (“Holder”), as registered owner of this Purchase
Option, to UTXO Acquisition, Inc. (“Company”), Holder is entitled, at any time or from time to time upon the
consummation of a Business Combination (“Commencement Date”), and at or before 5:00 p.m., New York City local
time, on the earlier of the liquidation of the Company’s Trust Account (as described in the Company’s registration
statement (“Registration Statement”) pursuant to which Units are offered for sale to the public in the Company’s
initial public offering (“Offering”)) in the event the Company has not completed a Business Combination within
the required time periods and [●], five years from the effective date (“Effective Date”) of the Registration
Statement (“Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part,
up to Five Hundred Thousand (500,000) units (“Units”) of the Company, each Unit consisting of one (1) share
of the Company’s Class A Common Stock, par value $0.0001 per share (“Class A Share(s)”), one half (1/2)
of a redeemable warrant (“Warrant(s)”), each full Warrant to purchase one (1) Class A Share, and one (1) right
to receive one-tenth (1/10) of one (1) Class A Share upon the consummation of a Business Combination (“Right(s)”).
Each Warrant is the same as the warrant included in the Units being registered for sale to the public by way of the Registration
Statement (the “Public Warrants”). Each Right is the same as the right included in the units being registered
for sale to the public by way of the Registration Statement (“Public Rights”). If the Expiration Date is a day
on which banking institutions are authorized by law to close, then this Purchase Option 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 the Purchase Option. This Purchase Option is initially exercisable at $11.50 per Unit
so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and Class A Shares,
Warrants and Rights) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

 

		1	Date that is five years from the effective date of the
registration statement.

 

     

     

    

 

2. Exercise
OF PUrchase option.

 

2.1 Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable
in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or
before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and be void without further
force or effect, and all rights represented hereby shall cease and expire.

 

2.2 Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows, unless such
securities have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by
this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state
law. The securities may not 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.”

 

2.3 Cashless
Exercise.

 

2.3.1 Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option
is exercisable (and in lieu of being entitled to receive Class A Shares and Warrants) in the manner required by Section
2.1, and subject to Section 6.1 hereof, the Holder shall have the right (but not the obligation) to convert any
exercisable but unexercised portion of this Purchase Option into Units (“Cashless Exercise Right”) as
follows: upon exercise of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment by the Holder
of any of the Exercise Price in cash) that number of Units (or that number of Class A Shares, Warrants and Rights comprising
that number of Units) equal to the number of Units to be exercised multiplied by the quotient obtained by dividing (x) the
“Value” (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value
(as defined below). The “Value” of the portion of the Purchase Option being converted shall equal the
remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion
of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units
underlying the portion of the Purchase Option being converted. As used herein, the term “Current Market
Value” per Unit at any date means: (A) in the event that the Units, Class A Shares, Public Rights and Public
Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the OTC Bulletin Board
(or successor exchange), the average reported last sale price of the Units in the principal trading market for the Units as
reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”), as the case may
be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market,
the average reported last sale price for Units for the three trading days preceding the date in question for which
such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; (B) in the event that the Units
are not still trading but the Class A Shares, Public Rights, and Public Warrants underlying the Units are still trading, the
aggregate of (i) the product of (x) the Current Market Price of the Class A Shares and (y) the number of Class A Shares
underlying one Unit (which shall include the portion of a Class A Share the holder of a Unit would automatically receive in
connection with the Right included in each such Unit), plus (ii) the product of (x) the Current Market Price of the Public
Warrants and (y) the number of Warrants included in one Unit; or (C) in the event that neither the Units nor the Public
Warrants are still trading, the aggregate of (i) the product of (x) the Current Market Price of the Class A Shares and (y)
the number of Class A Shares underlying one Unit (which shall include the portion of a Class A Share the holder of a Unit
would automatically receive in connection with the Right included in each such Unit), plus (ii) the remainder derived from
subtracting (x) the exercise price of the Warrants multiplied by the number of Class A Shares issuable upon exercise of the
Warrants underlying one Unit from (y) the product of (aa) the Current Market Price of the Class A Shares multiplied by (bb)
the number of Class A Shares underlying the Warrants included in each such Unit. The “Current Market Price” shall
mean (i) if the Class A Shares (or Public Warrants, as the case may be) are listed on a national securities exchange or
quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price of the Class A Shares (or
Public Warrants) in the principal trading market for the Class A Shares (or Public Warrants) as reported by the exchange,
Nasdaq or FINRA, as the case may be, for the three trading days preceding the date in question; (ii) if the Class A Shares
(or Public Warrants) are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor
exchange), but are traded in the residual over-the-counter market, the average reported last sale price for the Class A
Shares (or Public Warrants) on for the three (3) trading days preceding the date in question for which such quotations are
reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Class A
Shares cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall
determine, in good faith. In the event the Public Warrants have expired and are no longer exercisable, no “Value”
shall be attributed to Warrants underlying this Purchase Option.

 

    2

     

    

 

2.3.2 Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right

 

2.4 No Obligation
to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company
be required to net cash settle the exercise of the Purchase Option or Warrants underlying the Purchase Option. The holder of the
Purchase Option and Warrants underlying the Purchase Option will not be entitled to exercise the Purchase Option or the Warrants
underlying such Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration
statement is effective, or an exemption from the registration requirements is available at such time and, if the holder is not
able to exercise the Purchase Option or underlying Warrants, the Purchase Option and/or the underlying Warrants, as applicable,
will expire worthless.

 

3. Transfer
of purchase option.

 

3.1 General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (or the Class A Shares and Warrants underlying this Purchase Option), or cause
the Purchase Option (or the Class A Shares and Warrants underlying this Purchase Option) to be the subject of any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of the Purchase Option by any
person, for a period of 180 days (pursuant to Rule 5110(g)(1) of the Conduct Rules of FINRA) following the Effective Date to anyone
other than (i) Univest or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner
of Univest or of any such underwriter or selected dealer. On and after the 181st day following 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 duly executed and completed, together with the Purchase
Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days
transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option of like tenor to
the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units 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 Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder 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, or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange
Commission (the “Commission”) and compliance with applicable state securities law has been
established.

 

4. New
Purchase Option to be Issued.

 

4.1 Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option 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 Option for
cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or
transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this
Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder
as to which this Purchase Option has not been exercised or assigned.

 

4.2 Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option 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.

 

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5. REGISTRATION
RIGHTS.

 

5.1 Demand
Registration.

 

5.1.1 Grant
of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of
the Purchase Option and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees
to use its best efforts to register (the “Demand Registration”) under the Act on one (1) occasion, all or any
portion of the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying
such Purchase Option, including the Units, Class A Shares, Warrants, Rights and the Class A Shares underlying the Warrants and
Rights, and (ii) the units issued to the Holder prior to or concurrently with the Offering and all the securities underlying such
units (collectively, the “Registrable Securities”). On such occasions, the Company will use its best efforts
to file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities
as expeditiously as possible, and in any event within thirty (30) days, after receipt of the Initial Demand Notice and use its
best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter.
The demand for registration may be made at any time during a period of four and one-half years beginning 180 days after the Effective
Date. The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable Securities of
the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder
including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company
within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders
shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 5.1.4. The
Company shall not be required to effect more than one (1) Demand Registration under this Section 5.1 in respect of all Registrable
Securities.

 

5.1.2 Effective
Registration. Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until the registration
statement filed with the Commission, with respect to such Demand Registration, has been declared effective and the Company has
complied with all of its obligations under this Purchase Option with respect thereto.

 

5.1.3 Underwritten
Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice,
the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by the Majority Holders.

 

5.1.4 Reduction
of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Class A Shares or other securities which the Company desires to
sell and the Class A Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to
which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each
such person has requested be included in such registration, regardless of the number of shares held by each such person (such proportion
is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares; (ii)
second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Class A Shares
or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Class A Shares
or other securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the initial
investors in the Company and Univest, dated as of [●] (the “Registration Rights Agreement” and such registrable
securities, the “Investor Securities”) as to which “piggy-back” registration has been requested
by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Class A Shares or
other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

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5.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include
all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw
from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw
prior to the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration,
then the Company does not have to continue its obligations under Section 5.1, provided that, any such
withdrawal will not count as the Demand Registration if the Demanding Holders pay all of the Company’s out-of-pocket
expenses, with respect to such withdrawn registration.

 

5.1.6 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of
one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but
the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify
or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a state in which such registration
would cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation
as a foreign corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company shall use its best efforts to cause any
registration statement or post-effective amendment filed pursuant to the demand rights granted under Section 5.1.1 to
remain effective for a period of nine consecutive months from the effective date of such registration statement or
post-effective amendment.

 

5.2 Piggy-Back
Registration.

 

5.2.1 Piggy-Back
Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to file a
registration statement under the Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without
limitation, pursuant to Section 5.1), other than a registration statement (i) filed in connection with any employee
stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s
existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a
dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of
Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and (y) offer to
the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of
Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a
“Piggy-Back Registration”). The Company shall cause such Registrable Securities to be included in such
registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed underwritten
offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing
to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter
into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back
Registration

 

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5.2.2 Reduction
of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Class A Shares which
the Company desires to sell, taken together with Class A Shares, if any, as to which registration has been demanded pursuant to
written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 5.2, and the Class A Shares, if any, as to which registration
has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds
the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a) If
the registration is undertaken for the Company’s account: (A) first, Class A Shares or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Class A Shares or other securities, if any, comprised of Registrable
Securities and Investor Securities, as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares;
and (C) third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the
Class A Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the Class A Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Class A Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof,
that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A), (B) and (C), the Class A Shares or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold
without exceeding the Maximum Number of Shares; and

 

(c) If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the Class A Shares or other securities for the account of the demanding persons
that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Class A Shares or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A) and (B), collectively the Class A Shares or other securities comprised of Registrable Securities
and Investor Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the Registration
Rights Agreement, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Class A Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

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5.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the
effectiveness of the registration statement. The Company (whether on its own determination or as the result of a withdrawal
by persons making a demand pursuant to written contractual obligations) may withdraw a registration statement at any time
prior to the effectiveness of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all
expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section
5.2.4.

 

5.2.4 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of
one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the
Holders shall pay any and all underwriting commissions related to 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
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 applicable registration statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The Holders
of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice
within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company
shall use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to
remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the
opportunity to sell all of such securities.

 

5.3 General
Terms.

 

5.3.1 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 litigation, commenced or threatened, or any claim whatsoever whether arising out of any action
between the underwriter and the Company or between the underwriter and any third party or otherwise) 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 underwriters
contained in Section 5 of the Underwriting Agreement between the Company, Univest and the other underwriters named therein
dated the Effective Date (“Underwriting Agreement”). The Holder(s) of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of
the Act or Section 20(a) of the 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 they may become subject under the Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holders, or their successors or assigns for specific inclusion in such registration
statement or arising from any omission or the alleged omission to state a material fact required to be stated therein or
necessary to make the statement contained therein not misleading in connection with the registration of the Registrable
Securities, to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting
Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

    7

     

    

 

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

 

5.3.3 Documents
Delivered to Holders. The Company shall furnish Univest, for as long as it is a Holder, as representative of the Holders participating
in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to
the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public
offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company
shall also deliver promptly to Univest, as representative of the Holders participating in the offering, the correspondence and
memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and
all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit Univest,
as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules
of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of
the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often
as Univest, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential
information or other records to Univest, as representative of the Holders, or to any other person, until and unless such persons
shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with
the Company with respect thereto.

 

5.3.4 Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by
any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter
shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the
Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the
Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The
Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and
may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the
benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to
make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to
such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and
indemnification and contribution obligations for selling shareholders as are customarily contained in agreements of that type
used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and otherwise cooperate
fully in the preparation of the registration statement and other documents relating to any offering in which they include
securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of the Registrable Securities.

 

    8

     

    

 

5.3.5 Rule
144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held
by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other
period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder,
or (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of
Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144).

 

5.3.6 Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a
result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of
the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the
Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

 

6. ADJUSTMENTS.

 

6.1 Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Stock
Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Class A Shares is increased by a stock dividend payable in Class A Shares or by a split-up of Class A Shares or other similar event,
then, on the effective date thereof, the number of Class A Shares underlying each of the Units purchasable hereunder shall be increased
in proportion to such increase in outstanding shares. In such case, the number of Class A Shares, and the exercise price applicable
thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants.

 

6.1.2 Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding Class
A Shares is decreased by a consolidation, combination or reclassification of Class A Shares or other similar event, then, on
the effective date thereof, the number of Class A Shares underlying each of the Units purchasable hereunder shall be
decreased in proportion to such decrease in outstanding shares and the Exercise Price shall be proportionately increased. In
such case, the number of Class A Shares, and the exercise price applicable thereto, underlying the Warrants underlying each
of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants.

 

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

 

6.1.4 Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section,
and a Purchase Option issued after such change may state the same Exercise Price and the same number of Units as are stated in
the Purchase Option as initially issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required
or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation
thereof.

 

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

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Class A Shares
or Warrants upon the exercise of the Purchase Option, 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 to the nearest whole number of Warrants, Class A Shares or other securities, properties or rights.

 

    10

     

    

 

7. RESERVATION
AND LISTING. The Company shall at all times reserve and keep available out of its authorized but unissued Class A
Shares, solely for the purpose of issuance upon exercise of the Purchase Option (including the Class A Shares underlying the
Rights or the Warrants), such number of Class A Shares or other securities, properties or rights as shall be issuable upon
the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Option and payment of the Exercise
Price therefor, all Class A 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. The Company further covenants and agrees
that upon exercise of the Warrants underlying the Purchase Option and payment of the respective Warrant exercise price
therefor, all Class A 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 shareholders. As long as the Purchase Option shall be
outstanding, the Company shall use its best efforts to cause all (i) Units and Class A Shares issuable upon exercise of the
Purchase Option, (ii) Warrants issuable upon exercise of the Purchase Option (iii) Class A Shares issuable upon exercise of
the Warrants included in the Units issuable upon exercise of the Purchase Option, (iv) Rights issuable upon exercise of the
Purchase Option and (v) Class A Shares underlying the Rights included in the Units issuable upon exercise of the Purchase
Option to be listed and/or quoted (subject to official notice of issuance) on all securities exchanges (or, if applicable, on
the OTC Bulletin Board or OTC Markets Group, Inc. or any successor trading market) on which the Class A Shares or the Public
Warrants may then be listed and/or quoted.

 

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 as
a shareholders for the election of directors or any other matter, or as having any rights whatsoever as shareholders of the
Company. If, however, at any time prior to the expiration of the Purchase Option and its exercise, any of the events
described in Section 8.2 shall occur, then, in each such event, 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 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.

 

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 Class A 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,
or (ii) the Company shall offer to all the holders of its Class A 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 merger)
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 Executive Officer.

 

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8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and
shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to
the registered Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to the following address or to such other address as the Company may designate by notice to the Holders:

 

UTXO Acquisition Inc.

203 N LaSalle St., #2100

Chicago, IL 60601

Attn: Yuanyuan Huang

 

9. MISCELLANEOUS.

 

9.1 Amendment
The Company and Univest, for as long as it is a Holder, may from time to time supplement or amend this Purchase Option
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 Univest may deem necessary or desirable and that the Company and
Univest deem shall not adversely affect the interest of the Holders. 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 Option.

 

9.3 Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) 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 Option 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 Option or any provisions
herein contained.

 

9.5 Governing
Law; Submission to Jurisdiction. This Purchase Option 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. Each of the Holder and the Company
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option 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. Each of the Holder and
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 8.4 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
therefore.

 

    12

     

    

 

9.6 Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option 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 Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option 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 or non-compliance.

 

9.7 Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto.

 

9.8 Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any
time prior to the complete exercise of this Purchase Option by Holder, if the Company and Univest enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Option’s 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.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the Company has caused this Purchase Option
to be signed by its duly authorized officer as of the [●] day of [●], 2020.

 

	 	UTXO ACQUISITION INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    14

     

    

 

Form to be used to exercise Purchase
Option

 

UTXO Acquisition Inc.

203 N LaSalle St., #2100

Chicago, IL 60601

Attn.: [●]

 

Date: _________________, 20___

 

The undersigned hereby elects irrevocably
to exercise all or a portion of the within Purchase Option and to purchase ____ Units of UTXO Acquisition Inc. and hereby makes
payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby elects irrevocably
to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion
of the attached Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______).
Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions
given below.

 

________________________

 

NOTICE: The signature to this assignment
must correspond with the name as written upon the face of the Purchase Option in every particular, without alteration or enlargement
or any change whatever.

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

	 
	(Print in Block Letters)

 

Address

	 

 

    15

     

    

 

Form to be used to assign Purchase Option

 

ASSIGNMENT

 

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

 

FOR VALUE RECEIVED,__________________________________________________________________ does hereby sell, assign and transfer
unto___________________________________________ the right to purchase __________ Units of UTXO Acquisition Inc.
(“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to transfer such
right on the books of the Company.

 

Dated: ___________________, 20__

 

	 	 	 
	 	Signature	 

 

	 	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 

THE SIGNATURE(S) SHOULD
BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

 

16Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $300,000	Dated as of September 6, 2019

 

UTXO Acquisition Inc., a Delaware incorporated
company and blank check company (the “Maker”), promises to pay to the order of UTXO Vector LLC, a Delaware limited
liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal
sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

1. Principal. The entire unpaid
principal balance of this Note shall be payable by the Maker on the earlier of: (i) April 30, 2020, or (ii) the date on which Maker
consummates an initial public offering (“IPO”) of its securities (the “Maturity Date”). The
principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer,
director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No interest shall
accrue on the unpaid principal balance of this Note.

 

3. Drawdown Requests. Maker
and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related to the Maker’s
IPO. The principal of this Note may be drawn down from time to time prior to the Maturity Date (each, a “Drawdown Request”).
Each Drawdown Request must state the amount to be drawn down and must not be an amount less than Ten Thousand Dollars ($10,000)
unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt
of a Drawdown Request; provided, however, that the maximum total of the Drawdown Requests under this Note is Three Hundred Thousand
Dollars ($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if
prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by
Maker. It is acknowledged that the Company may have received amounts in respect of drawdowns under this Note prior to the date
hereof, and it is agreed that all such sums were received as drawdowns of principal hereunder in anticipation of the execution
of this Note.

 

4. Application of Payments.
All payments shall be applied first to payment in full of any costs incurred in the collection ofany sum due under this Note, including
(without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction
of the unpaid principal balance of this Note.

 

5. Events of Default. The
following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required Payments.
Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified above.

 

(b) Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it
of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or
the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

6. Remedies.

 

(a) Upon the occurrence of an Event
of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and
payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

     

     

    

 

(b) Upon the occurrence of an Event
of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard
to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

7. Waivers. Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of
protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of
this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional Liability.
Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment
of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by
Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All notices, statements
or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent
by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated
in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be
designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so
transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

10. Construction. THIS NOTE
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

11. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12. Trust Waiver. Notwithstanding
anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account to be established in which the proceeds of the IPO (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur
prior to the closing of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus
to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13. Amendment; Waiver. Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14. Assignment. No assignment
or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be
void.

 

IN WITNESS WHEREOF, Maker, intending to
be legally bound hereby, has caused this Note to be duly executed as deed by the undersigned on the day and year first above written.

 

	 	UTXO Acquisition Inc.
	 	 
	 	By:	/s/ Wei Huang
	 	 	Name: 	Wei Huang
	 	 	Title:	Chief Executive Officer

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