Document:

Exhibit 4.45

 

Investment Agreement 

 

Regarding

 

Beijing C&I Advertising Co., Ltd.

 

 

 

 

November 1, 2017

 

Beijing, China

 

    	 	1	 

     

    

 

Investment Agreement

 

This Investment Agreement
Regarding Beijing C&I Advertising Co., Ltd. (hereinafter referred to as this “Agreement”) was signed
by and among the following parties on November 1, 2017 in Beijing:

 

Jiaxing Changchengxinyi Equity
Investment Partnership (Limited Partnership) (hereinafter referred to as “Jiaxing Changcheng”)

Address:
Room 116-64, Building 1, Ji Jin Small Town, No. 1856 Najiang Road, Nanhu District, Jia Xing, Zhe Jiang Province

Executive Partner: China
Great Wall Assets Management Co., Ltd.

 

Hubei Jiangjie Equity Investment
Partnership (Limited Partnership) (hereinafter referred to as “Hubei Jiangjie”)

Adress: 2nd Floor,
Building 1, Labor Service Company, Gehua Street living area (3), Donghu New Technology Development Zone, Wuhan

Executive Partner: Ningbo Meishan
Bonded Port Area Fu Qi He Chuang Investment Partnership (Limited Partnership)

Authorized representative: Xiao
Rong

 

Shenzhen Yuehedingxin Venture
Capital Enterprise (Limited Partnership) (hereinafter referred to as “Yuehedingxin”)

Address: Room 201, Building
A, No. 1 Qianwan 1st Road, Qianhai ShenZhen-Hongkong Cooperation Zone, Shenzhen (registered under the name of Shenzhen Qianhai
Business Secretary Co., Ltd.)

Executive Partner: Shenzhen
Yuyue Venture Investment Partnership (Limited Partnership)

Authorized representative: Erhai
Liu

 

Shenzhen Zhaoyuanqiushi Investment
Partnership (limited partnership) (hereinafter referred to as “Shenzhen Zhaoyuan”)

Adress: Room 201, Building A,
No. 1 Qianwan 1st Road, Qianhai ShenZhen-Hongkong Cooperation Zone, Shenzhen (registered under the name of Shenzhen Qianhai Business
Secretary Co., Ltd.)

Executive Partner: Beijing Zhiyuan
Lixin Investment Management Co., Ltd.

Authorized representative: Qinggong
Guo

 

Jiaxing Kangchengjinsi Investment
Management Partnership (Limited Partnership) (hereinafter referred to as “Kangchengjinsi”)

Address: 55 Room 103, Building
1, No. 1856 Nanjiang Road, Nanhu District, Jiaxing, Zhejiang Province, China

Executive Partner: Shanghai
Kangcheng Investment Management Co., Ltd.

Authorized representative: Feng
Sun

 

    	 	2	 

     

    

 

Jiaxing Kangchengyongpan
Investment Management Partnership (Limited Partnership) (hereinafter referred to as “Kangchengyongpan”)

Adress:
56 Room 103, Building 1, No. 1856 Nanjiang Road, Nanhu District, Jiaxing, Zhejiang Province, China

Executive Partner: Shanghai
Kangcheng Investment Management Co., Ltd.

Authorized representative: Feng
Sun

 

Wanxiang Venture Capital
Co., Ltd. (hereinafter referred to as “Wanxiang Venture Capital”)

Address: No. 398, Wensan Road,
Xihu District, Hangzhou

Legal representative: Dayuan
Guan

 

Tianjin Boyou Information
Technology Co., Ltd. (hereinafter referred to as “Tianjin Boyou”)

Address: Room 501-139 (Centralized
Office), Office Building 8, Branch Line of Jing Fu Highway, Dong Pu Wa Street, Wu Qing District, Tianjin

Legal representative: Hongyu
Zhang

 

Beijing Bitauto Internet
Information Co., Ltd. (“BBII”)

Adress: Unit D, E, F, G, H and
J, 10th Floor, Office Building No. 3, New Century Hotel, No. 6 Capital Stadium South Road, Haidian District, Beijing

Legal Representative: Bin Li

 

Lhasa Fengrun Information
Technology Partnership (limited partnership) (hereinafter referred to as “Lhasa Fengrun”)

Address: No. 411, Office Building
of Jinyue Pharmaceutical Co., No. 13 Linqionggang East Road No.1, Economic and Technological Development Zone, Lhasa

Executive Partner: Min Wang

 

Lhasa Runze Information Technology
Partnership (limited partnership) (hereinafter referred to as “Lhasa Runze”)

Address: No. 417, Office Building
of Jinyue Pharmaceutical Co., No. 13 Linqionggang East Road No.1, Economic and Technological Development Zone, Lhasa

Executive Partner: Yanling Tian

 

Lhasa Hongyang Information
Technology Partnership (Limited Partnership) (hereinafter referred to as “Lhasa Hongyang”)

Address: No. 419 Office Building
of Jinyue Pharmaceutical Co., No. 13 Linqionggang East Road No.1, Economic and Technological Development Zone, Lhasa

Executive Partner: Chaoli Ma

 

    	 	3	 

     

    

 

Lhasa Hongfeng Information
Technology Partnership (Limited Partnership) (hereinafter referred to as “Lhasa Hongfeng”)

Address: No. 415 Office Building
of Jinyue Pharmaceutical Co., No. 13 Linqionggang East Road No.1, Economic and Technological Development Zone, Lhasa

Executive Partner: Tao Yang

 

Gain Loyal Limited (hereinafter
referred to as “Gain Loyal”)

Address: Unit 5505, 55/F, The
Centre, 99 Queen’s Road Central, Hong Kong

Authorized representative: Chi
Sing HO

Title: Director

 

Beijing C&I Advertising
Co., Ltd. (hereinafter referred to as the “Company”)

Address: Room 01-11, 27th Floor,
Tengda Building, No.168 Xizhimenwai Street, Haidian District, Beijing

Legal representative: Weihai
Qu

 

(BBII, Jiaxing Changcheng,
Hubei Jiangjie, Yuehedingxin, Shenzhen Zhaoyuan, Kangchengjinsi, Kangchengyongpan, Wanxiang Venture Capital and Tianjin Boyou are
collectively referred to as the “Investors”; BBII, Lhasa Fengrun, Lhasa Runze, Lhasa Hongyang, Lhasa Hongfeng
and Gain Loyal are collectively referred to as “Existing Shareholders”. The Investors, Existing Shareholders,
and the Company are referred to individually as a “Party”, collectively as the “Parties”.)

 

Whereas: 

 

		1.	As of the execution date of this Agreement, the Company is a limited liability company (a joint
venture co-invested by Taiwan, Hong Kong, Macao and mainland investors) established and legally existing in accordance with laws
of People’s Republic of China (the “PRC”), with its registered address being Room 01-11, 27th Floor, Tengda
Building, No.168 Xizhimenwai Street, Haidian District, Beijing. The registered capital of the Company is RMB 104.98 million.

 

		2.	As of the execution date of this Agreement, the ownership structure of the Company is as follows:

	Name of shareholder	 	Commitment on Capital Contribution
 (RMB, in ten thousands)
	 	 	Paid-in Capital Commitment
 (RMB, in ten thousands)
	 	 	Ownership percentage(%)	 	 	Form of contribution
	BBII	 	 	8,947.000	 	 	 	8,947.000	 	 	 	85.23	%	 	In currency
	Lhasa Fengrun	 	 	742.255	 	 	 	742.255	 	 	 	7.07	%	 	In currency
	Lhasa Runze	 	 	258.305	 	 	 	258.305	 	 	 	2.46	%	 	In currency
	Lhasa Hongyang	 	 	209.640	 	 	 	209.640	 	 	 	2.00	%	 	In currency
	Lhasa Hongfeng	 	 	239.800	 	 	 	239.800	 	 	 	2.28	%	 	In currency
	Gain Loyal	 	 	101.000	 	 	 	101.000	 	 	 	0.96	%	 	US dollars in cash
	Total	 	 	10,498.000	 	 	 	10,498.000	 	 	 	100.00	%	 	—

 

		3.	Subject to the terms and conditions of this Agreement, the Investors intend to subscribe for the
newly increased registered capital of the Company (hereinafter referred to as this “Transaction” or this “Capital
Increase”) by payment of the Capital Contribution (as defined below) to the Company, and the Existing Shareholders hereby
approve this Capital Increase.

 

Subject to relevant PRC laws
and regulations and in accordance with principles of equality and mutual benefit, the Parties reached the following agreements
and covenants regarding this Transaction:

 

    	 	4	 

     

    

 

		Article	1         Definitions

 

		1.1	Unless otherwise indicated in the context, the following terms should have the following meanings:

 

	Affiliate	With respect to any person, means any other person who controls, is controlled by or is under common control with such person. For the purpose of this definition, “control” of a specific person, means the right to directly or indirectly direct the management and system development of such person, whether through an agreement or the ownership of 50% or more of voting shares, registered capital or voting securities of such person. “Be Controlling” “Controlled” and “under the common control” should have corresponding meanings. With respect to a natural person, such person’s affiliate shall also include such person’s spouse, children, brothers, sisters, parents, spouse's parents, the trustee of any trust which treats such natural person or the persons as mentioned above as beneficiary or the object of such trust, or any entities which are controlled by the above persons. 
	Affiliated Person	With respect to any person, means (1) the Affiliate of such person; (2) any other person who directly or indirectly owns or holds 10% or more of shares, voting rights or other interest of such person; (3) directors and officers of such person; (4) any entity in which the person serves as a director or officer. 
	Approval	With respect to any matter or event, means any license, consent, authorization, confirmation, certificate and approval that are necessary or required for the commencement, implementation and consummation of such matter or event;
	Examination and Approval Authority	Means the MOFCOM who will issue relevant approvals or handle relevant filings required for the consummation of this Agreement and the transaction contemplated under this Agreement;
	AOA	Means the Articles of Association that is valid during any specified period; 
	Capital Verification Account	Shall have the meaning provided in Article 2.4 of this Agreement;
	Business Days	Means the days when PRC banks open for business, other than   Saturdays, Sundays and statutory holidays in China; 
	Bitauto Holding	Means Bitauto Holding Limited, a company established in the Cayman Islands and listed on the New York Stock Exchange; 
	BBII	Means Beijing Bitauto Internet Information Co., Ltd.;
	PRC	Means the People's Republic of China, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan region for the purpose of this Agreement; 
	PRC Law	Means any laws, regulations, rules and regulatory documents promulgated by Chinese government authorities, as amended, modified and interpreted by competent authority from time to time.
	Closing	Means the fulfillment of all precedent conditions in accordance with the terms of this Agreement; 
	Company	Means Beijing C&I Advertising Co., Ltd.; 
	Company Law	Means the Company Law of the People's Republic of China;
	Dispute	Shall have the meaning provided in Article 15.1 of this Agreement; 
	Company’s Warranties	Shall have the meaning provided in Article 6.1 of this Agreement;
	Payment Date	Shall have the meaning provided in Article 2.3 of this Agreement;
	Encumbrances	Means mortgages, charges, pledges, liens, options, restrictions, equity, acquisition rights, right of priority, third-party rights or interests, or encumbrances or security interest of any other form, or any other preferential rights arrangement ( including but not limited to ownership transfer and retention arrangement);
	Existing Shareholders	Means the BBII, Lhasa Fengrun, Lhasa Runze, Lhasa Hongyang, Lhasa Hongfeng and Gain Loyal;
	Force Majeure	Includes natural disasters, acts or omissions  of any government or its agency department (not caused due to the default by any Party), rules, regulations or orders of any government authority (or any officers, departments, agency offices or departments thereof) (not caused due to the default of any Party), floods, storms, earthquakes, lightning, typhoons or other natural disasters, fires, wars, riots, plagues, public riots, rebellions, public actions, enemy actions, sabotage, aggression, quarantine restrictions, embargo-induced delays or delivery disruptions;
	Government Authority	Means any government, quasi-government, judicial, self-regulatory or regulatory authority or entity or the branches thereof that have jurisdiction over the transactions contemplated hereunder;
	Investors	Mean BBII, Jiaxing Changcheng, Hubei Jiangjie, Yuehedingxin, Shenzhen Zhaoyuan, Kangchengjinsi, Kangchengyongpan, Wanxiang Venture Capital and Tianjin Boyou;
	Amendment Agreement to Joint Venture Contract 	Means the Amendment Agreement to the Sino-Foreign Equity Joint Venture Contract signed by and among the Existing Shareholders and the Investors in connection with this Transaction; 
	Joint Venture Law	Means the Law of the People's Republic of China on Sino-Foreign Equity Joint Ventures;
	Implementation Rules	Means Rules for Implementation of the Law of the People's Republic of China on Sino-Foreign Equity Joint Ventures
	Listing	Means the company is listed on A-share market on the Shanghai Stock Exchange or Shenzhen Stock Exchange (including IPO or backdoor listing);

 

    	 	5	 

     

    

 

	Loss	Means all losses, debts, costs (including but not limited to attorneys' fees), fees, expenses and damages; 
	Lhasa Fengrun	Means Lhasa Fengrun Information Technology Partnership (limited partnership);
	Lhasa Hongfeng	Lhasa Hongfeng Information Technology Partnership (Limited Partnership);
	Lhasa Hongyang	Lhasa Hongyang Information Technology Partnership (Limited Partnership);
	Lhasa Runze	Lhasa Runze Information Technology Partnership (limited partnership);
	
        Gain Loyal

        Jiaxing Changcheng
	
        Means Gain Loyal Limited;

        Means Jiaxing Changchengxinyi Equity Investment
        Partnership (Limited Partnership);

	Hubei Jiangjie	Means Hubei Jiangjie Equity Investment Partnership (Limited Partnership);
	Yuehedingxin	Means Shenzhen Yuehedingxin Venture Capital Enterprise (Limited Partnership);
	
        Shenzhen Zhaoyuan

        Kangchengjinsi 

        Kangchengyongpan

        Wanxiang Venture Capital

        Tianjin Boyou
	
        Means Shenzhen Zhaoyuanqiushi Investment
        Partnership (limited partnership);

        Means Jiaxing Kangchengjinsi Investment
Management Partnership (Limited Partnership); 

        Means Jiaxing Kangchengyongpan Investment
        Management Partnership (Limited Partnership);

        Means Wanxiang Venture Capital
Co., Ltd.; 

        Means Tianjin Boyou Information Technology
        Co., Ltd.;

	MOFCOM 	Means the Ministry of Commerce of People’s Republic of China or its authorized local branches; 
	New Business License	Means the new business license issued to the Company as a foreign-invested company by the administration of industry and commerce after the competent authority approves the Transaction, the new Joint Venture Contract, and New AOA of the Company;
	New AOA 	Means the articles of association of the Company signed by the Existing Shareholders and the Investors in connection with this Transaction to reflect the terms and conditions of the new joint venture contract;  
	Purchase Price	Shall have the meaning provided in Article 2.1 of this Agreement;
	Intellectual Property	Means the trademarks, service marks, trade names, goodwill, domain names, logos, decorations and other sources identification marks, patents, inventions, utility models, registered and unregistered design rights, copyrights, software, templates, database rights, trade secrets, know-how, technical and business information and all other similar intellectual property rights, and in the event that the above rights can be obtained or expanded by registration, any registration of such  rights, as well as the registration application and the right to registration application thereof; 
	Transition Period	Means the period calculating from the execution date of this Agreement to the Payment Date; 
	New Shares	Have the meaning provided in Article 2.1 of this Agreement; 
	RMB or Yuan	Means the legal currency in China; 
	AIC	Means the State Administration for Industry and Commerce of People’s Republic of China or its authorized local branches; 
	CSRC	Means China Securities Regulatory Commission;
	the Transaction or Capital Increase	Means that the Investors subscribe the increased registered capital of the Company and thereby become new shareholders of the Company in accordance with the terms and conditions of this Agreement; 
	SAT	Means State Administration of Taxation or its authorized local branches; 
	Transaction Documents	Means legal documents related to this Transaction, including but not limited to this Agreement, the new Joint Venture Contract and New AOA; 
	USD	Means the legal currency of the United States of America; 
	Subsidiaries	With respect to any company, means the entities Controlled by such company.

 

		1.2	In this Agreement, unless as otherwise indicated in the context:

		(1)	The
headlines and titles in this Agreement are inserted for reference purpose only and shall not affect the interpretation of any
provisions of this Agreement;

		(2)	The reference to any Party to this Agreement shall include the successors, permitted assignees
and individual representative of such Party;

		(3)	The
definition of any terms or phrases shall accordingly apply to other grammatical forms of such terms or phrases (as the case may
be);

		(4)	The
terms indicating “above”, “within” and “below” a specific number shall include the number
itself, while the terms indicating “under” “beyond” “less than” and “more than”
of a specific number do not include the number itself.

 

    	 	6	 

     

    

 

		Article	2         Investment
Plan

 

		2.1	The Parties agree that the Investors shall invest a total of RMB 600 million (hereinafter referred
to as the “Capital Contribution”) to the Company, so as to subscribe for the Company's increased registered
capital and acquire the equity interests corresponding to the increased registered capital in accordance with the stipulations
of this Agreement (hereinafter referred to as “New Shares”). The details of this Capital Increase are as follows:

(1)BBII
shall invest RMB 270 million, of which RMB18,009,000 shall be invested into the registered capital of the Company, while the remaining
RMB 251,991,000 shall be counted into the capital reserve of the Company;

(2)Jiaxing
Changcheng shall contribute RMB 90 million, of which 6,003,000 shall be invested into the registered capital of the Company, while
the remaining RMB 83,997,000 shall be counted into the capital reserve of the Company;

(3)Hubei
Jiangjie shall contribute RMB 65 million, of which 4,335,500 shall be invested into the registered capital of the Company, while
the remaining RMB 60,664,500 shall be counted into t the capital reserve of the Company;

(4)Yuehedingxin
shall contribute RMB 45 million, of which 3,001,500 shall be invested into the registered capital of the Company, while the remaining
RMB 41,998,500 shall be counted into the capital reserve of the Company;

(5)Kangchengjinsi
shall contribute RMB 30 million, of which 2,001,000 shall be invested into the registered capital of the Company, while the remaining
RMB 27,999,000 shall be counted into the capital reserve of the Company;

(6)Kangchenyongpan
shall contribute RMB 10 million, of which 667,000 shall be invested into the registered capital of the Company, while the remaining
RMB 9,333,000 shall be counted into the capital reserve of the Company;

(7)Shenzhen
Zhaoyuan shall contribute RMB 30 million, of which 2,001,000 shall be invested into the registered capital of the Company, while
the remaining RMB 27,999,000 shall be counted into the capital reserve of the Company;

(8)Wanxiang
Venture Capital shall contribute RMB 30 million, of which 2,001,000 shall be invested into the registered capital of the Company,
while the remaining RMB 27,999,000 shall be counted into the capital reserve of the Company;

(9) Tianjin Boyou shall contribute
RMB 30 million, of which 2,001,000 shall be invested into the registered capital of the Company, while the remaining RMB 27,999,000
shall be counted into the capital reserve of the Company;

 

		2.2	After the completion of the Transaction, the registered capital of the Company shall increase from
RMB 104,980,000 to RMB 145,000,000. The ownership structure of the Company shall be as follows:

	Name	 	Capital Contribution
 (RMB, in ten thousands)
	 	 	Percentage of contribution
 (%)
	 	 	Form of contribution
	BBII	 	 	10,747.90	 	 	 	74.12	%	 	In currency
	Lhasa Fengrun	 	 	742.255	 	 	 	5.12	%	 	In currency
	Lhasa Runze	 	 	258.305	 	 	 	1.78	%	 	In currency
	Lhasa Hongyang	 	 	209.64	 	 	 	1.45	%	 	In currency
	Lhasa Hongfeng	 	 	239.8	 	 	 	1.65	%	 	In currency
	Gain Loyal	 	 	101	 	 	 	0.70	%	 	US dollars in cash
	Jiaxing Changcheng	 	 	600.30	 	 	 	4.14	%	 	In currency
	Hubei Jiangjie	 	 	433.55	 	 	 	2.99	%	 	In currency
	Yuehedingxin	 	 	300.15	 	 	 	2.07	%	 	In currency
	Kangchengjinsi	 	 	200.1	 	 	 	1.38	%	 	In currency
	Kangchengyongpan	 	 	66.7	 	 	 	0.46	%	 	In currency
	Shenzhen Zhaoyuan	 	 	200.1	 	 	 	1.38	%	 	In currency
	Wanxiang Venture Capital	 	 	200.1	 	 	 	1.38	%	 	In currency
	Tianjin Boyou	 	 	200.1	 	 	 	1.38	%	 	In currency
	Total	 	 	14,500	 	 	 	100.00	%	 	—

 

    	 	7	 

     

    

 

		2.3	Each of Lhasa Fengrun, Lhasa Runze, Lhasa Hongyang and Gain Loyal hereby waives any veto rights,
pre-emptive rights and other similar preferential rights, whether by law or contractual arraignment, entitled to them as shareholders
of the Company with respect to this Capital Increase.

		2.4	The New Shares shall include all the rights attached thereto free from any Encumbrances. The Investors
may fully exercise all the relevant rights attached to the New Shares and enjoy the relevant benefits and interests affiliated
thereto.

		2.5	The Parties agree that the payment of the Capital Contribution shall be made within 10 Business
Days (hereinafter referred to as “Payment Date”) from the effective date of this Agreement.

		2.6	On condition that the Company and the Existing Shareholders respectively perform their obligations
as set forth in Article 3 of this Agreement, and subject to the representations and warranties made by the Company and the Existing
Shareholders under this Agreement, the Investors shall pay the Capital Contribution to the Company in full amount on the Payment
Date.

		2.6.1.	If the Investors pay Capital Contribution in Renminbi, the Investors shall remit relevant Renminbi
amount into the bank account designated by the Company by fund transfer or wire transfer in lump sum (hereinafter referred to as
the “Capital Verification Account”) on the Payment Date. Each Investor shall be deemed to have fully fulfilled
its payment obligations stipulated under Article 2.4 after the Capital Contribution is paid to the Capital Verification Account.
The information of the Capital Verification Account are as follows:

Name of account: Beijing
C&I Advertising Co., Ltd.

Account number:

Opening Bank: Bank of
China, Beijing New Century Hotel Branch

Cnaps code:

		2.6.2.	If the Investors pay Capital Contribution in foreign currency, the Investors shall pay the USD
amount (calculated based upon the USD-Renminbi central parity rate published by the People's Bank on the Payment Date) equivalent
to its Capital Contribution to the Capital Verification Account by wire transfer in lump sum on the Payment Date. The Investor
shall be deemed to have fully fulfilled its payment obligations stipulated hereunder after the Capital Contribution is paid to
the Capital Verification Account. The information of the Capital Verification Account are as follows:

Account Name: Beijing C&I
Advertising Co., Ltd.

Account number:

Opening Bank: Bank of China,
Beijing New Century Hotel Branch

SWIFT Code:

		2.7	The Parties agree that after each Investor pays the Capital Contribution in accordance with Article
2.5 of this Agreement, such Investor shall be deemed to fulfill its capital contribution obligations contemplated under this Agreement
and thereafter will be entitled to all shareholder’s rights and obligations set forth under the Company Law of the People's
Republic of China (hereinafter referred to as “Company Law”), The Law Of The People's Republic Of China
On Chinese-Foreign Equity Joint Ventures (hereinafter referred to as the “JV Law”) and its Implementing
Regulations, and the New AOA reflecting the Transaction contemplated hereunder.

 

		Article	3         The Obligations during Transition Period and
Post-Payment Date

 

		3.1	Unless otherwise specified in this Agreement, during the Transition Period, the Company shall:

		3.1.1	Continue to operate business in a way consistent with common practice and maintain continuous operations
as usual; and

		3.1.2	Operate business in a manner that is consistent with PRC Law in all material respects.

		3.2	Without prejudice to the generality of Article 3.1, the Company and its Subsidiaries may not engage
or commit to engage in any of the following activities during the Transition Period without the prior written consent of the Investors
(such consent may not be withheld without a reasonable cause):

		3.2.1	Increase or decrease its registered capital, or grant any options or rights to acquire registered
capital of the Company (other than for the purposes of this Transaction);

		3.2.2	Declare dividends or make distributions;

		3.2.3	Make any changes to the AOA of the Company that is valid on the execution date of this Agreement
(except for changes made in accordance with this Agreement).

		3.3	If the Examination and Approval Authority requires the amendment of any Transaction Document as
a precondition for approving or filing the Transaction, the Parties shall discuss and try their best to reach consensus on whether
to make such amendment and/or whether to continue the filing process. However, no Party shall be obliged to agree to any amendment
to any Transaction Document that will have materially adverse effects on such Party’s rights and obligations thereunder,
or that will subject such Party to any additional substantive obligations or conditions.

		3.4	The Company promises that after the Payment Date the Company shall perform the following obligations:

		3.4.1	Within twenty (20) Business Days after Payment Date, the Company shall entrust a qualified accounting
firm to verify the capital contribution of the Investors and obtain a capital verification report correspondingly.

		3.4.2	Within twenty (20) Business Days after the Payment Date, the Company shall go through the approval/filing
procedures with the Examination and Approval Authority and go through the amendment registration procedures with AIC, and shall
obtain the New Business License for the Company. The date on which the Company obtains a New Business License in connection with
the Transaction shall be the date of completion of the Transaction.

		3.5	The Parties promise that they will actively cooperate with the Company with respect to carrying
out the relevant approval/recording procedures with the Examination and Approval Authority and conducting the registration procedures
with AIC (including but not limited to signing new joint venture contract and New AOA as amended in connection with this Transaction).

 

    	 	8	 

     

    

 

		4	Corporate Governance

 

		4.1	From the Payment Date to the date when the Company is restructured as a joint stock limited company
(hereinafter referred to as the “Joint-stock Company”), the board of directors shall be the highest authority
of the Company, which will consider and decide on all issues related to the strategic business, finance and business operation
of the Company in accordance with the new Joint Venture Contract and New AOA signed by the Parties.

 

		5	Shareholders' Rights

 

		5.1	The Parties agree and confirm that after the completion of the Transaction, both the Existing Shareholders
and Investors shall be entitled to shareholders’ rights set forth under PRC laws and regulations, in particular, the Company
Law, the Joint Venture Law and its Implementation Rules, the regulations and regulatory documents promulgated by CSRC, including
but not limited to demanding the Company to do the following matters through legal procedures:

		5.1.1	Provide the annual financial statement of the Company(including balance sheet, profit and loss
statement and cash flow statement) audited in accordance with PRC accounting standards within ninety (90) days after the end of
each fiscal year;

		5.1.2	Provide unaudited quarterly financial statement of the Company (including balance sheet, profit
and loss statement and cash flow statement) prepared in accordance with the PRC accounting standards and signed and confirmed by
the legal representative or financial manager of the Company within the forty-five (45) days after the end of each quarter;

		5.1.3	Provide the budget of the Company for the new fiscal year approved by the board of directors within
fifteen (15) days before the commencement of each new fiscal year.

 

		6	Representations and Warranties of Company and Existing Shareholders

 

		6.1	The Company represents, warrants and undertakes to the Investors that it is a limited liability
company legally incorporated and validly existing in accordance with PRC Law;

		6.2	Each Existing Shareholder respectively represents and warrants that it is company that is legally
established and validly existing according to the law of the place where it is incorporated;

		6.3	Each Existing Shareholder respectively represents and warrants that it has all capacities and all
powers and authorizations necessary to sign this Agreement and perform all obligations hereunder, and to sign and deliver other
legal documents contemplated hereunder;

		6.4	Each Existing Shareholder respectively represents and warrants that upon execution of this Agreement,
the obligations provided under this Agreement with respect to it shall constitute effective, binding and enforceable obligations
on it;

		6.5	Each Existing Shareholder respectively represents and warrants that the execution and performance
of this Agreement by it:

		6.5.1	Shall not materially violate any of its organization documents;

		6.5.2	Shall not materially violate any contract, arrangement or document to which it is a party or by
which it is bound, nor shall constitute a default thereunder;

		6.5.3	Shall not violate any applicable law or any order or judgment of any court or Government Authority
required to comply.

 

    	 	9	 

     

    

 

		7	Representations, Warranties and Covenants of Investors

 

Each Investor represents, warrants and
convents to the Company and Existing Shareholders that as of the Closing Date:

 

		7.1	Such Investor is a company legally established and validly existing in accordance with laws of
the place where it is incorporated;

		7.2	Such Investor has all capacities and all powers and authorizations necessary to sign each Transaction
Document to which it is a Party and perform all obligations thereunder, and to sign and deliver other agreements and legal documents
contemplated by each Transaction Document to which it is a Party;

		7.3	Upon execution of each Transaction Document to which it is a Party, the obligations provided thereunder
with respect to it shall constitute effective, binding and enforceable obligations on such Investor; and

		7.4	The execution and performance of this Agreement by it:

		7.4.1	Shall not materially violate any of its organization documents;

		7.4.2	Shall not materially violate any contract, arrangement or document to which it is a party or by
which it is bound, nor shall constitute a default thereunder;

		7.4.3	Shall not violate any applicable law or any order or judgment of any court or Government Authority
required to comply.

		7.5	The representative of such Investor that puts on signature on this Agreement has been fully authorized
to sign this Agreement.

 

		8	Anti-corruption

 

		8.1	The Parties agree and confirm that the Company shall not and shall not allow its subsidiaries,
Affiliated Persons, or any of its directors, officers, employees, independent suppliers and agents to violate U.S. Foreign Corrupt
Practices Act, UK Bribery Act or other applicable anti-bribery and anti-corruption laws, by promising, authorizing or paying articles
of value to any third party, including any non-US government officials. The Company shall stop and ensure its subsidiaries or Affiliated
Persons or any of its directors, officers, employees, independent suppliers and agents to stop any acts in violation of the U.S.
Foreign Corrupt Practices Act, UK Bribery Act or other applicable anti-bribery or anti-corruption laws. The Company shall establish
and ensure its subsidiaries or Affiliated Persons to establish proper internal control system (including but not limited to accounting
systems, procurement systems, charging systems) to ensure the compliance with the U.S. Foreign Corrupt Practices Act, UK Bribery
Act or other applicable anti-bribery and anti-corruption laws.

 

		9	Notice and Service

 

		9.1	Any notice or other formal correspondence required under this Agreement shall be made in writing,
and shall be sent to the following address by hand, mail, fax or email:

		9.1.1	If sent to the Company, Lhasa Fengrun, Lhasa Runze, Lhasa Hongyang or Lhasa Hongfeng:

Address: 01-11, 27th Floor,
Tengda Building, No.168 Xizhimenwai Street, Haidian District, Beijing

Fax: (86)010-68393666

Email:

Addressee:Min
Wang

		9.1.2	If sent to BBII or Tianjin Boyou:

Address: Unit D, E, F, G, H and
J, 10th Floor, Office Building No. 3, New Century Hotel, No. 6 Capital Stadium South Road, Haidian District, Beijing

Fax:(86)010-68492200

Email:

Addressee:Xiangzhi
Kong

 

    	 	10	 

     

    

 

		9.1.3	If sent to Gain Loyal:

Address:Unit
5505, 55/F, The Centre, 99 Queen’s Road Central, Hong Kong

Fax:00852
-25291619

Email:

Addressee:Mr.
Simon Ho

		9.1.4	If sent to Jiaxing Changcheng:

Address:Yuetan
Building, No. 2 Yuetan North Street, Xicheng District, Beijing

Fax:(86)010-68082635

Email:

Addressee:Qingsong
Wang

		9.1.5	If sent to Hubei Jiangjie:

Address:2nd
Floor, Building 1, Labor Service Company, Gehua Street living area (3), Donghu New Technology Development Zone, Wuhan

Fax:(86)
010-68492058

Email:

Addressee:Rong
Xiao

		9.1.6	If sent to Yuehedingxin:

Address:Room
1501, Building B, Wangjing Dongyuan Greenland Center, Chaoyang District, Beijing

Fax:(86)
010-5238 8090

Email:

Addressee:Minggu
Jin

		9.1.7	If sent to Shenzhen Zhaoyuan:

Address:7th
Floor, Financial Street Center, No.9 Financial Street, Xicheng District, Beijing

Fax:(86)
010-57601880

Email:

Addressee:Qinggong
Guo

		9.1.8	If sent to Kangchengjinsi or Kangchengyongpan:

Address:Room
906-907, GOPHER Centre, No.757 Mengzi Road, Shanghai, China

Fax:(86)021-56297664

Email:

Addressee:
Mingzhi Xu

		9.1.9	If sent to Wanxiang Venture Capital:

Address:No.
398 Wensan Road, Xihu District, Hangzhou, Hangzhou

Fax:(86)057-18713695

Email:

Addressee:Ken
Chen

 

		10	Liabilities for Default 

 

		10.1	After this Agreement becomes effective, all Parties shall fulfill their obligations and covenants
hereunder in a complete, proper and timely manner in accordance with the provisions of this Agreement. A default shall constitute
if any Party to this Agreement breaches any of the provisions of this Agreement. In that case, the defaulting Party shall compensate
the non-defaulting Party for all losses incurred from the breach of the defaulting Party.

		10.2	After the Agreement comes into effect, the Investors shall make Capital Contribution according
to the schedule stipulated herein, otherwise a default shall constitute.

		10.3	The total liability of the Company and the Existing Shareholders for all claims raised by the Investors
under the terms of this Agreement shall not exceed the total Capital Contribution actually paid by Investor to the Company.

 

    	 	11	 

     

    

 

		11	Termination

 

		11.1	Before the Payment Date, this Agreement shall be terminated in the following circumstances:

		11.1.1	By a written agreement reached by all Parties;

		11.1.2	A Party (“Defaulting Party”) is in serious violation of this Agreement, and
such breach is remediable. However, the Defaulting Party fails to rectify such breach within thirty (30) days of the recipe of
a written notice from the non-defaulting party (“Non-Defaulting Party”). In that case, the Non-Defaulting Party
has the right to immediately terminate or cancel this Agreement unilaterally.

		11.1.3	The performance of this Agreement is impossible due to the effect or influence of Force Majeure.

		11.1.4	Any other cause for termination specified in this Agreement or under PRC Law arises.

		11.2	The terminating party shall notify the other Parties in writing and the Agreement shall be terminated
upon the arrival of such notice to other Parties.

		11.3	Except as otherwise provided in this Agreement, neither Party shall unilaterally terminate or cancel
this Agreement.

		11.4	The termination of this Agreement shall not affect the right of any Party to claim compensation
against other Parties.

 

		12	Publicity and Confidentiality

 

		12.1	Unless otherwise expressly provided in this Agreement, the Parties shall keep confidential of any
information (regardless in oral, graphical, written or electronic form) they received during the process of negotiating and signing
this Agreement or any other Transaction Documents, or during the process of performing this Agreement or any other Transaction
Documents and may not disclose or publish such information in any way, including:

		12.1.1	Any non-public Information related to the Company;

		12.1.2	Any non-public information related to the business, assets, finance or other affairs of the other
Party or any of its Affiliates; and

		12.1.3	Any information related to the existence or contents of this Agreement or any other Transaction
Documents.

		12.2	Disclosure of information by the disclosing Party in accordance with the following provisions shall
not be regarded as a violation of above Article 12.1:

		12.2.1	The disclosing party discloses in good-faith the basic business information of the transaction
contemplated hereunder (such as price, payment method, counterpart party, etc.) for the purpose of internal reporting (including
but not limited to reporting to its shareholders, investors or their respective investment managers or representatives, directors
and managers) or in the course of performing this Agreement or any other Transaction Documents, provided such persons agree to
undertake the confidentiality obligation with respect to the disclosed information and the disclosing party shall be held liable
if such persons violate the confidentiality obligations.

		12.2.2	Disclosing Party discloses relevant information to the third party professional consultants for
seeking advice from such consultants in connection with the Transaction described in this Agreement, provided that such consultants
agree to assume confidentiality obligations with respect to the disclosed information and the disclosing party shall be held liable
if such consultants violate the confidentiality obligations.

		12.2.3	Information enters into public domain not caused due to Disclosing Party’s violation of this
Agreement or other applicable confidentiality obligations;

		12.2.4	The disclosure of information is permitted by the other Parties in writing in advance; and

		12.2.5	The information is disclosed by the disclosing party according to the rules of any stock exchange
in which the disclosing party's securities are listed for trading, the order of any competent government agency (including any
tax authority) or as required by other applicable law (including publicity), provided the disclosing party should notify the other
parties as soon as practicable to the extent permitted by law and should take into consideration of the other parties' reasonable
request for the form, content and manner of disclosure (provided such request is proposed within a reasonably time specified by
disclosing party ).

		12.3	The Parties agree that this Article 12 shall survive the amendment, cancellation or termination
of this Agreement.

 

		13	Fees

 

Except as otherwise provided
in this Agreement, each Party shall bear and pay for its own legal, accounting and other costs and expenses incurred in the drafting
and implementation of this Agreement and all other documents in the specified format.

 

    	 	12	 

     

    

 

		14	Governing Law

 

This Agreement is governed
by and construed in accordance with the laws of PRC.

 

		15	Dispute Resolution

 

		15.1	Negotiation

Any dispute, inconsistency
or claim arising from the interpretation or performance of this Agreement or related to this Agreement, including but not limited
to the existence, effect, interpretation or termination of the Agreement or any claim raised by any Party in respect of any threat,
allegation or actual breach hereof (the “Dispute”) should be first settled through friendly consultations.
If the Parties fail to resolve the Dispute within sixty (60) days from the date of the written notice by any Party to the other
Parties requesting for negotiation, any Party may submit the Dispute to arbitration in accordance with Article 15.2. 

		15.2	Arbitration

		15.2.1	If any Dispute cannot be settled through the negotiations as mentioned above, the Dispute shall
be submitted to the China International Economic and Trade Arbitration Commission for arbitration in Beijing according to the Commission’s
arbitration rules effective when an application for arbitration is submitted. The arbitration shall be conducted in Chinese. The
arbitral award shall be final and binding on all Parties. And the Parties agree to be bound by the arbitral award and execute it
in accordance with its contents.

		15.2.2	If any Dispute arises and is submitted for arbitration, other than matters in arbitration, the
Parties shall continue to exercise their respective rights and fulfill their respective obligations under this Agreement.

		15.2.3	Each Party expressly waives the defense of sovereign immunity and other defenses based on the fact
that it is an agent or institution of a sovereign state in any arbitral proceedings, any legal proceedings seeking to enforce any
arbitral award, or any legal proceedings raised between the Parties in accordance with this Agreement or in connection with this
Agreement.

 

		16	Miscellaneous

 

		16.1	This Agreement shall come into effect on the date on which it is being properly signed by all Parties
according to law respectively applicable to each Party.

		16.2	The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect
the validity, legality or enforceability of the remaining provisions of this Agreement.

		16.3	Any amendment to this Agreement or to any document in the agreed format shall take effects only
after a written consent is signed by all Parties or their representatives.

		16.4	This Agreement and all and/or any part of the rights and obligations under this Agreement cannot
be assigned without a written agreement signed by all Parties.

		16.5	This Agreement constitutes the entire understandings and agreements among the Parties and supersedes
any oral or written representations, communications, understandings and agreements made among the Parties with respect to contents
of this Agreement prior to the date of signing this Agreement.

		16.6	Any Party's waiver of any breach or failure to perform any terms of this Agreement by the other
Party or shall not be deemed to be a waiver of the subsequent breach of the same or other terms by such other party. The failure
or delay of any party to exercise any of its rights or relief under this Agreement shall not be deemed to be a waiver of relevant
terms or agreements of this Agreement. The single or partial exercise of any rights or remedies under this Agreement shall not
prevent or limit the further exercise of such rights or remedies.

		16.7	This Agreement shall be signed in Chinese, and shall be signed in twelve (12) copies. Each copy
shall constitute an original after being signed by the Parties. All copies shall together constitute the one same document.

 

(The remainder of this page is intentionally
left blank. Signature page follows.)

 

    	 	13	 

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Beijing C&I Advertising Co., Ltd.
(Seal)

 

Legal representative/authorized representative

 

Weihai Qu

 

(Sign): /s/ Weihai Qu

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Beijing Bitauto Internet Information
Co., Ltd.(Seal)

 

Legal representative/authorized representative

 

Bin Lin

 

(Sign):  /s/ Bin Lin

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Lhasa Fengrun Information Technology
Partnership (limited partnership)(Seal)

 

Executive Partner/authorized representative

 

Min Wang

 

(Sign): /s /Min Wang

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Lhasa Runze Information Technology Partnership
(limited partnership)(Seal)

 

Executive Partner/authorized representative

 

Yanling Tian

 

(Sign): /s/ Yanling Tian

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Lhasa Hongyang Information Technology
Partnership (Limited Partnership)(Seal)

 

Executive Partner/authorized representative

 

Chaoli Ma

 

(Sign): /s/ Chaoli Ma

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Lhasa Hongfeng Information Technology
Partnership (Limited Partnership)(Seal)

 

Executive Partner/authorized representative

 

Tao Sun

 

(Sign): /s/ Tao Sun

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Gain Loyal Limited

 

Authorized Representative

 

Chi Sing HO

 

(Sign):  /s/ Chi Sing
HO

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Jiaxing Changchengxinyi Equity Investment
Partnership (Limited Partnership)(Seal)

 

Legal representative/authorized representative

 

(Sign): /s/ authorized signatory

 

     

     

    

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

  

Hubei Jiangjie Equity Investment Partnership
(Limited Partnership)(Seal)

 

Executive Partner/authorized representative

 

Rong Xiao

 

(Sign):  /s/ Rong Xiao

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Jiaxing Kangchengjinsi Investment Management
Partnership (Limited Partnership)(Seal)

 

Executive Partner/authorized representative

 

Feng Sun

 

(Sign): /s/ Feng Sun

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Jiaxing Kangchengyongpan Investment
Management Partnership (Limited Partnership)(Seal)

 

Executive Partner/authorized representative

 

Feng Sun

 

(Sign): /s/ Feng Sun

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Shenzhen Zhaoyuanqiushi Investment Partnership
(limited partnership)(Seal)

 

Executive Partner/authorized representative

 

(Sign): /s/ authorized signatory

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Wanxiang Venture Capital Co., Ltd.(Seal)

 

Legal representative/authorized representative

 

Dayuan Guan

 

(Sign): /s/ Dayuan Guan 

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Tianjin Boyou Information Technology
Co., Ltd.(Seal)

 

Legal representative/authorized representative

 

Hongyu Zhang

 

(Sign): /s/ Hongyu Zhang

 

     

     

    

 

In witness hereof, the Parties or their
respective legal representatives or authorized representatives signed this Investment Agreement Regarding Beijing C&I Advertising
Co., Ltd. on the date as first mentioned above.

 

Shenzhen Yuehedingxin Venture Capital
Enterprise (Limited Partnership)(Seal)

 

Legal representative/authorized representative

 

Erhai Liu

 

(Sign): /s/ Erhai LiuEX-4.1

 Exhibit 4.1 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 PRE-FUNDED COMMON STOCK PURCHASE WARRANT 

TURTLE BEACH CORPORATION 
  

			
	 Warrant Shares: _______
	  	Issue Date: April             , 2018

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
                     or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the Issue Date to subscribe for and purchase from Turtle Beach Corporation, a Nevada corporation (the “Company”), up to
             shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. This Warrant shall not expire prior to exercise. No additional consideration
shall be payable for the exercise of this Warrant by the Holder. 
 Section 1. Definitions. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Exchange Agreement (the “Exchange Agreement”), dated April 23, 2018, among the Company and the investors party thereto. As used
herein, the term “Trading Day” means a day on which the principal stock exchange or other trading market on which the Common Stock is then listed is open for a full trading session. 

Section 2. Exercise. 

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at
any time or times on or after the Issue Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the
Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has acquired all of the Warrant Shares 

  
 1 

 
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The
Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

The parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall
take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this paragraph.

 b) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the
Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is one (1) Trading
Day after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of
Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the

  
 2 

 
Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for
each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
remains outstanding and exercisable. 
 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been
exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the
unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an
exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in
cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares
of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such 

  
 3 

 
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Such payment shall constitute the Holder’s exclusive
monetary remedy for a Buy-in, but shall not limit a Holder’s right to pursue any equitable remedies available to it hereunder, including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. Any fractional share interest shall be rounded down to the nearest whole share. 
 vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or
another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 
 e) Holder’s Exercise Limitations. The Company
shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set
forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned

  
 4 

 
by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to
the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares
of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within
three Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or
exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the 

  
 5 

 
Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such written notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Stock Dividends, Splits and Reclassifications. If the Company, at any time while this Warrant is outstanding:
(i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of
Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the number of shares for which this Warrant is exercisable shall be
multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately after such event and of which the denominator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Reserved. 

c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the
Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders of any class of shares of Common Stock (the “Purchase Rights”), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such 

  
 6 

 
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that
the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). 
 d) Pro Rata Distributions. During such time as this Warrant is
outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common
Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). 
 e) Fundamental Transaction. 

(1) If, at any time while this 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 Common Stock 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 Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as
a result 

  
 7 

 
of a stock split, combination or reclassification of shares of Common Stock covered by Section 3(a) above), 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, spin-off or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock 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 Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant). If holders of Common Stock 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 Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined
below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to
the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
risk-free interest rate corresponding to the U.S. Treasury rate for a five-year period, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to five years from the date of the public announcement of the applicable Fundamental
Transaction. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the 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 Warrant and the other
Transaction Documents in accordance with the provisions of this 

  
 8 

 
Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on
the exercise of this Warrant) prior to such Fundamental Transaction, and which is reasonably satisfactory in form and substance to the Holder. 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 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 Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if
any) issued and outstanding. 
 g) Notice to Holder. 

i. Adjustment to Shares. Whenever the number of shares of Common Stock into which this Warrant is exercisable is
adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the number of shares of Common Stock after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or 

  
 9 

 
winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall
appear upon the Warrant Register of the Company, at least ten (10) calendar days prior to the applicable record or effective date hereinafter specified (or, less than ten (10) calendar days if sent concurrently with the notice sent to the
Company’s stockholders or public disclosure by the Company of such events), a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Holder shall be required to physically surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers
an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

  
 10 

 b) New Warrants. This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to
compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 d) [RESERVED]

 Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it
(which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c) Saturdays, Sundays, Holidays,
etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day. 
 d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company 

  
 11 

 
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any
requirements of the exchange or other trading market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the
Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares upon the exercise of this Warrant and (ii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be,
necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 
 e) Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be determined in accordance with the provisions of the Exchange Agreement. 
 f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws. 

  
 12 

 g) Nonwaiver and Expenses. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. If the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Exchange Agreement. 
 i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 l) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant. 
 n) Headings. The headings used in this
Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ********************

 (Signature Page Follows) 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized as of the date first above indicated. 
  

			
	TURTLE BEACH CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 14 

 NOTICE OF EXERCISE 

 

	TO:	TURTLE BEACH CORPORATION 

 (1) The undersigned hereby elects to exercise its Warrant for
             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full). 

(2) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

					
		  	  
	  	

 The Warrant Shares shall be delivered to the following DWAC Account Number: 

 

					
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

 [SIGNATURE OF HOLDER] 
  

	
	Name of Investing Entity:
                                         
                                         
                                         
                      
	Signature of Authorized Signatory of Investing Entity:
                                         
                                         
                  
	Name of Authorized Signatory:
                                         
                                         
                                         
             
	Title of Authorized Signatory:
                                         
                                         
                                         
               
	Date:
                                         
                                         
                                         
                                         
              

 EXHIBIT B 

ASSIGNMENT FORM 
 (To assign
the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	Name:	  	  

		  	(Please Print)
		
	Address:	  	  

		  	(Please Print)
		
	Phone Number:	  	  

		
	Email Address:	  	  

		
	Dated:
                                         
                ,                 	  	
		
	Holder’s Signature:                                 
                                         
                 	  	
		
	Holder’s Address:

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