Document:

Exhibit 4.7

    

    
      Execution Version

    

    

  

   

  

   

  

   

  

  
     

    
      

     

     

     

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT

     

    

     

    among

     

     

    TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST,

      as Issuer,

     

     

    TOYOTA MOTOR CREDIT CORPORATION,

      as Servicer and Administrator,

     

     

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

      as Asset Representations Reviewer

     

     

    Dated as of August 16, 2022

     

     

    

     

    

     

    
      

     

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	 	 	 
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	 	 	 
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	 	 	 
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	 	 	 
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	 	 	 
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	 	 	 
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          

    

    

    
      i

      
        

    

    	
            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts and Electronic Signatures

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          

     

    Schedule A – Review Materials

    Schedule B – Representations, Warranties and Tests

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

      

      

      

    

    
      ii

      
        

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of August 16, 2022 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST, a Delaware statutory
      trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME
      SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

     

    WITNESSETH

     

    WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain representations and
      warranties made with respect thereto; and

     

    WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms of this Agreement.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1.  Usage and Definitions.  Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Sale and Servicing Agreement.

     

    Section 1.2.  Additional Definitions.  The following terms have the meanings given below:

     

    “Annual Fee” has the meaning stated in Section 4.3(a).

     

    “Annual Period” has the meaning stated in Section 4.3(e).

     

    “Confidential Information” has the meaning stated in Section 4.9(b).

     

    “Contract” means, with respect to any Receivable, the original tangible record constituting or forming a part of such Receivable, or a copy or image of such
      original tangible record, together with (and as modified by) any correction notice issued by the Servicer to the related Obligor with respect thereto.

     

    “Information Recipients” has the meaning stated in Section 4.9(a).

     

    “Indemnified Parties” has the meaning stated in Section 4.6(a).

     

    “Indenture” means the Indenture, dated as of August 16, 2022, among the Issuer, the Indenture Trustee and U.S. Bank National Association, as securities
      intermediary, as the same may be amended, supplemented or modified from time to time.

    

    

    
      
        

    

    
    “Indenture Trustee” means U.S. Bank Trust Company, National Association, as indenture trustee under the Indenture, and any successor thereto.

     

    “Issuer PII” has the meaning stated in Section 4.10(a).

     

    “PII” has the meaning stated in Section 4.10(a).

     

    “Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review Receivable according to Section
      3.3.

     

    “Review Fee” has the meaning stated in Section 4.3(b).

     

    “Review Materials” means, for a Review and a Review Receivable, the documents and other materials listed in Schedule A.

     

    “Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant to 12.02 of the Indenture.

     

    “Review Receivables” means those certain Receivables identified by the Servicer to the Asset Representations Reviewer following receipt of a Review Notice as
      not having been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents at or prior to the date of such Review Notice.

     

    “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.4.

     

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of August 16, 2022, among the Issuer, the Seller and TMCC.

     

    “Test” has the meaning stated in Section 3.3(a).

     

    “Test Complete” has the meaning stated in Section 3.3(c).

     

    “Test Fail” has the meaning stated in Section 3.3(a).

     

    “Test Pass” has the meaning stated in Section 3.3(a).

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1.  Engagement; Acceptance.  The Issuer hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton Fixed Income Services LLC hereby accepts the
        engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms set forth in this Agreement.

     

    Section 2.2.  Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under
        the Basic Documents, except as described in this

     

    
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    Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1.  Review Notice and Identification of Review Receivables.  Within ten (10) Business Days after delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will deliver a list of the Review Receivables to the Asset
        Representations Reviewer.  Upon receipt of a Review Notice and the related list of Review Receivables from the Servicer, the Asset Representations Reviewer will start a Review.  Delivery of any Review Notice shall be made pursuant to Section 10.03
        of the Sale and Servicing Agreement.

     

    Section 3.2.  Review Materials.

     

    (a) Access to Review Materials.  Within sixty (60) days of the delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will give the Asset Representations Reviewer access to the
        Review Materials for all of the Review Receivables in one or more of the following ways, to be determined in the sole discretion of the Servicer: (i) by providing access to the Servicer’s receivables systems, either remotely or at an office of the
        Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing scanned copies at an office of the Servicer where the Review Materials are located or (iv) in another
        manner agreed to between the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove PII from the Review Materials, but will use commercially reasonable efforts not to change the meaning or usefulness of the Review
        Materials for the Review.

     

    (b) Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset
        Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines that there are missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer and the Administrator promptly, and
        in any event no less than twenty (20) Business Days before completing the Review.  The Servicer will have fifteen (15) Business Days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information
        to correct any such insufficiency.  If the missing or insufficient Review Materials or other documents or information have not been provided by the Servicer within such fifteen (15) Business Day period, the related Review Report will report a Test
        Fail for each Test in respect of which such missing or insufficient Review Materials is necessary to determine whether a Test Pass result is appropriate.

     

    Section 3.3.  Performance of Reviews.

     

    (a) Test Procedures.  For a Review, the Asset Representations Reviewer will perform, for each Review Receivable, the procedures listed under “Tests” in Schedule B for each representation and warranty
        (each, a “Test”), using the Review Materials necessary to perform the procedures described for such Test in Schedule B.  For each Test and Review Receivable, the

     

    
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    Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

     

    (b) Review Period.  The Asset Representations Reviewer will complete the Review of all of the Review Receivables within sixty (60) days after having received access to the Review Materials pursuant to
        Section 3.2(a).  However, if additional Review Materials are provided to the Asset Representations Reviewer in respect of any Review Receivables pursuant to Section 3.2(b), the Review period will be extended for an additional thirty (30) days in
        respect of any such Review Receivables.

     

    (c) Completion of Review for Certain Review Receivables.  Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer,
        the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents.  On receipt of such notice, the Asset Representations
        Reviewer will immediately terminate all Tests of the related Review Receivable, and the Review of such Review Receivables will be considered complete (a “Test Complete”).  In this case, the related Review Report will indicate a Test Complete
        for such Review Receivable and the related reason.

     

    (d) Previously Reviewed Receivable; Duplicative Tests.  If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review
        Receivable, but will include the previously reported Test results in the Review Report for the current Review.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the
        Test once for each Review Receivable, but will report the results of the Test for each applicable representation and warranty on the Review Report.

     

    (e) Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer or the Administrator will notify the Asset Representations Reviewer no less
        than ten (10) days before that Payment Date.  On receipt of such notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

     

    Section 3.4.  Review Reports.  Within five (5) days after the end of the applicable Review period under Section 3.3(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer, the Depositor, the
        Administrator and the Indenture Trustee a Review Report indicating for each Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test.  For each Test Fail or Test Complete, the Review Report will indicate the
        related reason, including (for example) whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials.  The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D
        report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any PII.  On reasonable request of the Servicer or the Administrator, the Asset
        Representations Reviewer will provide additional details on the Test results.

     

    
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    Section 3.5.  Review Representatives.

     

    (a) Servicer Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to
        requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing
        clarification of any Review Materials or Tests.

     

    (b) Asset Representations Reviewer Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer, the Servicer and the Administrator
        during the performance of a Review.

     

    (c) Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from
        the Indenture Trustee, the Servicer or the Administrator until the earlier of (i) the payment in full of the Notes and (ii) two years after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to
        questions or requests for clarification from Noteholders or any other Person and will direct such Persons, and the Indenture Trustee will direct the Noteholders, to submit written questions or requests to the Servicer.

     

    Section 3.6.  Dispute Resolution.  If a Review Receivable that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 11.02 of the Sale and Servicing Agreement, the Asset
        Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution
        proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.02 of the
        Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d) of this Agreement.

     

    Section 3.7.  Limitations on Review Obligations.

     

    (a) Review Process Limitations.  The Asset Representations Reviewer will have no obligation: (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders
        has voted to direct a Review under the Indenture; (ii) to determine which Receivables are the subject of a Review; (iii) to obtain or confirm the validity of the Review Materials; (iv) to obtain missing or insufficient Review Materials; (v) to take
        any action or cause any other party to take any action under any of the Basic Documents to enforce any remedies for breaches of representations or warranties; or (vi) to establish cause, materiality or recourse for any Test Fail as described in
        Section 3.3.

     

    (b) Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the “Tests” described in Schedule B, and will not be obligated to perform additional procedures on
        any Review Receivable other than as specified in this Agreement.

     

    
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    However, the Asset Representations Reviewer may, in its discretion, (i) perform other tests that it deems reasonable and appropriate in determining whether the Review Receivables were in
      compliance with the representations and warranties made by TMCC and the Seller about the Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable, and (ii) provide additional information about any Review
      Receivable that it determines in good faith to be material to the related Review.

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1.  Representations and Warranties.  The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

     

    (a) Organization and Qualification.  The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of State of Delaware.  The
        Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its
        activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to
        perform its obligations under this Agreement.

     

    (b) Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations
        Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as
        may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

     

    (c) No Conflicts and No Violation.  The completion of the transactions  contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not
        (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or
        imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset
        Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having
        jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s
        ability to perform its obligations under this Agreement.

     

    (d) No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court,

     

    
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    regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of
      this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations
      Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

     

    (e) Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

     

    Section 4.2.  Covenants.  The Asset Representations Reviewer covenants and agrees that:

     

    (a) Eligibility.  It will notify the Issuer, the Servicer and the Administrator promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section
        5.1.

     

    (b) Review Systems; Personnel.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test
        into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset
        Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

     

    (c) Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a
        period of at least two years after any termination of this Agreement.

     

    (d) Compliance with Applicable Law.  The Asset Representations Reviewer will act in accordance with all requirements applicable to an asset representations reviewer under applicable law (as amended from
        time to time) and other state or federal securities law applicable to asset representations reviewers in effect during the term of this Agreement.

     

    Section 4.3.  Fees and Expenses.

     

    (a) Annual Fee.  As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period
        prior to the termination of the Issuer, in an amount equal to $5,000.

     

    (b) Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.4, or the termination of a Review according to Section 3.3(e), and the delivery to
        the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect thereof, the Asset Representations Reviewer will be entitled to a fee of $200 for each Review Receivable for which the Review was started (the “Review

          Fee”).  However, no Review Fee will be charged for any Review Receivable which was

     

    
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    included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.3(e) or
      due to missing or insufficient Review Materials under Section 3.2(b).

     

    (c) Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable
        travel expenses incurred in connection with the Review, following the delivery to the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect of such expenses; provided that such reimbursable expenses may
        not exceed $20,000.

     

    (d) Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.6 of this Agreement and its reasonable out-of-pocket expenses for
        participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses after receipt of a detailed
        invoice in respect thereof.

     

    (e) Method of Payment.  The initial Annual Fee will become due and payable by TMCC within thirty (30) days of receipt by TMCC of an invoice in respect thereof.  Each other Annual Fee, and the amount of any
        properly invoiced fees, expenses or claims (including any Review Fee) to be reimbursed or paid by the Issuer pursuant to the terms of this Agreement, will become due and payable by the Issuer on the next Payment Date occurring at least five (5)
        Business Days after receipt by the Servicer of the related invoice from the Asset Representations Reviewer, in each case in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as
        applicable; provided that, (i) Annual Fees (other than the initial Annual Fee) will not be payable by the Issuer prior to the Payment Date immediately following the end of each annual period occurring on the anniversary of the Closing Date (each
        such period, an “Annual Period”), and (ii) the Asset Representations Reviewer must submit its invoice for any outstanding fees, expenses or claims not later than ten (10) Business Days before the final Payment Date.  The Servicer shall
        provide notice to the Asset Representations Reviewer of the final Payment Date at least fifteen (15) Business Days prior to such Payment Date.  In the event that any such properly invoiced fees, expenses or claims are not paid or reimbursed in full
        by the Issuer on the related Payment Date, TMCC shall promptly pay the Asset Representations Reviewer for any such unpaid amounts.  If, subsequent to any such payment by TMCC to the Asset Representations Reviewer described in the immediately
        preceding sentence, the Asset Representations Reviewer receives payment or reimbursement in respect of the related fee, expense or claim, in part or in full, from the Issuer, then the Asset Representations Reviewer shall promptly refund TMCC for
        the amount of such payment or reimbursement received from the Issuer on such subsequent date.

     

    Section 4.4.  Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However,
        the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, indirect or
        consequential

     

    
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    losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

     

    Section 4.5.  Indemnification by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Administrator, the Owner Trustee and the
        Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable
        fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the
        willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. 
        The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

     

    Section 4.6.  Indemnification of Asset Representations Reviewer.

     

    (a) Indemnification.  The Issuer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses,
        damages and liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability
        resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

     

    (b) Proceedings.  Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Issuer, the
        Servicer and the Administrator of the Proceeding.  The Issuer, the Servicer and the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer, the Servicer or the Administrator notifies
        the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer, the Servicer or the Administrator assumes the defense of the Proceeding in a
        manner reasonably satisfactory to the Indemnified Person, the Issuer, the Servicer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer,
        the Servicer or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer, the Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No
        settlement of a Proceeding may be made without the approval of the Issuer, the Servicer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

     

    (c) Survival of Obligations.  The Issuer’s, the Servicer’s and the Administrator’s obligations under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the
        termination of this Agreement.

     

    
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    (d) Repayment.  If the Issuer, the Servicer or the Administrator makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it
        from others, the Indemnified Person will promptly repay the amounts to the Issuer, the Servicer or the Administrator, as applicable.

     

    Section 4.7.  Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized
        representatives of the Issuer, the Servicer and the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset
        Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by
        the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s and the Administrator’s representatives to make copies and extracts of any of those documents and to
        discuss them with the Asset Representations Reviewer’s officers and employees.  Each of the Issuer, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure
        may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.  The Asset Representations Reviewer will maintain all
        relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

     

    Section 4.8.  Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer, the Servicer and the
        Administrator.

     

    Section 4.9.  Confidential Information.

     

    (a) Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9,
        and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Administrator, be disclosed or
        used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews
        of Review Receivables or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by TMCC, the Issuer or any of their
        respective Affiliates or special purpose entities formed by any of the foregoing Persons on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or
        similar communications.

     

    (b) Definition.  “Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the

     

    
      10

      
        

    

    date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

     

    (i)   lists of Review Receivables and any related Review Materials;

     

    (ii)   origination and servicing guidelines, policies and procedures, and form contracts; and

     

    (iii)   notes, analyses, compilations, studies or other documents or records prepared by the Servicer or the Administrator, which contain information supplied by or on behalf of the Servicer, the Administrator or
        their respective representatives.

     

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information
      Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Servicer or the Administrator before its disclosure to the Information Recipients
      who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer, the Servicer or the Administrator and is not prohibited from transmitting the information to the Information Recipients, (C) is
      independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the
      Servicer or the Administrator provides permission to the applicable Information Recipients to release.

     

    (c) Protection.  The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures
        that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that PII is also subject to the additional requirements in Section 4.10.

     

    (d) Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part
        of the Confidential Information, it may disclose the Confidential Information.  However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide
        the Issuer, the Servicer and the Administrator with notice of the requirement and will cooperate, at the Issuer’s or the Servicer’s expense, as applicable, in the Issuer’s or the Servicer’s pursuit of a proper protective order or other relief for
        the disclosure of the Confidential Information.  If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will
        disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

     

    (e) Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients.

     

    (f) Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Servicer and the Administrator, and the

     

    
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    Issuer, the Servicer and the Administrator may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Issuer, the Servicer or the Administrator to
      enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

     

    Section 4.10.  Personally Identifiable Information.

     

    (a) Definitions.  “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any
        other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.  “Issuer PII” means PII furnished by the
        Issuer, the Servicer, the Administrator or their respective Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this
        Agreement.

     

    (b) Use of Issuer PII.  The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII
        only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws
        applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect
        and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain
        reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards
        to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written data security plan, employee
        training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

     

    (c) Additional Limitations.  In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following
        requirements:

     

    (i)   The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII
        to perform a Review, (B) with the prior consent of the Issuer or (C) as required by applicable law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the
        assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuer PII of the

     

    
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    confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

     

    (ii)   The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

     

    (iii)   Notwithstanding anything to the contrary contained in this Agreement, the Asset Representations Reviewer’s use and handling of Issuer PII shall also be subject to the terms and limitations described in that
        separate letter agreement between TMCC and the Asset Representations Reviewer dated October 22, 2015 (the “Letter Agreement”) and, in the event of any conflict between the terms of the Letter Agreement and the terms of this Agreement related
        to the Asset Representations Reviewer’s use and handling of Issuer PII, the most restrictive of such terms shall govern.

     

    (d) Notice of Breach.  The Asset Representations Reviewer will notify the Issuer, the Servicer and the Administrator promptly in the event of an actual or reasonably suspected security breach, unauthorized
        access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

     

    (e) Return or Disposal of Issuer PII.  Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII
        in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset
        Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations
        Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

     

    (f) Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer, the Servicer and the Administrator regarding the Asset Representations
        Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer, the Issuer, the Servicer and the Administrator agree to modify this Section 4.10 as necessary for any party to comply with applicable law.

     

    (g) Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuer, the Servicer and the Administrator and their authorized representatives to audit the Asset
        Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless
        circumstances necessitate additional audits.  The Issuer, the Servicer and the Administrator agree to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.  The Asset
        Representations Reviewer will also permit the Issuer, the Servicer and the Administrator, during normal business hours on reasonable advance written notice, to audit any service providers used by the Asset Representations Reviewer to fulfill the
        Asset Representations Reviewer’s obligations under this Agreement.

     

    
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    (h) Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuer’s, the Servicer’s or the Administrator’s Affiliates or a third party when performing a Review, and
        if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third
        party.  The Affiliate or third party may enforce the PII-related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

    Section 5.1.  Eligibility Requirements for Asset Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not an Affiliate of TMCC, the Seller, the Issuer, the Servicer, the Administrator, the Indenture Trustee or
        the Owner Trustee and (b) is not an Affiliate of any Person that was engaged by TMCC or any underwriter of the Notes to perform any due diligence on the Receivables prior to the Closing Date.

     

    Section 5.2.  Resignation and Removal of Asset Representations Reviewer.

     

    (a) No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there
        is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law.  In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the Issuer,
        the Servicer and the Administrator, together with an Opinion of Counsel supporting its determination.

     

    (b) Removal.  If any of the following events occur, the Issuer, by notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under
        this Agreement:

     

    (i)   the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

     

    (ii)   the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

     

    (iii)   an Insolvency Event of the Asset Representations Reviewer occurs.

     

    (c) Notice of Resignation or Removal.  The Issuer will notify the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations
        Reviewer.

     

    (d) Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its
        obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.3(b).

     

    
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    Section 5.3.  Successor Asset Representations Reviewer.

     

    (a) Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer
        who meets the eligibility requirements of Section 5.1.

     

    (b) Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered
        to the Issuer, the Servicer and the Administrator an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer on
        substantially the same terms as this Agreement.

     

    (c) Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer, the Servicer and the Administrator and take all
        actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations
        Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with
        reasonable detail of the expenses from the Issuer, the Servicer, the Administrator or the successor Asset Representations Reviewer. To the extent expenses incurred by the Asset Representations Reviewer in connection with the replacement of the
        Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay such expenses in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing
        Agreement, as applicable.

     

    Section 5.4.  Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset
        Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this
        Agreement.  Such Person will execute and deliver to the Issuer, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

     

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1.  Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer for the manner in which it
        accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Issuer, the Servicer or the Administrator, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Servicer or
        the Administrator, respectively, and will not be considered an agent of any such Person.  Nothing in this Agreement will make the Asset Representations Reviewer and

     

    
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    the Issuer, the Servicer or the Administrator members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

     

    Section 6.2.  No Petition.  Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all securities issued by the
        Seller, the Issuer or by a trust for which the Seller was a depositor, it will not start or pursue against, or join any other Person in starting or pursuing against the Seller or the Issuer, any bankruptcy, reorganization, arrangement, insolvency
        or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this Agreement.

     

    Section 6.3.  Limitation of Liability of Owner Trustee.  This Agreement has been signed on behalf of the Issuer by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as
        Owner Trustee of the Issuer.  In no event will Wilmington Trust, National Association in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement.  For all purposes under this
        Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

     

    Section 6.4.  Termination of Agreement.  This Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and
        discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.  Amendments.  The parties may amend this Agreement:

     

    (i)   to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the
        acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of the Noteholders or any other Person;

     

    (ii)   to add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner
        Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

     

    (iii)   to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(ii), with the consent of a majority of the Outstanding Amount of the
        Notes of the Controlling Class, acting together as a single Class.

     

    
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    Section 7.2.  Assignment; Benefit of Agreement; Third Party Beneficiaries.

     

    (a) Assignment.  Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer, the Servicer and the Administrator.

     

    (b) Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the
        Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer, the Servicer and the Administrator.  No other Person will have any
        right or obligation under this Agreement.

     

    Section 7.3.  Notices.

     

    (a) Notices to Parties.  All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given:

     

    (i)   for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail;

     

    (ii)   for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

     

    (iii)   for an email, when receipt is confirmed by telephone or reply email from the recipient; and

     

    (iv)   for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting
        has occurred.

     

    (b) Notice Addresses.  Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the Sale and Servicing Agreement or the Administration Agreement, as applicable, or
        to another address as a party may give by notice to the other parties.

     

    Section 7.4.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
          PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section 7.5.  WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
          JURY

     

    
      17

      
        

    

    IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    Section 7.6.  No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will
        preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

     

    Section 7.7.  Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or
        enforceability of the remaining Agreement.

     

    Section 7.8.  Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

     

    Section 7.9.  Counterparts and Electronic Signatures.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Each party
        agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures
        for the purposes of validity, enforceability, and admissibility.

     

    Section 7.10.  Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal
        proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the
        proceeding was brought in an inconvenient forum.

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
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    IN
      WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.

     

    	 	
            TOYOTA AUTO RECEIVABLES 2022-C OWNER

          
	 	 	
            TRUST, as Issuer

          
	 	 	 
	 	
            By:  

          	
            Wilmington Trust, National Association, not in its

            individual capacity, but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
            
              
                
                  /s/ Rachel Simpson                                         

                

              

            

          
	 	 	
            
              
                
                  Name:  Rachel Simpson

                

              

            

          
	 	 	
            
              
                Title:    Vice President

              

            

          
	 	 	 
	 	 	 
	 	
            TOYOTA MOTOR CREDIT CORPORATION,

          
	 	 	
            as Servicer and Administrator

          
	 	 	 
	 	 	 
	 	
            By:

          	
            
              /s/ James Schofield                                       

            

          
	 	 	
            
              
                Name:  James Schofield

              

            

          
	 	 	
            
              Title:    Group Vice President - Finance, Treasury,

                           Competitiveness, and Mergers & Acquisitions

            

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    	 	
            CLAYTON FIXED INCOME SERVICES LLC,

          
	 	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	
            By:  

          	
            /s/ Anthony Neske                                       

            

          
	 	 	
            Name:  Anthony Neske

          
	 	 	
            Title:    Senior Vice President

          

    

    

    

    

    

    

    

    
      
        

    

    
    Schedule A

    Review Materials

     

    “Review Materials” means, with respect to each Receivable:

     

    	

          	(a)	
            the Contract;

          

     

    	

          	(b)	
            the original credit application executed by the related Obligor (or a photocopy or other image or electronic record thereof;

          

     

    	

          	(c)	
            the original certificate of title (or evidence that such certificate of title has been applied for), or a photocopy or other image thereof, and of such documents that the Servicer shall keep on file
              evidencing the security interest in the related Financed Vehicle;

          

     

    	

          	(d)	
            an electronic data tape describing certain characteristics of the Receivables as of the Cutoff Date or such other applicable date of determination (the “Data Tape”);

          

     

    	

          	(e)	
            a list of approved contract forms for the Review Receivables, as provided by TMCC; and

          

     

    	

          	(f)	
            such other documentation or information (whether tangible or electronic, and including, without limitation, screen prints or reports of the Servicer’s receivables and securitization systems) as the
              Servicer, as the case may be, may maintain and which the Servicer shall have determined to be relevant to any Test with respect to such Receivable.

          

     

    
      Sch. A-1

      
        

    

    
    Schedule B

    Representations, Warranties and Tests

     

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            1.    Origination.  Each Receivable was originated in the United States by a Dealer for the
                retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or electronically authenticated by the parties thereto, has been purchased by TMCC from such Dealer under an
                existing agreement with TMCC and has been validly assigned by such Dealer to TMCC.

          	
            Test 1-1: Dealer Address

            Confirm the Dealer address on the Contract is a United States address.

             

            

            Test 1-2: Contract Signed

            Confirm the Obligor(s) and Dealer signed the Contract.

              

            

            Test 1-3: Valid Assignee

            Confirm TMCC, or a name included in the list of acceptable name variations, is identified as the assignee in either the Assignment section of the Contract or separate assignment document.

             

            

            Test 1-4: Valid Assignor Signature

            Confirm the Contract was completed electronically or if completed on paper, confirm the Dealer signature is present as assignor on the Contract or separate assignment document.

          
	
            2.    Security Interest.  With respect to each Receivable, as of the Closing Date, TMCC has,
                or has started procedures that will result in TMCC having, a perfected, first priority security interest in the related Financed Vehicle, which security interest was validly created and is assignable by the Seller to the Purchaser, and by
                the Purchaser to the Issuer.

          	
            Test 2-1: Lienholder

            Confirm the title documents identify either TMCC, or a name included in the list of acceptable name variations, as the first lienholder.

             

            

            Test 2-2:  Obligor Name

            Confirm the Obligor name(s) on the Contract, taking into account any amendments or correction notices, match(es) the name(s) on the title documents.

             

            

            Test 2-3:  Valid VIN

            Confirm the vehicle identification number on the Contract, taking into account any amendments or correction notices, matches the vehicle identification number on the title documents.

          
	
            3.    Simple Interest.  Each Receivable provides for scheduled monthly payments that fully
                amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on
                the Simple Interest Method.

          	
            Test 3-1: Payments

            Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if any.  Sum the first payment (if any), the product of the number of payments (or the
              number of regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the Total of Payments in the Truth in Lending section of the Contract.

             

            

            Test 3-2: Simple Interest

            Observe the Contact and confirm it is a Simple Interest Method Contract.

          

    

    

    
      Sch. B-1

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            4.    Prepayment.  Each Receivable allows for prepayment without penalty.

          	
            Test 4-1: Prepayment

            Confirm the Contract provides a prepayment disclosure that does not require a penalty.

          
	
            5.    Compliance with Law.  To the Seller’s knowledge, each Receivable complied in all
                material respects at the time it was originated with all requirements of applicable federal, state and local laws, and regulations thereunder.

          	
            Test 5-1: Complete Contract

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

          
	
            6.    Binding Obligation.  Each Receivable is on a form contract containing customary and
                enforceable provisions that includes rights and remedies allowing the holder to enforce the obligation and realize on the related Financed Vehicle and represents the legal, valid and binding payment obligation in writing of the related
                Obligor, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in
                general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in equity or at law.

          	
            Test 6-1:  Valid Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

             

            

            Test 6-2: Contract Executed

            Confirm the Obligor(s) signed the Contract.

          
	
            7.    No Government Obligors.  None of the Receivables is due from the United States or any
                state or local government, or from any agency, department or instrumentality of the United States or any state or local government.

          	
            Test 7-1: Personal Use

            Review the Obligor section on the Contract and confirm the Obligor name(s)  is that of a natural person.

             

            

            Test 7-2: No Government Obligor

            If the Obligor section on the Contract does not report a natural person’s name or an obvious non-governmental business, confirm internet search results show no indication of the Obligor(s) to be a
              government agency, department, political subdivision or instrumentality.

          
	
            8.    Receivables in Force.  As of the Cutoff Date, no Receivable has been satisfied, nor
                has any Financed Vehicle been released in whole or in part from the lien granted by the related Receivable.

          	
            Test 8-1: Active Account

            Observe the Receivable in TMCC’s Data Tape, and confirm it was an active account on the Cutoff Date.

          

    

    

    
      Sch. B-2

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            9.    No Amendments or Waivers.  As of the Cutoff Date, no material provision of a
                Receivable has been amended, modified or waived in a manner that is prohibited by the provisions of the Sale and Servicing Agreement.

          	
            Test 9-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

             

            

            Test 9-2: Modification

            Review the Data Tape and the Contract (as amended by any related correction notice, if any) and confirm that, as of the Cutoff Date, there is no revision to the following terms:

             

            

            i.      APR

            ii.     Original Contract Term

            iii.    Monthly Payment

            iv.    Total Amount Financed

            v.     Make / Model / Model Year

            vi.    Simple Interest Method Loan

             

          
	
            10.  No Defenses.  To the Seller’s knowledge, as of the Closing Date, no Receivable is
                subject to any right of rescission, setoff, counterclaim or defense, nor has any such right been asserted or threatened with respect to any Receivable.

          	
            Test 10-1: No Litigation

            Review the Review Materials and confirm there is no evidence of litigation or other attorney involvement as of the Closing Date.

          
	
            11.  No Payment Default.  Except for payment delinquencies that have been continuing for a
                period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

          	
            Test 11-1: Delinquency

            Observe TMCC’s Data Tape and confirm the Receivable was not more than 29 days delinquent as of the Cutoff Date.

             

          
	
            12.  No Repossession.  No Financed Vehicle has been repossessed without reinstatement as of
                the Cutoff Date.

          	
            Test 12-1: Repossession Inventory

            Observe TMCC’s receivables systems and confirm the Receivable was not held in repossession inventory as of the Cutoff Date.

          
	
            13.  Insurance.  The terms of each Receivable require the related Obligor to obtain and
                maintain physical damage insurance covering the related Financed Vehicle in accordance with TMCC’s normal requirements.  No Financed Vehicle was subject to force-placed insurance.

          	
            Test 13-1: Physical Damage Covered

            Confirm the Contract contains language that required the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.

             

            

            Test 13-2: No Force-Placed Insurance

            Confirm the Review Materials contain no evidence the Financed Vehicle was subject to force-placed insurance.

             

          

    

    

    
      Sch. B-3

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            14.  Good Title.  Immediately prior to the transfer and assignment herein contemplated, the
                Seller had good and marketable title to each Receivable free and clear of all Liens and rights of others (other than pursuant to the Basic Documents) and, immediately upon the transfer and assignment thereof, the Purchaser will have good
                and marketable title to each Receivable, free and clear of all Liens and rights of others (other than pursuant to the Basic Documents).

          	
            Test 14-1: Sole Lienholder

            Confirm the title documents designate TMCC, or a name included in the list of acceptable name variations as the sole lien holder and that no other lien holder is listed.

             

            

            Test 14-2: No Transfer of Title

            Confirm the title documents indicate the Receivable has not been sold, assigned, or transferred to any other entity.

          
	
            15.  Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of,
                any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement, or pursuant to the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable. 
                The terms of each Receivable do not limit the right of the owner of such Receivable to sell such Receivable.

          	
            Test 15-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

             

            

            Test 15-2: Assignability

            Confirm the Contract does not contain language that limits the sale or transfer of the Receivable.

          
	
            16.  Additional Representations and Warranties.  (A) Each Receivable is being serviced by
                TMCC as of the Closing Date; (B) as of the Cutoff Date, each Receivable is secured by a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle; (C) no Receivable was more than 29 days past due as of the Cutoff
                Date; and (D) as of the Cutoff Date, no Receivable was noted in the records of TMCC or the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.

          	
            Test 16(A):  Servicing

            Confirm the Review Materials show the Receivable was being serviced by TMCC as of the Closing Date.

             

            

            Test 16(B):  Financed Vehicle

            Review the Contract and confirm the Financed Vehicle is a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle.

             

            

            Test 16(C):  Delinquency

            Confirm the Data Tape shows the Receivable is not more than 29 days past due as of the Cut-off Date.

              

            

            Test 16(D):  No Bankruptcy

            Confirm the Data Tape shows the Obligor was not noted as being the subject of any bankruptcy or insolvency proceeding as of the Cutoff Date.

          

    

    

     

    

    

  

  

  

  

  

  Sch. B-4Exhibit
10.1

 

SECURITIES
EXCHANGE AGREEMENT

 

This
Securities Exchange Agreement (this “Agreement”), dated as of August 11, 2022, is entered into among Agora Digital
Holdings, Inc., a Nevada corporation (the “Company”), Ecoark Holdings, Inc., a Nevada corporation (“Seller”),
the other shareholders of the Company set forth on the signature page hereto (the “Agora Shareholders,” and together
with Seller, the “Seller Parties”), and HUMBL, Inc., a Delaware corporation (“Buyer”).

 

Recitals

 

WHEREAS,
Seller owns 41,671,221 shares of the Company’s common stock, par value $0.001, representing approximately 89.3% of the issued and
outstanding shares of the Company’s common stock (the “Ecoark Held Shares”), and the Agora Shareholders own
up to the remaining 5,000,000 outstanding shares of the Company’s common stock comprised of a combination of vested and unvested
restricted shares (the “Agora Shareholder Shares,” and together with the Ecoark Held Shares, collectively, the “Shares”);
and

 

WHEREAS,
Seller holds a $7.5 million line of credit promissory note issued by the Company, of which $5,388,797.24 including $5,052,057.20 unpaid
principal and $336,740.04 accrued interest is outstanding as of the date of this Agreement, which comes due on March 31, 2023 (the “Company
Note,” and together with the Shares, the “Company Securities”).

 

WHEREAS,
the Seller Parties wish to transfer the Company Securities to Buyer in exchange for shares of capital stock of the Buyer, subject to
the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

The
following terms have the meanings specified or referred to in this ARTICLE I:

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agora
Registration Statement” means the registration statement filed with the SEC by the Company (File No. 333-261246).

 

“Agora
Shareholders” has the meaning set forth in the preamble.

 

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

 

    	 

    	 

    

 

“Balance
Sheet Date” has the meaning set forth in Section 3.06.

 

“Benefit
Plan” has the meaning set forth in Section 3.16(a).

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York City, New York are
authorized or required by Law to be closed for business.

 

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

 

“Buyer
Material Contracts” has the meaning set forth in Section 3.09(a).

 

“Buyer
Shares” has the meaning set forth in Section 2.01.

 

“Buyer
Benefit Plans” has the meaning set forth in Section 5.04(b).

 

“Buyer
Financial Statements” has the meaning set forth in Section 4.06.

 

“Buyer
Registration Statement” has the meaning set forth in Section 4.06.

 

“Buyer
SEC Filings” mean all filings with the SEC by Buyer, including without limitation the Buyer Registration Statement.

 

“Closing”
has the meaning set forth in Section 2.03.

 

“Closing
Date” has the meaning set forth in Section 2.02(b).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” has the meaning set forth in Section 3.03(a).

 

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

 

“Company
Continuing Employee” has the meaning set forth in Section 5.04(a).

 

“Company
Financial Statements” has the meaning set forth in Section 3.06.

 

“Company
Intellectual Property” has the meaning set forth in Section 3.11(a).

 

“Company
Material Contracts” has the meaning set forth in Section 3.09(a).

 

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

 

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

 

“Confidentiality
Agreement” means the Confidentiality Agreement, dated as of August 14, 2021, between Buyer and Seller.

 

“Direct
Claim” has the meaning set forth in Section 7.05(c).

 

    	2

    	 

    

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this
Agreement.

 

“Dollars
or $” means the lawful currency of the United States.

 

“Drop
Dead Date” has the meaning set forth in Section 8.01(b)(i).

 

“Employees”
means those Persons employed by the Company immediately prior to the Closing.

 

“Encumbrance”
means any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance.

 

“Environmental
Claim” means any action, suit, claim, investigation or other legal proceeding by any Person alleging liability of whatever
kind or nature (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental
response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution,
indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence, Release of, or exposure to, any
Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or term or condition of any Environmental
Permit.

 

“Environmental
Law” means any applicable Law in effect as of the date of this Agreement, and any Governmental Order or binding agreement with
any Governmental Authority in effect as of the date of this Agreement: (a) relating to pollution (or the cleanup thereof) or the protection
of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient or indoor air,
soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture,
use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal
or remediation of any Hazardous Materials. The term “Environmental Law” includes, without limitation, the following (including
their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984,
42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C.
§§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air
Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; the Federal Insecticide, Fungicide and Rodenticide Act of 1910, as amended,
7 U.S.C. §§ 136 et seq.; the Oil Pollution Act of 1990, as amended, 33 U.S.C. §§§ 2701 et seq.; and the Occupational
Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating
to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

    	3

    	 

    

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or
issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“Environmental
Professional” means an individual licensed by a Governmental Authority to act on behalf of such Governmental Authority to oversee
environmental site investigation and remediation.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“Exchange
Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder.

 

“Export
and Sanctions Regulations” means all applicable trade embargoes or economic or financial sanctions, anti-boycott Laws, and
export and import control Laws, in any jurisdiction, including the U.S. International Traffic in Arms Regulations, the U.S. Export Administration
Regulations, U.S. sanctions Laws and regulations administered by the U.S. Department of the Treasury’s Office of Foreign Assets
Control (“OFAC”), including OFAC’s Specially Designated Nationals and Blocked Persons List, and the U.S. Department
of State, and economic or financial sanctions or trade embargoes imposed, administered, or enforced from time to time by the United Nations
Security Council, the European Union, or her Majesty’s Treasury of the United Kingdom.

 

“FCPA”
means the U.S. Foreign Corrupt Practices Act of 1977.

 

“Fraud”
means, with respect to a party, an actual and intentional misrepresentation of a material existing fact with respect to the making of
any representation or warranty in ARTICLE III or ARTICLE IV, made by such party, (a) with respect to Seller, to Seller’s Knowledge
or (b) with respect to Buyer, to Buyer’s actual knowledge, of its falsity and made for the purpose of inducing the other party
to act, and upon which the other party justifiably relies with resulting Losses.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority, including Environmental Professionals (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental
Authority.

 

    	4

    	 

    

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral
or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or words of similar import
or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes,
asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls and per- and
poly-fluoroalkyl substances (PFAS) and other emerging contaminants.

 

“Indemnified
Party” has the meaning set forth in Section 7.04.

 

“Indemnified
Person” has the meaning set forth in Section 5.05(a).

 

“Indemnifying
Party” has the meaning set forth in Section 7.04.

 

“Insurance
Policies” has the meaning set forth in Section 3.12.

 

“Intellectual
Property” means any and all of the following arising pursuant to the Laws of any jurisdiction throughout the world: (i) trademarks,
service marks, trade names, and similar indicia of source or origin, all registrations and applications for registration thereof, and
the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights and all registrations and applications for registration
thereof; (iii) trade secrets and know-how; (iv) patents and patent applications; (v) internet domain name registrations; and (vi) other
intellectual property and related proprietary rights.

 

“Knowledge
of Buyer or Buyer’s Knowledge” or any other similar knowledge qualification, means the actual knowledge of the principal
executive officer of Buyer as of the date of this Agreement.

 

“Knowledge
of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual knowledge of the principal
executive officer of Seller as of the date of this Agreement.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Losses”
means actual out-of-pocket losses, damages, liabilities, costs or expenses, including reasonable attorneys’ fees.

 

    	5

    	 

    

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is materially adverse to (a) the business, results
of operations, financial condition or assets of the Company, or (b) the ability of Seller to consummate the transactions contemplated
hereby; provided, however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition
or change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally
affecting the industries in which the Company operates; (iii) any changes in financial, banking or securities markets in general, including
any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (iv)
acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required
or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of
Buyer; (vi) any matter of which Buyer is aware on the date hereof; (vii) any changes in applicable Laws or accounting rules (including
GAAP) or the enforcement, implementation or interpretation thereof; (viii) the announcement, pendency or completion of the transactions
contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having
relationships with the Company; (ix) any natural or man-made disaster or acts of God; or (x) any epidemics, pandemics, disease outbreaks,
or other public health emergencies; or (xi) any failure by the Company to meet any internal or published projections, forecasts or revenue
or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall
not be excluded).

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations and consents required to be obtained from Governmental Authorities.

 

“Permitted
Encumbrances” has the meaning set forth in Section 3.10(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.

 

“Real
Property” means the real property owned, leased or subleased by the Company, together with all buildings, structures and facilities
located thereon.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
or indoor air, surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

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

 

“Securities
Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder.

 

“Seller
SEC Filings” has the meaning set forth in the Section 3.06(a).

 

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

 

“Shares”
has the meaning set forth in the recitals.

 

“Taxes”
means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration,
profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental,
stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees,
assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest
in respect of such additions or penalties.

 

    	6

    	 

    

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or statement or other document required
to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Third-Party
Claim” has the meaning set forth in Section 7.05(a).

 

ARTICLE
II

SECURITIES
EXCHANGE

 

Section
2.01 Securities Exchange. At the Closing, each Seller Party shall sell, transfer, convey, assign and deliver to Buyer the Company
Securities owned by such Seller Party, which collectively represents 100% of the issued and outstanding shares capital stock of the Company
and the Company Note, free and clear of any Encumbrance, in exchange for 6,000 shares of Buyer’s newly designated series of preferred
stock having a total stated value of $60 million (the “Purchase Price”) and such rights, preferences and limitations
as are set forth in the Certificate of Designation attached to this Agreement as Exhibit A (the “Buyer Shares”),
all as more particularly set forth on Section 2.01 of the Disclosure Schedules.

 

Section
2.02 Allocation of Purchase Price. The Purchase Price of 6,000 shares of preferred stock, having a stated value of $60 million or
$10,000 per share, shall have proceeds allocated as follows:

 

	 	-	Ecoark
    Held Shares: 4,876 shares of preferred stock
	 	 	 
	 	-	Agora
    Shareholder Shares: 585 shares of preferred stock
	 	 	 
	 	-	Company
    Note: to be exchanged at Closing into 539 shares of preferred stock

 

Section
2.03 Closing. Subject to the terms and conditions herein, the consummation of the transactions contemplated by this Agreement (the
“Closing”) shall take place on or before the Drop Dead Date, by email, or at such place or date and time as may be
agreed to in writing by the parties hereto, at the earliest practicable time after satisfaction or waiver of the conditions hereof (the
“Closing Date”).

 

Section
2.04 Tax Structure. The exchange of the Company Securities for the Buyer Shares of the Buyer is intended to constitute a reorganization
within the meaning of the Code, or such other tax free reorganization or restructuring provisions as may be available under the Code.

 

    	7

    	 

    

 

ARTICLE
III

Representations
and warranties of seller

 

Except
as set forth in the Disclosure Schedules, Seller represents and warrants to Buyer and, solely with respect to Section 3.21, each Seller
Party represents and warrants to Buyer, that the applicable statements contained in this ARTICLE III are true and correct as of the date
hereof.

 

Section
3.01 Organization and Authority of Seller. Seller is a corporation duly organized, validly existing and in good standing under the
Laws of the state of Nevada. Seller has all necessary corporate power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Seller of this Agreement, the performance
by Seller of its obligations hereunder and the consummation by Seller of the transactions contemplated hereby have been duly authorized
by all requisite corporate action on the part of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming
due authorization, execution and delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable
against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

Section
3.02 Organization, Authority and Qualification of the Company. The Company is a corporation duly organized, validly existing and
in good standing under the Laws of the state of Nevada and has all necessary corporate power and authority to own, operate or lease the
properties and assets now owned, operated or leased by it and to carry on its business as it is currently conducted. The Company is duly
licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the
operation of its business as currently conducted makes such licensing or qualification necessary, except where the failure to be so licensed,
qualified or in good standing would not have a Material Adverse Effect.

 

Section
3.03 Capitalization.

 

(a)
The authorized capital stock of the Company consists of 250,000,000 shares of common stock, par value $0.001 of which 46,271,221 shares
are issued and outstanding which constitute the Shares, and 5,000,000 shares of preferred stock, par value $0.001 of which no shares
are outstanding. All of the Shares have been duly authorized, are validly issued, fully paid and non-assessable, and are owned of record
and beneficially by the Seller Parties, free and clear of all Encumbrances, other than those Encumbrances set forth in Section 3.03(a)
of the Disclosure Schedules.

 

(b)
There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments
of any character relating to the capital stock of the Company or obligating Seller or the Company to issue or sell any shares of capital
stock of, or any other interest in, the Company. The Company does not have outstanding or authorized any stock appreciation, phantom
stock, profit participation or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings
in effect with respect to the voting or transfer of any of the Shares.

 

    	8

    	 

    

 

Section
3.04 Subsidiaries. The direct and indirect subsidiaries of the Company are as set forth in Section 3.04 of the Disclosure Schedules.

 

Section
3.05 No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement, and the consummation of the transactions
contemplated hereby, do not and will not: (a) result in a violation or breach of any provision of the certificate of incorporation or
by-laws of Seller or the Company; (b) result in a violation or breach of any provision of any Law or Governmental Order applicable to
Seller or the Company; or (c) except as set forth in Section 3.05 of the Disclosure Schedules, require the consent, notice or other action
by any Person under, conflict with, result in a violation or breach of, constitute a default under or result in the acceleration of any
Buyer Material Contract, except in the cases of clauses (b) and (c), where the violation, breach, conflict, default, acceleration or
failure to give notice would not have a Material Adverse Effect. No consent, approval, Permit, Governmental Order, declaration or filing
with, or notice to, any Governmental Authority is required by or with respect to Seller or the Company in connection with the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby, except for such filings as may be required
under applicable Laws and such consents, approvals, Permits, Governmental Orders, declarations, filings or notices which, in the aggregate,
would not have a Material Adverse Effect.

 

Section
3.06 SEC Filings; Financial Statements. Each of Seller and the Company has filed all reports, schedules, forms, statements and other
documents required to be filed by Seller and the Company under the Securities Act and the Exchange Act, including pursuant to Section
13(a) or 15(d) thereof, for the 24 months preceding the date hereof (or such shorter period as such party was required by law or regulation
to file such material, as applicable); provided that no representations or warranties are being made with respect to Seller’s subsidiaries
other than the Company and the Company’s consolidated subsidiaries. As of their respective dates, the Seller SEC Filings (solely
as they relate to the Company). As of their respective dates, the Seller SEC Filings complied in all material respects with the requirements
of the Securities Act and the Exchange Act, as applicable, and none of the Seller SEC Filings, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
Agora Registration Statement (the “Company Financial Statements”) comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing, except as set
forth in Section 3.06 of the Disclosure Schedules. Such Company Financial Statements have been prepared in accordance with United States
generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except
as may be otherwise specified in such financial statements or the notes thereto, except as set forth in Section 3.06 of the Disclosure
Schedules, and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all respects
the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.
The Company Financial Statements do not reflect any transactions which are not bona fide transactions. In addition, the balance sheet
of the Company as of March 31, 2022 has been made available to the Buyer and the date thereof is referred to herein as the “Balance
Sheet Date”.

 

    	9

    	 

    

 

Section
3.07 Undisclosed Liabilities. Except as set forth in Section 3.07 of the Disclosure Schedules, the Company has no liabilities, obligations
or commitments of a type required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those which are adequately
reflected or reserved against in the Company’s balance sheet as of the Balance Sheet Date; and (ii) those which have been incurred
in the ordinary course of business since the Balance Sheet Date and which are not material in amount.

 

Section
3.08 Absence of Certain Changes, Events and Conditions. Except as expressly contemplated by the Agreement, as disclosed in the Seller
SEC Filings or as set forth on Section 3.08 of the Disclosure Schedules, from the Balance Sheet Date until the date of this Agreement,
the Company has operated in the ordinary course of business in all material respects and there has not been, with respect to the Company,
any:

 

(a)
event, occurrence or development that has had a Material Adverse Effect;

 

(b)
material amendment of the charter, by-laws or other organizational documents of the Company;

 

(c)
split, combination or reclassification of any shares of its capital stock;

 

(d)
issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

(e)
declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

(f)
material change in any method of accounting or accounting practice of the Company, except as required by GAAP or applicable Law or as
disclosed in the notes to the Company Financial Statements;

 

(g)
incurrence, assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $25,000, except unsecured
current obligations and liabilities incurred in the ordinary course of business;

 

(h)
sale or other disposition of any of the assets shown or reflected on the Company’s balance sheet as of the Balance Sheet Date,
except in the ordinary course of business and except for any assets having an aggregate value of less than $25,000;

 

(i)
increase in the compensation of its Employees, other than as provided for in any written agreements or in the ordinary course of business;

 

(j)
adoption, amendment or modification of any Benefit Plan, the effect of which in the aggregate would increase the obligations of the Company
by more than 10% of its existing annual obligations to such plans;

 

    	10

    	 

    

 

(k)
acquisition by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner,
any business or any Person or any division thereof for consideration in excess of $25,000;

 

(l)
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under
any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;
or

 

(m)
any agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
3.09 Company Material Contracts.

 

(a)
Section 3.09(a) of the Disclosure Schedules lists each of the following contracts and other agreements of the Company (together with
all Leases set forth in Section 3.10(b) of the Disclosure Schedules, collectively, the “Company Material Contracts”):

 

(i)
each agreement of the Company involving aggregate consideration in excess of $250,000 or requiring performance by any party more than
one year from the date hereof, which, in each case, cannot be cancelled by the Company without penalty or without more than 180 days’
notice;

 

(ii)
all agreements that relate to the sale of any of the Company’s assets, other than in the ordinary course of business, for consideration
in excess of $250,000;

 

(iii)
all agreements that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property
(whether by merger, sale of stock, sale of assets or otherwise), in each case involving amounts in excess of $250,000;

 

(iv)
except for agreements relating to trade payables, all agreements relating to indebtedness (including, without limitation, guarantees)
of the Company, in each case having an outstanding principal amount in excess of $250,000;

 

(v)
all agreements between or among the Company on the one hand and Seller or any Affiliate of Seller (other than the Company) on the other
hand;

 

(vi)
any contract (A) providing for cryptocurrency mining pool arrangements, (B) with a digital asset exchange or over-the-counter desk, or
(C) providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail
and wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension
and shared facility agreements and management, consulting, advisory and brokerage agreements; and

 

    	11

    	 

    

 

(vii)
all collective bargaining agreements or agreements with any labor organization, union or association to which the Company is a party.

 

(b)
Except as set forth on Section 3.09(b) of the Disclosure Schedules, the Company is not in breach of, or default under, any Company Material
Contract, except for such breaches or defaults that would not have a Material Adverse Effect.

 

Section
3.10 Title to Assets; Real Property.

 

(a)
The Company has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid leasehold
interest in, all Real Property and tangible personal property and other assets reflected in the Company Financial Statements or acquired
after the Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course of business since
the Balance Sheet Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except for
the following (collectively referred to as “Permitted Encumbrances”):

 

(i)
those items set forth in Section 3.10(a) of the Disclosure Schedules;

 

(ii)
liens for Taxes not yet due and payable or being contested in good faith by appropriate procedures;

 

(iii)
mechanics, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business;

 

(iv)
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property;

 

(v)
other than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment
leases with third parties entered into in the ordinary course of business; or

 

(vi)
other imperfections of title or Encumbrances, if any, that have not had, and would not have, a Material Adverse Effect.

 

(b)
Section 3.10(b) of the Disclosure Schedules lists: (i) the street address of each parcel of owned Real Property; and (ii) the street
address of each parcel of leased Real Property, and a list, as of the date of this Agreement, of all leases for each parcel of leased
Real Property involving total annual payments of at least $100,000 (collectively, “Leases”), including the identification
of the lessee and lessor thereunder.

 

    	12

    	 

    

 

(c)
The Company (or one of its subsidiaries) owns or has the exclusive ability to access, including by use of “private keys”
or other equivalent means, the (i) cash on hand, or cash held in cryptocurrency wallets or similar mediums of custody for cryptocurrencies
and other tokens and digital assets or exchange accounts, (ii) cash equivalents, (iii) cryptocurrencies, tokens, digital assets and other
asset equivalents and (iv) assets held in accounts other than any cryptocurrencies, tokens, digital asset and other asset equivalents,
in each case in all material respects.

 

Section
3.11 Intellectual Property.

 

(a)
Section 3.11(a) of the Disclosure Schedules lists all patents, patent applications, trademark registrations and pending applications
for registration, copyright registrations and pending applications for registration and internet domain name registrations owned by the
Company. Except as set forth in Section 3.11(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, the Company
owns or has the right to use all Intellectual Property necessary for the conduct of the Company’s business as currently conducted
(the “Company Intellectual Property”).

 

(b)
Except as set forth in Section 3.11(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s
Knowledge: (i) the conduct of the Company’s business as currently conducted does not infringe, misappropriate or otherwise violate
the Intellectual Property of any Person; and (ii) no Person is infringing, misappropriating or otherwise violating any Company Intellectual
Property.

 

Section
3.12 Insurance. Section 3.12 of the Disclosure Schedules sets forth a list, as of the date hereof, of all material insurance policies
maintained by the Company or with respect to which the Company is a named insured or otherwise the beneficiary of coverage (collectively,
the “Insurance Policies”). Such Insurance Policies are in full force and effect on the date of this Agreement and
all premiums due on such Insurance Policies have been paid, except as would not have a Material Adverse Effect.

 

Section
3.13 Legal Proceedings; Governmental Orders.

 

(a)
Except as disclosed in the Seller SEC Filings or as set forth in Section 3.13(a) of the Disclosure Schedules, there are no actions, suits,
claims, investigations or other legal proceedings pending or, to Seller’s Knowledge, threatened against or by the Company affecting
any of its properties or assets (or by or against Seller or any Affiliate thereof and relating to the Company), which if determined adversely
to the Company (or to Seller or any Affiliate thereof) would result in a Material Adverse Effect.

 

(b)
Except as set forth in the Seller SEC Filings or as set forth in Section 3.13(b) of the Disclosure Schedules, there are no outstanding
Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any of its properties or assets
which would have a Material Adverse Effect.

 

    	13

    	 

    

 

Section
3.14 Compliance With Laws; Permits.

 

(a)
Except as set forth in Section 3.14(a) of the Disclosure Schedules, the Company is in compliance with all Laws applicable to it or its
business, properties or assets (including Laws related to activities in connection with cryptocurrency and digital assets), except where
the failure to be in compliance would not have a Material Adverse Effect.

 

(b)
All Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and effect, except
where the failure to obtain such Permits would not have a Material Adverse Effect.

 

(c)
The Company does not (i) receive or obtain actual or constructive possession or control of money, funds, virtual currency or digital
assets, stored or prepaid value or other form value that substitutes for money for the purpose of transmitting the same on behalf of
any third-party to another third-party or location, including by possessing or controlling private cryptographic keys or any portions
thereof associated with virtual currency or digital assets of any third-party, (ii) execute orders for any third-party for the purposes
identified in the foregoing clause (i), (iii) advertise, solicit or hold itself out as providing any form of money services or transmission
business or virtual currency business or (iv) act as the agent of any third-party for the purpose of performing any of the activities
described in the foregoing clauses (i), (ii) or (iii).

 

(d)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, since
the Balance Sheet Date, neither the Company nor any of its Representatives (acting in their capacities as such) has violated or taken
any material act in furtherance of violating any anti-money laundering and counter-terrorist financing Laws and financial recordkeeping,
reporting and registration requirements administered or enforced by any Government Authority.

 

(e)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i)
the Company and its Representatives (acting in their capacities as such) are, and have been, in compliance with the Export and Sanctions
Regulations, (ii) neither the Company nor its Representatives (acting in their capacities as such) has (A) been organized, operated or
resided in or (B) engaged, directly or indirectly, in any dealings or transactions in Russia, Cuba, Iran, North Korea, Sudan (prior to
October 12, 2017), Syria, the Crimea region of Ukraine or any country or territory that (or with any Person who) is or was the subject
of sanctions at the time of the dealings or transactions, and (iii) neither the Company nor the any of its Representatives (acting in
their capacities as such) is involved in any action or proceeding, or has received a written request for information or any other form
of communication from any Government Authority, or has had any judgments imposed (or threatened to be imposed) upon the Company by or
before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

 

    	14

    	 

    

 

(f)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i)
none of the Company nor its Representatives (acting in their capacities as such) has, directly or indirectly, taken any action, or engaged
in any activity, practice or conduct, that would or would reasonably be expected to result in a material violation by the Company or
any of its Representatives (acting in their capacities as such) of the FCPA or any other similar Law regarding anti-corruption, (ii)
without limiting the generality of the foregoing, none of the Company or any of its Representatives (acting in their capacities as such)
has, directly or indirectly, (A) used any corporate funds of the Company for unlawful contributions, gifts, entertainment or other unlawful
expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental
officials or (C) made or taken any action in furtherance of any bribe, rebate, payoff, influence payment, kickback or other similar unlawful
payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in
securing business or to obtain special concessions for the Company, in the case of the foregoing clauses (A), (B) and (C) which would
or would reasonably be expected to result in a violation of the FCPA or any other similar Laws regarding anti-corruption, (iii) there
are no pending or, to the Company’s Knowledge, threatened actions or proceedings against the Company or any of its Representatives
(acting in their capacities as such) with respect to the FCPA or any other similar Law regarding anti-corruption, (iv) there are no conditions
or circumstances pertaining to the Company’s or its respective Representatives’ (acting in their capacities as such) activities,
business or operations that would reasonably be expected to give rise to any future actions or proceedings under the FCPA or any other
similar Law regarding anti-corruption.

 

Section
3.15 Environmental Matters.

 

(a)
Except as set forth in Section 3.15(a) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s
Knowledge, the Company is in compliance with all Environmental Laws and has not, and the Seller has not received from any Person any
(i) Environmental Notice or Environmental Claim, or (ii) written request for information pursuant to Environmental Law, which, in each
case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)
Except as set forth in Section 3.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s
Knowledge, there has been no Release of Hazardous Materials in contravention of Environmental Laws with respect to the business or assets
of the Company or any Real Property currently owned, operated or leased by the Company, and neither the Company nor Seller has received
an Environmental Notice that any Real Property currently owned, operated or leased in connection with the business of the Company (including
soils, groundwater, surface water, buildings and other structure located on any such real property) has been contaminated with any Hazardous
Material that would reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Laws or term
of any Environmental Permit by, the Company.

 

    	15

    	 

    

 

Section
3.16 Employee Benefit Matters. The Agora Registration Statement contains a list of each material benefit, retirement, employment,
consulting, compensation, incentive, bonus, stock option, restricted stock, stock appreciation right, phantom equity, change in control,
severance, vacation, paid time off, welfare and fringe-benefit agreement, plan, policy and program, whether or not reduced to writing,
in effect and covering one or more Employees, former employees of the Company, current or former directors of the Company or the beneficiaries
or dependents of any such Persons, and is maintained, sponsored, contributed to, or required to be contributed to by the Company, or
under which the Company has any material liability for premiums or benefits (each, a “Benefit Plan”).

 

Section
3.17 Employment Matters.

 

(a)
Except as set forth in the Seller SEC Filings or Section 3.17(a) of the Disclosure Schedules, the Company is not a party to, or bound
by, any collective bargaining or other agreement with a labor organization representing any of its Employees.

 

(b)
To the Seller’s Knowledge, the Company is in material compliance with all applicable Laws pertaining to employment and employment
practices to the extent they relate to employees of the Company, except to the extent non-compliance would not result in a Material Adverse
Effect.

 

Section
3.18 Taxes.

 

(a)
Except as set forth in Section 3.18 of the Disclosure Schedules:

 

(i)
The Company has filed (taking into account any valid extensions) all material Tax Returns required to be filed by the Company. Such Tax
Returns are true, complete and correct in all material respects. The Company is not currently the beneficiary of any extension of time
within which to file any material Tax Return other than extensions of time to file Tax Returns obtained in the ordinary course of business.
All material Taxes due and owing by the Company have been paid or accrued.

 

(ii)
No extensions or waivers of statutes of limitations have been given or requested with respect to any material Taxes of the Company.

 

(iii)
There are no ongoing actions, suits, claims, investigations or other legal proceedings by any taxing authority against the Company.

 

(iv)
The Company is not a party to any Tax-sharing agreement.

 

(v)
All material Taxes which the Company is obligated to withhold from amounts owing to any employee, creditor or third party have been paid
or accrued.

 

Section
3.19 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller.

 

Section
3.20 Promotional Activities. Set forth on Section 3.20 of the Disclosure Schedules is a list of all payments made by Seller or the
Company for the purpose of promoting the Company’s securities, investor relations and press releases and the recipients of such
payments, on a month-to-month basis, since January 1, 2020.

 

    	16

    	 

    

 

Section
3.21 Certain Seller Party Representations and Warranties. Each Seller Party, individually and not jointly, represents and warrants
as follows:

 

Each
Seller Party, individually and not jointly, represents and warrants as follows:

 

(a)
Such Seller Party is the legal and beneficial owner of the Shares held by it which such Seller Party is agreeing to exchange pursuant
to this Agreement. The transfer by such Seller Party of its Shares to Buyer pursuant to this Agreement in exchange for the Buyer Shares
will result in Buyer obtaining title to such Shares, free and clear of all Encumbrances, other than the vesting conditions as set forth
in the Seller SEC Filings and any restrictions applicable state and federal securities laws.

 

(b)
Such Seller Party has the legal power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This
Agreement constitutes the valid and legally binding obligation of such Seller Party, enforceable in accordance with its terms. The execution,
delivery, and performance of this Agreement and all other agreements contemplated hereby have been duly authorized by such Seller Party.

 

(c)
Such Seller Party (i) is acquiring its respective Buyer Shares solely for its own account for investment purposes and not with a view
to, or for offer or sale in connection with, any distribution thereof, (ii) acknowledges that the Buyer Shares are not registered under
the Securities Act of 1933, or any state securities laws, and that the Buyer Shares may not be transferred or sold except pursuant to
the registration provisions of the Securities Act of 1933 or pursuant to an applicable exemption therefrom and subject to state securities
laws and regulations, as applicable, and (iii) is able to bear the economic risk of holding the Shares for an indefinite period (including
total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risk of its investment.

 

Section
3.22 No Other Representations and Warranties. Except for the representations and warranties contained in this ARTICLE III (including
the related portions of the Disclosure Schedules and the Seller SEC Filings referred to in this Article III), none of Seller, the Company
or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of Seller
or the Company, including any representation or warranty as to the accuracy or completeness of any information regarding the Company
furnished or made available to Buyer and its Representatives any information, documents or material delivered to or made available to
Buyer, management presentations or in any other form in expectation of the transactions contemplated hereby) or as to the future revenue,
profitability or success of the Company, or any representation or warranty arising from statute or otherwise in Law.

 

    	17

    	 

    

 

ARTICLE
IV

Representations
and warranties of buyer

 

Except
as set forth in the Disclosure Schedules, Buyer represents and warrants to Seller that the statements contained in this ARTICLE IV are
true and correct as of the date hereof.

 

Section
4.01 Organization and Authority of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under the
Laws of the state of Delaware. Buyer has all necessary corporate power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance
by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly authorized
by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due
authorization, execution and delivery by Seller) this Agreement constitutes a legal, valid and binding obligation of Buyer, enforceable
against Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity).

 

Section
4.02 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement, and the consummation of the transactions
contemplated hereby, do not and will not: (a) result in a violation or breach of any provision of the certificate of incorporation or
by-laws of Buyer; (b) result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require
the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default under
or result in the acceleration of any agreement to which Buyer is a party, except in the cases of clauses (b) and (c), where the violation,
breach, conflict, default, acceleration or failure to give notice would not have a Material Adverse Effect on Buyer’s ability to
consummate the transactions contemplated hereby. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice
to, any Governmental Authority is required by or with respect to Buyer in connection with the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby, except for such filings as may be required under applicable Laws and such
consents, approvals, Permits, Governmental Orders, declarations, filings or notices which would not have a Material Adverse Effect on
Buyer’s ability to consummate the transactions contemplated hereby.

 

Section
4.03 Investment Purpose. Buyer is acquiring the Company Securities solely for its own account for investment purposes and not with
a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Shares are not registered under
the Securities Act of 1933, or any state securities laws, and that the Shares may not be transferred or sold except pursuant to the registration
provisions of the Securities Act of 1933 or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations,
as applicable. Buyer is able to bear the economic risk of holding the Shares for an indefinite period (including total loss of its investment),
and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of
its investment.

 

Section
4.04 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

    	18

    	 

    

 

Section
4.05 Authority for Buyer Shares; Capitalization.

 

(a)
Buyer has sufficient authorized and unissued shares of preferred stock and the corporate authority needed to enable it to issue the Buyer
Shares at the Closing and consummate the transactions contemplated by this Agreement.

 

(b)
The authorized capital stock of Buyer consists of 7,450,000,000 shares of common stock, par value $0.00001, of which 1,689,093,139 shares
are issued and outstanding, and 10,000,000 shares of preferred stock, par value $0.00001, of which 7,481,992 shares are outstanding consisting
of 7,000,000 outstanding shares of Buyer’s Series A Preferred Stock and 481,992 outstanding shares of Buyer’s Series B Preferred
Stock. All of outstanding shares of Buyer’s capital stock have been duly authorized, are validly issued, fully paid and non-assessable.

 

(c)
Except as set forth on Section 4.05(c) of the Disclosure Schedules or in the Buyer SEC Filings, there are no outstanding or authorized
options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any character relating to the capital
stock of Buyer or obligating Buyer to issue or sell any shares of capital stock of, or any other interest in, Buyer. Buyer does not have
outstanding or authorized any stock appreciation, phantom stock, profit participation or similar rights. There are no voting trusts,
stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the
outstanding shares of Buyer’s capital stock or other securities of Buyer.

 

Section
4.06 Financial Statements. Buyer has filed all reports, schedules, forms, statements and other documents required to be filed by
Buyer under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 24 months preceding
the date hereof (or such shorter period as Buyer was required by law or regulation to file such material). As of their respective dates,
the Buyer SEC Filings complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
and none of the Buyer SEC Filings, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The financial statements of Buyer included in the Buyer SEC Filings (the “Buyer Financial Statements”)
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto
as in effect at the time of filing. Such Buyer Financial Statements have been prepared in accordance with GAAP, except as may be otherwise
specified in such Buyer Financial Statements or the notes thereto and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all respects the financial position of Buyer and its consolidated subsidiaries as of
and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments. The Buyer Financial Statements do not reflect any transactions which are
not bona fide transactions. In addition, the balance sheet of Buyer as of the Balance Sheet Date has been made available to the Seller
Parties.

 

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Section
4.07 Legal Proceedings; Governmental Orders.

 

(a)
Except as set forth in the Buyer SEC Filings or in Section 4.07(a) of the Disclosure Schedules, there are no actions, suits, claims,
investigations or other legal proceedings pending or, to Buyer’s knowledge, threatened against or by Buyer or any Affiliate of
Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(b)
Except as set forth in the Buyer SEC Filings or in Section 4.07(b) of the Disclosure Schedules, there are no outstanding Governmental
Orders against, relating to, and no unsatisfied judgments, penalties or awards against or affecting the Buyer or any of its properties
or assets which would have a Material Adverse Effect.

 

Section
4.08 Environmental Matters.

 

(a)
Except as set forth in Section 4.08(a) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s
Knowledge, the Buyer is in compliance with all Environmental Laws and has not, and the Seller has not received from any Person any (i)
Environmental Notice or Environmental Claim, or (ii) written request for information pursuant to Environmental Law, which, in each case,
either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)
Except as set forth in Section 4.08(d) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s
Knowledge, there has been no Release of Hazardous Materials in contravention of Environmental Laws with respect to the business or assets
of Buyer or any Real Property currently owned, operated or leased by Buyer, and Buyer has not received an Environmental Notice that any
Real Property currently owned, operated or leased in connection with the business of Buyer (including soils, groundwater, surface water,
buildings and other structure located on any such real property) has been contaminated with any Hazardous Material that would reasonably
be expected to result in an Environmental Claim against, or a violation of Environmental Laws or term of any Environmental Permit by,
Buyer.

 

Section
4.09 Employee Matters.

 

(a)
Section 4.09(a) of the Disclosure Schedules contains a list of each Benefit Plan, whether or not reduced to writing, in effect and covering
one or more Employees, former employees of Buyer, current or former directors of Buyer or the beneficiaries or dependents of any such
Persons, and is maintained, sponsored, contributed to, or required to be contributed to by Buyer, or under which Buyer has any material
liability for premiums or benefits.

 

(b)
Except as set forth in Buyer SEC Filings or Section 4.09(b) of the Disclosure Schedules, Buyer is not a party to, or bound by, any collective
bargaining or other agreement with a labor organization representing any of its Employees.

 

(c)
To Buyer’s Knowledge, Buyer is in material compliance with all applicable Laws pertaining to employment and employment practices
to the extent they relate to employees of Buyer, except to the extent non-compliance would not result in a Material Adverse Effect.

 

    	20

    	 

    

 

Section
4.10 Compliance With Laws; Permits.

 

(a)
Except as set forth in Section 4.10(a) of the Disclosure Schedules, to Buyer’s Knowledge Buyer is in compliance with all Laws applicable
to it or its business, properties or assets (including Laws related to activities in connection with cryptocurrency and digital assets),
except where the failure to be in compliance would not have a Material Adverse Effect.

 

(b)
All Permits required for Buyer to conduct its business have been obtained by it and are valid and in full force and effect, except where
the failure to obtain such Permits would not have a Material Adverse Effect.

 

(c)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, since
the Balance Sheet Date, neither Buyer nor any of its Representatives (acting in their capacities as such) has violated or taken any material
act in furtherance of violating any anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting
and registration requirements administered or enforced by any Government Authority.

 

(d)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i)
Buyer and its Representatives (acting in their capacities as such) are, and have been, in compliance with the Export and Sanctions Regulations,
(ii) neither Buyer nor its Representatives (acting in their capacities as such) has (A) been organized, operated or resided in or (B)
engaged, directly or indirectly, in any dealings or transactions in Russia, Cuba, Iran, North Korea, Sudan (prior to October 12, 2017),
Syria, the Crimea region of Ukraine or any country or territory that (or with any Person who) is or was the subject of sanctions at the
time of the dealings or transactions, and (iii) neither Buyer nor the any of its Representatives (acting in their capacities as such)
is involved in any action or proceeding, or has received a written request for information or any other form of communication from any
Government Authority, or has had any judgments imposed (or threatened to be imposed) upon Buyer by or before a Government Authority,
in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

 

    	21

    	 

    

 

(e)
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i)
none of Buyer nor its Representatives (acting in their capacities as such) has, directly or indirectly, taken any action, or engaged
in any activity, practice or conduct, that would or would reasonably be expected to result in a material violation by Buyer any of its
Representatives (acting in their capacities as such) of the FCPA or any other similar Law regarding anti-corruption, (ii) without limiting
the generality of the foregoing, none of Buyer or any of its Representatives (acting in their capacities as such) has, directly or indirectly,
(A) used any corporate funds of Buyer for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political
activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials or (C) made
or taken any action in furtherance of any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any
Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business
or to obtain special concessions for Buyer, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be
expected to result in a violation of the FCPA or any other similar Laws regarding anti-corruption, (iii) there are no pending or, to
the Buyer’s Knowledge, threatened actions or proceedings against Buyer or any of its Representatives (acting in their capacities
as such) with respect to the FCPA or any other similar Law regarding anti-corruption, (iv) there are no conditions or circumstances pertaining
to Buyer’s or its respective Representatives’ (acting in their capacities as such) activities, business or operations that
would reasonably be expected to give rise to any future actions or proceedings under the FCPA or any other similar Law regarding anti-corruption.

 

Section
4.11 Undisclosed Liabilities. Except as set forth in the Buyer SEC Filings or Section 4.11 of the Disclosure Schedules, Buyer has
no liabilities, obligations or commitments of a type required to be reflected on a balance sheet prepared in accordance with GAAP, except
(i) those which are adequately reflected or reserved against in Buyer’s balance sheet as of the Balance Sheet Date; and (ii) those
which have been incurred in the ordinary course of business since the Balance Sheet Date and which are not material in amount.

 

Section
4.12 Absence of Certain Changes, Events and Conditions. Except as expressly contemplated by the Agreement or as set forth in the
Buyer SEC Filings or on Section 4.12 of the Disclosure Schedules, from the Balance Sheet Date until the date of this Agreement, Buyer
has operated in the ordinary course of business in all material respects and there has not been, with respect to Buyer, any:

 

(a)
event, occurrence or development that has had a Material Adverse Effect;

 

(b)
material amendment of the charter, by-laws or other organizational documents of Buyer;

 

(c)
split, combination or reclassification of any shares of its capital stock;

 

(d)
issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

(e)
declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

(f)
material change in any method of accounting or accounting practice of Buyer, except as required by GAAP or applicable Law;

 

(g)
incurrence, assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $25,000, except unsecured
current obligations and liabilities incurred in the ordinary course of business;

 

    	22

    	 

    

 

(h)
sale or other disposition of any of the assets shown or reflected on Buyer’s balance sheet as of the Balance Sheet Date, except
in the ordinary course of business and except for any assets having an aggregate value of less than $25,000;

 

(i)
increase in the compensation of its Employees, other than as provided for in any written agreements or in the ordinary course of business;

 

(j)
adoption, amendment or modification of any Benefit Plan, the effect of which in the aggregate would increase the obligations of Buyer
by more than 10% of its existing annual obligations to such plans;

 

(k)
acquisition by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner,
any business or any Person or any division thereof for consideration in excess of $25,000;

 

(l)
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under
any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;
or

 

(m)
any agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
4.13 Buyer Material Contracts.

 

(a)
Section 4.13(a) of the Disclosure Schedules lists each of the following contracts and other agreements of Buyer (together with all Leases
listed in Section 4.14(b) of the Disclosure Schedules, collectively, the “Buyer Material Contracts”):

 

(i)
each agreement of Buyer involving aggregate consideration in excess of $250,000 or requiring performance by any party more than one year
from the date hereof, which, in each case, cannot be cancelled by Buyer without penalty or without more than 180 days’ notice;

 

(ii)
all agreements that relate to the sale of any of Buyer’s assets, other than in the ordinary course of business, for consideration
in excess of $250,000;

 

(iii)
all agreements that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property
(whether by merger, sale of stock, sale of assets or otherwise), in each case involving amounts in excess of $250,000;

 

(iv)
except for agreements relating to trade payables, all agreements relating to indebtedness (including, without limitation, guarantees)
of Buyer, in each case having an outstanding principal amount in excess of $250,000;

 

    	23

    	 

    

 

(v)
all agreements between or among Buyer on the one hand and Buyer or any Affiliate of Buyer on the other hand;

 

(vi)
any contract (A) providing for cryptocurrency mining pool arrangements, (B) with a digital asset exchange or over-the-counter desk, or
(C) providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail
and wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension
and shared facility agreements and management, consulting, advisory and brokerage agreements; and

 

(vii)
all collective bargaining agreements or agreements with any labor organization, union or association to which Buyer is a party.

 

(b)
Except as set forth on Section 4.13(b) of the Disclosure Schedules, Buyer is not in breach of, or default under, any Material Contract,
except for such breaches or defaults that would not have a Material Adverse Effect.

 

Section
4.14 Title to Assets; Real Property.

 

(a)
Buyer has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid leasehold interest
in, all Real Property and tangible personal property and other assets reflected in the Buyer Financial Statements or acquired after the
Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course of business since the Balance
Sheet Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except for Permitted Encumbrances.

 

(b)
Section 4.14(b) of the Disclosure Schedules lists: (i) the street address of each parcel of Buyer owned Real Property; and (ii) the street
address of each parcel of Buyer leased Real Property, and a list, as of the date of this Agreement, of all Leases for each parcel of
Buyer leased Real Property involving total annual payments of at least $100,000, including the identification of the lessee and lessor
thereunder.

 

(c)
Buyer (or one of its subsidiaries) owns or has the exclusive ability to access, including by use of “private keys” or other
equivalent means, the (i) cash on hand, or cash held in cryptocurrency wallets or similar mediums of custody for cryptocurrencies and
other tokens and digital assets or exchange accounts, (ii) cash equivalents, (iii) cryptocurrencies, tokens, digital assets and other
asset equivalents and (iv) assets held in accounts other than any cryptocurrencies, tokens, digital asset and other asset equivalents,
in each case in all material respects.

 

    	24

    	 

    

 

Section
4.15 Intellectual Property.

 

(a)
Section 4.15(a) of the Disclosure Schedules lists all patents, patent applications, trademark registrations and pending applications
for registration, copyright registrations and pending applications for registration and internet domain name registrations owned by Buyer.
Except as set forth in Section 4.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, Buyer owns or has
the right to use all Intellectual Property necessary for the conduct of Buyer’s business as currently conducted (the “Buyer
Intellectual Property”).

 

(b)
Except as set forth in Section 4.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s
Knowledge: (i) the conduct of the Buyer’s business as currently conducted does not infringe, misappropriate or otherwise violate
the Intellectual Property of any Person; and (ii) no Person is infringing, misappropriating or otherwise violating any Buyer Intellectual
Property.

 

Section
4.16 Insurance. Section 4.16 of the Disclosure Schedules sets forth a list, as of the date hereof, of all material insurance policies
maintained by Buyer or with respect to which Buyer is a named insured or otherwise the beneficiary of coverage (collectively, the “Insurance
Policies”). Such Insurance Policies are in full force and effect on the date of this Agreement and all premiums due on such
Insurance Policies have been paid, except as would not have a Material Adverse Effect.

 

Section
4.17 Promotional Activities. Other than fees for press releases, Buyer has made no other payments for the purpose of promoting Buyer’s
securities since January 1, 2020.

 

Section
4.18 Independent Investigation. Buyer has conducted its own independent investigation, review and analysis of the business, results
of operations, prospects, condition (financial or otherwise) or assets of the Company, and acknowledges that it has been provided adequate
access to the personnel, properties, assets, premises, books and records, and other documents and data of Seller and the Company for
such purpose. Buyer acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions
contemplated hereby, Buyer has relied solely upon its own investigation and the express representations and warranties of Seller set
forth in Article III of this Agreement (including the related portions of the Disclosure Schedules); and (b) none of Seller, the Company
or any other Person has made any representation or warranty as to Seller, the Company or this Agreement, except as expressly set forth
in Article III of this Agreement (including the related portions of the Disclosure Schedules and the Seller SEC Filings referred to therein).

 

Section
4.19 No Other Representations and Warranties. Except for the representations and warranties contained in this Article IV (including
the related portions of the Disclosure Schedules and Seller SEC Filings referred to in this Article IV), neither Buyer nor any other
Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of Buyer, including
any representation or warranty as to the accuracy or completeness of any information regarding Buyer furnished or made available to the
Seller Parties and their Representatives any information, documents or material delivered to or made available such parties, management
presentations or in any other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability
or success of Buyer, or any representation or warranty arising from statute or otherwise in Law.

 

    	25

    	 

    

 

ARTICLE
V

Covenants

 

Section
5.01 Conduct of Business Prior to the Closing. From the date hereof until the Closing, except as otherwise provided in this Agreement
or consented to in writing by Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), Seller shall, and shall
cause the Company to: (a) conduct the business of the Company in the ordinary course of business; and (b) use commercially reasonable
efforts to maintain and preserve intact the current organization, business and franchise of the Company and to preserve the rights, franchises,
goodwill and relationships of its Employees, customers, lenders, suppliers, regulators and others having business relationships with
the Company. From the date hereof until the Closing Date, except as consented to in writing by Buyer (which consent shall not be unreasonably
withheld, conditioned or delayed), Seller shall not cause or permit the Company to take any action that would cause any of the changes,
events or conditions described in Section 3.08 to occur.

 

Section
5.02 Access to Information. From the date hereof until the Closing, Seller shall, and shall cause the Company to: (a) afford Buyer
and its Representatives reasonable access to and the right to inspect all of the Real Property, properties, assets, premises, books and
records, contracts, agreements and other documents and data related to the Company; (b) furnish Buyer and its Representatives with such
financial, operating and other data and information related to the Company as Buyer or any of its Representatives may reasonably request;
and (c) instruct the Representatives of Seller and the Company to cooperate with Buyer in its investigation of the Company; provided,
however, that any such investigation shall be conducted during normal business hours upon reasonable advance notice to Seller, under
the supervision of Seller’s personnel and in such a manner as not to interfere with the normal operations of the Company. All requests
by Buyer for access pursuant to this Section 5.02 shall be submitted or directed exclusively to such individuals as Seller may designate
in writing from time to time. Notwithstanding anything to the contrary in this Agreement, neither Seller nor the Company shall be required
to disclose any information to Buyer if such disclosure would, in Seller’s sole discretion: (w) cause significant competitive harm
to Seller, the Company and their respective businesses if the transactions contemplated by this Agreement are not consummated; (x) jeopardize
any attorney-client or other privilege; (y) contravene any applicable Law, fiduciary duty or binding agreement entered into prior to
the date of this Agreement; or (z) reveal bids received from third parties in connection with transactions similar to those contemplated
by this Agreement and any information and analysis (including financial analysis) relating to such bids. Prior to the Closing, without
the prior written consent of Seller, which may be withheld for any reason, Buyer shall not contact any suppliers to, or customers of,
the Company and Buyer shall have no right to perform invasive, destructive or subsurface investigations of the Company’s properties
or any other environmental sampling (such as indoor air sampling). Buyer shall, and shall cause its Representatives to, abide by the
terms of the Confidentiality Agreement with respect to any access or information provided pursuant to this Section 5.02.

 

Section
5.03 Resignations. Each of Seller and Buyer shall deliver to the other written resignations of the officers and directors of the
Company and Buyer, respectively, as set forth on Section 5.03 of the Disclosure Schedules within five Business Days of the Closing in
the furtherance of the related Closing matters set forth in Article VI.

 

    	26

    	 

    

 

Section
5.04 Employees; Benefit Plans.

 

(a)
During the period commencing at the Closing and ending on the date which is 90 days from the Closing (or if earlier, the date of the
employee’s termination of employment with the Company or the execution of a new employment contract by the Buyer for the employee),
Buyer shall, and shall cause the Company to, provide each Employee set forth on Schedule 5.04(a) (“Company Continuing Employee”)
with: (i) base salary or hourly wages which are no less than the base salary or hourly wages provided by the Company immediately prior
to the Closing; (ii) target bonus opportunities (excluding equity-based compensation), if any, which are no less than the target bonus
opportunities (excluding equity-based compensation) provided by the Company immediately prior to the Closing; (iii) retirement and welfare
benefits that are no less favorable in the aggregate than those provided by the Company immediately prior to the Closing; and (iv) severance
benefits that are no less favorable than the practice, plan or policy in effect for such Company Continuing Employee immediately prior
to the Closing.

 

(b)
With respect to any employee benefit plan maintained by Buyer or its subsidiaries (collectively, “Buyer Benefit Plans”)
in which any Company Continuing Employees will participate effective as of the Closing, Buyer shall, or shall cause the Company to, recognize
all service of the Company Continuing Employees with the Company or any of its subsidiaries, as the case may be as if such service were
with Buyer, for vesting and eligibility purposes in any Buyer Benefit Plan in which such Company Continuing Employees may be eligible
to participate after the Closing Date; provided, however, such service shall not be recognized to the extent that (x) such recognition
would result in a duplication of benefits or (y) such service was not recognized under the corresponding Benefit Plan.

 

(c)
This Section 5.04 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing in this
Section 5.04, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason
of this Section 5.04 Nothing contained herein, express or implied, shall be construed to establish, amend or modify any benefit plan,
program, agreement or arrangement. The parties hereto acknowledge and agree that the terms set forth in this Section 5.04 shall not create
any right in any Employee or any other Person to any continued employment with the Company, Buyer or any of their respective Affiliates
or compensation or benefits of any nature or kind whatsoever.

 

Section
5.05 Director and Officer Indemnification and Insurance.

 

(a)
Buyer agrees that all rights to indemnification, advancement of expenses and exculpation by the Company now existing in favor of each
Person who is now, or has been at any time prior to the date hereof or who becomes prior to the Closing Date, an officer or director
of the Company, as provided in the articles of incorporation or by-laws of the Company, in each case as in effect on the date of this
Agreement, or pursuant to any other agreements in effect on the date hereof and disclosed in Section 5.05(a) of the Disclosure Schedules,
shall survive the Closing Date and shall continue in full force and effect in accordance with their respective terms to the maximum extent
permitted by applicable Law.

 

    	27

    	 

    

 

(b)
The Company shall, and Buyer shall cause the Company to (i) maintain in effect for a period of six years after the Closing Date, if available,
the current policies of directors’ and officers’ liability insurance maintained by the Company immediately prior to the Closing
Date (provided that the Company may substitute therefor policies, of at least the same coverage and amounts and containing terms and
conditions that are not less advantageous to the directors and officers of the Company when compared to the insurance maintained by the
Company as of the date hereof), or (ii) obtain as of the Closing Date “tail” insurance policies with a claims period of six
years from the Closing Date with at least the same coverage and amounts, and containing terms and conditions that are not less advantageous
to the directors and officers of the Company, in each case with respect to claims arising out of or relating to events which occurred
on or prior to the Closing Date (including in connection with the transactions contemplated by this Agreement).

 

(c)
The obligations of Buyer and the Company under this Section 5.05 shall not be terminated or modified in such a manner as to adversely
affect any director or officer to whom this Section 5.05 applies without the consent of such affected director or officer (it being expressly
agreed that the directors and officers to whom this Section 5.05 applies shall be third-party beneficiaries of this Section 5.05, each
of whom may enforce the provisions of this Section 5.05).

 

(d)
In the event Buyer, the Company or any of their respective successors or assigns (i) consolidates with or merges into any other Person
and shall not be the continuing or surviving corporation or entity in such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any Person, then, and in either such case, proper provision shall be made so that the successors
and assigns of Buyer or the Company, as the case may be, shall assume all of the obligations set forth in this Section 5.05.

 

Section
5.06 Confidentiality. Buyer acknowledges and agrees that the Confidentiality Agreement remains in full force and effect and, in addition,
covenants and agrees to keep confidential, in accordance with the provisions of the Confidentiality Agreement, information provided to
Buyer pursuant to this Agreement. If this Agreement is, for any reason, terminated prior to the Closing, the Confidentiality Agreement
and the provisions of this Section 5.06 shall nonetheless continue in full force and effect.

 

Section
5.07 Closing Conditions. From the date hereof until the Closing, each party hereto shall, and Seller shall cause the Company to,
use commercially reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth in
ARTICLE VI hereof.

 

Section
5.08 Public Announcements. Unless otherwise required by applicable Law (based upon the reasonable written advice of counsel), no
party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise
communicate with any news media without the prior written consent of the other party (which consent shall not be unreasonably withheld,
conditioned or delayed), and the parties shall cooperate as to the timing and contents of any such announcement.

 

    	28

    	 

    

 

Section
5.09 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to,
execute and deliver such additional documents, instruments, conveyances and assurances, and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section
5.10 Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including
any penalties and interest) incurred in connection with this Agreement (including any real property transfer Tax and any other similar
Tax) shall be borne and paid by Buyer when due. Buyer shall, at its own expense, timely file any Tax Return or other document with respect
to such Taxes or fees (and Seller shall cooperate with respect thereto as necessary).

 

ARTICLE
VI

Conditions
to closing

 

Section
6.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a)
At the Closing, the Board of Directors of Buyer shall fix the number of directors of Buyer at seven and shall appoint the following as
members of the Board of Directors: (i) five individuals designated by Buyer, and (ii) two individuals designated by Seller. The identity
of such members and the number of years of their terms of service are reflected on Section 6.01(a) of the Disclosure Schedules.

 

(b)
Buyer shall have obtained the requisite approvals and authorization under its certificate of incorporation for the issuance of the Buyer
Shares to the Seller Parties hereunder, including without limitation the filing of the Certificate of Designation authorizing the Buyer
Shares with the Delaware Secretary of State, free and clear from any Encumbrances.

 

(c)
Buyer and the Company shall have mutually agreed to enter into written employment agreements in a form reasonably acceptable to each
party and to the compensation to the individuals, as well as establishing a pool of shares issuable under equity compensation awards
that may be granted at the direction of an authorized officer designated hereunder by Seller, in each case as more particularly set forth
in Section 6.01(c) of the Disclosure Schedules.

 

(d)
Each of Buyer, Seller, and the Agora Shareholders shall have obtained the requisite approvals and authorizations to perform their respective
obligations under this Agreement, and have duly executed and delivered this Agreement to the other parties.

 

(e)
The Company shall have withdrawn the Agora Registration Statement.

 

    	29

    	 

    

 

(f)
Buyer shall have received firm commitments of at least $10,000,000 in gross capital proceeds for a capital raising transaction to be
consummated by Buyer following the execution of this Agreement which shall constitute a condition to close this Agreement. The calculation
of gross proceeds shall not include capital received from any existing investors in Buyer. The terms of such capital raising transaction
must be acceptable to Buyer in its reasonable discretion.

 

(g)
No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of
such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

Section
6.02 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement shall
be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
The representations and warranties of Seller contained in ARTICLE III shall be true and correct in all respects as of the Closing Date
with the same effect as though made at and as of such date (except those representations and warranties that address matters only as
of a specified date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations
and warranties to be true and correct would not have a Material Adverse Effect.

 

(b)
Seller shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement to be performed or complied with by it prior to or on the Closing Date.

 

(c)
Buyer shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions
set forth in Section 6.02(a) and Section 6.02(b) have been satisfied.

 

(d)
Buyer shall have received a certificate of the Secretary (or equivalent officer) of Seller certifying that attached thereto are true
and complete copies of all resolutions adopted by the board of directors of Seller authorizing the execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect
and are all the resolutions adopted in connection with the transactions contemplated hereby.

 

(e)
The Seller Parties shall have delivered, or caused to be delivered, to Buyer stock certificates or a stock ledger in book entry form
evidencing that the Shares have been transferred to Buyer effective upon the Closing.

 

(f)
Seller shall have exchanged the Company Note for Series C preferred stock of Buyer, based on the purchase price allocation in Section
2.02, effective upon the Closing.

 

    	30

    	 

    

 

(g)
The Company shall have an aggregate balance of at least $1,000,000 in its bank accounts at Closing.

 

Section
6.03 Conditions to Obligations of Seller Parties. The obligations of the Seller Parties to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment or the Seller Parties’ waiver, at or prior to the Closing, of each of the
following conditions:

 

(a)
The representations and warranties of Buyer contained in ARTICLE IV shall be true and correct in all respects as of the Closing Date
with the same effect as though made at and as of such date (except those representations and warranties that address matters only as
of a specified date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations
and warranties to be true and correct would not have a material adverse effect on Buyer’s ability to consummate the transactions
contemplated hereby.

 

(b)
Buyer shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement to be performed or complied with by it prior to or on the Closing Date.

 

(c)
Seller shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions
set forth in Section 6.03(a) and Section 6.03(b) have been satisfied.

 

(d)
Seller shall have received a certificate of the Secretary (or equivalent officer) of Buyer certifying that attached thereto are true
and complete copies of all resolutions adopted by the board of directors of Buyer authorizing the execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect
and are all the resolutions adopted in connection with the transactions contemplated hereby.

 

(e)
Buyer shall have delivered, or caused to be delivered, to the Seller Parties stock certificates or a stock ledger in book entry form
evidencing that the Buyer Shares have been transferred to the Seller Parties in the amounts set forth opposite each such Seller Party’s
name on Section 2.01(a) of the Disclosure Schedules effective upon the Closing.

 

Section
6.04 Waiver of Closing Conditions. Any waiver of the closing conditions set forth in this Article VI by the Seller Parties may be
accomplished by the approval of Seller Parties constituting the holders of a majority of the Shares.

 

    	31

    	 

    

 

ARTICLE
VII

Indemnification

 

Section
7.01 Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein
shall survive the Closing and shall remain in full force and effect until the date that is 1 year from the Closing Date. None of the
covenants or other agreements contained in this Agreement shall survive the Closing Date other than those which by their terms contemplate
performance after the Closing Date, and each such surviving covenant and agreement shall survive the Closing for the period contemplated
by its terms. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such
time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival
period shall not thereafter be barred by the expiration of such survival period and such claims shall survive until finally resolved.

 

Section
7.02 Indemnification By Seller. Subject to the other terms and conditions of this ARTICLE VII, Seller shall indemnify Buyer against,
and shall hold Buyer harmless from and against, any and all Losses incurred or sustained by, or imposed upon, Buyer based upon, arising
out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement; or

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement.

 

Section
7.03 Indemnification By Buyer. Subject to the other terms and conditions of this ARTICLE VII, Buyer shall indemnify the Seller Parties
against, and shall hold the Seller Parties harmless from and against, any and all Losses incurred or sustained by, or imposed upon, the
Seller Parties based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement; or

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement.

 

Section
7.04 Certain Limitations. The party making a claim under this ARTICLE VII is referred to as the “Indemnified Party”,
and the party against whom such claims are asserted under this ARTICLE VII is referred to as the “Indemnifying Party”.
The indemnification provided for in Section 7.02 and Section 7.03 shall be subject to the following limitations:

 

(a)
The Indemnifying Party shall not be liable to the Indemnified Party for indemnification under Section 7.02(a) or Section 7.03(a), as
the case may be, until the aggregate amount of all Losses in respect of indemnification under Section 7.02(a) or Section 7.03(a) exceeds
$500,000 (the “Deductible”), in which event the Indemnifying Party shall only be required to pay or be liable for
Losses in excess of the Deductible. With respect to any claim as to which the Indemnified Party may be entitled to indemnification under
Section 7.02(a) or Section 7.03(a), as the case may be, the Indemnifying Party shall not be liable for any individual or series of related
Losses which do not exceed $5,000,000 (which Losses shall not be counted toward the Deductible).

 

    	32

    	 

    

 

(b)
The aggregate amount of all Losses for which an Indemnifying Party shall be liable pursuant to Section 7.02(a) or Section 7.03(a) as
the case may be, shall not exceed $5,000,000 (“Cap”). Notwithstanding the foregoing, the Deductible and the Cap shall
not apply to any breach of the following representations and warranties by the Seller Parties: (1) Section 3.01 (Organization and Authority
of Seller); (2) Section 3.02 (Organization, Authority and Qualification of the Company); (3) Section 3.03 (Capitalization); (4) Section
3.05 (No Conflicts, Consents); (5) Section 3.07 (Undisclosed Liabilities); (6) Section 3.19 (Brokers), and (7) Section 3.21 (Certain
Seller Party Representations and Warranties); and the Deductible and the Cap shall not apply to any breach of the following representations
and warranties by Buyer: (1) Section 4.01 (Organization and Authority of Buyer); Section 4.02 (No Conflicts; Consents); (3) Section 4.05
(Authority for Buyer Shares; Capitalization); (4) Section 4.04 (Brokers); and (5) Section 4.11 (Undisclosed Liabilities).

 

(c)
Payments by an Indemnifying Party pursuant to Section 7.02 or Section 7.03 in respect of any Loss shall be limited to the amount of any
liability or damage that remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment
received or reasonably expected to be received by the Indemnified Party (or the Company) in respect of any such claim. The Indemnified
Party shall use its commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements
for any Losses prior to seeking indemnification under this Agreement.

 

(d)
Payments by an Indemnifying Party pursuant to Section 7.02 or Section 7.03 in respect of any Loss shall be reduced by an amount equal
to any Tax benefit realized or reasonably expected to be realized as a result of such Loss by the Indemnified Party.

 

(e)
In no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive, incidental, consequential, special or indirect
damages, including loss of future revenue or income, loss of business reputation or opportunity relating to the breach or alleged breach
of this Agreement, or diminution of value or any damages based on any type of multiple.

 

(f)
Each Indemnified Party shall take, and cause its Affiliates to take, all reasonable steps to mitigate any Loss upon becoming aware of
any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum
extent necessary to remedy the breach that gives rise to such Loss.

 

(g)
Seller shall not be liable under this ARTICLE VII for any Losses based upon or arising out of any inaccuracy in or breach of any of the
representations or warranties of Seller contained in this Agreement if Buyer had knowledge of such inaccuracy or breach prior to the
Closing.

 

    	33

    	 

    

 

Section
7.05 Indemnification Procedures.

 

(a)
If any Indemnified Party receives notice of the assertion or commencement of any action, suit, claim or other legal proceeding made or
brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing
(a “Third-Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to
provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party prompt written notice thereof.
The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations,
except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third-Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The
Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense
of any Third-Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified
Party shall cooperate in good faith in such defense. In the event that the Indemnifying Party assumes the defense of any Third-Party
Claim, subject to Section 7.05(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal
or make counterclaims pertaining to any such Third-Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party
shall have the right, at its own cost and expense, to participate in the defense of any Third-Party Claim with counsel selected by it
subject to the Indemnifying Party’s right to control the defense thereof. If the Indemnifying Party elects not to compromise or
defend such Third-Party Claim or fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this
Agreement, the Indemnified Party may, subject to Section 7.05(b), pay, compromise, defend such Third-Party Claim and seek indemnification
for any and all Losses based upon, arising from or relating to such Third-Party Claim. Seller and Buyer shall cooperate with each other
in all reasonable respects in connection with the defense of any Third-Party Claim, including making available (subject to the provisions
of Section 5.06) records relating to such Third-Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket
expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation
of the defense of such Third-Party Claim.

 

(b)
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement of any Third-Party Claim
without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed),
except as provided in this Section 7.05(b). If a firm offer is made to settle a Third-Party Claim without leading to liability or the
creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional
release of each Indemnified Party from all liabilities and obligations in connection with such Third-Party Claim and the Indemnifying
Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party.
If the Indemnified Party fails to consent to such firm offer within 30 days after its receipt of such notice, the Indemnified Party may
continue to contest or defend such Third-Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third-Party
Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails
to assume defense of such Third-Party Claim, the Indemnifying Party may settle the Third-Party Claim upon the terms set forth in such
firm offer to settle such Third-Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 7.05(a), it shall not
agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned
or delayed).

 

    	34

    	 

    

 

(c)
Any claim by an Indemnified Party on account of a Loss which does not result from a Third-Party Claim (a “Direct Claim”)
shall be asserted by the Indemnified Party giving the Indemnifying Party prompt written notice thereof. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that
the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the
Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount,
if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have
30 days after its receipt of such notice to respond in writing to such Direct Claim. During such 30-day period, the Indemnified Party
shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the
Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist
the Indemnifying Party’s investigation by giving such information and assistance (including access to the Company’s premises
and personnel and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional
advisors may reasonably request. If the Indemnifying Party does not so respond within such 30-day period, the Indemnifying Party shall
be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available
to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

(d)
For any indemnification payments that are payable by Seller under this Article VII, such indemnifications payments may at Seller’s
option be paid by issuing additional shares of the Company’s common stock to Seller in an amount equal to the required indemnification
payment. The value of each share of the Company’s common stock issued for such payment shall be determined by dividing $2.00 by
the Ecoark Held Shares. For any indemnification payments that are payable by Buyer under this Article VII, such indemnifications payments
may, in whole or in part, be paid by surrendering an additional number of Buyer Shares to the applicable Seller Party(ies) in an amount
equal to Buyer’s required indemnification payment, distributed pro rata among such Seller Party(ies). The value of each such additional
Buyer Share surrendered for such payment shall be determined in the above paragraph, and the value of each such Buyer Share surrendered
for such payment shall be determined based on the stated value per Buyer Share.

 

Section
7.06 Exclusive Remedies. Subject to Section 9.12, the parties acknowledge and agree that their sole and exclusive remedy with respect
to any and all claims (other than claims arising from Fraud on the part of a party hereto in connection with the transactions contemplated
by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating
to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this ARTICLE VII. In furtherance
of the foregoing, except with respect to Section 9.12, each party hereby waives, to the fullest extent permitted under Law, any and all
rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein
or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each
of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth
in this Article VII. Nothing in this Section 7.07 shall limit any Person’s right to seek and obtain any equitable relief to which
any Person shall be entitled pursuant to Section 9.12 or to seek any remedy on account of Fraud by any party hereto.

 

    	35

    	 

    

 

ARTICLE
VIII

Termination

 

Section
8.01 Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)
by the mutual written consent of Seller and Buyer;

 

(b)
by Buyer by written notice to Seller if:

 

(i)
Buyer is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Seller pursuant to this Agreement that would give rise to the
failure of any of the conditions specified in ARTICLE VI and such breach, inaccuracy or failure cannot be cured by Seller by September
30, 2022 (the “Drop Dead Date”); or

 

(ii)
any of the conditions set forth in Section 6.01 or Section 6.02 shall not have been fulfilled by the Drop Dead Date, unless such failure
shall be due to the failure of Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed
or complied with by it prior to the Closing;

 

(c)
by Seller by written notice to Buyer if:

 

(i)
Seller is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure
of any of the conditions specified in ARTICLE VI and such breach, inaccuracy or failure cannot be cured by Buyer by the Drop Dead Date;
or

 

(ii)
any of the conditions set forth in Section 6.01 or Section 6.03 shall not have been fulfilled by the Drop Dead Date, unless such failure
shall be due to the failure of Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed
or complied with by it prior to the Closing; or

 

    	36

    	 

    

 

(d)
by Buyer or Seller in the event that:

 

(i)
there shall be any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited; or

 

(ii)
any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated by this Agreement,
and such Governmental Order shall have become final and non-appealable.

 

Section
8.02 Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement shall
forthwith become void and there shall be no liability on the part of any party hereto except:

 

(a)
as set forth in this ARTICLE VIII and Section 5.06 and ARTICLE IX hereof; and

 

(b)
that nothing herein shall relieve any party hereto from liability for any intentional breach of any provision hereof.

 

ARTICLE
IX

Miscellaneous

 

Section
9.01 Expenses. Except as otherwise expressly provided herein (including Section 5.10 hereof), all costs and expenses, including,
without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall
have occurred; provided, however, that Buyer shall be responsible for all filing and other similar fees payable in connection
with any filings or submissions under applicable Laws.

 

Section
9.02 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
normal business hours of the recipient; or (d) on the 10th day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 9.02):

 

    	37

    	 

    

 

If
to Seller or the Company:

 

	 	303
    Pearl Parkway Suite 200
	 	San
    Antonio, TX 78215
	 	Email:
    jpuchir@ecoarkusa.com
	 	Attention:
    Jay Puchir, Ecoark CFO

 

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

 

	 	Nason,
    Yeager, Gerson, Harris & Fumero, P.A.
	 	3001
    PGA Boulevard, Suite 305
	 	Palm
    Beach Gardens, Florida 33410
	 	E-mail:
    mharris@nasonyeager.com
	 	Attention:
    Michael D. Harris, Esq.

 

If
to Buyer:

 

	 	HUMBL,
    Inc.
	 	600
    B Street
	 	San
    Diego, CA 92101
	 	Email:
    brian@humblpay.com
	 	Attention:
    Brian Foote, Chairman and CEO

 

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

 

	 	Hansen
    Black Anderson Ashcraft PLLC
	 	3051
    W. Maple Loop Dr., Suite 325
	 	Lehi,
    UT 84043
	 	binnes@hbaa.law
	 	Attention:
    Brian Innes

 

If
to any Agora Shareholder: to the address for notice set forth on the signature page hereto.

 

Section
9.03 Interpretation. For purposes of this Agreement: (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c)
the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to
this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules
and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement,
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time
to the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be
drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim herein.

 

    	38

    	 

    

 

Section
9.04 Disclosure Schedules. All section headings in the Disclosure Schedules correspond to the sections of this Agreement, but information
provided in any section of the Disclosure Schedules shall constitute disclosure for purposes of each section of this Agreement where
such information is relevant. Unless the context otherwise requires, all capitalized terms used in the Disclosure Schedules shall have
the respective meanings assigned to such terms in this Agreement. Certain information set forth in the Disclosure Schedules is included
solely for informational purposes, and may not be required to be disclosed pursuant to this Agreement. No reference to or disclosure
of any item or other matter in the Disclosure Schedules shall be construed as an admission or indication that such item or other matter
is required to be referred to or disclosed in the Disclosure Schedules. No disclosure in the Disclosure Schedules relating to any possible
breach or violation of any agreement or Law shall be construed as an admission or indication that any such breach or violation exists
or has actually occurred. The inclusion of any information in the Disclosure Schedules shall not be deemed to be an admission or acknowledgment
by Seller that in and of itself, such information is material to or outside the ordinary course of the business or is required to be
disclosed on the Disclosure Schedules. No disclosure in the Disclosure Schedules shall be deemed to create any rights in any third party.

 

Section
9.05 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
9.06 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section
9.07 Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to
the subject matter contained herein, and supersede all prior and contemporaneous representations, warranties, understandings and agreements,
both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this
Agreement, the Exhibits and Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the
statements in the body of this Agreement will control.

 

Section
9.08 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent
of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. No assignment shall relieve the assigning
party of any of its obligations hereunder.

 

    	39

    	 

    

 

Section
9.09 No Third-Party Beneficiaries. Except as provided in Section 5.05 and ARTICLE VII, this Agreement is for the sole benefit of
the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall
confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.

 

Section
9.10 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by Buyer, the Company and Seller Parties constituting the holders of a majority of the Shares. No waiver by any party of any of
the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any
party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

Section
9.11 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof.
Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners,
members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in Clark County, Nevada. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Clark County, Nevada for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the provisions of this Agreement), and hereby irrevocably waives, and agrees not to assert in any action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions
of this Agreements, then, in addition to the obligations of the parties elsewhere in this Agreement, the prevailing party in such action
or proceeding shall be reimbursed by the non-prevailing party(ies) for its reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

Section
9.12 Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy to which they are entitled at law or in equity.

 

Section
9.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[signature
page follows]

 

    	40

    	 

    

 

	 
	 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	Seller:	 	 	 
	 	 	 	 
	Ecoark
    Holdings, Inc.	 	 
	 	 	 
	By	 	 	 
	Name:
    	Randy
    May 	 	 
	Title:
    	Executive
    Chairman	 	 
	Shares:	 	 	 
	 	 	 	 
	Company:	 	 
	 	 	 	 
	Agora
    Digital Holdings, Inc. 	 	 
	 	 	 	 
	By	 	 	 
	Name:
    	Randy
    May	 	 
	Title:
    	Executive
    Chairman	 	 
	 	 	 	 
	Buyer:	 	 
	 	 	 	 
	HUMBL,
    Inc. 	 	 
	 	 	 	 
	By	 	 	 
	Name:
    	Brian
    Foote	 	 
	Title:
    	CEO
    	 	 

 

    	41

    	 

    

 

	Agora
    Shareholders:	 	 	 
	 	 	 		 
	By:
	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	
    By:	 	 	
    By:	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 

 

[Signature
Page to Securities Exchange Agreement, continued]

 

    	42

    	 

    

 

Exhibit
A

 

Certificate
of Designation of Buyer Shares

 

[Attached]

 

    	43

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]