Document:

Exhibit 4.2

 

Form
of Representative’s Warrant Agreement

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE COMMENCEMENT DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) PRIME NUMBER CAPITAL, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
OR PARTNER OF PRIME NUMBER CAPITAL, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO
[  ] [DATE THAT IS SIX MONTHS FROM THE COMMENCEMENT DATE OF THE OFFERING]. VOID AFTER 5:00 P.M., EASTERN TIME, [  ]
[DATE THAT IS FIVE YEARS FROM THE COMMENCEMENT OF SALES OF THE OFFERING].

 

Class
A Ordinary Shares PURCHASE WARRANT

 

For
the Purchase of [●] Class A Ordinary Shares of

Erayak
Power Solution Group Inc.

 

1. Purchase Warrant. THIS CERTIFIES
THAT, in consideration of funds duly paid by or on behalf of Prime Number Capital, LLC (“Holder”), as registered owner
of this Purchase Warrant of Erayak Power Solution Group Inc., a Cayman Islands exempted company (the “Company”), Holder
is entitled, at any time or from time to time from [  ] [DATE THAT IS SIX MONTHS FROM THE COMMENCEMENT OF SALES OF THE OFFERING]
(the “Commencement Date”), and at or before 5:00 p.m., Eastern time, [●] [DATE THAT IS FIVE YEARS FROM THE
COMMENCEMENT OF SALES OF THE OFFERING] (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [●] Class A ordinary shares of the Company, par value $0.0001 per share (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by
law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms
herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase
Warrant. This Purchase Warrant is initially exercisable at $[●] per Share [WHICH
IS EQUAL TO 120% OF THE PER SHARE PRICE OF THE SHARES SOLD IN THE OFFERING]; provided, however, that
upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise
price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

2. Exercise.

 

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

  

     

     

    

 

2.2 Cashless
Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to
Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof
being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event
the Company shall issue to Holder, Shares in accordance with the following formula:

 

X    
=     Y(A-B)

     A

 

Where,

 

X
= The number of Shares to be issued to Holder;

Y
= The number of Shares for which the Purchase Warrant is being exercised;

A
= The fair market value of one Share; and

B
= The Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

	 	(i)	if
    the Company’s Class A Ordinary Shares are traded on a national securities exchange, the value shall be deemed to be the closing
    price on such exchange for the five (5) consecutive trading days ending on the day immediately prior to the exercise form being submitted
    in connection with the exercise of the Purchase Warrant; or

 

	 	(ii)	if
the Company’s Class A Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the weighted average
price of the Ordinary Shares for the five (5) consecutive trading days ending on the trading day immediately prior to the exercise form
being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, or the value shall be the
fair market value thereof, as determined in good faith by the Company’s Board of Directors.
	 	 	 
	 	(iii)	if
    there is no market for the Ordinary Shares, the value shall be the fair market value thereof, as determined in good faith by the
    Company’s Board of Directors.

 

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

 

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

 

3. Transfer.

 

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

 

    2

     

    

 

3.2 Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred
unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to
an exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Ortoli Rosenstadt LLP shall be deemed satisfactory
evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement
on Form F-1 (File No. 333-262292) of the Company (the “Registration Statement”) relating to the offer and sale of such
securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

4 Registration
Rights.

 

4.1 Demand
Registration.

 

4.1.1 Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holders of at least 51% of the Purchase
Warrants and/or the underlying Shares, agrees to register, on one (1) occasion, all or any portion of the Shares underlying the Purchase
Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration statement
with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable
best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however,
that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect
to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected
to participate in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten
primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until
thirty (30) days after such offering is consummated. The Company covenants and agrees to give written notice of its receipt of any Demand
Notice by any Holders to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days
after the date of the receipt of any such Demand Notice.

 

4.1.2 Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing
required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are reasonably requested
by the Holders; provided, however, that in no event shall the Company be required to register the Registrable
Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in
such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be obligated to
escrow their shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand
right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the
Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities.
The Holders shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will
immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer
be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be entitled
to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate on the
fifth anniversary of the Commencement Date in accordance with FINRA Rule 5110(g)(8)(C).

  

    3

     

    

 

4.2 “Piggy-Back”
Registration.

  

4.2.1 Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for
a period of no more than seven (7) years from the Commencement Date in accordance with FINRA Rule 5110(g)(8)(D), to include the
Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a
transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or Form S-4 or any equivalent
form); provided, however, that if, solely in connection with any primary underwritten public offering for
the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the
number of Class A Ordinary Shares which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall
be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which
the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall
be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable
Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of
such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days’ written notice prior to the proposed
date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement
filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the
receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided, however,
that such registration rights shall terminate on the fifth anniversary of the Commencement Date.

 

4.3 General
Terms.

 

4.3.1 Indemnification.
The Company shall indemnify the Holders of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 7(a) of the Underwriting Agreement between the Underwriters and the Company, dated as of [●],
2022. The Holders of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf
of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent
and with the same effect as the provisions contained in Section 7(b) of the Underwriting Agreement pursuant to which the Underwriters
have agreed to indemnify the Company.

 

4.3.2 Exercise
of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holders to exercise their Purchase
Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

    4

     

    

 

4.3.3 Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a
report on the Company’s financial statements included in such registration statement, in each case covering substantially the same
matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to
the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder
and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

4.3.4 Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in
agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants
of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall
not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares and their intended methods of distribution.

 

4.3.5 Documents
to be Delivered by Holders. Each of the Holders participating in any of the foregoing offerings shall furnish to the Company a completed
and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6 Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holders shall, in addition to any other legal or other relief available to the Holders,
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or
other security.

 

4.4 Termination
of Registration Rights. The registration rights afforded to the Holders under this Section 4 shall terminate on the earliest date
when all Registrable Securities of such Holder either: (i) have been publicly sold by such Holder pursuant to a registration statement,
(ii) have been covered by an effective registration statement which may be kept effective as an evergreen registration statement, or
(iii) may be sold by the Holder within a 90 day period without registration pursuant to Rule 144 or consistent with applicable interpretive
guidance of the Commission (including CD&I no. 201.04 (April 2, 2007) or similar interpretive guidance).

 

5. New
Purchase Warrants to be Issued.

 

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

 

    5

     

    

 

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

 

6. Adjustments.

 

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

 

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

 

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

 

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

 

6.1.4 Changes
in Form of Purchase Warrant. Except as may otherwise be required under Section 6.2 hereof, this form of Purchase Warrant need not
be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same Exercise
Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance
by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights
to an adjustment occurring after the Commencement Date or the computation thereof.

 

    6

     

    

 

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

 

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

 

7. Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance
upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor,
in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully
paid and non- assessable and not subject to preemptive rights of any stockholder. As long as the Purchase Warrants shall be outstanding,
the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed
(subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Market or any successor
trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

8. Certain
Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive
notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15)
days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the
case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders
of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

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

 

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

 

    7

     

    

 

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

 

If
to the Holder:

 

Prime
Number

14
Myrtle Drive

Great
Neck, NY 11021

Attn:
Xiaoyan Jiang

Email:
xj@pncps.com

 

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

 

Robinson
& Cole LLP

1055
Washington Boulevard

Stamford,
CT 06901

Attn:
Mitchell L. Lampert

Email:
mlampert@rc.com

Fax
No.: (203) 462-7599

 

If
to the Company:

 

Erayak
Power Solution Group Inc.

No.
528, 4th Avenue

Binhai
Industrial Park

Wenzhou,
Zhejiang Province, China 325025

Attn:
Lingyi Kong, Chief Executive Officer 

Email:
corykong@erayaktech.com

 

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

 

Ortoli
Rosenstadt LLP

366
Madison Avenue, 3rd Floor

New
York, NY 10017

Attn:
William S. Rosenstadt

Jason
Ye

Email:
wsr@orllp.legal

jye@orllp.legal

Fax
No.: (212) 826-9307

 

9. Miscellaneous.

 

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

 

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

 

9.3 Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

  

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

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

  

9.10       Restrictions.
The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

9.10       Severability.
Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Purchase Warrant.

 

[Signature
Page Follows]

 

    9

     

    

 

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

 

	Erayak
Power Solution Group Inc.
	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

  

    10

     

    

 

Exhibit
A

 

EXERCISE
FORM

 

Date:                ,
20      

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for __________ Class A Ordinary Shares, par value $0.0001 per
share (the “Shares”), of Erayak Power Solution Group Inc., a Cayman Islands exempted company (the “Company”),
and hereby makes payment of $___________ (at the rate of $______ per Share) in payment of the Exercise Price pursuant thereto. Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

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

  

X
= Y(A-B)

      A

  

Where,

 

X
= The number of Shares to be issued to Holder;

Y
= The number of Shares for which the Purchase Warrant is being exercised;

A
= The fair market value of one Share which is equal to $_______; and

B
= The Exercise Price which is equal to $_______ per share

 

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

 

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

 

Signature______________________________

Name:

Title:

 

Signature
Guaranteed _____________________

 

	INSTRUCTIONS
    FOR REGISTRATION OF SECURITIES
	 	 
	Name:	 	 
	(Print
    in Block Letters)	 
	 	 
	Address:	 	 
	 	 

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

 

[Form
to be used to exercise Purchase Warrant]

 

    11

     

    

 

Exhibit
B 

 

ASSIGNMENT
FORM

 

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

 

FOR
VALUE RECEIVED, _______________ does hereby sell, assign and transfer unto the right to purchase Class A Ordinary Shares, par value $0.0001
per share, of Erayak Power Solution Group Inc., a Cayman Islands exempted company (the “Company”), evidenced by the
Purchase Warrant enclosed herewith and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:_________,
20__

 

Signature___________________________________

 

Signature
Guaranteed__________________________

 

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

 

 

[Form
to be used to assign Purchase Warrant]

 

 

12Exhibit 10.13

 

ESCROW AGREEMENT

 

This Escrow Agreement dated this [●] day
of [●], 2022 (the “Escrow Agreement”), is entered into by and among Erayak Power Solution Group Inc.,
a Cayman Islands exempted company (the “Company” or “Erayak”), having an address at No. 528, 4th
Avenue, Binhai Industrial Park, Wenzhou, Zhejiang Province, China 325025, Prime Number Capital LLC, having an address at 14 Myrtle
Drive, Great Neck, New York 11021, as the representative of the Underwriters (as defined hereafter) (the “Representative”,
and together with the Company, each a “Party” and collectively, the “Parties”), and Wilmington
Trust, National Association, as escrow agent (“Escrow Agent”). Capitalized terms used herein without definition shall
have the meanings assigned to them in the Underwriting Agreement (as defined hereafter).

 

RECITALS

 

WHEREAS, the Company proposes to sell an
aggregate of 3,000,000 Class A ordinary shares (the “Firm Shares”), par value $0.0001 per share (“Ordinary
Shares”) in a public offering (the “Offering”) pursuant to that certain underwriting agreement dated as of
[●], 2022 (the “Underwriting Agreement”) by and between the Company and the Representative as the representative
of several underwriters named therein (the “Underwriters”). The Company has also granted to the Underwriters an option
to purchase up to 450,000 additional Ordinary Shares (the “Additional Shares”); and

 

WHEREAS, upon the closing of the Offering,
the Company has agreed to deposit an aggregate amount of Five Hundred Thousand Dollars ($500,000) from the proceeds of the Offering to
be received by the Company with the Escrow Agent in an escrow account, to be held, uninvested and disbursed by the Escrow Agent pursuant
to the terms and conditions of the Escrow Agreement.

 

NOW, THEREFORE, in consideration of the
premises, and further consideration of the covenants set forth hereafter, it is hereby agreed mutually as follows:

 

     

     

    

 

ARTICLE 1

ESCROW DEPOSIT

 

1.1. Receipt of Escrow Property.

 

(a) Upon the execution of
this Escrow Agreement by each of the parties hereto and upon the Closing of the Offering, the Company shall cause to be deposited $500,000
into a United States Dollar denominated account (the “Escrow Account”) established by the Escrow Agent. The Escrow
Account is set forth below:

 

Manufacturers & Traders Trust Co.

ABA# 031100092

A/C# [●]

A/C Name: Erayak International Escrow

Attn: Ellen Jean-Baptiste

 

(b) The Escrow Agent will
hold the deposit in the Escrow Account, together with all investments thereof and all interest accumulated thereon and proceeds therefrom
(the “Escrow Property”), in escrow upon the terms and conditions set forth in this Escrow Agreement and shall not disburse
funds from the Escrow Account except as provided herein.

 

1.2. Investments.

The Escrow Agent shall hold the Escrow Property
un-invested, without interest thereon. In the event that market conditions are such that negative interest applies to amounts deposited
with the Escrow Agent, the Company shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct
from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections
afforded to the Escrow Agent under Section 3.1 of this Agreement shall cover any interest-related expenses (including, but not limited
to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.

 

1.3. Disbursements.

 

(a) The Escrowed Property
shall be held by the Escrow Agent for the purpose of satisfying the initial $500,000 of the indemnification obligations of the Company,
with respect to the Escrow Property, pursuant to Section 3(o) of the Underwriting Agreement, for a period of 24 months from the closing
of the Offering. Disbursement of such Escrowed Property upon a claim of indemnity pursuant to the terms of the Underwriting Agreement
shall be determined by an independent third-party intermediary (who shall have the requisite experience in determining indemnification
claims) to be chosen by mutual written consent of the Company and the Representative. If the Company and the Representative are unable
to agree on such intermediary within 30 days upon a written claim for indemnity by the Representative, such intermediary shall be a single
arbitrator (with the requisite experience in determining indemnification claims) selected by the American Arbitration Association’s
New York office.

 

    2

     

    

 

(b) In the event that any
litigation or proceeding arising out of any matter in connection with the Offering and the Representative acting in its capacity as the
representative of the Underwriters (which matter would be covered by the Company’s indemnification obligations under the Underwriting
Agreement) within 24 months following the Closing Date and in which the Company, the Representative, or the Escrow Property becomes the
subject of such litigation or proceeding, the Representative and the Company hereby authorize the Escrow Agent, at the Representative’s
sole instruction upon Representative’s written notice to the Escrow Agent, if not otherwise so required, to release and deposit
the Escrow Property with the clerk of the court in which the litigation is pending, and thereupon the Escrow Agent shall be relieved and
discharged of any further responsibility hereunder and this Agreement shall terminate pursuant to the terms hereof. The Company and the
Representative further hereby authorize the Escrow Agent, if it receives conflicting claims to any of the Escrow Property, is threatened
with litigation in its capacity as escrow agent under this Escrow Agreement, or if the Escrow Agent determines it is necessary to do so
for any other reason relating to this Escrow Agreement or the Offering, to interplead all interested parties in any court of competent
jurisdiction and to deposit the Escrow Property with the clerk of that court and thereupon the Escrow Agent shall be relieved and discharged
of any further responsibility hereunder and this Agreement shall terminate pursuant to the terms hereof.

 

(c) In all instances, if either
(i) no claim for indemnity is made by the Representative during the 24-month period from the closing of the Offering or (ii) it is finally
determined that the Representative is not entitled to any disbursement (or any further disbursement, as the case may be) of Escrow Property
by the conclusion of the 24-month period from the closing of the Offering, the Escrow Agent, upon receipt of a Written Direction, shall
disburse to the Company the full balance of the Escrow Property then held by wire transfer of immediately available funds to an account
designated by the Company.

 

(d) In the event that Escrow
Agent makes any payment to any other party pursuant to this Escrow Agreement and for any reason such payment (or any portion thereof)
is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy or insolvency law, other federal or
state law, common law or equitable doctrine, then the recipient shall repay to the Escrow Agent upon written request the amount so paid
to it.

 

(e) The Escrow Agent shall,
in its sole discretion, comply with judgments or orders issued or process entered by any court with respect to the Escrow Property, including
without limitation any attachment, levy or garnishment, without any obligation to determine such court’s jurisdiction in the matter
and in accordance with its normal business practices. If the Escrow Agent complies with any such judgment, order or process, then Escrow
Agent shall not be liable to either Party or any other person by reason of such compliance, regardless of the final disposition of any
such judgment, order or process.

 

    3

     

    

 

(f) Each Party understands
and agrees that the Escrow Agent shall have no obligation or duty to act upon a Written Direction, in the form attached hereto as Exhibit
A, delivered to the Escrow Agent for the disbursement of Escrow Property under this Escrow Agreement if such Written Direction is
not (i) in writing, (ii) signed by, in the case of Company, any individual designated by Company on Exhibit B-1 hereto or, in the
case of Representative, any individual designated by Representative on Exhibit B-2 hereto (in each case, each such individual an
“Authorized Representative” of such Party), and (iii) delivered to, and able to be authenticated by, the Escrow Agent
in accordance with Section 1.4.

 

(g) Upon request, the Escrow
Agent will furnish monthly statements to each Party setting forth the activity in the Escrow Account.

 

(h) A party may specify in
a Written Direction whether the Escrow Property shall be disbursed by way of wire transfer or check. If the written notice for the disbursement
of funds does not so specify the disbursement means, the Escrow Agent may disburse the Escrow Property by any means chosen by the Escrow
Agent.

 

1.4. Written Direction and Other Instruction.

 

(a) With respect to any Written
Direction or any other notice, direction or other instruction required to be delivered by a Party to the Escrow Agent under this Escrow
Agreement, the Escrow Agent is authorized to follow and rely upon any and all such instructions given to it from time to time if the Escrow
Agent believes, in good faith, that such instruction is genuine and to have been signed by an Authorized Representative of such Party.
The Escrow Agent shall have no duty or obligation to verify that the person who sent such instruction is, in fact, a person duly authorized
to give instructions on behalf of a Party, other than to verify that the signature of the Authorized Representative on any such instruction
appears to be the signature of such person. Each Party acknowledges and agrees that it is fully informed of the protections and risks
associated with the various methods of transmitting instructions to the Escrow Agent, and that there may be more secure methods of transmitting
instructions other than the method selected by such Party. The Escrow Agent shall have no responsibility or liability for any loss which
may result from:

 

(i) any action taken
or not taken by the Escrow Agent in good faith reliance on any such signatures or instructions;

 

    4

     

    

 

(ii) as a result
of a Party’s reliance upon or use of any particular method of delivering instructions to the Escrow Agent, including the risk of
interception of such instruction and misuse by third parties; or

 

(iii) any officer
or Authorized Representative of a Party named in an incumbency certificate, Exhibit B-1 or Exhibit B-2 delivered hereunder
prior to actual receipt by the Escrow Agent of a more current incumbency certificate or an updated Exhibit B-1 or Exhibit B-2
and a reasonable time for the Escrow Agent to act upon such updated or more current certificate or Exhibit.

 

(b) Company may, at any time,
update Exhibit B-1 and Representative may, at any time, update Exhibit B-2 by signing and submitting to the Escrow Agent
an updated Exhibit. Any updated Exhibit shall not be effective unless the Escrow Agent countersigns a copy thereof. The Escrow Agent shall
be entitled to a reasonable time to act to implement any changes on an updated Exhibit.

 

1.5.
Income Tax Allocation and Reporting(a) Each Party agrees that, for tax reporting purposes, the Escrow Property shall be deemed
to be the property of the Company and all interest and other income from investment of the Escrow Property shall, as of the end of each
calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by such Party, whether or
not such income was disbursed during such calendar year. Notwithstanding anything to the contrary herein, the Escrow Agent shall have
no duty to prepare or file any Federal or state tax report or return with respect to the Escrow Property, except for the delivery and
filing of tax information reporting forms required to be delivered and filed with the Internal Revenue Service. With respect to the preparation,
delivery and filing of such required tax information reporting forms and all matters pertaining to the reporting of earnings on the Escrow
Property, the Escrow Agent shall be entitled to request and receive written instructions from the Company, and the Escrow Agent shall
be entitled to rely conclusively and without further inquiry on such written instructions. With respect to any other payments made under
this Escrow Agreement, the Escrow Agent shall not be deemed the payer and shall have no responsibility for performing tax reporting. The
Escrow Agent’s function of making such payments is solely ministerial and upon express direction of the Parties.

 

(b) Prior to the execution
of this Escrow Agreement, or within two days thereafter, each Party shall provide the Escrow Agent with certified tax identification numbers
by furnishing appropriate forms W-9 or W-8 and such other forms and documents that the Escrow Agent may request. Each Party understands
that if such tax reporting documentation is not provided and certified to the Escrow Agent, the Escrow Agent may be required by the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned
on the investment of the Escrow Property.(c)To the extent that the Escrow Agent becomes liable for the payment of any taxes in respect
of income derived from the investment of the Escrow Property, the Escrow Agent shall satisfy such liability to the extent possible from
the Escrow Property. The Parties, jointly and severally, hereby indemnify, defend and hold the Escrow Agent harmless from and against
any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to
the Escrow Property and the investment thereof unless such tax, late payment, interest, penalty or other expense was finally adjudicated
to have been directly caused by the gross negligence or willful misconduct of the Escrow Agent. The indemnification provided by this Section
1.5(c) is in addition to the indemnification provided
in Section 3.1 and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement.

 

    5

     

    

 

1.6. Delivery and Authentication of Written
Direction.

 

(a) A Written Direction must
be delivered to the Escrow Agent by one of the delivery methods set forth in Section 4.3.

 

(b) Each Party and the Escrow
Agent hereby agree that the following security procedures will be used to verify the authenticity of a Written Direction delivered by
any Party to the Escrow Agent under this Escrow Agreement:

 

(i) The Written Direction
must include the name and signature of the person delivering the disbursement request to the Escrow Agent. The Escrow Agent will check
that the name and signature of the person identified on the Written Direction appears to be the same as the name and signature of an Authorized
Representative of such Party;

 

(ii) The Escrow Agent
will make a telephone call to an Authorized Representative of the Party purporting to deliver the Written Direction (which Authorized
Representative may be the same as the Authorized Representative who delivered the Written Direction) at any telephone number for such
Authorized Representative as set forth on Exhibit B-1 or Exhibit B-2, as applicable, to obtain oral confirmation of delivery
of the Written Direction. If the Written Direction is a joint written notice of the Parties, the Escrow Agent shall call back an Authorized
Representative of both of those Parties; and

 

    6

     

    

 

(iii) If the Written
Direction is sent by email to the Escrow Agent, the Escrow Agent also shall review such email address to verify that it appears to have
been sent from an email address for an Authorized Representative of such Party as set forth on Exhibit B-1 or Exhibit B-2,
as applicable, or from an email address for a person authorized under Exhibit B-1 or Exhibit B-2, as applicable, to email
a Written Direction to the Escrow Agent on behalf of the Authorized Representative.

 

(c) Each Party acknowledges
and agrees that given its particular circumstances, including the nature of its business, the size, type and frequency of its instructions,
transactions and files, internal procedures and systems, the alternative security procedures offered by the Escrow Agent and the security
procedures in general use by other customers and banks similarly situated, the security procedures set forth in this Section 1.4 are a
commercially reasonable method of verifying the authenticity of a payment order in a Written Direction.

 

(d) The Escrow Agent is authorized
to execute, and each Party expressly agrees to be bound by any payment order in a Written Direction issued in its name (and associated
funds transfer) (i) that is accepted by the Escrow Agent in accordance with the security procedures set forth in this Section 1.4, whether
or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party or for which such Party is otherwise bound
under the law of agency, whether or not the security procedures set forth in this Section 1.4 were followed, and to debit the Escrow Account
for the amount of the payment order. Notwithstanding anything else, the Escrow Agent shall be deemed to have acted in good faith and without
negligence, gross negligence or misconduct if the Escrow Agent is authorized to execute the payment order under this Section 1.4. Any
action taken by the Escrow Agent pursuant to this Section 1.4 prior to the Escrow Agent’s actual receipt and acknowledgement of
a notice of revocation, cancellation or amendment of a Written Direction shall not be affected by such notice of revocation, cancellation
or amendment of a Written Direction.

 

(e) The security procedures
set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to the Escrow Agent and are not designed
to, and do not, detect errors in the transmission or content of any payment order. The Escrow Agent is not responsible for detecting an
error in the payment order, regardless of whether either Party believes the error was apparent, and the Escrow Agent is not liable for
any losses arising from any failure to detect an error.

 

(f) When instructed to credit
or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the Escrow Agent, and
any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it identifies a party different
than the party named. Each Party agrees to be bound by the rules of any funds transfer network used in connection with any payment order
accepted by the Escrow Agent hereunder.

 

    7

     

    

 

(g) The Escrow Agent shall
not be obliged to make any payment requested under this Escrow Agreement if it is unable to validate the authenticity of the request by
the security procedures set forth in this Section 1.4. The Escrow Agent’s inability to confirm a payment order may result in a delay
or failure to act on that payment order. Notwithstanding anything else in this Escrow Agreement, the Escrow Agent shall not be required
to treat a payment order as having been received until the Escrow Agent has authenticated it pursuant to the security procedures in this
Section 1.4 and shall not be liable or responsible for any losses arising in relation to such delay or failure to act.

 

1.7. Termination. This Escrow Agreement
shall terminate on the earlier of (i) [●], 2024, or (ii) pursuant to the terms of Section 1.3(b); provided that if the Escrow Agreement
terminates by its terms on [●], 2024, at such time the Escrow Agent is authorized and directed to disburse the Escrow Property in
accordance with Section 1.2 (Disbursements). Upon termination pursuant to the terms hereof, this Escrow Agreement shall be of no further
force and effect, except that the provisions of Sections 1.5 (Tax Allocation and Reporting), 3.1(Indemnification), 3.2 (Limitation
of Liability), and 3.4 (Compensation) hereof shall survive termination.

 

ARTICLE 2

DUTIES OF THE ESCROW AGENT

 

2.

2.1. Scope of Responsibility. Notwithstanding
any provision to the contrary, the Escrow Agent is obligated only to perform the duties expressly and specifically set forth in this Escrow
Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to be a fiduciary
to either Party or any other person under this Escrow Agreement or otherwise. The Escrow Agent will not be responsible or liable for the
failure of either Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor chargeable
with, knowledge of the terms and conditions of any other agreement, instrument, or document other than this Escrow Agreement, whether
or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow Agent shall have no duty to know
or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. References in this
Escrow Agreement to any other agreement, instrument, or document are for the convenience of the Parties and the Escrow Agent has no duties
or obligations with respect thereto. The Escrow Agent acts hereunder as escrow agent only, and is not responsible or liable in any manner
whatsoever for the sufficiency, correctness, genuineness or validity of the subject matter of this Escrow Agreement or any part thereof.
The Escrow Agent shall have no responsibilities (except as expressly set forth herein) as to the validity, sufficiency, value, genuineness,
ownership or transferability of the Escrow Property, written instructions, or any other documents in connection therewith, and will not
be regarded as making nor be required to make, any representations thereto. This Escrow Agreement sets forth all matters pertinent to
the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred or implied from the terms of this
Escrow Agreement, any other agreement or otherwise.

 

    8

     

    

 

2.2. Rights of the Escrow Agent. No provision
of this Escrow Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability or
potential financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement. The Escrow Agent
shall not be obligated to take any legal action or to commence any proceedings in connection with this Escrow Agreement or any property
held hereunder or to appear in, prosecute or defend in any such legal action or proceedings. The Escrow Agent shall be protected in acting
upon any written instruction, notice, request, waiver, consent, certificate, receipt, authorization, power of attorney or other paper
or document which the Escrow Agent in good faith believes to be genuine and what it purports to be, including, but not limited to, items
directing investment or non-investment of funds, items requesting or authorizing release, disbursement or retainage of the subject matter
of this Escrow Agreement and items amending the terms of this Escrow Agreement.

 

2.3. Attorneys and Agents. The Escrow Agent
shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Escrow Agent in accordance with
the advice of counsel or other professionals retained or consulted by the Escrow Agent. The Escrow Agent shall be reimbursed as set forth
in Section 3.1 for reasonable and documented compensation (fees, expenses and other costs) paid and/or reimbursed to such counsel and/or
professionals. The Escrow Agent may perform any and all of its duties through its agents, representatives, attorneys, custodians, and/or
nominees and shall not be responsible for the acts or omissions of such agents, representatives, attorneys, custodians or nominees appointed
with due care.

 

2.4. Right Not Duty Undertaken. The permissive
rights of the Escrow Agent to do things enumerated in this Escrow Agreement shall not be construed as duties.

 

    9

     

    

 

ARTICLE 3

PROVISIONS CONCERNING THE ESCROW AGENT

3.

3.1. Indemnification.
The Parties, jointly and severally, hereby indemnify and defend the Escrow Agent and its directors, officers, employees and agents (collectively,
the “Indemnified Parties”), and hold the Indemnified Parties harmless from any and against all liabilities, losses,
actions, suits or proceedings at law or in equity, and any other expenses, fees or charges of any character or nature, (including, without
limitation, negative interest, reasonable and documented attorney’s fees and expenses and the costs of enforcement of this Escrow
Agreement or any provision thereof), which an Indemnified Party may incur or with which it may be threatened by reason of acting as or
on behalf of the Escrow Agent under this Escrow Agreement or arising out of the existence of the Escrow Account, except to the extent
the same shall be have been finally adjudicated to have been directly caused by the Escrow Agent’s gross negligence or willful misconduct.
The Escrow Agent shall have a first lien against the Escrow Account to secure the obligations of the parties hereunder. The
terms of this paragraph shall survive termination of this Escrow Agreement.

 

3.2. Limitation
of Liability. the escrow agent SHALL NOT be liable, directly or indirectly, for any (i) damages,
Losses or expenses arising out of OR IN CONNECTION WITH THIS ESCROW AGREEMENT, THE ESCROW ACCOUNT, THE ESCROW PROPERTY, OR the services
provided hereunder, other than damages, losses or expenses which have been finally adjudicated to have DIRECTLY resulted from the escrow
agent’s gross negligence or willful misconduct, (ii) special, Indirect or consequential damages or LOSSES OF ANY KIND WHATSOEVER
(INCLUDING WITHOUT LIMITATION LOST PROFITS), even if the escrow agent has been advised of the possibility of such LOSSES OR damages AND
REGARDLESS OF THE FORM OF ACTION, OR (III) ANY AMOUNT IN EXCESS OF THE VALUE OF THE ESCROW PROPERTY.

 

3.3. Resignation or Removal. The Escrow
Agent may, at any time, resign as escrow agent hereunder by furnishing written notice of its resignation to each Party. At the effectiveness
of such resignation, all fees and expenses to which the Escrow Agent is entitled shall be immediately due and payable to Escrow Agent.
The Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of
all fees and expenses to which it is entitled through the date of termination. Such resignation or removal, as the case may be, shall
be effective thirty (30) days after the delivery of such notice or upon the earlier appointment of a successor, and the Escrow Agent’s
sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor escrow agent as shall
be appointed by the Parties, as evidenced by a joint written notice filed with the Escrow Agent or in accordance with a court order. If
the Parties have failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such
notice of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of Company, to (a) return
the Escrow Property to Company, or (b) petition any court of competent jurisdiction for the appointment of a successor escrow agent or
for other appropriate relief, and any such resulting appointment shall be binding upon the Parties.

 

    10

     

    

 

3.4. Compensation. (a) The Escrow Agent
shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit C, which compensation
shall be paid by the Company. Such compensation is intended for the Escrow Agent’s services as contemplated by this Escrow Agreement.
In addition to such compensation, in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled,
or the Escrow Agent renders any service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject
matter of this Escrow Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent
is made a party to any litigation pertaining to this Escrow Agreement or the subject matter hereof, then the Escrow Agent shall be compensated
for such extraordinary services and any services or work performed by Escrow Agent in connection with any delay, controversy, litigation
or event, and reimbursed for all costs and expenses, including reasonable attorneys’ fees and expenses, occasioned by any such delay,
controversy, litigation or event. If any amount due to the Escrow Agent hereunder is not paid within thirty (30) days of the date due,
the Escrow Agent in its sole discretion may charge interest on such amount up to the highest rate permitted by applicable law.

 

(b) As security for the due and punctual performance
of any and all of the Parties’ obligations to the Escrow Agent hereunder, now or hereafter arising, the Parties, individually and
collectively, hereby pledge, assign and grant to the Escrow Agent a continuing security interest in, and a lien on and right of setoff
against, the Escrow Property and all distributions thereon, investments thereof or additions thereto (whether such additions are the result
of deposits by the Parties or the investment of Escrow Property or otherwise). If any fees, expenses or costs incurred by, or any obligations
owed to, the Escrow Agent hereunder are not promptly paid when due, the Escrow Agent may reimburse itself therefor from the Escrow Property,
and may sell, convey or otherwise dispose of any Escrow Property for such purpose. The security interest and setoff rights of the Escrow
Agent shall at all times be valid, perfected and enforceable by the Escrow Agent against the Parties and all third parties in accordance
with the terms of this Escrow Agreement.

 

The terms of this Section 3.4 shall survive termination
of this Escrow Agreement.

 

    11

     

    

 

3.5. Disagreements. If any conflict, disagreement
or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder
or concerning any other matter relating to this Escrow Agreement, or the Escrow Agent is in doubt as to the action to be taken hereunder,
the Escrow Agent may, at its option, refuse to act until the Escrow Agent (a) receives a final non-appealable order of a court of competent
jurisdiction directing delivery of the Escrow Property or (b) receives a written instruction, executed by each of the parties involved
in such disagreement or dispute, in a form reasonably acceptable to the Escrow Agent, directing delivery of the Escrow Property. The Escrow
Agent will be entitled to act on any such written instruction or final non-appealable order of a court of competent jurisdiction without
further question, inquiry or consent. The Escrow Agent may file an interpleader action in a state or federal court, and upon the filing
thereof, the Escrow Agent will be relieved of all liability as to the Escrow Property and will be entitled to recover reasonable and documented
out-of-pocket attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action. In
the event the Escrow Agent receives conflicting instructions hereunder, the Escrow Agent shall be fully protected in refraining from acting
until such conflict is resolved to the satisfaction of the Escrow Agent.

 

3.6. Merger or Consolidation. Any corporation
or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or
transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation
or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall
be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities
and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

 

3.7. Attachment of Escrow Property; Compliance
with Legal Orders. In the event that any Escrow Property shall be attached, garnished or levied upon by any court order, or the delivery
thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order
affecting the Escrow Property, the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate
or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding
upon it, whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree
it shall not be liable to any Party or to any other person, firm or corporation, should, by reason of such compliance notwithstanding,
such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

3.8. Force Majeure. The Escrow Agent shall
not be responsible or liable for any failure or delay in the performance of its obligation under this Escrow Agreement arising out of
or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes;
fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions; loss or malfunctions of
utilities including but not limited to, computer (hardware or software), payment systems, or communications services; accidents; labor
disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable
under the circumstances.

 

    12

     

    

 

3.9. Compliance with Legal Orders. The
Escrow Agent shall be entitled to consult with legal counsel in the event that a question or dispute arises with regard to the construction
of any of the provisions hereof, and shall incur no liability and shall be fully protected in acting in accordance with the advice or
opinion of such counsel.

 

3.10. No
Financial Obligation. The Escrow Agent shall not be required to use its own funds in the performance of any of its obligations or
duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Escrow Agent's sole
and absolute judgment, could involve it in expense or liability unless furnished with security and indemnity which it deems, in its sole
and absolute discretion, to be satisfactory.

 

ARTICLE 4

MISCELLANEOUS

 

4.

4.1. Successors and Assigns. This Escrow
Agreement shall be binding on and inure to the benefit of each Party and the Escrow Agent and their respective successors and permitted
assigns. No other persons shall have any rights under this Escrow Agreement. No assignment of the interest of any of the Parties and the
Escrow Agent shall be binding unless and until written notice of such assignment shall be delivered to the other Party and the Escrow
Agent and shall require the prior written consent of the other Party and the Escrow Agent (such consent not to be unreasonably withheld).

 

4.2. Escheat. Each Party is aware that
under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the applicable state. The
Escrow Agent shall have no liability to either Party or any other party, should any or all of the Escrow Property escheat by operation
of law.

 

    13

     

    

 

4.3. Notices. All notices, requests, demands,
and other communications required under this Escrow Agreement shall be in writing, in English, and shall be deemed to have been duly given
if delivered (i) personally, (ii) by facsimile transmission with written confirmation of receipt, (iii) by overnight delivery with a reputable
national overnight delivery service, (iv) by mail or by certified mail, return receipt requested, and postage prepaid, or (v) by electronic
transmission; including by way of e-mail (as long as such email is accompanied by a PDF or similar version of the relevant document bearing
the signature of an Authorized Representative for the Party sending the notice) with email confirmation of receipt. If any notice is mailed,
it shall be deemed given five (5) business days after the date such notice is deposited in the United States mail. If notice is given
to a party, it shall be given at the address for such party set forth below. It shall be the responsibility of each Party to notify the
Escrow Agent in writing of any name or address changes. In the case of communications delivered to the Escrow Agent, such communications
shall be deemed to have been given on the date received by the Escrow Agent.

  

If to Company:

 

Erayak Power Solution Group
Inc. 

No. 528, 4th Avenue

Binhai Industrial Park

Wenzhou, Zhejiang Province,
China 325025

Attention: Lingyi Kong

Telephone: +86-577-8682-9999

Email: corykong@erayaktech.com

 

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

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attention: William S. Rosenstadt, Esq.;
Jason Ye, Esq.

Email: wsr@orllp.legal; jye@orllp.legal

Telephone No.: 212-588-0022

 

If to the Representative:

 

Prime Number Capital LLC 

14 Myrtle Drive

Great Neck, NY 11021

Attention: Xiaoyan Jiang

Telephone: 212-590-2303

Email: xj@pncps.com

 

    14

     

    

 

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

 

Robinson & Cole LLP

1055 Washington Blvd

Stamford, CT 06901

Attention: Mitchell Lampert, Esq.

Email: mlampert@rc.com

Telephone: 203-462-7559

 

If to the Escrow Agent:

 

Wilmington Trust, National Association

Corporate Client Services

350 Park Avenue, 9th Floor

New York, NY 10022 

Attention: Ellen Jean-Baptiste

Telephone: (212) 941-4425

Email: ejean-baptiste@wilmingtontrust.com

 

4.4. Governing Law. This Escrow Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware without regard to any laws relating to choice
of laws (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware.

 

4.5. Venue. Each Party and the Escrow Agent
hereby consent to the exclusive personal jurisdiction of the courts located in New Castle County in the State of Delaware in the event
of a dispute arising out of or under this Escrow Agreement. Each Party and the Escrow Agent hereby irrevocably waives any objection to
the laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive jurisdiction of such court in such
suit, action or proceeding.

 

4.6. Entire Agreement. This Escrow Agreement
and the exhibits hereto set forth the entire agreement and understanding of the parties related to the Escrow Property and supersedes
all prior agreements and understandings, oral or written. If a court of competent jurisdiction declares a provision invalid, it will be
ineffective only to the extent of the invalidity, so that the remainder of the provision and Escrow Agreement will continue in full force
and effect. In the event of any direct conflict of the terms of this Escrow Agreement with the terms of the Underwriting Agreement, as
with respect to the rights of the Company and the Representative, the terms of the Underwriting Agreement shall control and prevail;
provided, in no event shall the Escrow Agent be bound by the terms of the Underwriting Agreement. This Escrow Agreement is not intended
to confer upon any person other than the parties hereto any rights or remedies.

 

    15

     

    

 

4.7. Amendment. This Escrow Agreement may
be amended, modified, supplemented, superseded, rescinded, or canceled only by a written instrument executed by the Parties and the Escrow
Agent; provided that Exhibit B-1 or Exhibit B-2, as applicable, may be amended at any time in accordance with Section 1.3.

 

4.8. Waivers. The failure of any party
to this Escrow Agreement at any time or times to require performance of any provision under this Escrow Agreement shall in no manner affect
the right at a later time to enforce the same performance. A waiver by any party to this Escrow Agreement of any such condition or breach
of any term, covenant, representation, or warranty contained in this Escrow Agreement, in any one or more instances, shall neither be
construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition or breach of any other
term, covenant, representation, or warranty contained in this Escrow Agreement.

 

4.9. Interpretation. Section headings of
this Escrow Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the
terms or provisions of this Escrow Agreement. Unless otherwise indicated by the context, the singular shall include the plural and the
plural shall include the singular. Any references to an Exhibit is a reference to an Exhibit of this Escrow Agreement.

 

4.10. Electronic Signatures; Facsimile Signatures;
Counterparts. This Escrow Agreement may be executed in one or more counterparts. Such execution of counterparts may occur by manual
signature, electronic signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature
contained in an imaged document attached to an email transmission, and any such execution that is not by manual signature shall have the
same legal effect, validity and enforceability as a manual signature. Each such counterpart executed in accordance with the foregoing
shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies
of this Escrow Agreement or of executed signature pages to this Escrow Agreement by electronic transmission, facsimile transmission or
as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof. Any copy of this Escrow
Agreement which is fully executed and transmitted in accordance with the terms hereof may be used for all purposes in lieu of a manually
executed copy of this Escrow Agreement and shall have the same legal effect, validity and enforceability as if executed by manual signature.

 

4.11. Waiver of Jury Trial. EACH OF
THE PARTIES HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS
ESCROW AGREEMENT.

 

[The remainder of this page left intentionally
blank.]

 

    16

     

    

 

IN WITNESS WHEREOF, this Escrow
Agreement has been duly executed as of the date first written above.

 

	 	Erayak Power Solution Group Inc.
	 	 	 
	 	By:	 
	 	Name:  	Lingyi Kong
	 	Title:	Chief Executive Officer and Chairman
	 	 	 
	 	 	 
	 	PRIME NUMBER CAPITAL LLC
	 	 	 
	 	By:	 
	 	Name: 	 Xiaoyan Jiang
	 	Title:	Chairwoman
	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Escrow Agent
	 	 	 
	 	By:	 
	 	Name: 	Ellen Jean-Baptiste  
	 	Title:	Assistant Vice President 

 

    17

     

    

  

EXHIBIT A

Form of Written Direction

 

[Form to be provided by Company/the Representative,
provided that any alternative form contain substantially all information in the table below]

 

Example for reference purposes only:

 

date

Wilmington Trust, National Association

Corporate Client Services

350 Park Avenue, 9th Floor

New York, NY 10022

Attention: Ellen Jean-Baptiste

 

Re: Escrow Account No.: [##], Erayak International
Escrow

 

Ladies and Gentlemen:

 

Reference is made to the Escrow
Agreement, dated as of _______, 2022 entered into by and among Erayak Power Solution Group Inc. (the “Company”), Prime
Number Capital LLC (the “Representative”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association,
as escrow agent (the “Escrow Agent”). Capitalized terms defined in the Escrow Agreement shall have the same meanings
when used herein. This letter is a [__] Written Direction referred to in Section [___] of the Escrow Agreement.

 

[________] and [_________]
hereby jointly instruct the Escrow Agent to release the funds in the Escrow Account in the amounts, and to the account(s), as follows:

 

	Amount:	 
	Beneficiary Bank Name:	 
	
    Beneficiary Bank Address

    Line 1:
	 
	
    Beneficiary Bank Address

    Line 2:
	 
	
    Beneficiary Bank Address

    Line 3:
	 
	ABA#:	 
	SWIFT#:	 
	Beneficiary Account Title:	 
	Beneficiary Account No./IBAN:	 
	
    Beneficiary Address

    Line 1:
	 
	
    Beneficiary Address

    Line 2:
	 
	
    Beneficiary Address

    Line 3:
	 
	Additional Information:	 

 

     

     

    

 

	 	Erayak Power Solution Group Inc.
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PRIME NUMBER CAPITAL LLC
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT B

EXHIBIT B-1

 

Certificate
as to Authorized Signatures

of Company

 

Company hereby designates each of the following
persons as its Authorized Representative for purposes of this Escrow Agreement, and confirms that the title, contact information and specimen
signature of each such person as set forth below is true and correct. Each such Authorized Representative is authorized to initiate and
approve transactions of all types for the Escrow Account established under this Escrow Agreement to which this Exhibit B-1 is attached,
on behalf of Company.

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

 

     

     

    

 

COMPLETE BELOW TO UPDATE EXHIBIT B-1

 

If Company wishes to change the names or details
of any of its Authorized Representatives, Company must complete, sign and send to Escrow Agent an updated copy of this Exhibit B-1
with such changes. Any updated Exhibit B-1 shall be effective once signed by Company and Escrow Agent and shall entirely supersede
and replace any prior Exhibit B-1 attached to this Escrow Agreement or submitted to Escrow Agent.

  

	 	Erayak Power Solution Group Inc.
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

Internal Use Only:

 

☐ Updated details of Authorized Representatives completed in
full

☐ Signed by a representative of Company per relevant board resolutions/certificate
of incumbency on file (if relevant).

☐ Call-back performed to Company to confirm authenticity of updated
Exhibit B-1:

Person Called: Date of Call: Time of Call: am/pm

Reviewed by (name): Signature: Date:

 

     

     

    

  

EXHIBIT B-2

Certificate
as to Authorized Signatures

of the
Representative

 

The Representative hereby designates each of the
following persons as its Authorized Representative for purposes of this Escrow Agreement, and confirms that the title, contact information
and specimen signature of each such person as set forth below is true and correct. Each such Authorized Representative is authorized to
initiate and approve transactions of all types for the Escrow Account[s] established under this Escrow Agreement to which this Exhibit
B-2 is attached, on behalf of the Representative.

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

 

	Name (print):	 
	Specimen Signature:	 
	Title:	 
	
    Telephone Number (required):

    If more than one, list all
	
    Office:

    Cell:

    Home:

    Other:

	
    E-mail (required):

    If more than one, list all
	
    Email 1:

    Email 2:

	Facsimile:	 

  

     

     

    

 

COMPLETE BELOW TO UPDATE EXHIBIT B-2

 

If the Representative wishes to change the names
or details of any of its Authorized Representatives, the Representative must complete, sign and send to Escrow Agent an updated copy of
this Exhibit B-2 with such changes. Any updated Exhibit B-2 shall be effective once signed by the Representative and Escrow
Agent and shall entirely supersede and replace any prior Exhibit B-2 attached to this Escrow Agreement or submitted to Escrow Agent.

 

	 	PRIME NUMBER CAPITAL LLC
	 	 	
     

	 	By:	           
	 	Name:	 
	 	Title:	 
	 	Date: 	 
	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date: 	 

 

Internal Use Only:

 

☐ Updated details of Authorized Representatives completed in
full

☐ Signed by the Representative per relevant board resolutions/certificate
of incumbency on file (if relevant).

☐ Call-back performed to the Representative to confirm authenticity
of updated Exhibit B-2:

Person Called: Date of Call: Time of Call: am/pm

Reviewed by (name): Signature: Date:

 

     

     

    

 

EXHIBIT C

Fees of Escrow Agent

 

	Acceptance Fee:	Waived

 

Initial Fees as they relate to Wilmington Trust,
N.A. acting in the capacity of Escrow Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting
up of Escrow Account(s) and accounting records; and coordination of receipt of funds for deposit to the Escrow Account(s). Acceptance
Fee payable prior to, or within one business day after, the Escrow Agreement is executed by all parties.

 

	Escrow Agent Administration Fee:	$3,500

 

For ordinary administrative services by Escrow
Agent – includes daily routine account management; investment transactions; cash transaction processing (including wire and check
processing); monitoring claim notices pursuant to the agreement; disbursement of funds in accordance with the agreement; and mailing of
trust account statements to all applicable parties. This fee shall be payable one-time at the time of the execution of this agreement.

 

Wilmington Trust, N.A.’s fees are based on the following
assumptions:

 

	 	●	Number of Escrow Accounts to be established: One (1)

 

	 	●	Estimated Term of Escrow Agreement: TBD

 

	 	●	Investment of Escrow Property in: TBD

 

	Out-of-Pocket Expenses:	Billed At Cost

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