Document:

Exhibit
10.2

  

THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

Indonesia
Energy Corporation Limited

 

Senior
Convertible Promissory Note

 

	Dated: January 21, 2022 (the “Issuance
Date”)
  	Up to $7,000,000.00

 

FOR
VALUE RECEIVED, Indonesia Energy Corporation Limited, a Cayman Islands limited company (hereinafter called the “Maker”
or the “Company”), hereby promises to pay to the order of L1 Capital Global Opportunities Master Fund, Ltd.,
a Cayman Islands limited company, or registered assigns (the “Holder”) the principal sum of up to $7,000,000.00 (the
“Principal Amount”) pursuant to the terms of this Senior Convertible Promissory Note (this “Note”).
The consideration to the Maker for this Note is up to $6,580,000.00 (the “Consideration”) in United States currency,
due to the prorated original issuance discount of 6% (the “OID”) equaling up to $420,000.00. The Holder shall pay
a first tranche of the Consideration (the “First Tranche”) equal to the First Tranche Amount (as defined herein) on
the Closing Date. At the closing of the First Tranche (which shall occur on the Closing Date), the outstanding principal amount under
this Note shall consist of the First Tranche Amount plus the applicable prorated portion of the OID.

 

The
second tranche of Consideration (the “Second Tranche”) under this Note consisting of Second Tranche Amount (as defined
herein) shall be payable by the Holder to the Company no later than the second (2nd) Trading Day following the date that a
registration statement registering all of the Conversion Shares issuable under this Note and the Warrant Shares issuable under the Warrants
shall have been declared effective; provided that (i) the Equity Conditions (as of the Trading Day immediately prior to date of
funding of the Second Tranche) shall be met (ii) no Event of Default shall have occurred, and (iii) the registration statement registering
all of the Conversion Shares issuable under this Note and the Warrant Shares issuable under the Warrants shall have been declared effective
within the time period specified in Section 9.1(c) of the Purchase Agreement (collectively, the “Second Tranche Conditions”).
Notwithstanding the foregoing, the Holder shall have no obligation to fund the Second Tranche if the Second Tranche Conditions have not
been met by the date that is 120 days from the Issuance Date. At the closing of the Second Tranche, the outstanding principal amount
under this Note shall consist of the First Tranche Amount and the Second Tranche Amount plus the applicable prorated portion of the OID.

 

    	 

     

    

 

The
maturity date of this Note for all shall be eighteen (18) months from the Issuance Date (the “Maturity Date”), and
is the date upon which the Principal Amount, as well as the OID for each tranche, shall be due and payable. This Note may not be repaid
in whole or in part except as otherwise explicitly set forth herein.

 

This
Note may not be repaid in whole or in part except as otherwise explicitly set forth herein. This Note is unsecured.

 

All
payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the Holder at the address
of the Holder set forth in the Purchase Agreement (as hereinafter defined) or at such other place as the Holder may designate from time
to time in writing to the Maker or by wire transfer of funds to the Holder’s account designated in writing by Holder to the Maker.

 

1.1 Purchase
Agreement; Subsidiary Guarantee. This Note has been executed and delivered pursuant to, and is one of the Notes issued pursuant to,
the Securities Purchase Agreement, dated as of January 21, 2022 (as the same may be amended from time to time, the “Purchase
Agreement”), by and among the Maker, the other “Investors” (as such term is defined in the Purchase Agreement)
and the Holder. Capitalized terms used and not otherwise defined herein shall have the meanings set forth for such terms in the Purchase
Agreement. The full amount of this Note and all the cash payment obligations of the Company under the Transaction Documents shall be
guaranteed in full by the Company’s wholly-owned subsidiary, WJ Energy Group Limited, pursuant to a Guarantee, in a form attached
as an exhibit to the Purchase Agreement.

 

1.2 Interest.
Except as set forth in Section 2.2, this Note shall not bear interest.

 

1.3 Principal
Installment Payments. Commencing on the day that is the four (4) month anniversary of the Issuance Date, the Maker shall pay to the
Holder the Principal Amount hereunder in monthly installments, on such date and each one (1) month anniversary thereof (each, a “Payment
Date”), a payment equal to one-fourteenth (1/14th) of the total Principal Amount (the “Monthly Payments”),
until the Principal Amount has been paid in full prior to or on the Maturity Date or, if earlier, upon acceleration, conversion or redemption
of this Note in accordance with the terms herein. The Maker and the Holder agree that all payments made under this Note, including the
provisions of Section 1.3, shall be subject in all cases to the terms of the Purchase Agreement, including, without limitation, Section
2.4 thereof. The Monthly Payments shall be made in cash, in the amount of 102% of such Monthly Payment; provided, however, as
to any Monthly Payment and upon no less than two (2) Trading Days’ prior written irrevocable notice (the “Monthly Payment
Notice”), in lieu of a cash payment the Company may elect to pay all or part of a Monthly Payment in Conversion Shares based
on a conversion price per share, subject to a floor of $1.20 per share (which floor price may be waived by the Company as expressly provided
for herein, the “Floor Price”), equal to the lesser of (i) the then Conversion Price and (ii) 90% of the Market Price
(subject to adjustment for any stock dividend, stock split, stock combination or other similar event affecting the Ordinary Shares during
the ten (10) Trading Day measuring period described in the definition of “Market Price” herein) (the price calculated during
the applicable ten (10) Trading Day measuring period described in the definition of “Market Price” herein, the “Monthly
Conversion Price” and such 10 Trading Day period, the “Monthly Conversion Period”); provided, that
the Company may not pay the Monthly Payment in Conversion Shares unless (i) from the date the Holder receives the duly delivered Monthly
Payment Notice through and until the date such Monthly Payment is paid in full, the Equity Conditions have been satisfied, unless waived
in writing by the Holder, and (ii) the Market Price shall have been equal to or in excess of the Floor Price during the Monthly Conversion
Period, unless the Company exercise a right, in its discretion, to waive the Floor Price. For the avoidance of doubt if the Company determines
to waive the foregoing requirement that the Market Price be equal to or in excess of the Floor Price, and makes a Monthly Payment in
the form of Ordinary Shares, the applicable conversion price per share shall be the lesser of (i) the then Conversion Price and (ii)
90% of the Market Price during the applicable Monthly Conversion Period, even if less than the Floor Price. The Holder may convert, pursuant
to Section 3, any principal amount of this Note subject to a Monthly Payment at any time prior to the date that the Monthly Payment,
plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder are due and paid in full. Unless
otherwise indicated by the Holder in the applicable Notice of Conversion, any principal amount of this Note converted during the applicable
Monthly Conversion Period until the date the Monthly Payment is paid in full shall be first applied to the Principal Amount subject to
the Monthly Payment payable in cash and then to the Monthly Payment payable in Conversion Shares. The Company covenants and agrees that
it will honor all Conversion Notices tendered up until the amounts due hereunder are paid in full. The Company’s determination
to pay a Monthly Payment in cash, Ordinary Shares or a combination thereof shall be applied ratably to all of the holders of the then
outstanding Notes based on their (or their predecessor’s) initial purchases of Notes pursuant to the Purchase Agreement.

 

    	2

     

    

 

Notwithstanding
anything to the contrary contained herein, upon three (3) Trading Days’ notice to the Company (the date of such notice, the “Monthly
Payment Adjustment Notice Date”), the Holder may elect at its sole option, to defer or accelerate up to four (4) Monthly Payments
or any portion of a Monthly Payment, to any Trading Day succeeding such Monthly Payment Adjustment Notice Date provided such date precedes
the next Monthly Payment Date. In the event that the Holder elects to defer or accelerate any such Monthly Payments, to the extent applicable,
the procedures set forth in this Section 1.3 shall continue to apply to the Company.

 

Following
the receipt of a Monthly Payment in the form of Conversion Shares, excluding the final Monthly Payment, if during the ten (10) Trading
Day period beginning on the Trading Date following the Payment Date on which such Conversion Shares were delivered (the “Succeeding
Measurement Period”), the Market Price (the “Succeeding Market Price”) shall be less than the Monthly Conversion
Price during the prior Monthly Conversion Period, then on the Trading Day following such Succeeding Measurement Period, the Company shall
transfer to the Holder an additional number of Ordinary Shares (the “Make Whole Shares”) equal to the amount of the
prior Monthly Payment divided by the difference between the Succeeding Market Price and the prior Monthly Conversion Price; provided,
however, that if (i) the Succeeding Market Price is less than the Floor Price and (ii) the Company desires to exercise a right to
waive the Floor Price limitation and issue Make Whole Shares at less than the Floor Price, in lieu of receiving Make Whole Shares, the
Holder may elect to receive a cash payment derived by multiplying (i) the number of Make Whole Shares which would have been required
to be delivered pursuant to the above provisions by (ii) the VWAP of the Ordinary Shares on the last Trading Day in the applicable Succeeding
Measurement Period. For the avoidance of doubt, to the extent that the Succeeding Market Price is in excess of the Monthly Conversion
Price during the applicable prior Monthly Conversion Period, the Holder shall not be required to refund any Ordinary Shares nor shall
the Company receive a credit in respect of such excess in connection with any following Monthly Payment. With respect to the final Monthly
Payment, if the Company intends to pay such Monthly Payment in the form of Ordinary Shares, prior to the applicable Monthly Conversion
Period (but not more than two (2) Trading Days prior to the commencement of the Monthly Conversion Period), the Company shall deliver
to the Holder a number of Ordinary Shares to be applied against such Monthly Payment equal to the quotient of (x) the applicable Monthly
Payment divided by (y) the lesser of (A) the Conversion Price and (B) 90% of the lowest closing bid price during the ten (10) Trading
Day period preceding the delivery of such Ordinary Shares (the “Final Monthly Payment Provisional Conversion Price”).
If the Monthly Conversion Price with respect to the final Payment Date is less than the Final Monthly Payment Provisional Conversion
Price, then on the final Payment Date, the Company shall transfer to the Holder an additional number of Ordinary Shares equal to the
amount of the final Monthly Payment divided by the difference between the Final Monthly Payment Provisional Conversion Price and the
Monthly Conversion Price with respect to the final Payment Date. In connection with the foregoing, unless waived by the Company, the
Holder agrees that in any Succeeding Measurement Period, it will not sell any Ordinary Shares received by the Holder from the Company
in respect of the related Payment Date, on more than four (4) of the Trading Days during such Succeeding Measurement Period, which such
four (4) Trading Days for the avoidance doubt need not be consecutive Trading Days.

 

1.4 Prepayment.
At any time after the Issuance Date and provided that no Event of Default has occurred, but subject in all cases to the terms of the
Purchase Agreement, the Maker may repay any portion of the outstanding Principal Amount upon at least ten (10) Trading Days’
written notice (the “Prepayment Notice Period”) of the Holder (the “Prepayment Notice”) by
paying an amount equal to 110% of the Principal Amount then being prepaid (representing a 10% prepayment premium payable to the
Holder which shall not constitute a principal repayment); provided that (i) the Equity Conditions are then met, (ii) the
closing price of the Ordinary Shares on the Trading Day prior to the date of the Prepayment Notice is below the Conversion Price,
and (iii) a registration statement registering all of the Conversion Shares issuable under this Note and the Warrant Shares issuable
under the Warrants shall have been declared effective. If the Maker elects to prepay this Note pursuant to the provisions of this Section
1.4, the Holder shall have the right, upon written notice to the Maker (a “Prepayment Conversion Notice”)
within five (5) Trading Days of the Holder’s receipt of a Prepayment Notice, to convert up to all of the Principal at the
Conversion Price (as defined below), in accordance with the provisions of Article 3, specifying the Principal Amount that the Holder
will convert. Upon delivery of a Prepayment Notice, the Maker irrevocably and unconditionally agrees to, within five (5) Trading
Days of receiving a Prepayment Conversion Notice, and if no Prepayment Conversion Notice is received, within ten (10) Trading Days
of delivery of a Prepayment Notice: (i) repay the outstanding Principal Amount minus the Principal Amount set forth in the
Prepayment Conversion Notice and (ii) issue the applicable Conversion Shares to the Holder in accordance with Article 3. The
foregoing notwithstanding, the Maker may not deliver a Prepayment Notice with respect to any outstanding Principal Amount that is
subject to a Conversion Notice delivered by the Holder in accordance with Article 3. Notwithstanding anything to the contrary
contained herein, any prepayments made under this Note, including the provisions of this Section 1.4, shall be subject in all cases
to the terms of the Purchase Agreement. If any of the Equity Conditions shall cease to be satisfied at any time during the
Prepayment Notice Period or if an Event of Default occurs, then the Holder may elect to nullify the Prepayment Notice by notice to
the Company within 3 Trading Days after the first day on which any such Equity Condition has not been met or Event of Default has
occurred (provided that if, by a provision of the Transaction Documents, the Company is obligated to notify the Holder of the
non-existence of an Equity Condition, such notice period shall be extended to the third Trading Day after proper notice from the
Company) in which case the Prepayment Notice shall be null and void, ab initio. The Company covenants and agrees that it will honor
all Conversion Notices tendered from the time of delivery of the Prepayment Notice through the date all amounts owing thereon are
due and paid in full.

 

    	3

     

    

 

1.5 Delisting
from a Trading Market. If at any time the Ordinary Shares cease to be listed on a Trading Market, (i) the Holder may, after receiving
the prior written consent of the Requisite Holders, deliver a demand for payment to the Company and, if such a demand is delivered, the
Company shall, within ten (10) Business Days following receipt of the demand for payment from the Holder, pay all of the Outstanding
Principal Amount or (ii) the Holder may, at its election and upon receiving the prior written consent of the Requisite Holders, after
the six-month anniversary of the Issuance Date or earlier if a Registration Statement covering the Conversion Shares has been declared
effective, upon notice to the Company in accordance with Section 5.1, convert all or a portion of the Outstanding Principal Amount at
the Conversion Price. Notwithstanding anything to the contrary contained herein, any payments made under this Note, including the provisions
of this Section 1.5, shall be subject in all cases to the terms of the Purchase Agreement.

 

1.6 Payment
on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be due
on the next succeeding Business Day.

 

1.7 Transfer.
This Note may be transferred or sold, subject to the provisions of Section 5.8 of this Note, or pledged, hypothecated or otherwise
granted as security by the Holder.

 

1.8 Replacement.
Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or destruction of this
Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of such Note, the Maker
shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.9 Use
of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

1.10 Reserved.

 

1.11 Status
of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of the Company,
other than Indebtedness owing to the other Investors under the other Notes (as such term is defined in the Purchase Agreement) (the “Other
Notes”) and the obligations of the Maker under this Note shall rank pari passu with all other Indebtedness owing to
the other Investors under the Other Notes. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase
Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any
Indebtedness of the Maker (other than Indebtedness in respect of the Other Notes) or any class of capital stock of the Maker, an amount
equal to the Outstanding Principal Amount. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to
a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit
of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

 

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1.12 Tax
Treatment. The Maker and the Holder agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S. income
tax purposes, this Note is not intended to be, and shall not be, treated as indebtedness. Neither the Maker nor the Holder shall take
any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of Taxes, unless otherwise
required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any analogous provision of applicable state, local or non-U.S. law.

 

ARTICLE
2

 

2.1 Events
of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events of default defined
in the Purchase Agreement, and any of the additional events described below (unless the Event of Default is waived in writing by the
Requisite Holders):

 

(a) Following
a three (3) Business Day opportunity to cure, any default in the payment of (i) the Principal Amount hereunder when due; or (ii) liquidated
damages in respect of this Note as and when the same shall become due and payable (whether on the Maturity Date or by acceleration or
otherwise);

 

(b) the
Maker shall fail to observe or perform any other material covenant, condition or agreement contained in this Note or any Transaction
Document, including, for the avoidance of doubt, the filing of a Registration Statement covering the resale of the Investor Shares within
the timeframe set forth in the Purchase Agreement;

 

(c) the
Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including for any
of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion of this
Note into Ordinary Shares;

 

(d) the
Maker shall fail to (i) timely deliver the Ordinary Shares as and when required in Section 3.2; or (ii) make the payment of any
fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e) at
any time the Maker shall fail to have the Required Minimum of Ordinary Shares authorized, reserved and available for issuance to satisfy
the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion) of this Note
or upon exercise of the Warrant;

 

    	5

     

    

 

(f) any
representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note, the Warrant or
any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as of which
made;

 

(g) the
Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if any) on any
Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of $500,000 or
(B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which
default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness
to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;

 

(h) the
Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment for the benefit
of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect) or under the
comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage of any bankruptcy, insolvency,
moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally; (v) acquiesce in writing
to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under
the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of bankruptcy or winding down of its operations or
issue a press release regarding same; or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous to
any of the foregoing;

 

(i) a
proceeding or case shall be commenced in respect of the Maker or any of its Subsidiaries, without its application or consent, in any
court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or
readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial
part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries; or (iii) similar relief
in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii)
shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any order for relief shall be entered
in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction
(foreign or domestic) against the Maker or any of its Subsidiaries or action under the laws of any jurisdiction (foreign or domestic)
analogous to any of the foregoing shall be taken with respect to the Maker or any of its Subsidiaries and shall continue undismissed,
or unstayed and in effect for a period of forty-five (45) days;

 

    	6

     

    

 

(j) one
or more final judgments or orders for the payment of money aggregating in excess of $500,000 (or its equivalent in the relevant currency
of payment) are rendered against one or more of the Company and its Subsidiaries;

 

(k) the
failure of the Maker to instruct its transfer agent to remove any legends from the Ordinary Shares and issue such unlegended certificates
to the Holder within three (3) Trading Days of the Holder’s lawful request so long as the Holder has provided reasonable assurances
to the Maker that such Ordinary Shares can be sold pursuant to Rule 144 or any other applicable exemption;

 

(l) the
Maker’s Ordinary Shares are no longer publicly traded or cease to be listed on the Trading Market or, after the six month anniversary
of the Issuance Date, any Investor Shares may not be immediately resold under Rule 144 without restriction on the number of shares to
be sold or manner of sale, unless such Investor Shares have been registered for resale under the 1933 Act and may be sold without restriction;

 

(m) the
Maker consummates a “going private” transaction and as a result Ordinary Shares are no longer registered under Sections 12(b)
or 12(g) of the 1934 Act;

(n) there
shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer agent for
the Ordinary Shares restricting the trading of such Ordinary Shares;

 

(o) the
Depository Trust Company places any restrictions on transactions in the Ordinary Shares or the Ordinary Shares is no longer tradeable
through the Depository Trust Company Fast Automated Securities Transfer program;

 

(p) any
of the Key Executives (a) is indicted or convicted of a felony, or (b) unless replaced by the Company within 120 days by a successor
reasonably satisfactory to the Requisite Holders, ceases to devote his or her full business time and efforts to the business of the Company,
or dies, suffers any illness, injury, or other disability which has caused (or which the Requisite Holders in their reasonable discretion
determines imminently will cause) him or her to be incapacitated or unable to act competently on his or her own behalf; or

 

(q) the
occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole which would reasonably
be considered to substantially impair the ability of the Maker to satisfy its obligations in the Transaction Documents.

 

2.2 Remedies
Upon an Event of Default.

 

(a) Upon
the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or
(ii) ten (10) Business Days for all other Events of Default; provided, however, that there shall be no cure period for
an Event of Default described in Section 2.1(i), or 2.1(j), the Maker shall be obligated to pay to the Holder the Mandatory
Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs
and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or
the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof (provided all payments shall
be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

 

(b) Upon
the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within two (2) Business Day of the
occurrence of such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event or factual situation
giving rise to the Event of Default and specifying the relevant subsection or subsections of Section 2.1 hereof under which such Event
of Default has occurred.

 

(c) If
an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or (ii) ten (10)
Business Days for all other Events of Default; provided, however, that there shall be no cure period for an Event of Default described
in Section 2.1(i), or 2.1(j), the Holder may at any time at its option, subject to receiving the prior written consent of the Requisite
Holders, declare the Mandatory Default Amount due and payable, and thereupon, the same shall be accelerated and so due and payable, without
presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker; provided,
however, that upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion, but subject
to receiving the prior written consent of the Requisite Holders, may: (a) from time-to-time demand that all or a portion of the Outstanding
Principal Amount be converted into Ordinary Shares at a price per share equal to 0.80 times the Market Price; provided, that, if at the
time of such demand the Market Price is less than the Floor Price, and the Company desires to exercise a right to waive the Floor Price
and issue Conversion Shares at less than the Floor Price, then in lieu of receiving such demanded portion of the Outstanding Principal
Amount in Conversion Shares, the Holder may elect to receive a cash payment derived by multiplying (i) the number of Ordinary Shares
which would have been required to be delivered pursuant to the above provisions by (ii) the VWAP of the Ordinary Shares on last Trading
Day prior to the date of such demand; and provided, further however, that the conversion right set forth in this clause (a) shall not
be exercisable by the Holder if, prior to such right being exercised, the Event of Default in question if capable of being cured, has
been cured, or (b) exercise or otherwise enforce any one or more of the Holder’s rights, powers, privileges, remedies and interests
under this Note, the Purchase Agreement, the other Transaction Documents or applicable law. Upon the occurrence of an Event of Default
described in clauses (i) or (j) above, the Mandatory Default Amount shall become immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Maker. No course of delay on the part of the Holder (including
because the Holder has not obtained the consent of the Requisite Holders) shall operate as a waiver thereof or otherwise prejudice the
rights of the Holder. No remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available
at law, in equity, by statute or otherwise. All payments shall be subject to the provisions of the Purchase Agreement with respect to
the holders of the Other Notes.

 

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ARTICLE
3

 

3.1 Conversion.

 

(a) Conversion.
At any time following the date of effectiveness of a Registration Statement covering the applicable Conversion Shares (as set forth in
the Purchase Agreement), this Note shall be convertible (in whole or in part), at the option of the Holder, into such number of fully
paid and non-assessable Ordinary Shares as is determined by dividing (x) that portion of the Outstanding Principal Amount that the Holder
elects to convert (the “Conversion Amount”) by (y) the Conversion Price then in effect on the date on which the Holder
delivers a notice of conversion, in substantially the form attached hereto as Exhibit A (the “Conversion Notice”),
in accordance with Section 5.1 to the Maker. The Holder shall deliver this Note to the Maker at the address designated in the Purchase
Agreement at such time that this Note is fully converted. With respect to partial conversions of this Note, the Maker shall keep written
records of the amount of this Note converted as of the date of such conversion (each, a “Conversion Date”).

 

(b) Conversion
Price. The “Conversion Price” means $6.00, and shall be subject to adjustment as provided herein.

 

3.2 Delivery
of Conversion Shares. As soon as practicable after any conversion or payment of any amount due hereunder in the form of Ordinary
Shares in accordance with this Note, and in any event within two (2) Trading Days thereafter (such date, the “Share Delivery
Date”), the Maker shall, at its expense, cause to be issued in the name of and delivered to the Holder, or as the Holder may
direct, a certificate or certificates evidencing the number of fully paid and non-assessable Ordinary Shares to which the Holder shall
be entitled on such conversion or payment (the “Conversion Shares”), in the applicable denominations based on the
applicable conversion or payment, which certificate or certificates shall be free of restrictive and trading legends (except for any
such legends as may be required under the 1933 Act). In lieu of delivering physical certificates for the Ordinary Shares issuable upon
any conversion of this Note, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program or a similar program, upon request of the Holder, the Company shall cause its transfer agent
to electronically transmit such Ordinary Shares issuable upon conversion of this Note to the Holder (or its designee), by crediting the
account of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided
that the same time periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee).

 

3.3 Ownership
Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing Equity
Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group
(as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the 1934
Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under the 1934
Act which exceeds the Maximum Percentage (as defined below) of the Equity Interests of such class that are outstanding at such time.
Any purported delivery of Equity Interests in connection with the conversion of this Note prior to the termination of this restriction
in accordance herewith shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the
Holder Group becoming the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered
under the 1934 Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following conversion of this
Note is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not
be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with the
terms hereof. To the extent limitations contained in this Section 3.3 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute the Holder’s determination that the issuance of the full number
of Conversion Shares requested in the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify
or confirm the accuracy of such determination. For purposes of this Section 3.3, (i) the term “Maximum Percentage”
shall mean 4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of
any class of Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase
to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt,
automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); and (ii)
the term “Holder Group” shall mean the Holder plus any other Person with which the Holder is considered to be part
of a group under Section 13 of the 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the 1934
Act. In determining the number of Equity Interests of a particular class outstanding at any point in time, the Holder may rely on the
number of outstanding Equity Interests of such class as reflected in (x) the Company’s most recent Form 20-F or Form 6-K filed
with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent
notice by the Company or its transfer agent to the Holder setting forth the number of Equity Interests of such class then outstanding.
For any reason at any time, upon written or oral request of the Holder, the Company shall, within one (1) Business Day of such request,
confirm orally and in writing to the Holder the number of Equity Interests of any class then outstanding. The provisions of this Section
3.3 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership limitation herein
contained.

 

3.4 Adjustment
of Conversion Price.

 

(a) Until
the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as follows
(but shall not be increased, other than pursuant to Section 3.4(a)(i) hereof):

 

(i) Adjustments
for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but whether before
or after the Issuance Date) effect a split of the outstanding Ordinary Shares, the applicable Conversion Price in effect immediately
prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from time to time after the Closing Date
(but whether before or after the Issuance Date), combine the outstanding Ordinary Shares, the applicable Conversion Price in effect immediately
prior to the combination shall be proportionately increased. Any adjustments under this Section 3.4(a)(i) shall be effective at
the close of business on the date the stock split or combination occurs.

 

    	8

     

    

 

(ii) Adjustments
for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares entitled to
receive a dividend or other distribution payable in Ordinary Shares, then, and in each event, the applicable Conversion Price in effect
immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall have been
fixed, as of the close of business on such record date, by multiplying the applicable Conversion Price then in effect by a fraction:

 

(1) the
numerator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date; and

 

(2) the
denominator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date plus the number of Ordinary Shares issuable in payment of such dividend or distribution.

 

(iii) Adjustment
for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but whether before
or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares entitled to receive
a dividend or other distribution payable in other Ordinary Shares, then, and in each event, an appropriate revision to the applicable
Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the Holder of
this Note shall receive upon conversions thereof, in addition to the number of Ordinary Shares receivable thereon, the number of securities
of the Maker or other issuer (as applicable) or other property that it would have received had this Note been converted into Ordinary
Shares in full (without regard to any conversion limitations herein) on the date of such event and had thereafter, during the period
from the date of such event to and including the Conversion Date, retained such securities (together with any distributions payable thereon
during such period) or assets, giving application to all adjustments called for during such period under this Section 3.4(a)(iii)
with respect to the rights of the holders of this Note; provided, however, that if such record date shall have been fixed
and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall
be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

(iv) Adjustments
for Reclassification, Exchange or Substitution. If the Ordinary Shares at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities of any class
or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock
split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii) hereof, or a reorganization,
merger, consolidation, or sale of assets provided for in Section 3.4(a)(v) hereof), then, and in each event, an appropriate revision
to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so that the
Holder shall have the right thereafter to convert this Note into the kind and amount of shares of stock or other securities or other
property receivable upon reclassification, exchange, substitution or other change, by holders of the number of Ordinary Shares into which
such Note might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to
further adjustment as provided herein.

 

    	9

     

    

 

(v) Adjustment
Due to Dilutive Issuance. If, at any time when any Notes are issued and outstanding, the Company issues or sells, or in accordance
with this Section 3.4(a)(v) hereof is deemed to have issued or sold, except for Ordinary Shares issued in an issuance of Exempt Securities
(as defined in the Purchase Agreement), any Ordinary Shares for a consideration per share (before deduction of reasonable expenses or
commissions or underwriting discounts or allowances in connection therewith) less than the Conversion Price in effect on the date of
such issuance (or deemed issuance) of such Ordinary Shares (a “Dilutive Issuance”), then immediately upon the Dilutive Issuance,
the Conversion Price will be reduced to the amount of the consideration per share received by the Company in such Dilutive Issuance.

 

The
Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or grants any warrants, rights or
options (not including employee stock option plans), whether or not immediately exercisable, to subscribe for or to purchase Ordinary
Shares or other securities convertible into or exchangeable for Ordinary Shares (“Convertible Securities”) (such warrants,
rights and options to Ordinary Shares or Convertible Securities are hereinafter referred to as “Options”) and the price per
share for which such Ordinary Shares are issuable upon the exercise of such Options is less than the Conversion Price then in effect,
then the Conversion Price shall be equal to such price per share. For purposes of the preceding sentence, the “price per share
for which such Ordinary Shares are issuable upon the exercise of such Options” is determined by dividing (i) the total amount,
if any, received or receivable by the Company as consideration for the issuance or granting of all such Options, plus the minimum aggregate
amount of additional consideration, if any, payable to the Company upon the exercise of all such Options, plus, in the case of Convertible
Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional consideration payable upon the conversion
or exchange thereof at the time such Convertible Securities first become convertible or exchangeable, by (ii) the maximum total number
of Ordinary Shares issuable upon the exercise of all such Options (assuming full conversion of Convertible Securities, if applicable).
No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon the exercise of such
Options or upon the conversion or exchange of Convertible Securities issuable upon exercise of such Options.

 

Additionally,
the Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or sells any Convertible Securities,
whether or not immediately convertible (other than in an issuance of Exempt Securities), and the price per share for which such Ordinary
Shares are issuable upon such conversion or exchange is less than the Conversion Price then in effect, then the Conversion Price shall
be equal to such price per share. For the purposes of the preceding sentence, the “price per share for which such Ordinary Shares
are issuable upon such conversion or exchange” is determined by dividing (i) the total amount, if any, received or receivable by
the Company as consideration for the issuance or sale of all such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange thereof at the time such Convertible Securities first become
convertible or exchangeable, by (ii) the maximum total number of Ordinary Shares issuable upon the conversion or exchange of all such
Convertible Securities. No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon
conversion or exchange of such Convertible Securities.

 

    	10

     

    

 

(vi) Reserved.

 

(vii) Consideration
for Stock. In case any Ordinary Shares or any Common Stock Equivalents shall be issued or sold:

 

(1) in
connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger in
which the previously outstanding Ordinary Shares of the Maker shall be changed to or exchanged for the stock or other securities of another
corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined reasonably and in good faith
by the Board of Directors of the Maker and approved by the Requisite Holders, of such portion of the assets and business of the nonsurviving
corporation as such Board of Directors may determine to be attributable to such Ordinary Shares, Convertible Securities, rights or warrants
or options, as the case may be; or

 

(2) in
the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding Ordinary Shares of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities or
other property of any corporation, the Maker shall be deemed to have issued Ordinary Shares, at a price per share equal to the valuation
of the Maker’s Ordinary Shares based on the actual exchange ratio on which the transaction was predicated, as applicable, and the
fair market value on the date of such transaction of all such stock or securities or other property of the other corporation. If any
such calculation results in adjustment of the applicable Conversion Price, or the number of Ordinary Shares issuable upon conversion
of the Note, the determination of the applicable Conversion Price or the number of Ordinary Shares issuable upon conversion of the Note
immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment of the number of Ordinary
Shares issuable upon conversion of the Note. In the event Ordinary Shares are issued with other shares or securities or other assets
of the Maker for consideration which covers both, the consideration computed as provided in this Section 3.4(a)(vii) shall be
allocated among such securities and assets as determined in good faith by the Board of Directors of the Maker, and approved by the Requisite
Holders.

 

    	11

     

    

 

(viii) Record
Date. In case the Maker shall take record of the holders of its Ordinary Shares for the purpose of entitling them to subscribe for
or purchase Ordinary Shares or Convertible Securities, then the date of the issue or sale of the Ordinary Shares shall be deemed to be
such record date.

 

(b) No
Impairment. The Maker shall not, by amendment of its Amended and Restated Memorandum and Articles of Association or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by the Maker, but will at all times in good faith
assist in the carrying out of all the provisions of this Section 3.4 and in the taking of all such action as may be necessary
or appropriate in order to protect the conversion rights of the Holder against impairment. In the event the Holder shall elect to convert
this Note as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or anyone associated or affiliated
with the Holder has been engaged in any violation of law, violation of an agreement to which the Holder is a party or for any reason
whatsoever, unless, an injunction from a court, or notice, restraining and or adjoining conversion of this Note shall have issued and
the Maker posts a surety bond for the benefit of the Holder in an amount equal to one hundred fifty percent (150%) of the Principal Amount
of the Note the Holder has elected to convert, which bond shall remain in effect until the completion of arbitration/litigation of the
dispute and the proceeds of which shall be payable to the Holder (as liquidated damages) in the event it obtains judgment.

 

(c) Certificates
as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Price or number of Ordinary Shares issuable
upon conversion of this Note pursuant to this Section 3.4, the Maker at its expense shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment and readjustment,
showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall, upon written request of the Holder,
at any time, furnish or cause to be furnished to the Holder a like certificate setting forth such adjustments and readjustments, the
applicable Conversion Price in effect at the time, and the number of Ordinary Shares and the amount, if any, of other securities or property
which at the time would be received upon the conversion of this Note. Notwithstanding the foregoing, the Maker shall not be obligated
to deliver a certificate unless such certificate would reflect an increase or decrease of at least one percent (1%) of such adjusted
amount.

 

(d) Issue
Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be payable
in respect of any issue or delivery of Ordinary Shares on conversion of this Note pursuant thereto; provided, however, that the
Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection with any such
conversion.

 

(e) Fractional
Shares. No fractional Ordinary Shares shall be issued upon conversion of this Note. In lieu of any fractional shares to which the
Holder would otherwise be entitled, the Maker shall pay cash equal such fractional shares multiplied by the Conversion Price then in
effect.

 

    	12

     

    

 

(f) Reservation
of Ordinary Shares. The Maker shall at all while this Note shall be outstanding, reserve and keep available out of its authorized
but Ordinary Shares, the Required Minimum of Ordinary Shares (disregarding for this purpose any and all limitations of any kind on such
conversion). The Maker shall, from time to time, increase the authorized number of Ordinary Shares or take other effective action if
at any time the unissued number of authorized shares shall not be sufficient to satisfy the Maker’s obligations under this Section
3.4(f).

 

(g) Regulatory
Compliance. If any Ordinary Shares to be reserved for the purpose of conversion of this Note require registration or listing with
or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation or otherwise
before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole cost and expense, in good faith and
as expeditiously as possible, secure such registration, listing or approval, as the case may be.

 

(h) Effect
of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Conversion Price
or any other right of the Holder of this Note would have been adjusted or modified by operation of any provision of this Note had this
Note been issued on the Closing Date, such adjustment or modification shall be deemed to apply to this Note as of the Issuance Date as
if this Note had been issued on the Closing Date.

 

3.5 Prepayment
Following a Change of Control.

 

(a) Mechanics
of Prepayment at Option of Holder in Connection with a Change of Control. No later than fifteen (15) days following the entry by
the Company into an agreement for a Change of Control, but in no event prior to the public announcement of such Change of Control, the
Maker shall deliver written notice describing the entry into such agreement (“Notice of Change of Control”) to the
Holder. Within fifteen (15) days after receipt of a Notice of Change of Control, the Requisite Holders may require the Maker to prepay,
effective immediately prior to the consummation of such Change of Control, an amount equal to 105% of the Outstanding Principal Amount
(the “COC Repayment Price”), by delivering written notice thereof (“Notice of Prepayment at Option of Holder
Upon Change of Control”) to the Maker.

 

(b) Payment
of COC Repayment Price. Upon the Maker’s receipt of a Notice(s) of Prepayment at Option of Holder Upon Change of Control from
the Requisite Holders, the Maker shall deliver the COC Repayment Price to the Holder immediately prior to the consummation of the Change
of Control; provided that the Holder’s original Note shall have been so delivered to the Maker, and, provided, further
that all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes.

 

    	13

     

    

 

3.6 Inability
to Fully Convert.

 

(a) Holder’s
Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise required under this
Note, including with respect to repayment of principal in Ordinary Shares as permitted under this Note, the Maker cannot issue Ordinary
Shares for any reason, including, without limitation, because the Maker (x) does not have a sufficient number of Ordinary Shares authorized
and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation
system or other self-regulatory organization with jurisdiction over the Maker or any of its securities from issuing all of the Ordinary
Shares which are to be issued to the Holder pursuant to this Note, then the Maker shall issue as many Ordinary Shares as it is able to
issue and, with respect to the unconverted portion of this Note or with respect to any Ordinary Shares not timely issued in accordance
with this Note, the Holder, solely at Holder’s option, can elect to:

 

(i) require
the Maker to prepay that portion of this Note for which the Maker is unable to issue Ordinary Shares or for which Ordinary Shares were
not timely issued (the “Mandatory Prepayment”) at a price equal to the number of Ordinary Shares that the Maker is
unable to issue multiplied by the Conversion Price on the date of the Conversion Notice (the “Mandatory Prepayment Price”)
(provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes);

 

(ii) void
its Conversion Notice and retain or have returned, as the case may be, this Note that was to be converted pursuant to the Conversion
Notice (provided that the Holder’s voiding its Conversion Notice shall not affect the Maker’s obligations to make any payments
which have accrued prior to the date of such notice); or

 

(iii) defer
issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided that the Principal
Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; and provided, further,
that if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or (ii)
above at any time prior to the issuance of the Conversion Shares upon two (2) Business Days’ notice to the Maker.

 

(b) Mechanics
of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, upon receipt of a Conversion Notice from the
Holder, which cannot be fully satisfied as described in Section 3.6(a) above, a notice of the Maker’s inability to fully
satisfy the Conversion Notice (the “Inability to Fully Convert Notice”). Such Inability to Fully Convert Notice shall
indicate (i) the reason why the Maker is unable to fully satisfy the Holder’s Conversion Notice; and (ii) the amount of this Note
which cannot be converted. The Holder shall notify the Maker of its election pursuant to Section 3.6(a) above by delivering written
notice to the Maker (“Notice in Response to Inability to Convert”).

 

(c) Payment
of Mandatory Prepayment Price. If the Holder shall elect to have its Note prepaid pursuant to Section 3.6(a)(i) above, the
Maker shall pay the Mandatory Prepayment Price to the Holder within five (5) Business Days of the Maker’s receipt of the Holder’s
Notice in Response to Inability to Convert; provided that prior to the Maker’s receipt of the Holder’s Notice in Response
to Inability to Convert the Maker has not delivered a notice to the Holder stating, to the satisfaction of the Holder, that the event
or condition resulting in the Mandatory Prepayment has been cured and all Conversion Shares issuable to the Holder can and will be delivered
to the Holder in accordance with the terms of this Note. If the Maker shall fail to pay the applicable Mandatory Prepayment Price to
the Holder on the date that is two (2) Business Days following the Maker’s receipt of the Holder’s Notice in Response to
Inability to Convert, in addition to any remedy the Holder may have under this Note and the Purchase Agreement, such unpaid amount shall
bear interest at the rate of two percent (2%) per month (prorated for partial months) until paid in full. Until the full Mandatory Prepayment
Price is paid in full to the Holder, the Holder may (i) void the Mandatory Prepayment with respect to that portion of the Note for which
the full Mandatory Prepayment Price has not been paid and (ii) receive back such Note.

 

    	14

     

    

 

(d) No
Rights as Shareholder. Nothing contained in this Note shall be construed as conferring upon the Holder, prior to the conversion of
this Note, the right to vote or to receive dividends or to consent or to receive notice as a shareholder of the Company in respect of
any meeting of shareholders for the election of directors of the Maker or of any other matter, or any other rights as a shareholder of
the Maker.

 

ARTICLE
4

 

4.1 Covenants.
For so long as any Note is outstanding, without the prior written consent of the Holder:

 

(a) Compliance
with Transaction Documents. The Maker shall, and shall cause its Subsidiaries to, comply with its obligations under this Note and
the other Transaction Documents.

 

(b) Payment
of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be paid and
discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income, profits,
property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the aggregate, have
not had and would not reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax, assessment,
charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if
the Maker or such Subsidiaries shall have set aside on its books adequate reserves with respect thereto, and provided, further, that
the Maker and such Subsidiaries will pay all such taxes, assessments, charges or levies forthwith upon the commencement of proceedings
to foreclose any lien which may have attached as security therefor.

 

(c) Corporate
Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate existence,
rights and franchises and all licenses and other rights to use property owned or possessed by it and reasonably deemed to be necessary
to the conduct of its business.

 

(d) Investment
Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required to be registered
under, the Investment Company Act of 1940, as amended.

 

(e) Reserved.

 

    	15

     

    

 

(f) Prohibited
Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30) days after
such time as this Note has been converted into Conversion Shares or repaid in full.

 

(g) Minimum
Cash. As determined on the first of every calendar month, the Company shall at all times keep on-hand unencumbered, unrestricted
cash in an amount greater than or equal to $1,000,000.

 

4.2 Set-Off.
This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

ARTICLE
5

 

5.1 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via email
at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business Day after
the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section on a
day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on such
date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The addresses for notice shall be as set forth in the Purchase
Agreement.

 

5.2 Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without reference to
principles of conflict of laws or choice of laws. This Note shall not be interpreted or construed with any presumption against the party
causing this Note to be drafted.

 

5.3 Headings.
Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute
a part of this Note for any other purpose.

 

5.4 Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and
in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific
performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving
rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Maker to
comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the
computation thereof) shall be the amounts to be received by the holder thereof and shall not, except as expressly provided herein, be
subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Holder and that the remedy at law for any such breach would be inadequate.
Therefore, the Maker agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to
all other available rights and remedies, at law or in equity, to equitable relief, including but not limited to an injunction restraining
any such breach or threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

 

    	16

     

    

 

5.5 Enforcement
Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation, reasonable attorneys’
fees and expenses.

 

5.6 Binding
Effect. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns of each such
party, whether or not such successors or assigns are permitted by the terms herein.

 

5.7 Amendments;
Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and the Holder.
No waiver of any default with respect to any provision, condition or requirement of this Note shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.8 Compliance
with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s own account
and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose of this
Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall be stamped or imprinted
with a legend in substantially the following form:

 

“THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.”

 

5.9 Jurisdiction;
Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement 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. The Company
and the Holder irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby waive any objection
to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in any such action shall be
entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating to such action or proceeding.

 

    	17

     

    

 

5.10 Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

5.11 Maker
Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all or any part of
the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands’
and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any number
of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to
any such persons and without affecting their liability herein and do further consent to the release of any person liable hereon, all
without affecting the liability of the other persons, firms or Maker liable for the payment of this Note, AND DO HEREBY WAIVE TRIAL BY
JURY.

 

(a) No
delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall operate
as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on any one
occasion be deemed a waiver of the same right or rights on any future occasion.

 

(b) THE
MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY APPLICABLE
LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS OR ASSIGNS
MAY DESIRE TO USE.

 

5.12 Definitions.
Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the purposes hereof, the
following terms shall have the following meanings:

 

(a) “Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions scheduled to occur
or occurring by virtue of one or more Conversion Notice of the Holder, if any, (b) the Company shall have paid all liquidated damages
and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective Registration Statement pursuant to which
the Holder is permitted to utilize the prospectus thereunder to resell all of the Ordinary Shares issuable pursuant to the Transaction
Documents (and the Company believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or
(ii) all of the Conversion Shares issuable pursuant to the Transaction Documents (and shares issuable in lieu of cash payments of interest)
may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information requirements as determined
by the counsel to the Company as set forth in a written opinion letter to such effect, addressed and acceptable to the Company’s
share transfer agent and the Holder, (d) the Ordinary Shares trading on a Trading Market and all of the shares issuable pursuant to the
Transaction Documents are listed or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading
of the Ordinary Shares on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number
of authorized but unissued and otherwise unreserved Ordinary Shares for the issuance of all of the shares then issuable pursuant to the
Transaction Documents, (f) there has been no Event of Default and no existing event which, with the passage of time or the giving of
notice, would constitute an Event of Default, (g) the issuance of the shares in question or, in the case of a Monthly Payment, the shares
issuable upon conversion in full of the Monthly Payment) to the Holder would not violate the limitations set forth in Section 3.3 herein,
(h) there has been no public announcement of a pending or proposed event described in Section 3.4(vii) hereof or Change of Control that
has not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company, any of its Subsidiaries,
or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information,
other than any information which may be required to be provided by the Company to the Holder pursuant to the terms of the Transaction
Documents and (j) in the case of a Monthly Payment pursuant to Section 1.3 herein only, the average daily trading volume for the Ordinary
Shares on the principal Trading Market for the 10 consecutive Trading Days prior to the applicable Monthly Payment date exceeds 50% of
the amount of Ordinary Shares that is proposed to be paid by the Company in respect of such Monthly Payment, (k) the Company has no knowledge
of any fact that would reasonably be expected to prevent the Conversion Shares from being freely tradable without registration pursuant
to any state securities laws or regulations (in each case, disregarding any limitation on conversion of this Note); and (l) the Ordinary
Shares shall be DWAC Eligible.

 

    	18

     

    

 

(b) “First
Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company account designated
by the Company) equal to $4,700,000.00.

 

(c) “Indebtedness”
means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures, notes, or other similar instruments
and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, current swap agreements, interest rate
hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations that exceed $500,000 in the aggregate
in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any asset of the Maker, irrespective of whether
such obligation or liability is assumed; (e) all obligations for the deferred purchase price of assets, together with trade debt and
other accounts payable that exceed $500,000 in the aggregate in any fiscal year; (f) all synthetic leases; (g) any obligation guaranteeing
or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse) any of the
foregoing obligations of any other person; (h) trade debt; and (i) endorsements for collection or deposit.

 

(d) “Key
Executives” means each of Frank C. Ingriselli, Gregory L. Overholtzer, and James J. Huang.

 

(e) “Mandatory
Default Amount” means an amount equal to one hundred twenty percent (120%) of the Outstanding Principal Amount of this Note
on the date on which the first Event of Default has occurred hereunder.

 

(f) “Market
Capitalization” means, as of any date of determination, the product of (a) the number of issued and outstanding Ordinary Shares
as of such date (exclusive of any shares of common stock issuable upon the exercise of options or warrants or conversion of any convertible
securities), multiplied by (b) the closing price of the Ordinary Shares on the Trading Market on the date of determination.

 

(g) “Market
Price” means the average of two lowest closing bid prices of the Ordinary Shares on the Trading Market for the ten (10) consecutive
Trading Days ending on the Trading Day that is immediately prior to the applicable date of determination.

 

(h) “Outstanding
Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving effect to any conversions
or prepayments pursuant to the terms hereof.

 

(i) “Second
Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company account designated
by the Company) equal to the lesser of (i) $1,880,000 and (ii) an amount which, together with the First Tranche Amount, would create
an aggregate Principal Amount following the funding of the Second Tranche equal to 25% of the Market Capitalization on the Trading Day
immediately following the date the registration statement registering all of the Conversion Shares issuable under this Note and the Warrant
Shares issuable under the Warrants shall have been declared effective. For the avoidance of doubt, it is acknowledged that, based on
the Market Capitalization on the required date for funding the Second Tranche Amount, the Second Tranche Amount could be $0.

 

(j) “Trading
Day” means a day on which the Ordinary Shares are traded on a Trading Market.

 

(k) “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares
for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported
by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Ordinary
Shares are traded on OTCQB or OTCQX , the volume weighted average sales price of the Ordinary Shares for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if
prices for the Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so
reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in
good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

[Signature
Page Follows]

 

    	19

     

    

 

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

 

	 	Indonesia
    Energy Corporation Limited
	 	 
	 	By:	/s/
    James Jerry Huang
	 	Name:
    	James
    Jerry Huang
	 	Title:
    	Chief
    Investment Officer

 

    	 

     

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ ________________ of the principal amount of the above Note No. ___ into Ordinary Shares
of Indonesia Energy Corporation Limited (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number
of Ordinary Shares beneficially owned or deemed beneficially owned by the Holder on the Conversion Date:

 

[HOLDER]

 

	 	By:
    	              
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:Exhibit
10.3

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE
SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH
SECURITIES BY ANY PERSON FOR A PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC
OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO. 333- 232894 AS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

FORM
OF ORDINARY SHARE PURCHASE WARRANT

 

INDONESIA
ENERGY CORPORATION LIMITED

 

	Warrant
    Shares: [        ]	Original
    Issuance Date: [        ]

 

THIS
ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, L1 Capital Global Opportunities
Master Fund, Ltd., a Cayman Islands limited company, or its assigns (the “Holder”) is entitled, upon the terms and
subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after [        , 2022 (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on [        , 2027 (the “Termination Date”) but
not thereafter, to subscribe for and purchase from Indonesia Energy Corporation Limited, a Cayman Islands exempted company with limited
liability (the “Company”), up to [        ] ([        ) Ordinary Shares (as subject to adjustment hereunder, the “Warrant
Shares”). The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Agreement”), dated January 21, 2022 by and between the Company and the Holder.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise in the form attached as Exhibit A hereto (the “Notice of Exercise”).
Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the
Warrant Shares specified in the applicable Notice of Exercise by wire transfer of immediately available funds to a designated Company
account or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall
have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the
date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such
notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The exercise price per Ordinary Share under this Warrant shall be $6.00, subject to adjustment as provided
herein (the “Exercise Price”).

 

    	 1

     

    

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering the Warrant Shares,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to
receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder,
either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable
Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered
within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day)
pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise
is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular
trading hours” on such Trading Day;

 

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

 

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

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised and the holding period of the Warrants
being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to
this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares
are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding
date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Ordinary Shares are traded on OTCQB or OTCQX,
the volume weighted average sales price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d) in all other cases, the
fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on The New York Stock Exchange, the NYSE American or any tier of The Nasdaq Stock Market
(each, a “Trading Market”), the daily volume weighted average price of the Ordinary Shares for such date (or
the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Ordinary Shares are traded
on OTCQB or OTCQX , the volume weighted average sales price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d)
in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith by the
Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 2

     

    

 

Notwithstanding
anything contained herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by
the Company’s share transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) if there is no effective registration statement and the Warrant
is exercised via cashless exercise at a time when such Warrant Shares would be eligible for resale under Rule 144 by a non-affiliate
of the Company, such Warrant Shares are delivered to Holder’s broker, and the Company receives a statement from Holder’s
broker that it has received instructions to sell the Warrant Shares or that it would take responsibility that the sales of the Warrant
Shares will only be made if the Warrant Shares are eligible to be sold under Rule 144, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is
the earliest of (i) three (3) Trading Days after the delivery to the Company of the Notice of Exercise or (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment
of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within three (3) Trading Days following delivery
of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each
Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
agrees to use commercially reasonable efforts to maintain a transfer agent that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.

 

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

 

    	 3

     

    

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary
Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise
(a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall
be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the
Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round down to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which transfer taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the
Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached as Exhibit B hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and
all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 4

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary
Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
Ordinary Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned
by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion
of any other securities of the Company (including, without limitation, any other Ordinary Shares Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the
sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding
Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case
may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported.
The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Ordinary Shares outstanding immediately
after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Ordinary Shares outstanding immediately after giving effect to the
issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to
such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	 5

     

    

 

Section
3. Certain Adjustments.

 

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

 

b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Ordinary Shares Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held
the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares
are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result
of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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

 

    	 6

     

    

 

d)
Subsequent Equity Sales. Except in any case for Ordinary Shares issued in an issuance of Exempted Securities (as defined in the
Purchase Agreement, but excluding Ordinary Shares issued in connection with an Acquisition under clause (a)(i) of that definition, but
only to the extent that the total mix of consideration received by the holders of Ordinary Shares in connection with an Acquisition is
less, on a per share basis, than the Exercise Price then in effect), to which this section shall not apply, if and whenever, at any time
while this Warrant is outstanding, the Company issues or sells or in accordance with this Section 3 is deemed to have issued, sold or
granted, any Ordinary Shares and/or Ordinary Share Equivalents (including the issuance or sale of Ordinary Shares owned or held by or
for the account of the Company) for a consideration per share (the “New Issuance Price”) less than a price equal to
the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect
is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately
after such Dilutive Issuance the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all
purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this
Section 3(d)), the following shall be applicable:

 

i.
Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell)
any Options (as defined below) and the lowest price per share for which one Ordinary Share is at any time issuable upon the exercise
of any such Option (as defined below) or upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise
of any such Option (as defined below) or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary
Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such
Option (as defined below) for such price per share. For purposes of this Section 3(d)(i), the “lowest price per share for which
one Ordinary Share is at any time issuable upon the exercise of any such Options (as defined below) or upon conversion, exercise or exchange
of any Ordinary Share Equivalents issuable upon exercise of any such Option (as defined below) or otherwise pursuant to the terms thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to any one Ordinary Share upon the granting, issuance or sale of such Option (as defined below), upon exercise of such Option
(as defined below) and upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise of such Option
(as defined below) or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option (as defined
below) for which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions) upon the exercise of
any such Options (as defined below) or upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise
of any such Option (as defined below) or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to
the holder of such Option (or any other Person) upon the granting, issuance or sale of such Option (as defined below), upon exercise
of such Option (as defined below) and upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise
of such Option (as defined below) or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable
by, or benefit conferred on, the holder of such Option (as defined below) (or any other Person). Except as contemplated below, no further
adjustment of the Exercise Price shall be made upon the actual issuance of such Ordinary Shares or of such Ordinary Share Equivalents
upon the exercise of such Options (as defined below) or otherwise pursuant to the terms of or upon the actual issuance of such Ordinary
Shares upon conversion, exercise or exchange of such Ordinary Share Equivalents. “Option” means any rights, warrants
or options to subscribe for or purchase Ordinary Shares or Convertible Securities. “Convertible Securities” means
any shares or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible
into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Ordinary Shares.

 

    	 7

     

    

 

ii.
Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell)
any Ordinary Share Equivalents and the lowest price per share for which one share of Ordinary Share is at any time issuable upon the
conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary
Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such
Ordinary Share Equivalents for such price per share. For the purposes of this Section 3(d)(ii), the “lowest price per share for
which one Ordinary Share is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms
thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to one Ordinary Share upon the issuance or sale of the Ordinary Share Equivalents and upon conversion, exercise
or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth
in such Ordinary Share Equivalents for which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions)
upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable
to the holder of such Ordinary Share Equivalents (or any other Person) upon the issuance or sale of such Ordinary Share Equivalents plus
the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Ordinary Share Equivalents
(or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance
of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof,
and if any such issuance or sale of such Ordinary Share Equivalents is made upon exercise of any Options for which adjustment of this
Warrant has been or is to be made pursuant to other provisions of this Section 3(d), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

iii.
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Ordinary Share Equivalents, or the rate at which any Ordinary
Share Equivalents are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than
proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise
Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such
time had such Options or Ordinary Share Equivalents provided for such increased or decreased purchase price, additional consideration
or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section
3(d)(iii), if the terms of any Option or Ordinary Share Equivalents that was outstanding as of the date this Warrant was issued are increased
or decreased in the manner described in the immediately preceding sentence, then such Option or Ordinary Share Equivalents and the Ordinary
Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase
or decrease. No adjustment pursuant to this Section 3(d) shall be made if such adjustment would result in an increase of the Exercise
Price then in effect.

 

    	 8

     

    

 

iv.
Change in Option Price or Rate of Conversion. If any Option and/or Ordinary Share Equivalents and/or Adjustment Right (as defined
below) is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined
by the Holder, the “Primary Security”, and such Option and/or Ordinary Share Equivalents and/or Adjustment Right (as
defined below), the “Secondary Securities”), together comprising one integrated transaction, (or one or more transactions
if such issuances or sales or deemed issuances or sales of securities of the Company either (A) have at least one investor or purchaser
in common, (B) are consummated in reasonable proximity to each other and/or (C) are consummated under the same plan of financing) the
aggregate consideration per Ordinary Share with respect to such Primary Security shall be deemed to be equal to the difference of (x)
the lowest price per share for which one Ordinary Share was issued (or was deemed to be issued pursuant to Section 3(d)(i) or 3(d)(ii)
above, as applicable) in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary
Securities, the sum of (I) the Black Scholes Consideration Value (as defined below) of each such Option, if any, (II) the fair market
value (as determined by the Holder in good faith) or the Black Scholes Consideration Value (as defined below), as applicable, of such
Adjustment Right (as defined below), if any, and (III) the fair market value (as determined by the Holder) of such Ordinary Share Equivalents,
if any, in each case, as determined on a per share basis in accordance with this Section 3(d)(iv). If any Ordinary Shares, Options or
Ordinary Share Equivalents are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor (for
the purpose of determining the consideration paid for such Ordinary Share, Option or Ordinary Share Equivalents, but not for the purpose
of the calculation of the Black Scholes Consideration Value (as defined below)) will be deemed to be the net amount of consideration
received by the Company therefor. If any Ordinary Shares, Options or Ordinary Share Equivalents are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company (for the purpose of determining the consideration paid for
such Ordinary Shares, Option or Ordinary Share Equivalents, but not for the purpose of the calculation of the Black Scholes Consideration
Value (as defined below)) will be the fair value of such consideration, except where such consideration consists of publicly traded securities,
in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of
such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any Ordinary Shares, Options or Ordinary
Share Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving
entity, the amount of consideration therefor (for the purpose of determining the consideration paid for such Ordinary Shares, Option
or Ordinary Share Equivalents, but not for the purpose of the calculation of the Black Scholes Consideration Value (as defined below))
will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to
such Ordinary Shares, Options or Ordinary Share Equivalents (as the case may be). The fair value of any consideration other than cash
or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement
within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value
of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an
independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and
binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company). “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale hereunder) of Ordinary Shares (other than rights of the type described in Sections 3(b) and 3(c) hereof)
that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities
(including, without limitation, any cash settlement rights, cash adjustment or other similar rights). “Black Scholes Consideration
Value” means the value of the applicable Option, Convertible Security or Adjustment Right (as the case may be) as of the date
of issuance thereof calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
utilizing (i) an underlying price per share equal to the Closing Sale Price of the Ordinary Shares on the Trading Day immediately preceding
the public announcement of the execution of definitive documents with respect to the issuance of such Option or Convertible Security
(as the case may be), (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term
of such Option, Convertible Security or Adjustment Right (as the case may be) as of the date of issuance of such Option, Convertible
Security or Adjustment Right (as the case may be), (iii) a zero cost of borrow and (iv) an expected volatility equal to the greater of
100% and the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the date of issuance of such Option, Convertible Security or Adjustment Right (as
the case may be).

 

    	 9

     

    

 

v.
Change in Option Price or Rate of Conversion. If the Company takes a record of the holders of Ordinary Shares for the purpose
of entitling them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or in Ordinary Share Equivalents
or (B) to subscribe for or purchase Ordinary Shares, Options or Ordinary Share Equivalents, then such record date will be deemed to be
the date of the issuance or sale of the Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the
making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50%
of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant),
the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Ordinary Shares in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in
accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the
Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 10

     

    

 

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

 

f)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C)
the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with
any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up
of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register (as defined below), at least 10 calendar days prior
to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the
holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary
Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity
of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws, and the conditions set forth in Section 4(d) hereof,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of
this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay
any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

d)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to
or for distributing or reselling such Warrant or Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Registration Rights. The Warrant Shares shall be subject to the registration rights and the terms and conditions thereof as provided
for in Section 9 of the Purchase Agreement, which terms and conditions are incorporated herein by reference to the extent applicable
to the Warrant Shares.

 

Section
6. Miscellaneous.

 

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

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

    	 12

     

    

 

d)
Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any
purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Ordinary Shares
may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by the
Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its memorandum or articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may
be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the Purchase Agreement.

 

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

 

g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

 

    	 13

     

    

 

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

 

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

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

 

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

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

********************

(Signature
Page Follows)

 

    	 14

     

    

 

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

 

	 	INDONESIA
    ENERGY CORPORATION LIMITED
	 	 
	 	By:	 
	 	Name:	                       
	 	Title:	

 

    	 15

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

TO:
INDONESIA ENERGY CORPORATION LIMITED

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[
] in lawful money of the United States; or

 

[
] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

______________________

 

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

______________________

______________________

______________________

 

[SIGNATURE
OF HOLDER]

Name
of Investing Entity:_________________________________________________________

Signature
of Authorized Signatory of Investing Entity:__________________________________

Name
of Authorized Signatory:____________________________________________________

Title
of Authorized Signatory:_____________________________________________________

Date:_________________________________________________________________________

 

    	 16

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	Address:	 	(Please
    Print)
	Phone
    Number:	 	 
	Email
    Address:	 	(Please
    Print)
	Dated:
    ___________ __, _____	 	 
	Holder’s
    Signature:	 	 
	Holder’s
    Address:	 	 

 

    	 17

     

    

 

Warrant
Exercise Log

 

	Date	Number
    of Warrant

    Shares Available to be 

    Exercised	Number
    of Warrant Shares 

    Exercised	Number
    of 

    Warrant Shares 

    Remaining to be Exercised
	 	 	 

                                                                                 
	 

 

    	 18

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