Document:

Document

Exhibit 10.37

November 29, 2020

Lance Uggla  
c/o IHS Markit Ltd.
4th Floor Ropemaker Place
London
EC2Y 9LY
United Kingdom

Subject:  Continued Employment Following the Merger

Dear Lance:

This letter agreement (this “Agreement”) confirms the agreements between you, IHS Markit Ltd. (the “Company”) and S&P Global Inc. (“Parent”) regarding, among other things, (i) your resignation from your position as Chief Executive Officer of the Company, effective upon the Closing (as defined in the Agreement and Plan of Merger, dated as of November 29, 2020, by and among Parent, Sapphire Subsidiary, LTD., a subsidiary of Parent, and the Company (as may be amended from time to time in accordance with its terms, the “Merger Agreement”) and (ii) the terms of your continued employment by Markit Group Limited (“Employer”), a subsidiary of the Company, following the Closing.  Except as specifically provided herein, this Agreement will amend and supersede the letter agreement between you and Employer, dated April 15, 2019 (the “Employment Agreement”).  This Agreement will be effective as of the Closing Date and will automatically terminate and be null and void ab initio if the Merger Agreement is terminated in accordance with its terms prior to the consummation of the Merger.  Capitalized terms used but not defined in this Agreement will have the respective meanings ascribed to them in the Merger Agreement.

1.Resignation.  Effective as of the Closing Date, you will resign from your position as Chairman of the Board and Chief Executive Officer of the Company and from any positions you currently hold as an officer or director with the Company or any of its subsidiaries and you agree to execute any documentation to effectuate the foregoing.

2.Terms of Continued Employment.  

a.Employment Term.  You will continue as an employee of Employer from the Closing Date through the first anniversary of the Closing Date (the “Employment End Date”), unless your employment is terminated as of an earlier date in accordance with Section 2(f) below (the period from the Closing Date through the date of termination of your employment, the “Employment Term”).

b.Position and Duties.  During the Employment Term, you will be employed in the role of “Special Advisor to the CEO” and will be involved in post-Merger transition and integration activities, as well as in strategic projects, reporting to the President and Chief Executive Officer of Parent (the “CEO”).

c.Compensation.  

i.Base Salary.  During the Employment Term, you will receive an annual base salary in the amount of One Million Two Hundred Thousand Dollars ($1,200,000) (“Base Salary”), payable in accordance with the applicable payroll procedures as in effect from time to time.

ii.Employment Bonus.  Unless your employment with Employer terminates as described in Section 4(d), during the Employment Term, you will receive an employment bonus in the aggregate amount of Ten Million Dollars ($10,000,000) (“Employment Bonus”)which will be paid in installments during the Employment Term in accordance with the applicable payroll procedures as in effect from time to time.  In the event of a Qualifying Termination (as defined below), any then unpaid amount of the Employment Bonus will be paid to you within 30 days following the date of such termination.  

d.Benefits.  During the Employment Term, Sections 2(d)-(f) of the Employment Agreement shall continue to apply.  

e.Location.  During the Employment Term, you may perform your duties under this Agreement from any location of your choosing; provided that Parent has an office in that location, or at a location where Parent does not maintain an office if your performance of duties in such location will not result in any adverse tax, legal or regulatory consequences for Parent, as reasonably determined by Parent.  During the Employment Term, you will be provided with continued access to a Parent office space and use of your administrative assistant.

f.Termination of Employment Term.  

i.Your employment with Employer may be terminated at any time following the Closing Date (A) by the Company upon notice to you, (B) by you upon not less than ten (10) days’ notice to the Company for any reason, (C) upon your death or (D) by the Company upon your Permanent Disability

ii.“Permanent Disability” will be deemed to occur when it is determined (by the disability carrier of the Company or another applicable member of the Affiliated Group (as defined below) for the primary long-term disability plan or program applicable to you because of your employment with Employer) that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

g.Severance.  

i.Upon any termination of your employment from Employer, you will receive any earned but unpaid base salary or other amounts (including reimbursable expenses and any vested amounts or benefits owing under or in accordance with applicable employee benefit plans, policies and programs, including retirement plans and programs) accrued or owing through the termination date subject to such deductions as may be required by law.

ii.In the event of a termination of your employment from Employer (x) due to the occurrence of the Employment End Date, (y) by Employer without Cause, or (z) due to your resignation from employment with Employer due to a material breach of this Agreement by the Company, Parent or the Employer, following prompt written notice to the Company and Parent of such breach and a reasonable opportunity (not to exceed 10 days) for the Company, Parent and Employer, to cure such breach (the date of such termination, the “Severance Trigger Date”), you will be eligible to receive the following payments and benefits (the “Severance Benefits”):

1.a cash severance payment in an amount equal to the sum of (1) $7,200,000, and (2) an amount equal to $2,400,000, pro-rated for the number of days that have elapsed during the fiscal year in which the Closing Date occurs, from and including December 1 of such year through and including the Closing Date, payable in twelve (12) equal monthly installments following the Severance Trigger Date (the “Severance Payment”); and

2.continued participation in the medical, dental and vision plans provided to executives of the Company (or if you are ineligible to continue to participate under the terms thereof, in substitute arrangements adopted by the Company with the effect of providing benefits of substantially comparable value) for a period ending twenty-four (24) months following the Closing Date.

Your eligibility to receive the Severance Benefits will be contingent on your execution of a release in a form reasonably acceptable to the Company within 45 days of the Severance Trigger Date and non-revocation of such release; provided that such release does not impose any obligations or restrictions upon you that are additional to those provided for in this Agreement.  If you fail to execute such a release, or if you revoke such a release, within such 45-day period, you will not be eligible to receive the Severance Benefits.  If you execute such a release within such 45-day period and do not revoke such release, then payment of the Severance Payment will commence on the first possible payroll following the 65th day after the Severance Trigger Date.  The Severance Benefits are in lieu of any termination payments or benefits which you might otherwise be eligible to receive under any standard severance plan, policy or program maintained by any member of the Affiliated Group or under applicable law.

3.Performance Share Units.  

a.Treatment in Merger.  Notwithstanding anything in the Merger Agreement to the contrary, the parties agree that any Company PSU Awards granted to you in 2019, 2020 and 2021 that are outstanding immediately prior to the Effective Time, and any Company PSU Awards granted to you in 2022 if the Effective Time occurs after November 30, 2021, will be treated as set forth in the Merger Agreement, except that “Vesting Percentage” will mean 200% for all purposes of such Company PSU Awards.  Any Company PSU Awards granted after 2021, or after 2022 if the Effective Time occurs after November 30, 2021, will be treated as set forth in the Merger Agreement for Company PSU Awards held by all holders.  

b.Accelerated Vesting.  Any outstanding, unvested Company PSU Awards held by you will become fully vested at the Vesting Percentage (as modified in Section 3(a)) in the event of a termination of your employment with Employer (i) on the Employment End Date, (ii) due to death or Permanent Disability, (iii) by Employer without Cause or (iv) upon your resignation due to Employer’s material breach of this Agreement (after written notice and a reasonable opportunity (not to exceed 10 days) to cure) (each of clauses (i), (ii), (iii) and (iv), a “Qualifying Termination”).

4.Retention Bonus.  Subject to the terms and conditions of this Section 4, you will be eligible to receive a special retention bonus in the aggregate amount of Forty Million Dollars ($40,000,000) (the “Retention Bonus”).  The Retention Bonus will be paid to you in cash on the following schedule:

a.Subject to your continued employment with Employer through the Employment End Date, twenty Million Dollars ($20,000,000) will be paid to you as soon as practicable (but in no event later than 30 days) following the Employment End Date. 

b.Subject to Section 4(d) below, twenty Million Dollars ($20,000,000) will be paid to you as soon as practicable (but in no event later than 30 days) following the first anniversary of the Employment End Date.

c.In the event of a Qualifying Termination, any then unpaid amount of your Retention Bonus will be paid to you within 30 days following the date of such termination.

d.In the event of (i) a termination of your employment with Employer for Cause, (ii), your material breach of this Agreement, including without limitation, Section 6 of this Agreement, following prompt written notice to you of such breach and a reasonable opportunity (not to exceed 10 days) for you to cure such breach, or (iii) your resignation of employment with the Employer prior to the Employment End Date absent a material breach of this Agreement by Parent, the Company or Employer, you shall forfeit any then unpaid portion of the Retention Bonus.

5.Expenses.  The Company or a member of the Affiliated Group will reimburse you for reasonable business-related expenses incurred by you in the fulfillment of your duties hereunder during the Employment Term; provided that such expenses are incurred and accounted for in accordance with the expense reimbursement policies and procedures of the Company.  Any such reimbursement of expenses will be made upon or as soon as practicable following receipt of supporting documentation (but in any event not later than the close of your taxable year following the taxable year in which the expense is incurred).

6.Restrictive Covenants.

a.The following terms have the following meanings:

“Affiliated Group” means the Company or any corporation, partnership, joint venture, limited liability company or other entity in which Parent has a 50% or greater direct or indirect interest or otherwise controls, including the Company and its subsidiaries.

“Customer” means any person, firm, company or entity which is or was a customer of, or in the habit of dealing with, Parent or any member of the Affiliated Group at any time during the Restricted Period or the period of 12 months prior to the Restricted Period.

“Key Employee” means any person who immediately prior to the Closing Date was an employee, director, officer, agent, consultant or associate of Parent or any member of the Affiliated Group who was likely to be (i) in possession of confidential information belonging to Parent or any member of the Affiliated Group, or (ii) able to influence the customer relationships or trade connections of Parent, the Company or any member of the Affiliated Group, and in each case with whom you had personal contact or for whom you had managerial responsibility at any time during the Restricted Period or the period of 12 months prior to the Restricted Period.

“Prohibited Area” means the area constituting the market of Parent and any member of the Affiliated Group for Services during the Restricted Period or the period of 12 months prior to the Restricted Period.

“Prospective Customer” means any person, firm, company or entity who was negotiating with Parent or any member of the Affiliated Group for the supply of Services.

“Restricted Period” means the period of 24 months following the Closing Date.  

“Services” means those products and services which are competitive with those supplied by Parent or any member of the Affiliated Group during the Restricted Period or during the 12 months prior to the Restricted Period. The activities set forth on Annex A, attached hereto, are illustrative of activities that are not Services.

b.You have obtained and likely will continue to obtain trade secrets, confidential information and personal knowledge of and influence over customers and employees of Parent and of the Affiliated Group during the course of your employment with Employer.  You agree that Parent (and each member of the 

Affiliated Group) have a legitimate interest in protecting these interests and in order to do so, you agree (and acknowledge that having had the opportunity to take legal advice, it is reasonable for you to agree) that you will not during your employment by Employer and for the following periods after the Closing Date for whatever reason directly or indirectly, either alone or jointly with or on behalf of any third party and whether on your own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, without the consent of the CEO (such consent request to be responded to promptly and such consent not to be unreasonably withheld or conditioned):

i.For the Restricted Period in the Prohibited Area and in competition with Parent or any member of the Affiliated Group, engage, assist, provide services to or be interested in (whether as an employee, consultant, director, advisor or otherwise) any undertaking which provides, is about to provide or which it is anticipated will provide Services.

ii.For the Restricted Period, in competition with Parent or any member of the Affiliated Group, solicit the employment or engagement of any Key Employee (whether or not such person would breach their contract of employment or engagement by reason of leaving the service of the business in which they work); and

iii.For the Restricted Period: (A) solicit or canvass the business of, any Customer (or Prospective Customer); (B) endeavor to entice away from Parent, or any member of the Affiliated Group the business of any Customer (or Prospective Customer); (C) interfere with Parent’s or any member of the Affiliated Group’s relationship with any Customer (or Prospective Customer); or (D) deal with or otherwise accept the custom of any Customer (or Prospective Customer).

For the avoidance of doubt, you will not be restricted from outside activities, other than those expressly prohibited in this Section 6.

c.In perpetuity following the Closing Date, make negative comments or otherwise disparage Parent or any member of the Affiliated Group or any of their respective officers, directors, employees, shareholders, agents, services or products, in any manner likely to be harmful to them or their business, business reputation or personal reputation.  For the purposes of this Section 6(c), disparagement does not include (i) compliance with legal process or subpoenas to the extent only truthful statements are rendered in such compliance attempt; (ii) statements made in response to an inquiry from a court or regulatory body, or (iii) any protected disclosure under Section 43A of the Employment Rights Act 1996; provided that in the case of any of (i) or (ii), subject to applicable law, you give Parent advance written notice of the comment or other communication and afford Parent an opportunity to seek a protective order.

d.The provisions of this Section 6 will not prevent you from being involved in any capacity, from making any investments in any entity or business, or from engaging in any other business activities that, in each case, are not in violation of this Section 6.

e.Although you acknowledge and agree that the restrictions herein are reasonable, to the extent that any part of this Section 6 may be invalid, illegal or unenforceable for any reason, it is intended that such part shall be enforceable to the maximum extent that a court of competent jurisdiction shall determine that such part, if more limited in scope, would have been enforceable, and such part shall be deemed to have been so written and the remaining parts shall as written be effective and enforceable in all events.  In the event of any conflict between the restrictive covenants in this Section 6 and those contained in any other agreement to which you are subject, the restrictive covenants in this Section 6 will govern.  Any Confidentiality and/or Innovation Agreement previously executed by you shall remain in full force and effect.

f.If at any time you breach your obligations under this Section 6, following prompt written notice to you of such breach and a reasonable opportunity (not to exceed 10 days) for you to cure such breach, as determined by the Board of Directors of Parent in good faith, from and after the date of such breach, you shall no longer be entitled to, and the Company will no longer be obligated to pay or provide, the Severance Benefits.  For the avoidance of doubt, nothing contained herein will in any way limit any right or remedy otherwise available to the Company.

7.Confidentiality and Intellectual Property.  You acknowledge and agree that you will remain subject to the confidentiality provisions set forth in Section 7 of the Employment Agreement and the intellectual property provisions set forth in Section 9 of the Employment Agreement and that for purposes of each of those sections the term “Affiliated Group” shall have the meaning contained in this Agreement.  

8.Indemnification; D&O Insurance.  The Company or, as applicable, Parent will indemnify you to the maximum extent permitted by law and the bylaws applicable to your services during the Employment Term as an employee of Employer or any member of the Affiliated Group, with respect to the work you performed on behalf of, or at the request of, the Company, Employer or any member of the Affiliated Group.  Parent will use its reasonable best efforts to cover you under any directors and officers liability insurance policy generally maintained for executives of Parent.

9.Transfers of Vested Company Shares.  Notwithstanding any other agreement or policy of Parent or the Company to the contrary, you will not be prohibited from transferring by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise any vested or otherwise owned Parent Common Shares held by you.

10.Effect on and Incorporation from the Employment Agreement.  Effective as of the Closing Date:

a.The following sections of the Employment Agreement are replaced in their entirety by the terms of this Agreement:  Sections 1 (Duties and Responsibilities), 2(a) (Annual Base Salary), 2(b) (Annual Cash Compensation), 2(c) (Annual Long-Term Incentive Compensation), 3 (Termination of Employment) (other than subsection 3(j)(i) regarding the definition of “Cause”) and subsection 3(i) regarding post-termination assistance), 4 (Release and Timing), 5 (Restrictive Covenants), 12 (Share Ownership Guidelines), 14 (Outside Interests), and 18 (Miscellaneous).

b.The following sections of the Employment Agreement are hereby incorporated by reference in this Agreement, with such modifications as are necessary and appropriate to incorporate the defined terms and section references of this Agreement (but will be overridden by the express terms of this Agreement):  Sections 2(d) (Personal Time Off), 2(e) (Benefits Programs), 2(f) (Sickness Pay and Conditions), 3(i) (regarding post-termination assistance), 3(j)(i) (regarding the definition of “Cause”), 6 (Annual Leave and public bank holidays), 7 (Confidentiality), as revised by this Agreement,  8 (Executive Protections; Defend Trade Secrets Act), 9 (Intellectual Property), as revised by this Agreement, 10 (Code of Conduct & Other Mandatory Training), 11 (Recoupment), 13 (Data Protection), 15 (Pension), and 16 (Grievance and Disciplinary Policies/Procedures) and 17 (Health & Safety).

11.Miscellaneous.

i.Governing Law; Amendments. This Agreement will be governed by and construed in accordance with the laws of England, without reference to principles of conflict of laws.  There are no collective agreements applicable to your employment.  This Agreement may not be amended or modified other than by a written agreement executed by you and an authorized representative of the Company.

ii.Entire Agreement.  The terms contained in this Agreement constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede all prior negotiations, representations or agreements relating thereto whether written or oral. 

iii.Tax Withholding.  Parent, the Company or Employer, as applicable, may withhold from any amounts payable under this Agreement such taxes (including any National Insurance Contributions) as will be required to be withheld pursuant to any applicable law or regulation.

iv.Choice of Forum.  the Company, Parent and you each hereby irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of England and Wales in any action or proceeding arising out of or relating to this letter agreement or for recognition or enforcement of any judgment relating thereto.

v.Headings.  The headings of the sections contained in this Agreement are for convenience of reference only and will not be deemed to control or affect the meaning or construction of any provision of this Agreement.

vi.Notice.  Notices given pursuant to this Agreement will be in writing and will be deemed received when personally delivered, or on the date of written confirmation of receipt by (i) overnight carrier, (ii) facsimile, (iii) registered or certified mail, return receipt requested, postage prepaid, or (iv) such other method of delivery as provides a written confirmation of delivery.  Notice to the Company or Employer will be directed to:

Attn:    Executive Vice President, Chief Administrative Officer & General Counsel 
IHS Markit Ltd.
450 West 33rd Street, Fifth Floor 
New York, New York 10001 
Facsimile No.: 212-205-7123

Notice to Parent will be directed to:

Attn:    Executive Vice President & General Counsel
S&P Global Inc.
55 Water Street 
New York, New York 10011 
Facsimile No.: 212-438-2200

Notices to or with respect to you will be directed to you, or in the event of your death, your executors, personal representatives or distributees, at your home address as set forth in the records of the Company, with a copy to your attorney if notified in writing to the Company.

vii.Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original of the party executing the same and all of which together will constitute one and the same instrument.

viii.Successors and Assigns.  This Agreement is personal to you and will not be assignable by you without the prior written consent of the Company and Parent.  This Agreement will inure to the benefit of and be binding upon the Company and its respective successors and assigns (and, as applicable, to the members of the Affiliated Group).  The Contracts (Rights of Third Parties) Act 1999 will only apply to this agreement in relation to any member of the Affiliated Group. No person other than the parties to this Agreement and any member of the Affiliated Group will have any rights under it and it will not be enforceable by any person other than those parties.  the Company and Parent may assign this Agreement, without your consent, to any member of the Affiliated Group or to any other respective successor (whether directly or indirectly, by agreement, purchase, merger, consolidation, operation of law or otherwise) to all, substantially all or a 

substantial portion of the business and/or assets of the Company and Parent, respectively, as applicable.  If and to the extent that this letter agreement is so assigned, references to the Company and Parent throughout this Agreement will mean the Company and Parent, respectively, as hereinbefore defined and any successor to, or assignee of, its business and/or assets.

ix.Waiver.  No delay or omission by any party in exercising any right under this Agreement will operate as a waiver of that or any other right.  A waiver or consent given by any party on any one occasion will be effective only in that instance and will not be construed as a bar or waiver of any right on any other occasion.

x.Severability.  In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

[Signature Page Follows]

Sincerely,  

									
		IHS MARKIT LTD.

			
		By:	/s/ Jonathan Gear
		Name: Jonathan Gear
		Title: Executive Vice President and Chief Financial Officer
		

									
		MARKIT Group Limited.

			
		By:	/s/ Christopher McLoughlin
		Name: Christopher McLoughlin
		Title: Director
		

Accepted and Agreed:
/s/ Lance Uggla    
Lance Uggla 

Sincerely,  

									
		S&P GLOBAL INC.

			
		By:	/s/ Douglas L. Peterson
		Name: Douglas L. Peterson
		Title: President & CEO

ANNEX A

Permitted Business Line and Activities

•Payment processing platforms or related technology or services

•Sustainability assets or businesses, excluding any sustainability information services businesses or assets that compete with services, assets or businesses of Parent or any member of the Affiliated Group 

•You may form a SPAC and engage in a deSPAC-ing transaction, so long as the SPAC and target company are not engaged in activities that compete with Parent or any member of the Affiliated Group

•Investor in, principal of or advisor to any private equity fund not primarily focused on activities that compete with Parent or any member of the Affiliated Group (“Permitted Fund”).  Any such Permitted Fund may have investments in any fund portfolio company so long as you are not involved with any portfolio company that competes with Parent or any member of the Affiliated Group.Exhibit
4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE 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. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

FORM
OF ORDINARY SHARE PURCHASE WARRANT

  

Diginex
limited

 

	Warrant
    Shares: _______	 	Initial
    Exercise Date: January 15, 2021

 

THIS
ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on January __, 2024 (the “Termination Date”) but not thereafter, to subscribe for and
purchase from Diginex Limited, a Singapore domiciled company (the “Company”), up to ______ Ordinary Shares
of the Company (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 “Purchase Agreement”), dated January 11, 2021, among the Company
and the purchasers signatory thereto.

 

    	1 

     

    

 

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 PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
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 $18.75, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the resale of the Warrant Shares by the Holder, then no sooner than June 11, 2021,
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)(68) 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. (“Bloomberg”) 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;

 

    	2 

     

    

 

	 	(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 Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this 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 (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 OTCQB or OTCQX is not a Trading Market,
the volume weighted average 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 on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per Ordinary Share 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 Purchasers of a majority in interest of the Securities then
outstanding 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 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 (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 OTCQB or OTCQX is not a Trading Market,
the volume weighted average 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 Open Market (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 Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	3 

     

    

 

Notwithstanding
anything 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 Transfer Agent to the Holder by crediting the account
                                         of the Holder’s or its designee’s balance account with The Depository Trust
                                         Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
                                         if the Company is then a participant in such system and either (A) there is an effective
                                         registration statement permitting the issuance of the Warrant Shares to or resale of
                                         the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by
                                         the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming
                                         cashless exercise of the Warrants), 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) two (2) Trading Days after the delivery to the Company of the Notice
                                         of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price
                                         to the Company and (iii) the number of Trading Days comprising the Standard Settlement
                                         Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
                                         Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
                                         shall be deemed for all corporate purposes to have become the holder of record of the
                                         Warrant Shares with respect to which this Warrant has been exercised, irrespective of
                                         the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
                                         Price (other than in the case of a cashless exercise) is received within the earlier
                                         of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
                                         Settlement Period 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 $2,000 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 for each Trading Day after such Warrant Share
                                         Delivery Date, beginning on the second (2nd) Trading Day following the Warrant
                                         Share Delivery Date and ending on the Trading Day such Warrant Shares are delivered or
                                         Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
                                         a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
                                         As used herein, “Standard Settlement Period” means the standard settlement
                                         period, expressed in a number of Trading Days, on the Company’s primary Trading
                                         Market with respect to the Ordinary Shares as in effect on the date of delivery of the
                                         Notice of Exercise. The parties agree that the maximum aggregate liquidated damages payable
                                         to a Holder shall not exceed 10% of the aggregate Subscription Amount paid by such Holder
                                         pursuant to the Purchase Agreement.

 

    	4 

     

    

 

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

 

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

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, 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.

 

    	5 

     

    

 

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 up 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 taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

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

 

    	6 

     

    

 

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, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any other 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 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 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.

 

    	7 

     

    

 

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 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 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 stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
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 shares, 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, that, 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).

 

    	8 

     

    

 

c)
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
(or any Subsidiary), 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, merger 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
Ordinary Shares 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 Ordinary Share 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. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant
on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction
is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only
be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion),
at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary
Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock
or any combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms
of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Ordinary
Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Ordinary Shares
will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental
Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on
the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date, (B) an expected volatility equal to the greater of 40% and the 100 day volatility obtained from the
HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall
be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day
immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental
Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(c) and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date
of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(c) 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.

 

    	9

    	 

    

 

d)
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.

 

e)
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, to the fullest extent permissible under law, declare a special nonrecurring
cash dividend on 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 stockholders
of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to
which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, 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 of the Company, at least 20 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 Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	10

    	 

    

 

Section
4. Call Option

 

a)
Call Provision. Subject to the provisions of Section 2(e) and this Section 4, if, after the 12-month anniversary of the
Effective Date, (i) the VWAP for each of 20 consecutive Trading Days (the “Measurement Period,” which 20 consecutive
Trading Day period shall not have commenced until after the Effective Date) exceeds 300% of the then Exercise Price, (ii) the
average daily dollar volume for such Measurement Period exceeds $10 million per Trading Day and (iii) the Holder is not in possession
of any information that constitutes, or might constitute, material non-public information which was provided by the Company, any
of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, then the Company may, within 1 Trading
Day of the end of such Measurement Period, call for cancellation of all or any portion of this Warrant for which a Notice of Exercise
has not yet been delivered (such right, a “Call”) for consideration equal to $0.01 per Warrant Share. To exercise
this right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating
therein the portion of unexercised portion of this Warrant to which such notice applies. If the conditions set forth below for
such Call are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined below),
then any portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall not have been received by the
Call Date will be cancelled at 6:30 p.m. (New York City time) on the thirtieth (30th) Trading Day after the date the
Call Notice is received by the Holder (such date and time, the “Call Date”). Any unexercised portion of this
Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof, the Company
covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice that are
tendered through 6:30 p.m. (New York City time) on the Call Date. The parties agree that any Notice of Exercise delivered following
a Call Notice which calls less than all of the Warrants shall first reduce to zero the number of Warrant Shares subject to such
Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. Subject again to the provisions
of this Section 4, the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall
not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not
deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning
of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant
all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) the Registration Statement shall
be effective as to all Warrant Shares and the prospectus thereunder available for use by the Holder for the resale of all such
Warrant Shares, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient
number of authorized shares of Common Stock for issuance of all Securities under the Transaction Documents, and (5) the issuance
of all Warrant Shares subject to a Call Notice shall not cause a breach of any provision of Section 2(e) herein. The Company’s
right to call the Warrants under this Section 4 shall be exercised ratably among the Holders based on each Holder’s initial
purchase of Warrants.

 

Section
5. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 5(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, 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 on which 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.

 

    	11

    	 

    

 

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 5(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 Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

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

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)
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 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.

 

    	12

    	 

    

 

Section
6. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

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

 

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

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will obtain the necessary corporate approvals 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 and subject to a
valid shareholder mandate obtained by the Company, 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).

 

    	13

    	 

    

 

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

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable 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)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. 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 stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

    	14

    	 

    

 

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)

 

    	15

    	 

    

 

 

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.

 

	 	DIGINEX
    LIMITED
	 	 
	 	By:	   
	 	Name:	 
	 	Title:	 

 

    	16

    	 

    

 

NOTICE
OF EXERCISE

 

To:
diginex 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:

 

	 	 	 
	 	 	 
	 	 	
	 	 	 
	 	 	

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

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

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

 

 

	Name:	 	
	 

                                                                               
	 	(Please
    Print)
	Address:	 	
	 

         
	 	(Please
        Print)

        

	Phone
    Number:	 	 
	 	 	 
	Email
    Address:	 	 
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:________________________	 	 
	 	 	 
	Holder’s
    Address:__________________________

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