Document:

Exhibit 10.3

 

XTANT
MEDICAL HOLDINGS, INC.

664
Cruiser Lane

Belgrade,
Montana 59714

 

August
25, 2022

 

Via
Email

 

Mr.
Stavros G. Vizirgianakis

273
Hillcrest Ln

Oyster
Bay, New York 11771

 

Dear
Stavros:

 

In
connection with that certain Securities Purchase Agreement dated as of August 23, 2022 among Xtant Medical Holdings, Inc. (the “Company)
and the purchasers party thereto (the “Purchase Agreement”), including you (the “Nominee”), the
Board of Directors (the “Board”) of the Company is considering expanding the size of the Board by one (1) position,
nominating you to fill the newly-created position on the Board, and electing you to the position of Chairman of the Board, in each case
effective upon completion of the First Closing, as defined under and pursuant to the Purchase Agreement (the “First Closing”).
Subject to the Nominee’s agreement with the terms and conditions set forth in this letter agreement (the “Letter Agreement”),
the Board has instructed me to inform you that it will vote to expand the size of the Board by one (1) position, appoint the Nominee
to fill the newly-created position and elect the Nominee to the position of Chairman of the Board.

 

Terms
used but not defined in this Letter Agreement have the meanings set forth in Exhibit A to this Letter Agreement.

 

		1.	Directorship.

 

		(a)	In
                                            connection with the First Closing, the Board shall create a vacancy by expanding the size
                                            of the Board by one (1) position and elect the Nominee as a member of the Board in order
                                            to fill such vacancy effective upon completion of the First Closing. Subsequently, the Board
                                            shall nominate the Nominee for election to the Board at any annual or special meeting of
                                            stockholders of the Company at which directors are to be elected, subject to Section 11 of
                                            this Letter Agreement.

 

		(b)	The
                                            Board shall elect the Nominee to the position of Chairman of the Board effective upon completion
                                            of the First Closing and at each annual or special meeting of stockholders of the Company
                                            at which directors are elected thereafter, subject to Section 11 of this Letter Agreement.

 

		(c)	The
                                            Nominee, upon election to the Board, will serve on the same basis as all other non-employee
                                            directors of the Company.

 

		(d)	The
                                            Nominee shall comply in all material respects with the Company’s corporate governance
                                            guidelines, code of business conduct and ethics, confidentiality and trading policies and
                                            guidelines and any other policies applicable to all other non-employee directors of the Company,
                                            as in effect from time to time; provided that nothing therein shall contradict Section 2
                                            hereof.

 

		(e)	The
                                            Nominee shall be entitled to receive similar compensation, benefits, reimbursement (including
                                            of travel expenses), indemnification and insurance coverage for his service as a director
                                            as the other non-employee directors of the Company. For so long as the Company maintains
                                            directors’ and officers’ liability insurance, the Company shall include the Nominee
                                            as an “insured” for all purposes under such insurance policy for so long as the
                                            Nominee is a director of the Company and for the same period as for other former directors
                                            of the Company when the Nominee ceases to be a director of the Company.

 

    	 

     

    

 

		(f)	So
                                            long as the Nominee has the right to serve as a member of the Board pursuant to this Letter
                                            Agreement, the Board shall take such action as is reasonably necessary to cause the exemption
                                            of any acquisition or disposition of Common Stock by the Investor from the liability provisions
                                            of Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 16b-3
                                            so long as such exemption is not prohibited by applicable law. For the avoidance of doubt,
                                            the Company shall pass one or more exemptive resolutions by the Board each time there is
                                            any purported acquisition or disposition of Common Stock by the Nominee with requisite specificity
                                            to exempt from the liability provisions of Section 16(b) of the Securities Exchange Act of
                                            1934, as amended, pursuant to Rule 16b-3.

 

		2.	Corporate
                                            Opportunities. It is understood and accepted by the parties that the Nominee, and
                                            his Affiliates, may have interests in other business ventures which may be in conflict with
                                            the activities of the Company and its Subsidiaries and that nothing in this Letter Agreement
                                            shall limit the respective current or future business activities of the Nominee, or any of
                                            his Affiliates, whether or not such activities are competitive with those of the Company
                                            and its Subsidiaries. Each of the parties acknowledges that corporate and investment opportunities
                                            may from time to time come to the attention of the Nominee, or his Affiliates, and their
                                            respective officers, directors, managers, stockholders, members, partners or employees. The
                                            Company, on its own behalf and on behalf of each of its Subsidiaries, renounces such corporate
                                            and investment opportunities, other than such opportunities regarding orthobiologics products
                                            that are directly competitive with the business of the Company and known to the Nominee,
                                            provided that such opportunities came to the attention of the Nominee other than as a result
                                            of his position as a director of the Company.

 

		3.	Condition
                                            Precedent to the Obligations of the Company. The obligation of the Company to nominate
                                            the Nominee to the Board pursuant to this Letter Agreement is subject to the satisfaction
                                            or waiver by the Company of the following condition:

 

		(a)	The
                                            First Closing shall have occurred; and

		(b)	The
                                            Nominee shall have executed and delivered to the Company a Director’s and Officer’s
                                            Questionnaire in the form of Exhibit B hereto (the “Questionnaire”).

 

		4.	Entire
                                            Agreement. This Letter Agreement, together with the Purchase Agreement and Questionnaire,
                                            contains the entire agreement and understanding of the parties with respect to the subject
                                            matter hereof and supersedes all prior agreements and understandings, oral or written, with
                                            respect to such matters, which the parties acknowledge have been merged into such documents,
                                            exhibits and schedules.

 

		5.	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 facsimile
                                            or email at the facsimile number or email address specified for the relevant receiving party
                                            on the signature pages to this Letter Agreement prior to 5:30 p.m. (in the time zone of the
                                            receiving party) on a Business Day, (b) the next Business Day after the date of transmission,
                                            if such notice or communication is delivered via facsimile or email at the facsimile number
                                            or email address specified for the relevant receiving party on the signature pages to this
                                            Letter Agreement on a day that is not a Business Day or later than 5:30 p.m. (in the time
                                            zone of the receiving party) on any Business Day, (c) the third Business Day following the
                                            date of deposit with an internationally recognized overnight courier service for delivery
                                            on the following Business Day, or (d) upon actual receipt by the party to whom such notice
                                            is required to be given. The addresses, facsimile numbers and email addresses for such notices
                                            and communications are those set forth on the signature pages hereof, or such other address
                                            or facsimile number as may be designated in writing hereafter, in the same manner, by any
                                            such Person.

 

		6.	Applicable
                                            Law; Jurisdiction; Etc.

 

		(a)	This
                                            Letter Agreement shall be governed by and construed in accordance with the laws of the State
                                            of Delaware, regardless of the laws that might otherwise govern under applicable principles
                                            of conflicts of law thereof.

 

    	2

     

    

 

		(b)	Each
                                            of the parties hereto irrevocably consents to the exclusive jurisdiction and venue in any
                                            state court within the State of Delaware (or, if a state court located within the State of
                                            Delaware declines to accept jurisdiction over a particular matter, any court of the United
                                            States located in the State of Delaware) in connection with any matter based upon or arising
                                            out of this Letter Agreement or the transactions contemplated hereby and agrees that process
                                            may be served upon such party in any manner authorized by the laws of the State of New York
                                            or in such other manner as may be lawful, and that service in such manner shall constitute
                                            valid and sufficient service of process. Each party hereto waives and covenants not to assert
                                            or plead any objection that such party might otherwise have to such jurisdiction, venue and
                                            process. Each party hereto hereby agrees not to commence any legal proceedings relating to
                                            or arising out of this Letter Agreement or the transactions contemplated hereby in any jurisdiction
                                            or courts other than as provided herein.

 

		(c)	EACH
                                            OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
                                            PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
                                            OR RELATING TO THIS LETTER AGREEMENT OR THE ACTIONS OF A PARTY IN THE NEGOTIATION, ADMINISTRATION,
                                            PERFORMANCE AND ENFORCEMENT HEREOF.

 

		7.	Survival.
                                            The agreements and covenants contained herein shall survive the execution of this Letter
                                            Agreement.

 

		8.	Execution.
                                            This Letter Agreement may be executed in separate counterparts, each such counterpart being
                                            deemed to be an original instrument, and all such counterparts will together constitute the
                                            same agreement. Any such counterpart, to the extent delivered by means of a fax machine or
                                            by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an
                                            “Electronic Delivery”) shall be treated in all manner and respects as
                                            an original executed counterpart and shall be considered to have the same binding legal effect
                                            as if it were the original signed version thereof delivered in person. No party hereto shall
                                            raise the use of Electronic Delivery to deliver a signature or the fact that any signature
                                            or agreement or instrument was transmitted or communicated through the use of Electronic
                                            Delivery as a defense to the formation of a contract, and each such party forever waives
                                            any such defense, except to the extent that such defense relates to lack of authenticity.

 

		9.	Binding
                                            Effect. This Letter Agreement shall be binding upon and shall inure to the benefit
                                            of, and be enforceable by, the parties and their permitted successors and assigns. Notwithstanding
                                            the foregoing, the Nominee may not assign his rights or obligations under this Letter Agreement.

 

		10.	Amendments;
                                            Waiver; Consents. No amendment or waiver of any provision of this Letter Agreement
                                            nor consent to any departure therefrom shall in any event be effective unless the same shall
                                            be in writing and signed by the Nominee and the Company, and then such amendment or waiver
                                            shall be effective only in the specific instance and for the specific purpose for which given,
                                            and shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
                                            breach of such provision or be deemed to be or constitute a waiver of any other provision
                                            hereof. The failure by a party to insist upon strict adherence to any provision of this Letter
                                            Agreement on one or more occasions shall not be considered a waiver or deprive it of the
                                            right thereafter to insist upon strict adherence to that provision or any other provision
                                            of this Letter Agreement. Whenever this Letter Agreement requires a permit or consent by
                                            or on behalf of either party hereto, such consent shall be effective only if given in writing
                                            in a manner consistent with the requirements for a waiver of compliance as set forth above.

 

		11.	Term;
                                            Termination. The obligations set forth in Section 1 hereof shall terminate on the
                                            earlier of (i) the date on which the Nominee or his Affiliates ceases to hold a number of
                                            shares of Common Stock equal to at least 75% of the number of Issued Common Shares, (ii)
                                            the second anniversary of the Second Closing Date; or (iii) upon written notice of the Nominee
                                            to the Company of his termination of this Letter Agreement or resignation from the Board.

 

		12.	Headings.
                                            The Section headings contained in this Letter Agreement are for reference purposes only and
                                            will not affect in any way the meaning or interpretation of this Letter Agreement.
	 	 	 

		13.	Construction.
                                            This Letter Agreement shall not be construed for or against any party to this Letter Agreement
                                            because that party or its legal representative drafted all or any part of this Letter Agreement.

 

Kindly
evidence your agreement with the foregoing by signing this Letter Agreement where indicated below and returning it with the completed
Questionnaire to the undersigned.

 

[Signature
Page Follows]

 

    	3

     

    

 

	 	Sincerely,
	 	
	 	XTANT MEDICAL HOLDINGS, INC.  
	 	 	 
	 	By:	/s/
    Sean E. Browne  
	 	Name	Sean E. Browne
	 	Title	President and Chief Executive
    Officer

 

	 	Address:	664 Cruiser
    Lane
	 	 	Belgrade, Montana 59714
	 	 	 
	 	Email:	sbrowne@xtantmedical.com

 

ACCEPTED
AND AGREED TO AS OF

THE
DATE FIRST SET FORTH ABOVE:

 

	/s/
    Stavros G. Vizirgianakis	 
	Stavros G. Vizirgianakis	 

 

	Address:	273 Hillcrest
    Ln	 
	 	Oyster Bay, New York 11771	 
	 	 	 
	Email: 	appliedbiosurgery@gmail.com	 

 

    	 

     

    

 

Exhibit
A

Definitions

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control
with a Person, as such terms are used in and construed under Rule 144 of the Securities Act of 1933, as amended.

 

“Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York are authorized
or required by Law to remain closed.

 

“Common
Stock” means the common stock of the Company, par value $0.000001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

“Control”
(including the terms “controlled,” “controlled by” and “under common control with”) means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

 

“First
Closing” shall have the meaning ascribed thereto in the Purchase Agreement.

 

“Issued
Common Shares” means the shares of Common Stock actually purchased by the Nominee at the First Closing and Second Closing pursuant
to the Purchase Agreement, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other
similar transactions relating to the Common Stock (but, for the avoidance of doubt shall not include the shares of Common Stock issuable
upon exercise of warrants issued under the Purchase Agreement).

 

“Person”
means an individual, any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability
partnership, joint venture, estate, trust, company (including any limited liability company or joint stock company), branch office, firm
or other enterprise, association, organization or entity (including a “person” as defined in Section 23(d)(3) of the Securities
Exchange Act of 1934, as amended) or governmental entity or body.

 

“Second
Closing” shall have the meaning ascribed thereto in the Purchase Agreement.

 

“Second
Closing Date” shall have the meaning ascribed thereto in the Purchase Agreement.

 

    	 

     

    

 

Exhibit
B

QuestionnaireExhibit 4.2 

Ordinary Shares Purchase Warrant

 

JIN MEDICAL INTERNATIONAL LTD..

 

	 	 	 
	Warrant Shares: [●]	 	Initial Exercise Date: [●], 20[●]
	 	 
	 	 	Issue Date: [●], 20[●]

 

THIS ORDINARY SHARES PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, Prime Number Capital LLC or its assigns (the “Holder”) are entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after [●],
20[●], the date that is six (6) months after the commencement of sales under the Registration Statement (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (Eastern Time) on [●], 20[●], the date that is five years after
the commencement of sales under the Registration Statement (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Jin Medical International Ltd., a Cayman Islands exempted company with limited liability (the “Company”),
up to [●] Ordinary Shares (as defined below)(as subject to adjustment hereunder, the “Warrant Shares”).
The purchase price of one Ordinary Shares under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate” means
any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Share is then listed or
quoted on a Trading Market, the bid price of the Ordinary Share for the time in question (or the nearest preceding date) on the Trading
Market on which the Ordinary Share is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (Eastern
Time) to 4:02 p.m. (Eastern Time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Ordinary Share
for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Share is not then listed or quoted
for trading on OTCQB or OTCQX and if prices for the Ordinary Share is 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 a share of Ordinary Share as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

“Board of Directors” means
the board of directors of the Company.

 

“Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to
remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or
required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority,
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Commission” means
the United States Securities and Exchange Commission.

 

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

 

     

     

    

 

“Ordinary Share” means
the ordinary shares of the Company, $0.001 par value, and any other class of securities into which such securities may hereafter be reclassified
or changed.

 

“Ordinary Share Equivalents” means
any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Share, including,
without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Share.

 

“Person” means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration Statement” means
the Company’s registration statement on Form F-1 (File No. 333-259767).

 

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

 

“Subsidiary” means
any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.

 

“Trading Day” means
a day on which the Ordinary Share is traded on a Trading Market.

 

“Trading Market” means
any of the following markets or exchanges on which the Ordinary Share is listed or quoted for trading on the date in question: the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or
OTCQX (or any successors to any of the foregoing).

 

“Transfer Agent” means
TranShare Corporation, Bayside Center 1, 17755 North US Highway 19, Suite 140, Clearwater, Florida 33764, and any successor transfer agent
of the Company.

 

“Underwriting Agreement” means
the underwriting agreement, dated as of [●], 2022 between the Company and Prime Number Capital LLC, as representative of the underwriters
named therein.

 

“VWAP” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Share is then listed or
quoted on a Trading Market, the daily volume weighted average price of the Ordinary Share for such date (or the nearest preceding date)
on the Trading Market on which the Ordinary Share is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (Eastern Time) to 4:02 p.m. (Eastern Time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Ordinary Share for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Share is
not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Share is 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 holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

“Warrants” means
this Warrant and any new Warrant or Warrants to be issued upon division, combination or partial exercise of this Warrant.

 

    2

     

    

 

Section 2. Exercise.

 

a) Exercise of Warrant.
Subject to the provisions of Section 2(e) herein, 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 as Annex A (the “Notice of Exercise”), provided, however that a Notice of Exercise
shall only be deemed to have been delivered to the Company upon the delivery of the aggregate Exercise Price of the Warrant Shares specified
in the applicable Notice of Exercise as specified in this Section 2(a). 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 Warrant Shares specified in the applicable Notice of Exercise
by wire transfer of immediately available funds 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) Trading
Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 4:00
p.m. (Eastern Time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at any time after the time of execution
of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (Eastern Time) on the
Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment
of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. 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 $[●], 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 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)(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 Share 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.

 

    3

     

    

 

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 registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary
to this Section 2(c).

 

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 Holder or (B) this
Warrant is being exercised via cashless exercise, 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, (ii) two (2) Trading Days 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. 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 Share on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery
Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
a participant in the FAST program so long as this Warrant remains outstanding and exercisable. 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 Share as in effect on the date of delivery of the Notice of Exercise.

 

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.

 

    4

     

    

 

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 Share 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 Share 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 Share that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Share having a total purchase price
of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Share 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 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 as Annex B 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.

 

    5

     

    

 

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 Share 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%
(or, upon election by a Holder prior to the issuance of any Warrant, 9.99%) 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.

 

f) Piggyback Registration Rights.
Unless all of the Shares issuable upon exercise of this Warrant (the “Registrable Securities”) are included in an effective
registration statement with a current prospectus, the Holders of the Purchase Warrants shall have the right for a period of not more than
five (5) years from the commencement of the sales of this offering, to include the remaining Registrable Securities as part of any other
registration of securities filed by the Company (other than (i) a registration effected solely to implement an employee benefit plan
or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement on Form S-4, S-8 or
any successor form thereto or another form not available for registering the Shares issuable upon exercise of this Warrant for sale to
the public), whether for its own account or for the account of one or more shareholders of the Company (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event no later than thirty (30) days prior to the filing of such registration
statement) to the Holder of the Company’s intention to effect such a registration and, subject to the remaining provisions of this
Section 2(f), shall include in such registration such number of the Registrable Securities that the Holders have (within thirty (30) days
of the respective Holder’s receipt of such notice) requested in writing (including such number) to be included within such registration.
If a Piggyback Registration is an underwritten offering and the managing underwriter advises the Company that it has determined in good
faith that marketing factors require a limit on the number of Ordinary Shares to be included in such registration, including all Shares
issuable upon exercise of this Purchase Warrant (if the Holder has elected to include such shares in such Piggyback Registration) and
all other shares of common stock proposed to be included in such underwritten offering, the Company shall include in such registration
(i) first, the number of Ordinary Shares that the Company proposes to sell and (ii) second, the number of Ordinary Shares, if
any, requested to be included therein by selling shareholders (including the Holder) allocated pro rata among all such persons on the
basis of the number of Ordinary Shares then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten
offering on behalf of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or
underwriters in connection with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this
Section 2(f) shall terminate on the earlier of (i) the third anniversary of the effective date of the Registration Statement
and (ii) the date that Rule 144 would allow the Holder to sell its Registrable Securities during any ninety (90) day period,
and shall not be applicable so long as the Company’s Registration Statement on Form F-1 (No. 333-259767) covering the
Registrable Securities remains effective at such time.

 

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g) Demand Registrations. Requests
for Registration. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus,
and subject to the terms and conditions of this Agreement, for a period of five years after the commencement of sales of the offering
in the Registration Statement, the Holder may request registration under the Securities Act of all or any portion of its Registrable Securities
on Form F-1 or any similar long-form registration (“Long-Form Registrations”) or on Form F-3 or
any similar short-form registration (“Short-Form Registrations”), if available (any such requested registration, a
“Demand Registration”). Each request for a Demand Registration must specify the approximate number or dollar value
of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The
Holder will be entitled to request (i) one (1) Demand Registration in which the Company will pay all Registration Expenses and (ii) one
(1) Demand Registration in which the Holder will pay all Registration Expenses, in each case, whether or not any such registration is
consummated.

 

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 Share 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 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) Reserved.

 

c) Subsequent Rights Offerings.
In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Ordinary Share
Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of 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).

 

    7

     

    

 

d) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to all (or substantially all) of holders of Ordinary Shares, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of 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,
that, 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).

 

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 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. 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 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 with the same effect as if such Successor Entity had been named as the Company herein.

 

    8

     

    

 

f) Calculations. All calculations
under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
Section 3, the number of 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.

 

g) 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 Share 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 (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 (unless such information is filed with the Commission, in which case a notice
shall not be required) 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
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.

 

h) Voluntary Adjustment By
Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant,
subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.

 

    9

     

    

 

Section 4. Transfer of Warrant.

 

a) Transferability. Commencing
180 days after the Issue Date, 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 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.

 

b) New Warrants. If this
Warrant is not held in global form through DTC (or any successor depositary), 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 initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of
Warrant Shares issuable pursuant thereto.

 

Section 5. Reserved

 

Section 6. Miscellaneous.

 

a) No Rights as Shareholders
until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholders 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, including if the Company is for any reason
unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, in no event shall the
Company be required to net cash settle an exercise of this Warrant or cash settle in any other form.

 

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 share 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 share certificate, if mutilated, the Company will make and deliver
a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share 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.

 

    10

     

    

 

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 nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its 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 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 nonassessable 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) Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant
(whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding
shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict
the federal district court in which a Holder may bring a claim under the federal securities laws.

 

    11

     

    

 

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. No provision of this Warrant shall be construed as a waiver by the
Holder of any rights which the Holder may have under the federal securities laws and the rules and regulations of the Commission thereunder.
Without limiting any other provision of this Warrant, 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 and all
notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise,
shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service,
addressed to the Company, at No. 33 Lingxiang Road, Wujin District, Changzhou City, Jiangsu Province, People’s Republic of China
213149, Attention: Chief Executive Officers, facsimile number: [●], email address: [●], with a copy to Hunter
Taubman Fischer & Li LLC, 48 Wall Street, Suite 1100, New York, NY 10005, Attn: Ying Li, Esq., Email: yli@htflawyers.com, or
such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all
notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by
facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile
number, e-mail address or address of such Holder appearing on the books of the Company, with a copy to Kaufman & Canoles,
P.C., Two James Center, 14th Floor, 1021 East Cary St., Richmond, VA 23219, Attn: Anthony Basch, Esq., Email: awbasch@kaufcan.com.
Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of
transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address
set forth in this Section prior to 5:30 p.m. (Eastern Time) on any date, (ii) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address
set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (Eastern Time) on any Trading Day, (iii) the
second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Report on Form 8-K.

 

    12

     

    

 

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.

 

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, on the one hand, and the Holder, on
the other hand.

 

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

 

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

 

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

 

(Signature Page Follows)

 

    13

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized as of the              date
of             , 20    .

 

	 	JIN MEDICAL INTERNATIONAL LTD.
	 	 	 
	 	By:	 
	 	Name: 	Erqi Wang
	 	Title:	Chief Executive Officer

 

    14

     

    

 

ANNEX A

NOTICE OF EXERCISE

 

	TO:	JIN MEDICAL INTERNATIONAL LTD. (the “Company”)

 

(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:

 

     

     

    

 

ANNEX 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:	 	 	 

 

	(Signature Guaranteed):	 	Date:                                    ,             

 

Signature to be guaranteed by an authorized officer of a chartered
bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange.

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