Document:

Exhibit 10.1

 

CONVERTIBLE NOTE EXCHANGE AGREEMENT

可转换债券转换协议

  

This Convertible Note Exchange Agreement
(the “Agreement”), is made and entered into on March 17, 2017 (the “Effective Date”),
by and among Wave Sync Corp., a Delaware company (the “Company”), and Zaixian Wang and Mei Yang, each of whom
currently owns convertible notes (“Convertible Notes”) of the Company, in respective amounts as listed in Exhibit
A (each, a “Noteholder” and collectively, the “Noteholders”). The Noteholders and Company
are sometimes hereinafter collectively referred to as the “Parties” and each individually as a “Party”.

 

本可转换债券转换协议(以下简称“协议”),于2017年3月
17 日,由Wave Sync Corp.,一家特拉华公司(以下简称“公司”),
与Zaixian Wang和Mei Yang签订。Zaixian
Wang和Mei Yang每人各拥有本公司可转换债券(以下简称“可转换债券”),各自的债券数量列在附表A中(分别,一个“债券持有人”及统称为,“债券持有人”)。债券持有人和本公司在以下有时候统称为“各方”,各自单独称为“一方”。

 

RECITALS

 

說明條款

 

WHEREAS, the Company has 19,920,876
shares of common stock of the Company, par value $0.001, issued and outstanding (the “Common Shares”);

 

鉴于,本公司拥有19,920,876已发行的普通股,面值0.001美元(以下简称“普通股”);

 

WHEREAS, Zaixian Wang owns $2,050,000
Convertible Notes and Mei Yang owns $163,673 Convertible Notes, which are also set forth in Exhibit A;

 

鉴于,Zaixian
Wang拥有2,050,000美元的可转换债券,Mei
Yang拥有163,673美元的可转换债券,这些债券均列在附件A中;

 

WHEREAS, each of the holders has
agreed to exchange for or convert to his or her Convertible Notes Common Shares of the Company at the Exchange Ratio, as defined
below;

 

鉴于,各持有人已同意将各自的可转换债券按下文所界定的转换比率转换成本公司的普通股股份;

 

WHEREAS, the Parties have determined
that it is desirable and in the best interests of the Parties to effect this Agreement.

 

各方已经确定,实施本协议是各方希望的并符合各方的最佳利益。

 

     

     

    

 

AGREEMENT

 

协议

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises, representations, warranties, covenants and agreements herein contained, the Parties hereto,
intending to be legally bound, hereby agree as follows:

 

现在,因此,考虑到上述以及本协议所包含的相互承诺,声明,保证,约定和协议,本协议双方意图使其具有法律约束力,特此同意如下:

 

ARTICLE
1

CONVERTIBLE NOTE EXCHANGE

 

第一章

 

可转换债券交换

 

1.1.       Convertible
Note Exchange. At the Closing, each of the Noteholders shall transfer, convey, assign and deliver
to the Company all of their Convertible Notes free and clear of all Liens in exchange for an aggregate of 1,106,837 Common Shares,
which shall be allocated in the respective amounts as listed in Exhibit A. Each of the
Noteholders agrees to forfeit or cancel any or all of the unpaid interest of the Convertible Notes accrued as of the Effective
Date. 

 

可转换债券转换。在交割时,各债券持有人须转移,转易,转让并交付给公司所有的可转换债券及其自所有留置权,以交换合计1,106,837股份的普通股,该普通股应按照附件A所列金额分配。

 

The closing (the “Closing”)
of the transactions contemplated by this Agreement, shall take place at the offices of the Company in New York, commencing upon
the satisfaction or waiver of all conditions and obligations of the Parties to consummate the Transactions.

 

截止本协议项下拟进行的交易(“交割”),应在公司在纽约的办公室进行,开始于双方完成交易的所有条件及责任获达成或豁免后。

 

1.2.       Exchange
Ratio. The Convertible Notes shall be converted to Common Shares of the Company at such a per share price that equals to eighty
percent (80%) of the average closing prices of the Company’s common stock as quoted on the OTCQB market for a period of ten
trading days immediately preceding March 10, 2017, included.

 

转换率。该可转换债券将按照,等同于本公司普通股在OTCQB市场上自2017年3月10日(包含3月10日)前的十个交易日的平均收盘报价的百分之八十(80%)的每股价格转换为本公司普通股。

 

As used herein, “Trading
Day” means any day that the Over the Counter Markets Group (“OTC”) is open for trading.

 

如本文中所使用的,“交易日”是指美国场外交易集团(“OTC”)开放交易的任何日期。

 

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1.3.      Change of the
Company’s Registration Record.As soon as practicable after the Closing, the Company shall amend or cause amended
its share registration record to reflect the equity ownership of the Noteholders, which will be equal to approximately 5.26% of
then issued and outstanding Common Shares in an aggregate amount of 21,027,713.

 

更改本公司注册记录。交割完成后,在可行的时间范围内,本公司将修订或促使修订其股份登记纪录,以反映债券持有人的股本权益,大约占已发行和将要发行的普通股股份5.26%,已发行和将要发行的普通股股份总额为21,027,713股。

 

ARTICLE
2

REPRESENTATIONS AND WARRANTIES OF THE NOTEHOLDERS

 

第二章

 

债券持有人声明和保证

 

Each Noteholder, severally but not
jointly and only as to itself, represents and warrants to the Parties, as follows:

 

每名债券持有人各自而非彼此共同,仅就其本身,向其他各方作出以下声明及保证:

 

2.1.       Power
and Authority. All acts required to be taken by each of the Noteholders to enter into this Agreement and to carry out the Transactions
described herein have been properly taken. The obligations of the Noteholders under this Agreement constitute legal, valid and
binding obligations of the Noteholder, enforceable against the Noteholder in accordance with the terms hereof.

 

权力和权限。所有各债券持有人已经适当执行为订立本协议并进行该交易的必要的行为。本协议规定的债券持有人的义务是合法、有效且具约束力的债券持有人义务,根据本协议条款可对债券持有人们执行。

 

2.2.       No
Conflicts. The execution and delivery of this Agreement by each of the Noteholder (i) will not require the consent of any Governmental
Entity under any Laws; (ii) will not violate any Law, regulations or ordinances applicable to such Noteholder; and (iii) will not
violate or breach any contractual obligations of such Noteholder based on any Contract to which the Noteholder is a party and which
prohibits the Transactions contemplated hereby.

 

无冲突。每个债券持有人在(i)执行和交付本协议时将不需要任何政府实体的批准或者同意;
(ii)将不会违反适用于该债券持有人的任何法律,法规或条例;
及(iii)将不会违反债券持有人所订立的任何合约,或违反该票据持有人的任何合约义务,并且有合约禁止该交易。

 

2.3.       No
Finder’s Fee. Neither the Noteholder nor its agent or representative has engaged any broker or finder or incurred any
liability for any brokerage fees, commissions or finders’ fees in connection with the Transactions contemplated herein.

 

无中介费用。债券持有人及其代理人或代表均没有聘请任何经纪人或中介,或对此交易产生的任何经纪佣金费用,佣金或中介费用承担任何责任。

 

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2.4.       Convert
Entirely for Own Account. The Common Shares to be acquired by each of the Noteholders hereunder will be acquired for investment
for their own accounts, and not with a view to the resale or distribution of any part thereof, and each Noteholder has no present
intent of selling or otherwise distributing any of Common Shares, except in compliance with applicable securities laws.

 

完全为自己的账户购买。本公司各个债券持有人将为自己的投资目的转换普通股,而不是为了转售或分配其转换的普通股股份,并且每个债券持有人目前均没有意图出售或以其他方式分配任何普通股,除非符合适用的证券法。

 

2.5.       Available
Information. Each Noteholder has such Knowledge and experience in financial and business matters that he or she is capable
of evaluating the merits and risks of an equity investment in the Company and has had an opportunity to ask questions of and receive
answers from the management team of the Company relative to the financial condition and affairs of the Company. Each Noteholder
has access to all the disclosure documents published by the Company pursuant to its obligations under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

可用信息。每名债券持有人在财务及商业事务方面具有知识及经验,使其可以评估本公司股权投资的优点及风险,并有机会向本公司管理团队提出和本公司的财务状况及事务相关的问题并从公司管理层获得答案。每名债券持有人均有渠道得到并且审阅本公司的根据经修订的1934年证券交易法(“证券交易法”)所规定的发行的所有披露文件。

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

第三章

 

本公司的声明和保证

 

The Company represents and warrants
to the other Parties that:

 

本公司的向其他各方声明并保证:

 

3.1.       Organization,
Standing and Corporate Power. The Company is duly organized, validly existing and in good standing under the Laws of Delaware
and has the requisite corporate power and authority and all government licenses, authorizations, permits, consents and approvals
required to own, lease and operate its properties and carry on its business as now being conducted.

 

公司组织,状态和公司权力。本公司根据特拉华州法律妥善组织,有效存续并具有良好的信誉,并且拥有必要的企业权力和授权,所有政府许可证,授权,许可,同意和批准,以拥有或者租赁的范式经营其业务,并合法开展正在进行的业务。

 

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The execution and delivery of this
Agreement by the Company and the consummation of the Transactions contemplated by this Agreement will not result in any Material
violation of the Company’s articles of incorporation and bylaws or any applicable Law.

 

本公司执行和交付本协议以及本协议规定的交易完成不会导致严重违反公司章程或章程或任何适用法律。

 

3.2.      Capital
Structure of the Company.As of the date of this Agreement, all outstanding shares of common
stock of the Company are duly authorized, validly issued, fully paid and nonassessable and not subject to preemptive rights. As
of the date hereof, there are 19,920,876 shares of common stock of the Company, issued and outstanding. As soon as practicable
after the Closing, the Company shall update its share registration record to reflect the new ownership of the Common Shares exchanged
pursuant to this Agreement. 

 

本公司资本结构。截至本协议日期,本公司所有已发行普通股股份已授权,有效发行,已全额付清并不可向其股东对股票的价值加价,且不受先前存在的股东的优先权的约束。
在本协议生效日,本公司已发行普通股19,920,876股。
在交易完成后,公司将尽快更新其股份登记记录,以反映根据本协议交换的普通股的所有权。

 

3.3.      Governmental
Authorization.  No consent, approval, Order or authorization of, or registration, declaration
or filing with, or notice to, any Governmental Entity, is required in connection with the execution and delivery of this Agreement
or the consummation of the Transactions contemplated hereby.

 

政府授权。在执行和交付本协议或交易完成时,不需要同意,批准,命令,授权或注册,申报或向任何政府实体提交或通知任何政府实体。

 

3.4.       Absence
of Certain Changes or Events. As of the Company’s Balance Sheet Date, the Company has conducted
its business only in the ordinary course consistent with past practice, and there is not and has not been any:

 

没有重大变更。截至本公司资产负债表日,本公司仅按照过去惯例的业务经营,并且没有、目前没有任何:

 

(i)       Material
Adverse Change with respect to the Company;

 

对本公司不利的重大变动;

 

(ii)      condition,
event or occurrence which could reasonably be expected to prevent, hinder or Materially delay the ability of the Company to consummate
the Transactions;

 

特定条件或者事件的发生,该事件或者条件可合理地被认为能阻止,阻碍或实质延迟本公司完成本交易的能力;

 

(iii)     incurrence,
assumption or guarantee by the Company of any indebtedness for borrowed money other than in the ordinary course and in amounts
and on terms consistent with past practices;

 

本公司就除借入款项以外的借入款项的负债的发生,承担或担保,而非在正常程序中,以及与过往惯例相符的金额及条款;

 

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(iv)       creation
or other incurrence by the Company of any Lien on any Asset other than those incurred in the ordinary course consistent with past
practices;

 

本公司就根据过往惯例的普通业务外,由本公司创造或引发的任何资产上的留置权或者质押权;

 

(v)       labor
dispute, other than routine, individual grievances, or, to the Knowledge of the Company, any activity or proceeding by a labor
union or representative thereof to organize any employees of the Company to conduct any lockouts, strikes, slowdowns, work stoppages
or threats by or with respect to such employees;

 

除常规外的个人不满之外的劳动争议,或本公司所知的,工会或其代表的任何活动或程序,组织公司的任何员工进行任何闭厂,罢工,减工,停工或对上述事宜的威胁;

 

(vi)       payment,
prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;

 

除正常业务过程以外的任何付款,预付款或债务免除,或在到期时未能支付的任何债务清偿;

 

(vii)       Material
write-offs or write-downs of any Assets of the Company; 

 

本公司任何资产的重大减值或减少;

 

(viii)       transactions
or commitments made, or any Contract or agreement entered into, by the Company relating to its Assets or business (including the
acquisition or disposition of any Assets) or any relinquishment by the Company or any Contract or other right, in either case,
Material to the Company, other than transactions and commitments in the ordinary course consistent with past practices and those
contemplated in this Agreement;

 

除了在正常过程中的交易和承诺,符合过去的做法和本协议中所设想的交易外,本公司就其资产或业务(包括收购或处置任何资产)或本公司或任何合约或其他权利所放弃的交易或承诺;

 

(ix)       damages,
destruction or losses having, or reasonably expected to have, a Material Adverse Change on the Company; or

 

本公司存在或合理预期会有重大不利变动的损害赔偿,毁灭或损失;或者

 

(x)       other
conditions, events or occurrence which individually or collectively could reasonably be expected to have a Material Adverse Change
to the Company.

 

能合理预期的单独或集体地对本公司造成重大不利变动的其他条件或者事件。

 

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3.5.       Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other person with respect to the Transactions.

 

无中介费用。债券持有人及其代理人或代表均没有聘请任何经纪人或中介,或对此交易产生的任何经纪佣金费用,佣金或中介费用承担任何责任。

 

3.6.       Board
Recommendation. The board of directors of the Company (the “Board”) has determined that the terms of the
Transactions are fair to and in the best interests of the existing shareholders of the Company.

 

董事会建议。
本公司的董事会(“本公司董事会”)已确定该等交易的条款属公平,并符合本公司股东的最佳利益。

 

3.7       No Conflicts. The
execution and delivery of this Agreement by the Company (i) will not violate any Law, regulations or ordinances applicable to the
Company; and (ii) will not violate or breach any contractual obligations of the Company based on any Contract to which the Company
is a party and which prohibits the Transactions contemplated hereby.

 

无冲突。本公司执行和交付本协议(i)不会违反适用于本公司的任何法律,法规或条例;
及(ii)不会造成本公司对任何其签署的合约的违约责任,且禁止本公司在本协议项下拟订之交易。

  

ARTICLE 4

CLOSING DELIVERIES

 

第四章

 

交割交付

 

4.1.       Deliveries from
the Company. On the Effective Date, the Company shall issue and deliver to each of the Noteholders Common Shares of the
Company in the respective amounts as listed in Exhibit A.

 

公司交付。于生效日期,本公司将发行及交付本公司各债券持有人普通股,各自的数额如附件A所载。

 

4.2.        Deliveries from
the Noteholders.On the Effective Date, each Noteholder shall deliver or cause to be delivered to the Company all of the
Convertible Notes held by them accompanied with appropriate documents, as shall be reasonably acceptable to the Company, consenting
to the cancellation of such Convertible Notes.

 

债券持有人交付。在生效日,每名债券持有人须将其持有的所有可转换债券连同适当文件交付或安排交付予本公司,并而本公司可合理接纳,同意取消该等可转换债券。

 

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ARTICLE 5

CONDITIONS TO THE CLOSING

第五章

交割条件

 

The following events described herein
must occur or be caused to occur before the Closing, unless any of the events is waived by all of the Parties collectively:

 

本文所述的以下事件必须在交割前发生或使之发生,除非有任何事件是由所有缔约方共同豁免的:

 

(i)       the
representations and warranties of the Noteholders and the Company described respectively in Articles 2 and 3 shall be true and
correct in all Material respects on and as of the Effective Date with the same force and effect as if made on such a date;

 

分别在第2和第3章中描述的债券持有人和公司的声明和保证在生效日期当日及之后的所有重大方面应是真实和正确的,具有与在该日期时相同的效力和效果;

 

(ii)       no
Material Adverse Change in the business or financial condition of the Company and the Company shall have occurred or be threatened
to occur since the date of this Agreement, and no action, suit or proceedings shall be threatened or pending before any court,
governmental agency, authority or regulatory body seeking to restrain, prohibit or obtain damages or other relief in connection
with this Agreement or the consummation of the transactions contemplated by this Agreement or that, if adversely decided, has or
may have a Material Adverse Change;

 

无本公司及本公司业务或财务状况的重大不利变动自本协议日期起已发生或有可能发生,且任何诉讼提出,诉讼或法律程序不得在任何法院,政府实体,
权力或监管机构寻求限制,禁止或获得与本协议或本协议所设想的交易完成相关的损害赔偿或其他救济,或可能做出的不利决定具有或可能对本协议有重大不利的变化;

 

(iii)       the
Company shall have delivered to each of the Noteholders a certificate executed by the secretary of the Company certifying: (a)
resolutions duly adopted by the Board of the Company authorizing this Agreement and the Transactions and (b) the articles of incorporation
and bylaws of the Company as in effect immediately prior to the Effective Date, including all amendments thereto.

 

本公司须向每名债券持有人交付本公司秘书签发的证明书,证明:(a)本公司董事会正式通过授权本协议及交易的决议案及(b)公司章程及细则于生效日期前生效,包括其所有修订。

 

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ARTICLE 6

 TERMINATION 

第六章 

协议的终止

 

6.1.       Termination.This
Agreement may be terminated and rescinded at any time (the “Termination Date”)
prior to the Effective Date:

 

终止。本协议可以在生效日期之前随时终止和撤销(“终止日期”):

 

(i)       by
either the Company, or any of the Noteholders, if any of the three Parties has breached any representation or warranty set forth
in this Agreement and such breach has resulted or can reasonably be expected to result in a Material Adverse Change on such other
Parties or would prevent or Materially delay the consummation of the Transactions; or

 

本公司或任何债券持有人,如果三方中任何一方违反本协议中规定的任何声明或保证,并且此类违约已导致或可以合理预期导致此类其他缔约方或将防止或实质上延迟交易的完成;
或者

 

(ii)      by
any Party, if a permanent injunction or other Order by any court which would make illegal or otherwise restrain or prohibit the
consummation of the Transactions shall have been issued and shall have become final and nonappealable;

 

任何一方,如果任何法院作出非法或以其他方式限制或禁止完成交易的永久禁止令或其他命令已经发出,并且已成为最终和不可上诉的;

 

6.2.       Notice
of Termination.Any termination of this Agreement will be effective immediately upon by the delivery of written notice
of the terminating Party to the other Parties hereto specifying with reasonable particularity the reason for such termination.

 

终止通知。
本协议的任何终止将在终止方向其他缔约方发出书面通知后立即生效,并在合理的特殊情况下具体说明终止的理由。

 

ARTICLE 7

MISCELLANEOUS 

第七章

其他

 

7.1.       Entire
Agreement.   This Agreement constitutes the entire agreement among the Parties relating to the subject matter hereof,
superseding any and all prior or contemporaneous oral and prior written agreements, understandings and letters of intent. This
Agreement may not be modified or amended nor may any right be waived except by a writing which expressly refers to this Agreement,
states that it is a modification, amendment or waiver and is signed by all Parties with respect to a modification or amendment
or the Party granting the waiver with respect to a waiver. Neither course of conduct or dealing nor trade custom or usage shall
modify any provisions of this Agreement.

 

全部协议。本协议构成双方之间关于本协议标的事项的完整协议,取代任何及所有先前或同期的口头和先前书面协议、谅解和意向书。
本协议不得修改或修订,也不得免除任何权利,除非明确提及本协议的书面声明,该协议是修改,修改或放弃,并由所有缔约方对修改或修改或
就放弃而给予豁免的一方。 任何行为或交易的行为或贸易习惯或使用不得修改本协议的任何条款。

 

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7.2.       Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the Transactions contemplated hereby is not affected in any manner adverse to any Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible, in a mutually
acceptable manner, to the end that Transactions are fulfilled to the extent possible.

 

可分割性。
如果本协议的任何条款或其他条款无效、非法或无法通过任何法律法规或公共政策强制执行,则本协议的所有其他条件和规定仍然具有完全的效力和效力,只要经济或预期交易的法律实质不受任何方面的不利影响。
在确定任何条款或其他条款无效、非法或无法执行时,本协议双方应真诚协商修改本协议,以便在双方均可接受的情况下尽可能实现双方的原始意图以尽可能实现交易为目的。

 

7.3.      Governing
Law.This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, U.S. applicable
to Contracts made and to be performed entirely within such a jurisdiction.

 

适用法律。本协议受美国特拉华州法律的管辖,并根据美国特拉华州法律适用于完全在此类管辖范围内完成的合同。

 

7.4.      Parties in Interest.This
Agreement shall be binding upon and inure to the benefits of the Parties hereto.

 

各利益方。本协议对本协议各方的利益具有约束力。

  

7.5.      Counterparts.This
Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more
than one Party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement, to the extent
delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”),
shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any Party hereto, each other
Party hereto shall re-execute original forms hereof and deliver them in person to all other Parties.

 

协议的文本。本协定可以同时由两个或多个对等方同时执行,其中任何一方不必包含一个以上缔约方的签名,但所有这些对方一起构成同一项协定。
通过传真机或电子邮件(任何此类交付,“电子交付”)提供的本协议,应以各种方式对待并尊重为原始协议或文书,并应被视为具有相同的法律约束效力,视同其本人签署的原件。
应任何缔约方的请求,本协定另一方应重新签署本协定的原始形式并将其交付所有其他缔约方。

  

7.6       English Prevails. Should
there be any inconsistency or conflict between the English and Chinese versions of the Agreement, the English version shall prevail.

 

英文版本优先。
如果协议的中英文版本有任何不一致或冲突,以英文版本为准。

 

    	 	10	 

     

    

 

ARTICLE 8

DEFINITIONS 

第八章

定义

  

The following terms, as used in
the Agreement, have the following meanings:

 

协议中使用的以下术语具有以下含义:

 

“Assets”
shall mean all of the assets, properties, businesses and rights of such Person of every kind, nature, character and description,
whether real, personal or mixed, tangible or intangible, accrued or contingent, or otherwise relating to or utilized in such Person’s
business, directly or indirectly, in whole or in part, whether or not carried on the books and records of such Person, and whether
or not owned in the name of such Person or any Affiliate of such Person and wherever located.

 

“资产”是指实际,个人或混合,有形或无形,累计或或有的,或以其他方式涉及或利用的所有各种类型,属性,性质和描述的资产,财产,业务和权利,无论直接或间接,无论是否持有该人的账簿和记录,以及是否以该人的名义或任何该人的任何关联公司以及无论位于何处。

 

“Contract”
means any written or oral agreement, arrangement, commitment, contract, indenture, instrument, lease, obligation, plan, restriction,
understanding or undertaking of any kind or character, or other document to which any Person is a party or by which such Person
is bound

 

“合同”是指任何形式或特性的任何书面或口头协议,安排,承诺,合同,契约,文书,租赁,义务,计划,限制,理解或承诺是其中任何一方的任何人,该人是与本方绑定的。

 

“Governmental Entity”
shall mean any government or any agency, bureau, board, directorate, commission, court, department, official, political subdivision,
tribunal, or other instrumentality of any government, whether federal, local, domestic or foreign.

 

“政府实体”是指任何政府或任何政府,无论是联邦,地方,国内或国外的任何政府或任何机构,局,董事会,董事会,委员会,法院,部门,官员,政治分部,法庭或其他工具。

 

“Knowledge”
means the actual knowledge of the officers of a party, and knowledge that a reasonable person in such capacity should have after
due inquiry.

 

“ 知识”是指一方当事人的实际知识,以及知道具有这种能力的合理人员经过适当调查后应具有的知识。

 

“Law”
means any code, law, ordinance, regulation, reporting or licensing requirement, rule, or statute applicable to a Person or its
Assets, liabilities or business, including those promulgated, interpreted or enforced by any Governmental Entity.

 

“法律”是指适用于个人或其资产,负债或业务的任何法典,法律,法令,规章,报告或许可要求,规则或法规,包括由任何政府实体颁布,解释或强制执行的任何规则,法律。

 

    	 	11	 

     

    

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interests or encumbrance of any kind in respect
to such asset, other than any encumbrances created by the Parent.

 

“质押”是指对于任何资产,任何抵押,留置权,质押,押记,担保权益或任何种类的此类资产的产权负担,但由母公司创造的任何产权负担除外。

 

“Material”
and “Materially” for purposes of this Agreement shall be determined in light of the facts and circumstances
of the matter in question; provided that any specific monetary amount stated in this Agreement shall determine Materiality in that
instance.

 

对于本协议,“重大”和“实质性”应根据相关事项的事实和情况确定;前提是本协议中规定的任何特定货币金额将决定这种情况下的重要性。

 

“Material Adverse Change”
means, with respect to any Person or Party, a material adverse change on the condition (financial or otherwise), business, Assets,
liabilities or the reported or reasonably anticipated future results or prospects of such Person taken as a whole; provided, however,
that any adverse change, event, development or effect arising from or relating to any of the following shall not be taken into
account in determining whether there has been a material adverse change: (a) general business or economic conditions, (b) national
or international political or social conditions, including the engagement by or Taiwan in hostilities, whether or not pursuant
to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon Taiwan, or any of
its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of Taiwan,
(c) financial, banking, or securities markets (including any disruption thereof and any decline in the price of any security or
any market index), (d) changes in generally accepted accounting principles, (e) changes in laws, rules, regulations, orders, or
other binding directives issued by any Governmental Entity or (f) the taking of any action required by this Agreement and the other
agreements contemplated hereby.

 

“重大不利变化”是指对于任何个人或一方而言,对该人的整体状况(财务或其他),业务,资产,负债或报告或合理预期的未来结果或前景的重大不利变化;但是,在确定是否存在重大不利变化时,不得考虑由以下任何事项引起或与之相关的任何不利变更,事件,发展或影响:(a)一般业务或经济条件,
b)国家或国际政治或社会条件,包括台湾参与敌对行动,无论是否根据国家紧急情况或战争的宣布,或对台湾或其任何领土发生任何军事或恐怖主义攻击(c)金融,银行或证券市场(包括其任何破坏以及任何证券或任何市场指数的价格下跌),财产,外交或领事机构或任何军事装置,设备或人员,
(d)普遍接受的会计原则的变化,(e)法律,规则,条例,命令或任何政府实体发布的其他具有约束力的指令的变化,或(f)特此采取本协议和其他所订立的协议。

 

“Order”
means any administrative decision or award, decree, injunction, judgment, order, quasi-judicial decision or award, ruling, or writ
of any Governmental Entity.

 

“命令”是指任何政府实体的任何行政决定或裁决,法令,禁令,判决,命令,准司法裁决或裁决,裁决或令状。

 

“Person”
means an individual, a corporation, a partnership, an association, a trust, a limited liability company or any other entity or
organization, including a government or political subdivision or any agency or instrumentality thereof.

 

“个人”是指个人,公司,合伙,协会,信托,有限责任公司或任何其他实体或组织,包括政府或政治分部或其任何机构或工具。

 

[Remainder of this page intentionally left blank.]

 

[此页的剩余部分有空白。]

 

    	 	12	 

     

    

  

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be
executed on the date first written above by their respective officers thereunto duly authorized.      
 

 

为证明其中每一方,本协议自上述第一句所述日期起由其各自的官员在正式授权下执行。

  

	 	COMPANY:
    Wave Sync Corp.
	 	本公司
	 	 	 
	 	By:
    	/s/
    Zuyue Xiang
	 	Name:	Zuyue
    Xiang
	 	Title:	CEO
	 	 	 
	 	NOTEHOLDERES:
	 	债券持有人
	 	 	 
	 	By:	/s/
    Zaixian Wang
	 	Name:	Zaixian
    Wang
	 	 	 
	 	By: 	/s/
Mei Yang
	 	Name:	Mei
    Yang
	 	Title:	President
    of the Company

 

    	 	13	 

     

    

 

Exhibit A

附件A

 

	Noteholder
 债券持有人
	 	Amount of 

Convertible

 Notes Owned

 by Noteholders 

Before the 

Closing
 
 债券持有人在

交割前拥有的

可转换债券金额
	 	 	Number
of 

Common Shares 

Owned by 

Noteholders

after the Closing
 债券持有人在

交割后拥有的

普通股股数
	 	 	Amount
of 

Convertible

Notes Owned 

by Noteholders

After the Closing
 债券持有人在

交割后拥有的

可转换债券金额
	 
	Name姓名:
Zaixian Wang
 Address:
 地址
 22 Witte Place, West Orange, NJ 07052
	 	$	2,050,000	 	 	 	1,025,000	 	 	 	0	 
	Name姓名:
Mei Yang
 Address:
 地址
	 	$	163,673	 	 	 	81,837 (1)	 	 	 	0	 
	Total
 
 总(数)额
	 	$	2,213,673	 	 	 	1,106,837	 	 	 	    0	 

 

*Exchange Ratio: $2 per share 转化率:
每股2美元

(1) The fractional share has been rounded up to the nearest whole share.
不足1股的股份按照四舍五入的方式计算。

 

 

14NEITHER
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.

 

COMMON
STOCK PURCHASE WARRANT

 

NEPHROS,
INC.

 

	Warrant
    Shares: [_______]	 	Initial
    Exercise Date: March 17, 2017

 

THIS
COMMON STOCK 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 the close
of business on the 5th year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Nephros, Inc., a Delaware corporation (the “Company”), [______] shares (as
subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of
Common Stock 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 March 17, 2017, among the Company
and the purchasers signatory thereto.

 

 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 or the Transfer
Agent (or such other office or agency that the Company may designate by notice in writing to the registered Holder at the address
of the Holder appearing on the books of the Company), as applicable, of a duly executed facsimile copy or PDF copy submitted by
electronic means (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (“Notice of Exercise”).
Within the earlier of (i) three (3) 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 form 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 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.

 

    	1

    

    

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.30, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at any time after the six-month anniversary of the Closing Date, there is no effective Registration
Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) = 	as
    applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
    of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
    executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
    (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii)
    the Bid Price of the Common Stock 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 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.

 

    	2

    

    

 

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

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed
or quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. or the OTC Bulletin Board (or a similar organization or agency succeeding to their functions
of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in all other cases, the fair
market value of a share of Common Stock 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.

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall 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, 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 earlier of (i) the earlier
of (A) three (3) Trading Days after the delivery to the Company of the Notice of Exercise, provided that the Holder has then delivered
the aggregate Exercise Price to the Company, and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the
Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise, provided that the Holder has then delivered the aggregate Exercise Price to the Company (such date, the “Warrant
Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of
a cashless exercise) is received within the earlier of (i) three 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 Common Stock on the date of the applicable Notice of Exercise), $5 per Trading Day (increasing to $10 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 pursuant to Section 2(d)(iii). 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 Common Stock as in effect on the date of delivery
of the Notice of Exercise.

 

    	3

    

    

 

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

 

    	4

    

    

 

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.

 

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 shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock 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 Common Stock 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 shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock 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 shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock 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 shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	5

    

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock 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 shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock 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 Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (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 shares of Common Stock 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 shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, 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 shares of Common Stock 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 shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation).

 

    	6

    

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
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 shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock 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 Common Stock 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 and the other Transaction Documents 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 shares of Common Stock 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 shares of Common Stock
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. Notwithstanding the foregoing, upon the occurrence of a Fundamental Transaction, the Company
or any Successor Entity shall have the right, exercisable concurrently with the consummation of the Fundamental Transaction, to
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg, L.P. (“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 100% and the 100 day volatility obtained from the HVT function on Bloomberg 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 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 (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.

 

    	7

    

    

 

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

 

f)
Notice to Holder.

 

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

 

ii
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock 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 Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is 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 Common Stock 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 Common Stock of record shall be entitled to exchange their shares of the Common Stock 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.

 

    	8

    

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof 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 the Holder delivers an assignment form to the Company assigning
this Warrant 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. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original Issue 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.

 

    	9

    

    

 

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 4.1(a) 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.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. 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.

 

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.

 

    	10

    

    

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock 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 Common
Stock 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 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) 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)
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.

 

    	11

    

    

 

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, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. 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 Common Stock or as a stockholder 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
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)

 

    	12

    

    

 

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.

 

	 	NEPHROS,
    INC.
	 	 	 
	 	By:	
	 	Name:	Daron
    Evans

	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
NEPHROS, INC.

 

(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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