Document:

Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

by and between

 

David W. Carickhoff, solely as chapter 7 trustee
of the

BANKRUPTCY ESTATES OF ELECTRIC LAST MILE SOLUTIONS, INC. AND ELECTRIC LAST MILE, INC., as Seller

 

and

 

MULLEN AUTOMOTIVE INC., as Buyer

 

Dated as of September 16, 2022

 

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ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT
(this “Agreement”), dated as of September 16, 2022 (the “Effective Date”), is made by and between
DAVID W. CARICKHOFF, solely in his capacity as chapter 7 trustee (“Seller” or “Trustee”) of the
bankruptcy estates (the “Estates”) of Electric Last Mile Solutions, Inc., and Electric Last Mile, Inc. (the
 “Debtors”), and MULLEN AUTOMOTIVE INC., a Delaware corporation (“Buyer”). Capitalized terms used
in this Agreement are defined herein or in Article 10.

 

BACKGROUND INFORMATION

 

A.           The
Debtors ceased operations and each commenced a voluntary bankruptcy case under chapter 7 of title 11 of the United States Code, 11 U.S.C.
 §§ 101-1532 (the “Bankruptcy Code”), in the United States Bankruptcy Court for the District of Delaware (the
 “Bankruptcy Court”) on June 14, 2022 (the “Petition Date”). Thereafter, Trustee was appointed
as the chapter 7 trustee of the Estates.

 

B.            The
Debtors were in the development stage of engaging in designing, engineering, manufacturing and customizing electric delivery and utility
vehicles.

 

C.            Buyer
desires to purchase the Acquired Assets (as defined below) from Seller, and Seller desires to sell, convey, assign and transfer to Buyer,
the Acquired Assets, all in the manner and subject to the terms and conditions set forth in this Agreement and in accordance with §§
105, 363, 365 and other applicable provisions of the Bankruptcy Code.

 

D.            The
Acquired Assets are assets of the Estates, which are to be purchased and assumed by Buyer pursuant to an order of the Bankruptcy Court
approving such sale pursuant to §§ 105, 363 and 365 of the Bankruptcy Code in a form reasonably acceptable to Buyer and Seller
(the “Sale Order”), all in the manner and subject to the terms and conditions set forth in this Agreement, the Sale
Order, and in accordance with other applicable provisions of the Bankruptcy Code.

 

E.            The
execution and delivery of this Agreement and Seller’s ability to consummate the transactions set forth in this Agreement are subject,
among other things, to the entry of the Sale Order.

 

NOW, THEREFORE, in consideration
of the foregoing and their respective representations, warranties, covenants and agreements herein contained, and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows:

 

    

     

    

 

ARTICLE 1. PURCHASE AND SALE OF THE ACQUIRED
ASSETS.

 

Section 1.1.          Transfer
of Acquired Assets. At the Closing, and upon the terms and conditions herein set forth, Seller shall sell, assign, transfer and convey
to Buyer, and Buyer shall purchase, acquire and accept from Seller, free and clear of all liens, claims, encumbrances and other interests
in the Acquired Assets, but otherwise in “as is and where is” condition, all of the Estates’ right, title and interest
of every kind and nature whatsoever, in and to all of the Debtors’ assets other than the Excluded Assets (collectively, the “Acquired
Assets”). The Acquired Assets shall include, but shall not be limited to, the Estates’ right, title and interest in and
to the following:

 

(a)            all
tangible personal property, including, but not limited to, equipment, machinery, furniture, supplies, computer hardware, data networks,
servers (with data and software thereon), communication equipment, software, discs, and all other data storage media;

 

(b)            subject
to Section 1.3, all rights of the Debtors under the Assumed Contracts;

 

(c)            subject
to Section 2.5, all rights of the Debtors under the Land Contract;

 

(d)            the
Mishawaka Property;

 

(e)            all
inventory, wherever located, including, but not limited to, vehicles, finished and unfinished, finished goods, part modules component
parts, raw materials, tooling, including but not limited to Urban Delivery and Urban Utility product specific tooling, all manufacturing
data, including but not limited to manufacturing data that is required or reasonably helpful for the assembly of the Urban Delivery and
Urban Utility vehicles (including but not limited to manufacturing bill of material and station specific work instructions), work in process
and accessories;

 

(f)             all
Intellectual Property, including, without limitation, the registered Intellectual Property specifically listed on Schedule 1.1(e) hereof
(collectively the “Acquired Intellectual Property”);

 

(g)            subject
to Section 6.3, all customer lists, customer data, customer contact information, correspondence with present or prospective customers
or suppliers, mailing lists, distribution lists, and supplier lists, in the possession or control of Seller and whether in hard or electronic
format;

 

(h)            all
licenses, approvals and permits of the Debtors to the extent assignable by Seller;

 

(i)             all
claims and causes of action (the “Residual Causes of Action”) against Jason Luo, AJ Capital Investment, LLC, Luo Pan
Investments II, LLC, AJ Capital, Inc., James Taylor, and the JET Group, LLC, each of their respective related entities, and the respective
officers, directors, managers, agents, representatives, and interest holders of each of such related entities (collectively, the “Residual
Claim Parties”);

 

(j)            all
infringement or similar claims as against third parties arising from or related to the Acquired Intellectual Property (the “Acquired
Causes of Action”); and

 

(k)            all
books and records of the Debtors relating to the Acquired Assets, including any financial books and records.

 

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Section 1.2.          Excluded
Assets. Notwithstanding anything to the contrary contained in this Agreement, the Acquired Assets shall not include any of the following
(collectively, the Excluded Assets”):

 

(a)            cash,
including the Cash Purchase Price (defined below);

 

(b)            capital
stock and other equity interests of any of the Debtors;

 

(c)            deposits
and prepayments, except deposits and prepayments relating to Assumed Contracts;

 

(d)            accounts
receivable;

 

(e)            promissory
notes receivable;

 

(f)            insurance
and rights in insurance;

 

(g)            personally
identifiable information of any of the Debtors’ former employees;

 

(h)            any
books and records of any of the Debtors not relating to the Acquired Assets;

 

(i)             all
licenses, approvals and permits of any of the Debtors not related to the Acquired Assets;

 

(j)             any
causes of action of any of the Debtors or the Estates, other than the Residual Causes of Action and the Acquired Causes of Action, including,
without limitation, any causes of action arising under chapter 5 of the Bankruptcy Code (other than causes of action against Residual
Claim Parties);

 

(k)            any
surety bonds or other financial assurances, any cash of any of the Debtors (wherever held) that secures or otherwise supports letters
of credit serving as, securing or supporting financial assurances, and any deposits, escrows, surety bonds or other financial assurances
and any cash or cash equivalents securing any surety bonds or financial assurances, including, without limitation Customs Bond (CBP Number
22C000RT5);

 

(l)            any
rights to or claims for refunds or rebates of taxes; and

 

The Excluded Assets are not
being sold to Buyer hereunder. To the extent any personally identifiable information of the Debtors’ former employees is inadvertently
included with the Acquired Assets, Buyer shall not use such information and shall promptly delete such information.

 

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Section 1.3.          Assumed
Contracts. Except as set forth in Section 2.5, Buyer agrees to assume Seller’s obligations arising from and after the Closing
Date under the contracts and leases designated by Buyer for assumption and assignment and approved by the Bankruptcy Court for assumption
by Seller and assignment to Buyer (as may be amended by Buyer in accordance with this Agreement, the “Assumed Contracts”).
Attached hereto and incorporated herein as Schedule 1.3(a) is a list of Assumed Contracts that Buyer wants Seller to assign
to, and be assumed by, Buyer. Buyer shall have until three (3) Business Days prior to any auction for the Acquired Assets to add
or remove Assumed Contracts from Schedule 1.3(a). Seller shall use reasonable commercial efforts to obtain an Order of the Bankruptcy
Court authorizing the assumption and assignment of the Assumed Contracts. The Cure Amount fixed by the Bankruptcy Court with respect to
any Assumed Contract, or such other amount agreed to by Buyer and the applicable counterparty to the Assumed Contract, shall be paid to
Seller as part of the Purchase Price (as defined below). Seller shall promptly remit Cure Amounts to counterparties to Assumed Contracts
after approval of the assumption and assignment by the Bankruptcy Court. Further, Buyer shall provide adequate assurance of future performance
under the Assumed Contracts, as same is required by the Bankruptcy Court. Seller makes no representation or warranty with respect to the
future performance of any parties to the Assumed Contracts. Seller makes no representation or warranty as to whether any Assumed Contracts
can be assumed and assigned under applicable law or otherwise. Buyer acknowledges that the Bankruptcy Court may not approve assumption
and assignment of all contracts designated by Buyer hereunder and agrees to close on the sale notwithstanding such risk.

 

Section 1.4.          Assumption
of Liabilities. Upon the Closing, Buyer shall assume, and Buyer hereby agrees to thereafter pay, perform and discharge when due, all
liabilities and obligations arising on or after the Closing Date, which relate to or arise from the Acquired Assets and Assumed Contracts;
provided, however that, except as otherwise set forth in this Agreement, Buyer shall have no liability whatsoever or be
deemed to have assumed any liabilities or obligations (i) arising prior to the Closing Date, (ii) which do not relate to or
arise from the Acquired Assets or the Assumed Contracts, or (ii) relating to or arising from the Excluded Assets.

 

Section 1.5.          Breakup
Fee. Recognizing Buyer’s expenditure of time, energy and resources, and the benefit that these efforts provided to the Estates,
subject to Bankruptcy Court approval, in the event (a) this Agreement is terminated pursuant to Section 8.1(c), (b) Buyer
is not then in breach of Buyer’s obligations hereunder, and (c) Seller has closed on a Competing Transaction for the Acquired
Assets, then, subject to any Order of the Bankruptcy Court, Buyer is entitled to a break-up fee in the amount of $1,650,000.00 (the “Breakup
Fee”). The Breakup Fee shall be payable solely from the proceeds of a closing on a Competing Transaction for the Acquired Assets.
Except with respect to the Deposit pursuant to Section 8.2 herein, Buyer shall not be entitled to any other fees or expense reimbursement
related to a failure to Close. Each Party acknowledges that the agreements contained in this Section 1.5 are an integral part of
the transactions contemplated by this Agreement, that without these agreements Buyer would not have entered into this Agreement, and that
any amounts payable pursuant to this Section 1.5 do not constitute a penalty. Further, Buyer agrees to be bound by the bidding procedures
approved by the Bankruptcy Court as part of the sale process (the “Bidding Procedures”).

 

ARTICLE 2. CONSIDERATION

 

Section 2.1.          Consideration.
The aggregate consideration for the sale and transfer of the Acquired Assets is: (a) Cash in the amount of $55,000,000.00 US Dollars
(the “Cash Purchase Price”); (b) Cure Amounts; and (c) assumption or payoff of the Land Contract in accordance
with section 2.5 hereof (collectively, the “Purchase Price”). The Purchase Price may be subject to adjustment as expressly
set forth in this Agreement and shall be payable and deliverable to the Estates in accordance with Section 3.3. Notwithstanding the
foregoing, for the avoidance of doubt, the Cure Amounts shall be paid in addition to and shall not act to offset any portion of the Cash
Purchase Price. No later than thirty (30) days after the Closing Date, Buyer and Seller shall allocate, as shall be set forth on Schedule
2.1, the Purchase Price as between the real property and the personal property and the Parties shall make consistent use of such allocation,
fair market value and useful lives for all tax purposes and in all filings, declarations, and reports with the IRS in respect therefor,
including the reports required to be filed under § 1060 of the Internal Revenue Code, if any.

 

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Section 2.2.          Deposit.
Concurrently with the execution and delivery of this Agreement, Buyer shall pay to Seller an amount equal to $5,500,000.00 as a deposit
(the “Deposit”). If this Agreement is terminated without the Closing occurring, the Deposit shall be disbursed in accordance
with Section 8.2 hereof. If the Closing occurs, the Deposit shall be applied (without interest) towards the Purchase Price.

 

Section 2.3.          363
Sale. Seller will seek and diligently pursue approval and entry of the Sale Order pursuant to a motion to be filed by Seller under
 § 363 of the Bankruptcy Code (the “Sale Motion”). The Sale Order shall provide for a sale free and clear of all
liens, claims, and encumbrances and other interests in the Acquired Assets, as well as successor liability claims, under §363(f) of
the Bankruptcy Code and shall make a finding under §363(m) of the Bankruptcy Code that the Buyer is purchasing the Acquired
Assets in good faith. Unless otherwise agreed by the parties or ordered by the Bankruptcy Court, the Sale Order shall also waive the
stay of the Sale Order, under Federal Rule of Bankruptcy Procedure 6004(h).

 

Section 2.4.          Higher
Offers. Buyer recognizes that Trustee is obligated to accept any offer that Trustee reasonably concludes is a higher and better offer
for the Acquired Assets. In the event that Trustee receives and accepts such an offer, Trustee shall have no liability to Buyer other
than to return the Deposit to Buyer and issue payment of the Breakup Fee to Buyer, to the extent the Breakup Fee becomes payable under
the terms hereof.

 

Section 2.5.          Land
Contract / Mishawaka Property

 

(a)            Notwithstanding
any other provision herein, subject to the written consent of the Land Contract Vendor, Buyer shall assume all of Seller’s rights
and obligations arising from and after the Closing Date under the Land Contract. In the event that the Land Contract is assumed and assigned
to Buyer, the Land Contract will be deemed an Assumed Contract under this Agreement and Buyer shall be responsible for paying any amounts
(agreed or otherwise) that may be necessary to assume and assign the Land Contract (including any Cure Amounts consistent with Section 1.3
hereof).

 

(b)            Buyer
shall attempt to obtain the written consent of the Land Contract Vendor, as required in Section 2.5(a), prior to the Closing Date.

 

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(c)            In
the event that Buyer does not obtain consent from the Land Contract Vendor prior to the Closing Date, then all the real estate and improvements
thereon detailed in the Land Contract shall form part of the Acquired Assets under this Agreement and be delivered free and clear to Buyer,
however:

 

(i)           The
Cash Purchase Price, as set forth in Section 2.1 hereof, shall be increased by an amount equal to the full Contract Balance (as defined
in the Land Contract) plus any other amounts that may be owing under the Land Contract as of the Closing Date (the “Land Contract
Consideration”). For the avoidance of doubt, the Land Contract Consideration shall equal or exceed the amount necessary to satisfy
the remaining Purchase Price (as defined in the Land Contract) in full;

 

(ii)          The
Trustee shall remit an amount equal to the Contract Balance (as defined in the Land Contract) to the Land Contract Vendor or the Escrow
Agent (as such term is defined in the Land Contract) in full and final satisfaction of all amounts owing to the Land Contract Vendor under
the Land Contract;

 

(iii)         Trustee
shall, (A) request Land Contract Vendor or the Escrow Agent, as applicable, (x) record the Recordable Documents (as such term
is defined in the Land Contract) in the Office of the Recorder of St. Joseph County, Indiana, in the name of the Buyer (y) promptly
provide to Buyer file stamped copies of the recorded Recordable Documents and, (z) return the original recorded Recordable Documents
to Buyer promptly after recorded, or, (B) promptly convey, by quitclaim or similar deed or instrument, the Recordable Documents,
to Buyer; provided, that Buyer has made its own investigation concerning condition of title.

 

(d)            The
Cash Purchase Price shall be increased by the amount equal to all amounts paid by Seller to or for the benefit of the Land Contract Vendor
on the Land Contract prior to Closing.

 

(e)            Buyer
shall be responsible for any obligations of Seller for any pro-rations or otherwise arising at the transfer of the Mishawaka Property.
Buyer shall be responsible for all of the closing costs including, without limitation, (i) recording fees for recording the Mishawaka
Property deed, if any, to be delivered at Closing by Seller, (ii) the premium, if any, payable with respect to the cost of any title
policy obtained by Buyer, including endorsements and title search and examination fees, (iii) any realty transfer tax due in connection
with the conveyance of the Mishawaka Property, and (iv) the amount of the cost for any updated survey obtained by Buyer.

 

(f)             Buyer
shall establish new accounts with all utility providers for the Mishawaka Property, effective as of the Closing Date. Any prepayments
or deposits provided to such utility providers prior to the Closing Date by or on behalf of the Debtors or the Trustee shall be Excluded
Assets hereunder and shall not be transferred, credited or applied to any new accounts established by Buyer in accordance with this section.
In the event that any utility provider for the Mishawaka Property applies any portion of a pre-Closing deposit to any post-Closing charges,
Buyer shall reimburse Seller for such application.

 

Section 2.6.          Mishawaka
Property Title Report.

 

(a)            Buyer
shall receive at Closing, at Buyer’s cost, a Title Policy, insuring good and marketable in Buyer in and to the Mishawaka Property.
All title exceptions and matters set forth in the Title Report shall be deemed Permitted Exceptions and are hereby approved by Buyer.
Buyer is solely responsible for obtaining any updated title abstracts, reports, commitments, surveys, or any other title related matters
Buyer desires with respect to the Mishawaka Property.

 

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(b)            If
Seller is unable to convey good and marketable title to the Mishawaka Property, subject only to the Permitted Exceptions, and such failure
would have a material adverse effect on the use, operation or value of the Mishawaka Property (such event, a “Title Defect”),
then Buyer shall have the right to raise such Title Defect with Seller by delivering written notice describing such Title Defect (each
a “Title Defect Notice”) no later than ten (10) Business Days from the date Buyer receives an update to the Title
Report or a notice from a third party noting such Title Defect (and in any event, at least two (2) Business Days prior to the Closing).
If Buyer fails to timely deliver a Title Defect Notice, Buyer shall be deemed to have waived such Title Defect and such Title Defect shall
be deemed to be a Permitted Exception. Seller may elect (but shall not be obligated) to remove or cause to be removed, or insured over
at its expense any title matters which are not Permitted Exceptions as set forth in a Title Defect Notice, and shall be entitled to a
reasonable adjournment of the Closing (not to exceed sixty (60) days) for the purpose of such removal or cure, which removal or cure will
be deemed effected by the issuance of title insurance eliminating or insuring against the effect of such title matter. If Seller fails
to cure or elects not to cure (or otherwise remove or have insured over by the Title Company) any Title Defect set forth in a Title Defect
Notice and otherwise is unable to convey good and marketable title to the Mishawaka Property to Buyer at Closing subject only to Permitted
Exceptions, Buyer may elect, as its sole and exclusive remedy therefore, either to (x) terminate this Agreement by giving written
notice to Seller in which event, the Deposit shall be returned to Buyer and, thereafter, the parties shall have no further rights or obligations
hereunder except for those obligations which expressly survive the termination of this Agreement, or (y) waive such Title Defects,
in which event such Title Defects shall be deemed additional “Permitted Exceptions” and the Closing shall occur as herein
provided without any reduction of or credit against the Purchase Price.

 

(c)            Buyer
may, by written notice given to Seller at any time prior to the earlier of (x) the Closing Date and (y) the termination of this
Agreement, elect to accept the Mishawaka Property such title as Seller can convey, notwithstanding the existence of any Title Defect.
In such event, this Agreement shall remain in effect and the parties shall proceed to Closing, but Buyer shall not be entitled to any
abatement of the Purchase Price, any credit or allowance of any kind, or any claim or right of action against Seller for damages or otherwise
by reason of the existence of any Title Defect.

 

(d)            Buyer
shall be entitled to request that the Title Company provide such endorsements (or amendments) to the Title Policy as Buyer may reasonably
require, provided that (i) such endorsements (or amendments) shall be at no cost to, and shall impose no additional liability or
obligation on, Seller, (ii) Buyer’s obligations under this Agreement shall not be conditioned upon Buyer’s ability to
obtain such endorsements and, if Buyer is unable to obtain such endorsements, Buyer shall nevertheless be obligated to proceed to close
the transactions contemplated by this Agreement without reduction of or set off against the Purchase Price, and (iii) the Closing
shall not be delayed as a result of Buyer’s request hereunder.

 

(e)            “Permitted
Exceptions” shall mean, with respect to the Mishawaka Property, all of the following: (i) the matters set forth in the Title
Report or any matters disclosed on any updated title reports received prior to the Effective Date, (ii) liens for current real estate
taxes and special assessments which are not yet due and payable or are being contested in good faith, or delinquent taxes which are the
responsibility of the Land Contract Vendor, (iii) standard pre-printed provisions contained in the form of title insurance policies,
(iv) discrepancies, conflicts in boundary lines, shortages in area, encroachments and any state of facts which a survey of the Mishawaka
Property would disclose as of the date of the Title Report or which are shown on the public records as of the date of the Title Report,
(v) subject to the adjustments provided for herein, any service, installation, connection or maintenance charge due after Closing
and charges for sewer, water, electricity, telephone, other utilities and other pro-rated items, (vi) any title exception which is
(x) approved, waived or deemed approved or waived by Buyer pursuant to Section 2.6(b) or otherwise cannot be objected to
by Buyer under Section 2.6(b) or (y) created in accordance with the provisions of this Agreement, (vii) such other
exceptions as the Title Company shall commit to insure over without any additional cost or liability to Buyer, whether such insurance
is made available in consideration of payment, bonding, indemnity of Seller or otherwise, or made pursuant to an endorsement to the title
policy, and (viii) easements and laws, regulations, resolutions or ordinances, including, without limitation, building, zoning and
environmental and any archaeological area protection, as to the use, occupancy, subdivision, development, conversion or redevelopment
of the Mishawaka Property currently or hereinafter imposed by any governmental authority.

 

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(f)            “Title
Company” shall mean Chicago Title Insurance Company, 135 N. Pennsylvania St., Suite 1575B, Indianapolis, Indiana
46204.

 

(g)            “Title
Policy” shall mean an ALTA owner’s title insurance policy without any endorsements issued by the Title Company insuring Buyer’s
title to the Property subject only to the Permitted Exceptions in an amount equal to the Purchase Price.

 

(h)            “Title
Report” shall mean, collectively, (i) that certain pro forma owner’s title abstract prepared by the Title Company and
(ii) any title commitment issued by the Title Company with respect to such title abstracts.

 

Section 2.7.          Other
Adjustments. In addition to other adjustments in this Agreement to the Cash Purchase Price, the Cash Purchase Price shall be adjusted
for prorations as of the Closing Date for expenses prepaid by the Estates prior to the Closing, with Seller being charged through the
Closing Date and Buyer being charged from and after the Closing Date for (i) property taxes for the year in which Closing occurs
pertaining to the Acquired Assets based on the latest available tax bill and any accrued but unpaid general or special assessments payable
therewith, (ii) any payments made in connection with the Ground Sublease, (iii) property insurance premiums, and (iv) any
other customary prorations.

 

ARTICLE 3. CLOSING AND DELIVERIES

 

Section 3.1.          Closing.
The consummation of the transactions contemplated hereby (the “Closing”) shall take place within thirty (30) days after
entry of the Sale Order (the “Closing Date”), electronically.

 

Section 3.2.          Seller’s
Deliveries. Seller shall deliver to Buyer at Closing a bill of sale prepared by Buyer, in form and substance reasonably satisfactory
to Seller, and any other instruments of sale, assignment, transfer and conveyance that, in the reasonable judgment of Buyer are reasonably
necessary to effectively vest in Buyer good and valid title to and perfect the interests of Buyer in the Acquired Assets, free and clear
of all liens, claims, encumbrances, and other interests in the Acquired Assets, pursuant to the terms of this Agreement. Such instruments
shall not provide any representations and/or warranties not provided hereunder. Buyer shall be responsible for all costs and fees associated
with preparing such instruments and Seller’s review and execution of such instruments, as well as any applicable recording, filing
and/or transfer fees or taxes.

 

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Section 3.3.          Buyer’s
Deliveries. At the Closing, Buyer shall: (a) pay to Seller the Purchase Price (less the amount of the Deposit) by wire transfer
of immediately available funds in accordance with instructions provided by Seller; (b) deliver to Seller a fully executed agreement
by each of the Residual Claim Parties waiving the right to receive a distribution from the Estates on account of any claims or causes
of action against the Debtors or the Estates (such waiver shall not waive the right of the Residual Claim Parties to receive any distribution
from the Estates on account of any equity interests in the Debtors held by any Residual Claim Party); and (c) execute and deliver
any other documents required in order to effectuate the transactions contemplated by this Agreement. To the extent necessary, the Purchase
Price may be adjusted post-Closing to reflect any final Cure Amount determined after Closing and Buyer shall promptly pay to Seller any
such final Cure Amount, once determined, to be promptly thereafter remitted by Seller to the appropriate counterparties in accordance
with Section 1.3 hereof.

 

Section 3.4.          Possession
of Acquired Assets. Buyer acknowledges that Seller shall have no obligation to deliver possession of the Acquired Assets to Buyer
and Seller’s only obligation shall be to deliver to Buyer the instruments expressly described in Section 3.2 hereof. Buyer
shall be responsible for obtaining possession of the Acquired Assets. Neither Seller nor the Estates shall have any liability or any obligation
to indemnify or reimburse Buyer or otherwise adjust the Purchase Price in the event that Seller cannot obtain possession of any Acquired
Asset(s) for whatever reason, other than Seller’s failure to make a good faith effort to provide access to the Acquired Assets
Buyer, as provided in this Section 3.4. Notwithstanding anything to the contrary in this Agreement, Seller shall make a good faith
effort to provide the Buyer (i) with all keys, combinations, passcodes, and other means of access to any premises or real property
which shall constitute part of the Acquired Assets and (ii) with all passwords, passcodes, passphrases, security questions, and other
information to enable Buyer to obtain access and use of all data, information, programs, media, and Intellectual Property which shall
constitute part of the Acquired Assets.

 

Section 3.5.          Costs
of Removing or Storing Acquired Assets. With respect to any Acquired Assets not located at the Mishawaka Property or the Headquarters
(to the extent the Headquarters Lease is an Assumed Contract) as of the Closing Date, Buyer shall be responsible for all costs and expenses
associated with (i) removing such Acquired Assets from their location(s) and/or (ii) storing or maintaining such Acquired
Assets from and after Closing Date. Buyer understands and agrees that Trustee and the Estates shall not undertake to pay any such costs
or expenses and Buyer shall indemnify and reimburse the Estates for any claims asserted against the Estates associated with removal or
storage of such Acquired Assets, including any claims for damages that may be caused as a result of removing such Acquired Assets from
their location(s).

 

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ARTICLE 4. REPRESENTATIONS AND WARRANTIES

 

Section 4.1.          Representations
and Warranties of Seller. Seller represents and warrants to Buyer as follows:

 

(a)            Corporate
Organization. Debtors are in chapter 7 proceedings in the Bankruptcy Court. Subject to any necessary authority from the Bankruptcy
Court, Seller has all requisite power and authority to consummate the transactions contemplated hereby.

 

(b)            Authorization
and Validity. Seller has all requisite power and authority to enter into this Agreement and, subject to the Bankruptcy Court’s
entry of the Sale Order, to carry out his obligations hereunder and thereunder. This Agreement has been duly executed by Seller and,
subject to the Bankruptcy Court’s entry of the Sale Order, constitutes valid and binding obligations, enforceable against the Estates
in accordance with their terms.

 

(c)            Disclaimer
of other Representations and Warranties. Apart from the specific representations set forth above, Seller makes no representation or
warranty, express or implied, at law or in equity, regarding the Acquired Assets (including, without limitation, the Acquired Intellectual
Property and Assumed Contracts) or any assets, liabilities or operations, including, without limitation, with respect to capacity, condition,
design, fitness for any particular purpose, merchantability, operation or quality, and any such other representations or warranties are
hereby expressly disclaimed. Apart from the specific representations set forth above, Seller expressly disclaims any representation or
warranty, express, statutory, or implied, as to: (i) the content, character, or nature of any descriptive memorandum, report, brochure,
chart, or statement relating to the Debtors or the Acquired Assets; (ii) any estimates of the value of the Acquired Assets, or future
revenues generated by the Acquired Assets; (iii) the condition, quality, suitability, prior use, or design of the Acquired Assets;
(iv) the merchantability or fitness for a particular purpose of the Acquired Assets; (v) the validity, enforceability, restriction-free
nature, or transferability of: (x) the Acquired Intellectual Property; and (y) any trademarks, copyrights, patents, domain names,
or any other Intellectual Property used by the Debtors in their business, including, but not limited to, any software used in the business;
(vi) the rights any licensee may have under 11 U.S.C. § 365(n); or (vii) any other materials or information that may have
been made available or communicated to Buyer or its Affiliates, or their employees, agents, consultants, representatives, or advisors
in connection with the transactions contemplated by this Agreement or any discussion or presentation relating thereto. BUYER HEREBY ACKNOWLEDGES
AND AGREES THAT SELLER MAKES NO REPRESENTATION OR WARRANTY, AND SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED REPRESENTATIONS AND WARRANTIES,
WITH RESPECT TO THE ACQUIRED ASSETS, AND WITHOUT LIMITATION THE ACQUIRED INTELLECTUAL PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY
WARRANTY THAT USE OF THE ACQUIRED ASSETS WILL NOT INFRINGE UPON, VIOLATE OR MISAPPROPRIATE ANY PATENT, COPYRIGHT, TRADEMARK, TRADE SECRET,
OR OTHER INTELLECTUAL PROPERTY OR PROPRIETARY RIGHTS OF A THIRD PARTY. BUYER HEREBY ACKNOWLEDGES AND AGREES THAT BUYER IS PURCHASING THE
ACQUIRED ASSETS ON AN “AS-IS, WHERE-IS” BASIS AND “WITH ALL FAULTS” IN SUCH CONDITION AT CLOSING. WITHOUT LIMITING
THE GENERALITY OF THE FOREGOING, THE SELLER MAKES NO REPRESENTATION OR WARRANTY REGARDING ANY ASSETS OTHER THAN THE ACQUIRED ASSETS, AND
NONE SHALL BE IMPLIED AT LAW OR IN EQUITY.

 

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Section 4.2.          Representations
and Warranties of Buyer. Buyer hereby represents and warrants to Seller as follows:

 

(a)            Corporate
Organization. Buyer is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware and
has all requisite corporate power and authority to own its properties and assets.

 

(b)            Non-Insider
Status. Buyer is not an “insider” as such term is defined under § 101(31) of the Bankruptcy Code.

 

(c)            Authorization
and Validity of Agreement. Buyer has all requisite corporate power and authority to enter into this Agreement and to carry out its
obligations hereunder. The execution and delivery of this Agreement and the performance of Buyer’s obligations hereunder have been
duly authorized by all necessary corporate action by the board of directors (or equivalent) of Buyer, and no other corporate action on
the part of Buyer is necessary to authorize such execution, delivery and performance. This Agreement has
been or will be duly executed by Buyer and constitutes, or will
when executed constitute, its valid and binding obligation, enforceable against it in accordance with its terms.

 

(d)            No
Conflict or Violation. The execution, delivery and performance by Buyer of this Agreement does
not and will not violate or conflict with any provision of the certificate of incorporation or by-laws (or equivalent documents)
of Buyer and subject to making appropriate filings with state and/or federal securities regulators or exchanges as per subparagraph (e) below,
does not and will not violate any provision of law, or any order applicable
to Buyer, nor will it result in a breach of or constitute (with due notice
or lapse of time or both) a default under any contract to which Buyer is a party or by which it is bound or to which any of its properties
or assets is subject.

 

(e)            Consents
and Approvals. The execution, delivery and performance of this Agreement does
not and will not require the consent or approval of, or filing with (other than state and federal securities regulators and securities
exchanges), any government or any other Person except (i) as may be required to be obtained by Buyer after the Closing in order
to own or operate any of the Acquired Assets; (ii) for entry of the Sale Order by the Bankruptcy Court; or (iii) for such consents,
approvals and filings, of which the failure to obtain or make would not affect the ability of Buyer to consummate the transactions contemplated
hereby. Buyer’s obligations under this Agreement are not contingent upon Buyer obtaining board of director or other internal approval.

 

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(f)             Investigation
by Buyer. Buyer has conducted its own independent review and analysis of the Acquired Assets, any liabilities being assumed hereunder,
and the Assumed Contracts. Buyer has conducted its own independent review of all Orders of, and all motions, pleadings, and other submissions
to, the Bankruptcy Court in connection with the Bankruptcy Case. In entering into this Agreement, Buyer has relied solely upon its own
investigation and analysis, and Buyer (i) acknowledges that neither Seller, the Debtors, nor any of their respective Affiliates or
Related Persons makes or has made any representation or warranty, either express or implied, as to the accuracy or completeness of any
of the information provided or made available to Buyer or its Affiliates or Related Persons, except for the representations and warranties
contained in Section 4.1 (which are subject to the limitations and restrictions contained in this Agreement); and (ii) agrees,
to the fullest extent permitted by law, that none of Seller, Debtors, their Affiliates or any of their respective Related Persons shall
have any liability or responsibility whatsoever to Buyer or its Affiliates or Related Persons on any basis (including, without limitation,
in contract or tort, under federal or state securities laws or otherwise) based upon any information provided or made available, or statements
made, to Buyer or its Affiliates or Related Persons (or any omissions therefrom), including, without limitation, in respect of the specific
representations and warranties of Seller set forth in this Agreement, except, with regard to Seller, for the representations and warranties
contained in Section 4.1 and, with respect to such representations and warranties, subject to the limitations and restrictions contained
in this Agreement. Without limiting the generality of the foregoing, for the avoidance of doubt, Buyer acknowledges that Seller (i) has
not performed an inventory or inspection of the Acquired Assets and makes no representations or warranties regarding the existence, condition,
value, or count of the Acquired Assets and (ii) shall have no liability nor any obligation to indemnify or reimburse Buyer or otherwise
adjust the Purchase Price for any reason based upon Buyer’s subsequent inspection and/or inventory of the Acquired Assets. Except
as provided in Section 1.6, Buyer’s obligations under this Agreement are not contingent upon Buyer’s performance or completion
of due diligence or satisfaction of the results therefrom.

 

(g)            Sufficient
Funds; Adequate Assurance. Buyer will have at the Closing immediately available funds sufficient for the satisfaction of all of its
obligations under this Agreement, including the payment of the Purchase Price, and all fees, expenses of and other amounts required to
be paid by Buyer in connection with the transactions contemplated hereby. Buyer will be capable of satisfying the conditions contained
in §§ 365(b)(1)(C) and 365(f) of the Bankruptcy Code with respect to the Assumed Contracts and Assumed Liabilities.
Buyer’s obligations under this Agreement are not contingent upon Buyer procuring financing for the transactions contemplated hereby.

 

(h)            No
Collusion. Buyer represents and warrants that it has not engaged in any collusion with respect to its bid on the Acquired Assets and
the transaction contemplated hereunder.

 

(i)             Condition
of the Mishawaka Property; “AS-IS” Transfer.

 

(i)           Buyer
acknowledges and agrees that neither Seller nor any agent or representatives of Seller have made, and Seller and the Estates are not liable
or responsible for or bound in any manner to Buyer by any express or implied representations, warranties, covenants, agreements, obligations,
guarantees, statements, information or inducements pertaining to the Condition of the Mishawaka Property or any part thereof. Buyer acknowledges,
agrees, represents and warrants that it has had the opportunity and has in fact inspected the Mishawaka Property and all matters respecting
the Mishawaka Property and is fully cognizant of the Condition of the Mishawaka Property and that it has had access to information and
data relating to all of same as Buyer has considered necessary, prudent, appropriate or desirable for the purposes of this transaction
and that Buyer and its agents and representatives have independently inspected, examined, analyzed and appraised all of same. Buyer acknowledges
that Buyer is fully familiar with the Mishawaka Property and Buyer agrees to accept the Mishawaka Property “AS IS”, with all
faults, in its condition at Closing. Buyer shall be responsible at its sole cost and expense to obtain and satisfy all required governmental
or regulatory inspection, certificate or other such transfer requirements prior to Closing. As used herein, “Condition of the
Mishawaka Property” shall mean the title and physical condition thereof, including all environmental matters, the quantity,
character, fitness and quality thereof, merchantability, fitness for particular purpose, the income, expenses or operation thereof, the
value and profitability thereof, the uses which can be made thereof, the structural and mechanical condition of the Mishawaka Property,
the buildings, structures and improvements situate thereon, the plumbing, heating, electric and ventilating systems (if any) serving the
Mishawaka Property and any other matter or thing whatsoever with respect thereto.

 

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(ii)          In
addition to, and without limiting the foregoing, (i) Buyer further acknowledges and agrees that the Mishawaka Property is conveyed
in its “AS IS” condition with respect to environmental matters, and Buyer hereby assumes the risk that adverse past, present
or future conditions may not be revealed in its inspection or investigation; and (ii) as a material inducement and consideration
for the transfer hereunder, Buyer hereby (A) releases and holds harmless and (B) agrees to defend and indemnify Seller and the
Estates with respect to all actions, causes of action, obligations, expenses, liabilities, losses, penalties, fines, fees (including counsel
fees and reasonable costs of investigations and defense) or costs (including monitoring, clean-up, compliance and/or litigation costs),
claims, suits and damages for personal injury (including death), property damage and violation of any Federal, State or local law, statute,
rule, regulation or ordinance which Seller or the Estates may, at any time and from time to time, incur, pay out, be exposed to and/or
be responsible for which arises from or is related to the Mishawaka Property, including without limitation as a result of the presence
of any Hazardous Materials (as hereinafter defined) and/or violation of any Environmental Law (as hereinafter defined), regardless of
whether the conduct or condition took place or existed prior to or after the conveyance of the Mishawaka Property pursuant to this Agreement.
Without limiting the generality of the foregoing, it is understood that Buyer is assuming all of Seller’s liabilities respecting
the Mishawaka Property under all Environmental Laws. It is the intent of Seller and Buyer that as between them Buyer shall be solely liable
for compliance with all Environmental Laws affecting the Mishawaka Property or operations of the Mishawaka Property. Buyer hereby waives
any and all rights of contribution and/or other claims Buyer might otherwise have against Seller under applicable Environmental Laws and/or
at common law in connection with the environmental condition of the Mishawaka Property or claims now existing or hereafter arising as
a result thereof.

 

(iii)         As
used in this Agreement, “Hazardous Materials” shall mean any hazardous wastes or hazardous substances as defined in
any Environmental Law including, without limitation, any asbestos, PCB, toxic, noxious or radioactive substance, methane, volatile hydrocarbons,
industrial solvents or any other material or substance which could cause or constitute a health, safety or other environmental hazard
to any person or property. “Environmental Law” shall mean any federal, state or local environmental cleanup statutes,
laws, rules or regulations, ordinances, orders, decrees and interpretations now or hereafter in effect including, without limitation
(1) the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. §9601, et seq.), as amended by Superfund
Amendments and Reauthorization Act; (2) the Toxic Substances Control Act (15 U.S.C. §2601, et seq.); (3) the Resource Conservation
and Recovery Act (42 U.S.C. 6901, et seq.); (4) the Clean Air Act, (42 U.S.C. §7401, et seq.); (5) the Federal Pollution
Control Act (33 U.S.C. §1251, et seq.); (6) the Federal Pollution Control Act (33 U.S.C. §1251, et seq.); and (7) any
other Federal, State or local environmental statute, code, regulation or ordinance, including those yet to be enacted; and shall include
all amendments, successor laws and/or replacement laws to same as well as all regulations issued under the foregoing.

 

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(iv)        The
provisions of this Section 4.2(h) shall survive (i) termination, cancellation, modification, expiration or revision of
this Agreement; (ii) Closing hereunder; and (iii) any future sale or other transfer of the Land Sale Contract or Mishawaka Property
by Buyer and their successors and assigns; and shall be binding upon Buyer and its heirs, executors, successors and assigns of the Property.

 

Section 4.3.          Warranties
Exclusive. The parties acknowledge that the representations and warranties contained in Article 4 are the only representations
or warranties given by the parties and that all other express or implied warranties are disclaimed. Without limiting the foregoing Buyer
acknowledges that the Acquired Assets are conveyed “AS IS”, “WHERE IS” and “WITH ALL FAULTS” and that
all warranties of merchantability or fitness for a particular purpose are disclaimed. WITHOUT
LIMITING THE FOREGOING THE BUYER ACKNOWLEDGES THAT SELLER AND SELLER’S AFFILIATES AND THEIR RESPECTIVE RELATED PERSONS HAVE MADE
NO REPRESENTATION OR WARRANTY CONCERNING (I) THE EXISTENCE, CONDITION, QUALITY, VALUE OR COUNT OF THE ACQUIRED ASSETS (II) ANY
USE TO WHICH THE ACQUIRED ASSETS MAY BE PUT, (III) ANY FUTURE REVENUES, COSTS, EXPENDITURES, CASH FLOW, RESULTS OF OPERATIONS,
FINANCIAL CONDITION OR PROSPECTS THAT MAY RESULT FROM THE OWNERSHIP, USE OR SALE OF THE ACQUIRED ASSETS, (IV) THE VALIDITY,
ENFORCEABILITY, RESTRICTION FREE NATURE, OR TRANSFERABILITY OF THE ACQUIRED INTELLECTUAL PROPERTY RIGHTS; (V) THAT ANY ACQUIRED ASSETS,
WHETHER OR NOT COVERED BY OR BASED ON ANY OF DEBTORS’ PATENTS, COPYRIGHTS, TRADE SECRETS, DOMAIN NAMES, TRADEMARKS, OR OTHER INTELLECTUAL
PROPERTY OR PROPRIETARY RIGHTS OF DEBTOR, INCLUDING, BUT NOT LIMITED TO, ANY SOFTWARE USED IN THE BUSINESS, DO NOT VIOLATE OR INFRINGE
ANY THIRD PARTY INTELLECTUAL PROPERTY RIGHT, (VI) ANY OTHER INFORMATION OR DOCUMENTS MADE AVAILABLE TO BUYER OR ITS AFFILIATES OR
RELATED PERSONS OR (VII) THE CONDITION OF THE ACQUIRED ASSETS INCLUDING, WITHOUT LIMITATION, COMPLIANCE WITH ANY FEDERAL TRADE COMMISSION
LAWS, SECURITIES LAWS OR OTHER LAWS.

 

Section 4.4.          Survival
of Representations and Warranties. None of the representations or warranties of Seller set forth in this Agreement or in any certificate
or instrument delivered by Seller shall survive the Closing.

 

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ARTICLE 5. COVENANTS AND OTHER AGREEMENTS.

 

Section 5.1.          Covenants
of Seller. At the request and the sole expense of Buyer, at any time after the Closing Date, Seller shall promptly execute and deliver
such documents as Buyer or its counsel may reasonably request to effectuate the purposes of this Agreement.

 

Section 5.2.          Covenants
of Buyer. At the request and the sole expense of Seller, at any time after the Closing Date, Buyer shall promptly execute and deliver
such documents as Seller or its counsel may reasonably request to effectuate the purposes of this Agreement.

 

Section 5.3.          Bankruptcy
Matters. Seller and Buyer shall use commercially reasonable efforts to cooperate, assist and consult with each other to secure the
entry of the Sale Order following the date hereof, and to consummate the transactions contemplated by this Agreement, including furnishing
affidavits or other documents or information for filing with the Bankruptcy Court for the purposes, among others, of providing necessary
assurances of performance by Buyer under this Agreement and furnishing any testimony regarding the transactions contemplated hereby, including
to support the good-faith nature of the negotiations leading to this Agreement.

 

ARTICLE 6. TAXES.

 

Section 6.1.          Taxes
Related to Purchase of Assets. All federal, state and local sales, transfer, gains, excise, value-added or other similar Taxes, if
any, including, without limitation, all state and local Taxes in connection with the transfer of the Acquired Assets, and all recording
and filing fees (collectively, “Transaction Taxes”), that may be imposed by reason of the sale, transfer, assignment
and delivery of the Acquired Assets shall be paid by Buyer. Buyer shall prepare
and file any and all required returns for or with respect to such Transaction Taxes with any and all appropriate taxing authorities.

 

Section 6.2.          Cooperation
on Tax Matters. Buyer and Seller agree to furnish or cause to be furnished to each other, as promptly as practicable, such information
and assistance relating to the Acquired Assets and the Assumed Liabilities as is reasonably necessary for the preparation and filing of
any Tax Return, claim for refund or other required or optional filings relating to Tax matters, for the preparation for and proof of facts
during any Tax audit, for the preparation for any Tax protest, for the prosecution or defense of any suit or other proceeding relating
to Tax matters and for the answer to any governmental or regulatory inquiry relating to Tax matters. All tax refunds due or which may
be claimed relative to the Acquired Assets or otherwise shall belong to Trustee on behalf of the Estates and are not part of the Acquired
Assets.

 

Section 6.3.          Access
to Books and Records.

 

(a)            For
a period of seven (7) years after the Closing Date or, if longer, the applicable period specified in the Buyer’s document retention
policy, Buyer shall (i) retain the books and records included in the Acquired Assets relating to periods prior to and including the
Closing Date and (ii) upon reasonable notice afford Seller and his representatives reasonable access (including the right to make,
at the Seller’s expense, photocopies or other electronic copies), during normal business hours, to such books and records that Seller
determines he needs to administer the Estates. After such seven (7) year period, Buyer shall notify Seller in writing at least thirty
(30) days in advance of destroying any such books and records in order to provide Seller the opportunity to copy such books and records
in accordance with this Section 6.3(a).

 

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(b)            Notwithstanding
anything to the contrary contained in this Agreement, Seller shall have the right to retain one copy of all books and records included
in the Acquired Assets or which otherwise relates to the Debtors or the Assumed Liabilities, in each case to the extent required for Seller’s
administering the Estates, as Seller determines in his discretion.

 

ARTICLE 7. CONDITIONS PRECEDENT TO PERFORMANCE
BY PARTIES.

 

Section 7.1.          Conditions
Precedent to Performance by Seller. The obligation of Seller to consummate the transactions contemplated by this Agreement is subject
to the fulfillment, at or before the Closing Date, of the following conditions; any one or more of which (other than the condition contained
in Section 7.1(c)) may be waived by Seller in its sole discretion:

 

(a)            Representations
and Warranties of Buyer. All representations and warranties made by Buyer in Section 4.2 shall be accurate in all material respects
on and as of the Closing Date as if again made by Buyer on and as of such date, except for inaccuracies that do not affect Buyer’s
ability to perform its obligations hereunder.

 

(b)            Performance
of the Obligations of Buyer. Buyer shall have performed in all material respects all obligations required under this Agreement to
be performed by it on or before the Closing Date.

 

(c)            Consents
and Approvals. The Bankruptcy Court shall have entered the Sale Order, in form and substance reasonably satisfactory to Seller, and
no order staying, reversing, modifying or amending the Sale Order shall be in effect on the Closing Date.

 

(d)            No
Violation of Orders. No preliminary or permanent injunction or other order that declares this Agreement invalid or unenforceable in
any respect or which prevents the consummation of the transactions contemplated hereby shall be in effect.

 

Section 7.2.          Conditions
Precedent to the Performance by Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement are
subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which (other than the condition
contained in Section 7.2(c)) may be waived by Buyer in its sole discretion:

 

(a)            Representations
and Warranties of Seller. All representations and warranties made by Seller in Section 4.1 shall be accurate in all material
respects on and as of the Closing Date as if again made by Seller on and as of such date, except for inaccuracies that do not affect Seller’s
ability to perform its obligations hereunder.

 

(b)            Performance
of the Obligations of Seller. Seller shall have performed in all material respects all obligations required under this Agreement to
be performed by it on or before the Closing Date.

 

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(c)            Consents
and Approvals. The Bankruptcy Court shall have entered the Sale Order, in form and substance reasonably satisfactory to Buyer, and
no order staying, reversing, modifying or amending the Sale Order shall be in effect on the Closing Date.

 

(d)            No
Violation of Orders. No preliminary or permanent injunction or other order that declares this Agreement invalid in any respect or
prevents the consummation of the transactions contemplated hereby shall be in effect.

 

ARTICLE 8. TERMINATION

 

Section 8.1.          Termination.
This Agreement may be terminated at any time prior to the Closing Date:

 

(a)            by
the mutual written consent of Seller and Buyer;

 

(b)            by
either Seller or Buyer if the Closing shall not have occurred by November 15, 2022, for any reason or for no reason, other than by
reason of material breach by the other party to this Agreement; provided, however, that such date can be extended only upon written mutual
agreement of Buyer and Seller;

 

(c)            by
either Seller or Buyer upon the entry of an order of the Bankruptcy Court authorizing the sale of the Acquired Assets in a Competing Transaction;
provided, however, that Buyer shall not be permitted to terminate this Agreement upon the entry of such an order if Buyer
is determined to be the Backup Bidder, as that term is defined in the Bidding Procedures, for the Acquired Assets in which case, subject
to section 8.1(b) hereof, Buyer is required to remain bound by the terms of this Agreement until closing of the Competing Transaction,
provided that the closing of the Competing Transaction closes by November 15, 2022;

 

(d)            by
Seller if Buyer shall have materially breached any of its obligations, representations, warranties, covenants or agreements contained
in this Agreement, which breach cannot be or has not been cured within three (3) Business Days after the giving of written notice
by Seller to Buyer specifying such breach;

 

(e)            by
Buyer if Seller shall have materially breached any of its obligations, representations, warranties, covenants or agreements contained
in this Agreement, which breach cannot be or has not been cured within three (3) Business Days after the giving of written notice
by Buyer to Seller specifying such breach; or

 

(f)             by
either Party in the event of an order from the Bankruptcy Court denying the motion for approval of the Transaction.

 

Section 8.2.          Effect
of Termination. In the event of termination of this Agreement as provided in Section 8.1, this Agreement shall forthwith become
void and there shall be no liability on the part of either party; provided, however, that in the event this Agreement is terminated pursuant
to Section 8.1(d) and Seller is not then in material breach of Seller’s obligations hereunder, then Seller shall be entitled
to retain the Deposit and all interest thereon as liquidated damages for such breach or failure to perform. In the event of termination
of this Agreement for any reason other than pursuant to Section 8.1(d), and provided that Buyer is not then in material breach of
Buyer’s obligations hereunder, and subject to section 1.5 hereof, Buyer shall be entitled to return of the Deposit, without any
interest thereon.

 

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ARTICLE 9. MISCELLANEOUS.

 

Section 9.1.
          Successors and Assigns. Except as otherwise provided
in this Agreement, no party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other party hereto, and any such attempted assignment without such prior written consent shall be void and of no
force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the
parties hereto. Notwithstanding the foregoing, Buyer may assign or delegate any of its rights and obligations under this Agreement
to any wholly-owned subsidiary of Buyer (the “Buyer Affiliated Entity”), provided, however,
(a) Buyer shall continue to remain primarily liable under this Agreement notwithstanding any such assignment or designation and
no such assignment or designation shall limit, abrogate or release Buyer’s obligations hereunder, and (b) Buyer and the
Buyer Affiliated Entity shall each make the representations and warranties contained in this Agreement as of the date of such
assignment or designation and as of the Closing Date.

 

Section 9.2.          Governing
Law; Jurisdiction. This Agreement shall be construed, performed and enforced in accordance with, and governed by, the laws of the
United States of America and the State of Delaware (without giving effect to the principles of conflicts of laws thereof), except to the
extent that the laws of such State are superseded by the Bankruptcy Code. The parties hereto irrevocably elect as the sole judicial forum
for the adjudication of any matters arising under or in connection with the Agreement, and consent to the exclusive jurisdiction of, the
Bankruptcy Court and waive any right to a jury trial regarding the same.

 

Section 9.3.          Expenses.
Except as otherwise provided herein, each of the parties hereto shall pay its own expenses in connection with this Agreement and the transactions
contemplated hereby, including, without limitation, any legal and accounting fees, whether or not the transactions contemplated hereby
are consummated. Buyer shall pay any fees, costs, and expenses associated with recording an assignment of any of the Acquired Assets.

 

Section 9.4.          Broker’s
and Finder’s Fees. Seller represents that it has retained SSG Advisors, LLC (“SSG”) as his investment banker
in connection with this transaction. With the exception of SSG, each of the parties represents and warrants that it has dealt with no
broker or finder in connection with any of the transactions contemplated by this Agreement and, insofar as such party knows, with the
exception of SSG, no broker or other Person is entitled to any commission or finder’s fee in connection with any of these transactions.

 

Section 9.5.          Severability.
In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void or unenforceable,
said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in full
force and effect only if, after excluding the portion deemed to be unenforceable, the remaining terms shall provide for the consummation
of the transactions contemplated hereby in substantially the same manner as originally set forth at the later of the date this Agreement
was executed or last amended.

 

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Section 9.6.          Notices.

 

(a)            All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given:
(i) on the date of service, if served personally or electronically on the party to whom notice is to be given; (ii) on the day
after delivery to Federal Express or similar overnight courier or the next day Express Mail service maintained by the United States Postal
Service; or (iii) on the third day after mailing, if mailed to the party to whom notice is to be given, by first class mail, certified,
postage prepaid and properly addressed, to the party as follows:

 

If to Seller:

 

David W. Carickhoff

Archer & Greiner, P.C.

300 Delaware Avenue, Suite 1100

Wilmington, DE 19801

Email:
dcarickhoff@archerlaw.com

 

Additional copy to:

 

Archer & Greiner, P.C.

300 Delaware Avenue, Suite 1100

Wilmington, DE 19801

Attention: Alan M. Root, Esq.

Email:
aroot@archerlaw.com

 

and

 

Archer & Greiner, P.C.

1211 Avenue of the Americas, 27th Floor

New York, NY 10036

Attention: James G. Smith, Esq.

Email:
jsmith@archerlaw.com

 

If to Buyer:

 

Mullen Automotive, Inc.

1405 Pioneer Street

Brea, CA 92821

Attention: David
Michery

Email: david@mullenusa.com

 

(b)            Any
party may change its address for the purpose of this Section 9.6 by giving the other party written notice of its new address in the
manner set forth above.

 

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Section 9.7.          Amendments;
Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties or conditions hereof
may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance.
Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation or warranty contained in this
Agreement, in any one or more instances, shall not be deemed to be or construed as a furthering or continuing waiver of any such condition,
or of the breach of any other provision, term, covenant, representation or warranty of this Agreement.

 

Section 9.8.          Entire
Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the transactions contemplated
hereby and supersede and replace all prior and contemporaneous agreements and understandings, oral or written, with regard to such transactions.
All schedules hereto and any documents and instruments delivered pursuant to any provision hereof are expressly made a part of this Agreement
as fully as though completely set forth herein.

 

Section 9.9.          Non-Reliance.
Buyer acknowledges and represents that (i) it has had an opportunity to conduct any and all due diligence regarding the Acquired
Assets prior to entering into this Agreement, (ii) it has relied solely upon its own independent review, investigation and/or inspection
of any documents and/or the Acquired Assets in entering into this Agreements and (iii) it did not rely upon any written or oral statements,
representations, promises, warranties or guarantees whatsoever, whether express, implied, by operation of law or otherwise, regarding
the Acquired Assets, or the completeness or accuracy of any information provided in connection therewith.

 

Section 9.10.        Parties
in Interest. Nothing in this Agreement is intended to or shall confer any rights or remedies under or by reason of this Agreement
on any Persons other than Seller and Buyer and their respective successors and permitted assigns. Nothing in this Agreement is intended
to or shall relieve or discharge the obligations or liability of any third Persons to Seller or Buyer. This Agreement is not intended
to nor shall give any third Persons any right of subrogation or action over or against Seller or Buyer.

 

Section 9.11.        Headings, Interpretation,
Gender. Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine, or neuter, as the context requires. Whenever the words “include,”
 “includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without
limitation.” Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Buyer or Seller,
whether under any rule of construction or otherwise. No party to this Agreement shall be considered the draftsman. On the contrary,
this Agreement has been reviewed, negotiated and accepted by all parties and their attorneys and shall be construed and interpreted according
to the ordinary meaning of the words so as fairly to accomplish the purposes and intentions of all the parties. The table of contents
and the captions and section headings contained in this Agreement are for convenience of reference only, do not form a part of this Agreement
and shall not affect in any way the meaning or interpretation of this Agreement. All references in this Agreement to “Section”
or “Article” shall be deemed to be references to a Section or Article of this Agreement. All references to “herein”
or “hereof” or “hereunder” and similar phrases shall be broadly construed to refer to the entire Agreement and
not merely to the specific clause, section, or article.

 

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Section 9.12.        Confidentiality.
Buyer acknowledges and agrees that the Confidentiality Agreement by and between Buyer and Trustee (“Confidentiality Agreement”),
remains in full force and effect and, in addition, covenants and agrees to keep confidential, in accordance with the provisions of the
Confidentiality Agreement, information provided to Buyer pursuant to this Agreement. If this Agreement is, for any reason, terminated
prior to the Closing, the Confidentiality Agreement and the provisions of this Section 9.12 shall nonetheless continue in full force
and effect.

 

Section 9.13.        Public
Announcements. Buyer and Seller will consult with each other before issuing, and provide each other the opportunity to review and
comment upon, any press release or public announcement of this Agreement and the Transaction, but neither Buyer nor Seller shall issue
any press release without the prior written approval of the other Party, in each case except as may be required by Law, court process
(including the filing of this Agreement with the Bankruptcy Court as an exhibit to the Sale Motion) or by obligations pursuant to any
listing agreement with any national securities exchange and/or as required by any rules and/or regulations of the Securities and
Exchange Commission, in which case the non-disclosing party will have the right to review and comment on such release, announcement or
communication prior to publication.

 

Section 9.14.        Time
of Essence. Time shall be of the essence in this Agreement.

 

Section 9.15.        Recording
of Memorandum. Neither Seller nor Buyer shall record a memorandum of this Agreement.

 

Section 9.16.        Attorneys’
Fees and Costs. In the event either party to this Agreement commences a legal proceeding to enforce any of the terms of this Agreement
or any rights under this Agreement, the prevailing party in such action shall be entitled to recover reasonable attorneys’ fees
and costs from the other party. Such obligation shall survive the Closing and any termination of this Agreement.

 

Section 9.17.        Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute the same
instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to
have the same legal effect as delivery of an original executed counterpart of this Agreement.

 

ARTICLE 10. DEFINITIONS.

 

Section 10.1.        Certain
Terms Defined. As used in this Agreement, the following terms have the following meanings:

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under direct or indirect common control
with such other Person.

 

    21

     

    

 

“Business Day”
means any day other than Saturday, Sunday and any day that is a legal holiday or a day on which banking institutions in Wilmington, Delaware
are authorized by law or other governmental action to close.

 

“Competing Transaction”
shall mean a transaction with a higher or better bidder for the Seller to sell the Acquired Assets, or any part thereof, that is approved
by order of the Bankruptcy Court.

 

“Cure Amount”
means all monetary liabilities, including pre-petition monetary liabilities, of either Debtor that must be paid or otherwise satisfied
to cure all of Debtors’ monetary defaults under the Assumed Contracts pursuant to § 365 of the Bankruptcy Code at the time
of the assumption thereof and assignment to Buyer as provided hereunder as such amounts are determined by the Bankruptcy Court, or otherwise
agreed to by the non-debtor contract counterparty.

 

“Ground Sublease”
means that certain Sublease entered into as of June 25, 2021, by and between Electric Last Mile, Inc. and SF Motors, Inc.
d/b/a/ Seres.

 

“Headquarters”
means the premises subject to the Headquarters Lease.

 

“Headquarters Lease”
means that certain sublease agreement by and between Electric Last Mile, Inc. and Mahindra North American Technical Center, Inc.
for 1055 W. Square Lake Road, Troy Michigan.

 

“Intellectual Property”
means any and all intellectual property rights of whatever nature and in whatever form (including but not limited to licenses and license
rights) including, but not limited to: rights in all trademarks, service marks, registered designs, domain names, registrations and pending
applications for any of the foregoing, trade and business names, brand names, unregistered and common law trademarks and service marks,
and all goodwill associated with any of the foregoing; utility patents, design patents, and rights sounding in patent in inventions and
unregistered designs, registrations and pending applications therefor; rights in designs, trade dress, trade secrets, and formulas; registered
and unregistered copyrights and rights sounding in copyright including, database rights and rights in software, moral rights, performers’
rights; know-how, other intellectual property rights subsisting under the laws of each and every jurisdiction throughout the world whether
registered or not, and whether vested, contingent or future; and all divisions, continuations, continuations-in-part, substitutes, reversions,
renewals and extensions of any of the foregoing; and all rights under permits, laws or otherwise in relation to any of the foregoing,
as well as the rights to sue for past, present, and future infringement of any and all such intellectual property rights.

 

    22

     

    

 

“Land
Contract” means that Land Contract by and between Electric Last Mile, Inc., and SF Motors, Inc., a Delaware corporation
(the “Land Contract Vendor”), dated June 25, 2021, for the purchase of that real property commonly referred to
as 12900 McKinley Hwy, Mishawaka, Indiana, together with all buildings, improvements and fixtures located thereon, all rights,
benefits, privileges, easements, tenements, hereditaments, rights-of-way and other appurtenances thereon or in any way appertaining thereto,
including all mineral rights, development rights, air and water rights, and all strips and gores and any land lying in the bed of any
street, road or alley, open or proposed, adjoining such Land (collectively, the “Mishawaka Property”)

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or
government.

 

“Related Person”
means, with respect to any Person, all past, present and future directors, officers, members, managers, stockholders, employees, controlling
persons, agents, professionals, attorneys, accountants, investment bankers or representatives of any such Person.

 

“Subsidiary(ies)”
means, when used with respect to any specified Person, any other Person (i) of which the specified Person or any Subsidiary thereof
is a general partner, (ii) of which the specified Person or a Subsidiary thereof own at least a majority of the securities or other
interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions
for such other Person of which owns the specified person or a Subsidiary thereof, or (iii) that is directly or indirectly controlled
by the specified Person or any Subsidiary thereof.

 

“Urban Delivery”
means Class 1 Electric commercial delivery vans.

 

“Urban Utility”
means Class 3 Commercial Delivery Cab Chassis

 

SIGNATURE PAGE FOLLOWS

 

    23

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

 

	MULLEN AUTOMOTIVE INC., BUYER	 
	 	 
	 	 
	By: 	/s/ David Michery	 
	Name:  David Michery	 
	Title:  CEO	 
	 	 
	CHAPTER 7 TRUSTEE, SELLER	 
	 	 
	 	 
	By:	 /s/ David W. Carickhoff	 
	Name: David W. Carickhoff 	 
	Title: Chapter 7 Trustee of the bankruptcy estates of ELECTRIC LAST MILE SOLUTIONS, INC. and ELECTRIC LAST MILE, INC.	 

 

    24Exhibit 10.1

 

Execution Version

 

G MEDICAL
INNOVATIONS HOLDINGS LTD.

 

ORDINARY
SHARES

 

SALES
AGREEMENT

 

September 16, 2022

 

A.G.P./Alliance Global Partners

590 Madison Avenue

New York, NY 10022

 

Ladies and Gentlemen:

 

G Medical Innovations Holdings
Ltd., a Cayman Islands exempted company (the “Company”), confirms its agreement (this “Agreement”)
with A.G.P./Alliance Global Partners (the “Sales Agent”), as follows:

 

1. Issuance and Sale of
Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set
forth herein, it may issue and sell to or through the Sales Agent, acting as agent or principal, the Company’s ordinary shares,
par value $0.09 per share (the “Ordinary Shares”), subject to the limitations set forth in Section 3(b)
hereof. The issuance and sale of Ordinary Shares to or through the Sales Agent will be effected pursuant to the Registration Statement
(as defined below) filed by the Company and which was declared effective under the Securities Act (as defined below) by the U.S. Securities
and Exchange Commission (the “Commission”).

 

The Company has filed, in
accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the
“Securities Act”), with the Commission, a shelf registration statement on Form F-3 (File No. 333-266090), including
a base prospectus, relating to certain securities, including the Ordinary Shares, to be issued from time to time by the Company, and which
incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The Company
has prepared a prospectus supplement specifically relating to the offering of Ordinary Shares pursuant to this Agreement included as part
of such registration statement (the “ATM Prospectus”). The Company will furnish to the Sales Agent, for use
by the Sales Agent, copies of the ATM Prospectus included as part of such registration statement, relating to the Placement Shares (as
defined below). Except where the context otherwise requires, such registration statement, as amended when it becomes effective, including
all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such
registration statement pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the “Registration Statement.”
The base prospectus, including all documents incorporated therein by reference (to the extent such information has not been superseded
or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), and the ATM Prospectus,
including all documents incorporated therein by reference (to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), each of which is included in the Registration
Statement, as it or they may be supplemented by any additional prospectus supplement, in the form in which such prospectus and/or ATM
Prospectus have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together
with any “issuer free writing prospectus” (“Issuer Free Writing Prospectus”), as defined in Rule
433 of the Securities Act (“Rule 433”), relating to the Placement Shares that (i) is required to be filed with
the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required
to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule
433(g), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus
or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any
reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the Prospectus
or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to either the Electronic
Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Applications (collectively “EDGAR”).

 

     

     

    

 

2. Placements. Each
time that the Company wishes to issue and sell the Ordinary Shares through the Sales Agent, as agent, hereunder (each, a “Placement”),
it will notify the Sales Agent by email notice (or other method mutually agreed to in writing by the parties) (a “Placement
Notice”) containing the parameters in accordance with which it desires the Ordinary Shares to be sold, which shall at a
minimum include the number of Ordinary Shares to be issued (the “Placement Shares”), the time period during
which sales are requested to be made, any limitation on the number of Ordinary Shares that may be sold in any one Trading Day (as defined
in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters
necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company
set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall
be addressed to each of the individuals from the Sales Agent set forth on Schedule 2, as such Schedule 2 may
be amended from time to time. The Placement Notice shall be effective upon receipt by the Sales Agent unless and until (i) in accordance
with the notice requirements set forth in Section 4, the Sales Agent declines to accept the terms contained therein for any reason,
in its sole discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements
set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement
Notice with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions
of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to the Sales Agent in connection
with the sale of the Placement Shares through the Sales Agent, as agent, shall be as set forth in Schedule 3. It is expressly
acknowledged and agreed that neither the Company nor the Sales Agent will have any obligation whatsoever with respect to a Placement or
any Placement Shares unless and until the Company delivers a Placement Notice to the Sales Agent and the Sales Agent does not decline
such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of
a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

 

3. Sale of Placement Shares
by the Sales Agent.

 

(a) Subject to the terms and
conditions herein set forth, upon the Company’s issuance of a Placement Notice, and unless the sale of the Placement Shares described
therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Sales Agent, as agent
for the Company, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state
and federal laws, rules and regulations and the rules of The Nasdaq Capital Market (the “Exchange”), for the
period specified in the Placement Notice, to sell such Placement Shares up to the amount specified by the Company in, and otherwise in
accordance with the terms of such Placement Notice. If acting as agent hereunder, the Sales Agent will provide written confirmation to
the Company (including by email correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt
of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later
than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares
hereunder setting forth the number of Placement Shares sold on such day, the volume-weighted average price of the Placement Shares, the
compensation payable by the Company to the Sales Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as
defined below) payable to the Company, with an itemization of the deductions made by the Sales Agent (as set forth in Section 5(a))
from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Sales Agent may sell Placement
Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities
Act. The Company acknowledges and agrees that (i) there can be no assurance that the Sales Agent will be successful in selling Placement
Shares, (ii) the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement
Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading
and sales practices and applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Sales
Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed
by the Sales Agent and the Company in writing and expressly set forth in a Placement Notice. For the purposes hereof, “Trading
Day” means any day on which the Company’s Ordinary Shares are purchased and sold on the principal market on which
the Ordinary Shares are listed or quoted.

 

    2

     

    

 

(b) Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares,
the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of: (i) the number
or dollar amount of Ordinary Shares registered pursuant to the Registration Statement pursuant to which the offering hereunder is being
made, (ii) the number of authorized but unissued and unreserved Ordinary Shares, (iii) the number or dollar amount of Ordinary Shares
permitted to be offered and sold by the Company under Form F-3 (including General Instruction I.B.5. of Form F-3, if and for so long as
applicable), (iv) the number or dollar amount of Ordinary Shares authorized from time to time to be issued and sold under this Agreement
by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified
to the Sales Agent in writing, or (v) the number or dollar amount of Ordinary Shares for which the Company has filed the ATM Prospectus
or other prospectus supplement specifically relating to the offering of the Placement Shares pursuant to this Agreement. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum
price authorized from time to time by the Company’s board of directors, a duly authorized committee thereof or a duly authorized
executive committee, and notified to the Sales Agent in writing. Notwithstanding anything to the contrary contained herein, the parties
hereto acknowledge and agree that compliance with the limitations set forth in this Section 3(b) on the number or dollar amount
of Placement Shares that may be issued and sold under this Agreement from time to time shall be the sole responsibility of the Company,
and that the Sales Agent shall have no obligation in connection with such compliance.

 

(c) During the term of this
Agreement, neither the Sales Agent nor any of its affiliates or subsidiaries shall engage in (i) any short sale of any security of the
Company or (ii) any sale of any security of the Company that the Sales Agent does not own or any sale which is consummated by the delivery
of a security of the Company borrowed by, or for the account of, the Sales Agent. During the term of this Agreement and notwithstanding
anything to the contrary herein, the Sales Agent agrees that in no event will the Sales Agent or its affiliates engage in any market making,
bidding, stabilization or other trading activity with regard to the Ordinary Shares or related derivative securities if such activity
would be prohibited under Regulation M or other anti-manipulation rules under the Exchange Act.

 

4. Suspension of Sales.

 

(a) The Company or the Sales
Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party
set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the
notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence
to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares for a period
of time (a “Suspension Period”); provided, however, that such suspension shall not affect or impair
either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the
parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals
named on Schedule 2 hereto, as such schedule may be amended from time to time. During a Suspension Period, the Company shall
not issue any Placement Notices and the Sales Agent shall not sell any Placement Shares hereunder. The party that issued a suspension
notice shall notify the other party in writing of the Trading Day on which the Suspension Period shall expire not later than twenty-four
(24) hours prior to such Trading Day.

 

(b) Notwithstanding any other
provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and
the Sales Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement
Shares, and (iii) the Sales Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

5. Settlement.

 

(a) Settlement of Placement
Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the
second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the respective Point
of Sale (as defined below) (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the
aggregate sales price received by the Sales Agent at which such Placement Shares were sold, after deduction for (i) the Sales Agent’s
discount, commission or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction
fees, trading expenses or execution fees imposed by any clearing organization or any governmental or self-regulatory organization and
any other fees or expenses incurred by the Sales Agent in respect of such sales.

 

    3

     

    

 

(b) Delivery of Placement
Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement
Shares being sold by crediting the Sales Agent’s or its designee’s account (provided the Sales Agent shall have given the
Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal
at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be
freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Sales Agent will deliver the related
Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if
the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement
Date, through no fault of the Sales Agent, the Company agrees that in addition to and in no way limiting the rights and obligations set
forth in Section 9(a) (Indemnification and Contribution) hereto, the Company will (i) hold the Sales Agent, its directors, officers,
members, partners, employees and agents of the Sales Agent, each broker dealer affiliate of the Sales Agent, and each person, if any,
who (A) controls the Sales Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled
by or is under common control with the Sales Agent (each, a “Sales Agent Affiliate”), and the Sales Agent’s
clearing organization, harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable legal fees
and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and
(ii) pay to the Sales Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such
default.

 

6. Representations and
Warranties of the Company. The Company represents and warrants to, and agrees with, the Sales Agent that as of each Applicable Time
(as defined in Section 22(a)), unless such representation, warranty or agreement specifies a different time or times:

 

(a) Compliance with Registration
Requirements. As of each Applicable Time other than the date of this Agreement, the Registration Statement and any Rule 462(b) Registration
Statement have been declared effective by the Commission under the Securities Act. The Company has complied to the Commission’s
satisfaction with all requests of the Commission for additional or supplemental information related to the Registration Statement and
the Prospectus. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is
in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
or threatened by the Commission. The Registration Statement and, assuming no act or omission on the part of the Sales Agent that would
make such statements untrue, the offer and sale of the Placement Shares as contemplated hereby meet the requirements of Rule 415 under
the Securities Act and comply in all material respects with said Rule. In the section entitled “Plan of Distribution” in the
ATM Prospectus, the Company has named A.G.P./Alliance Global Partners as an agent that the Company has engaged in connection with the
transactions contemplated by this Agreement. The Company was not and is not an “ineligible issuer” as defined in Rule 405
under the Securities Act.

 

(b) No Misstatement or
Omission. The Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, complied
or will comply in all material respects with the Securities Act. The Prospectus, and any amendment or supplement thereto, on the date
of such Prospectus or amendment or supplement, complied or will comply in all material respects with the Securities Act. The Registration
Statement and any post-effective amendment thereto, at the time it became or becomes effective, did not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each Point of Sale and each Settlement
Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in
the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective
amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information
relating to the Sales Agent furnished to the Company in writing by the Sales Agent expressly for use therein. “Point of Sale”
means, for a Placement, the time at which an acquiror of Placement Shares entered into a contract, binding upon such acquiror, to acquire
such Placement Shares.

 

    4

     

    

 

(c) Offering Materials
Furnished to the Sales Agent. Copies of the Registration Statement, the Prospectus, and all amendments or supplements thereto and
all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement, have been
delivered, or are publicly available through EDGAR, to the Sales Agent. Each Prospectus delivered to the Sales Agent for use in connection
with the sale of the Placement Shares pursuant to this Agreement will be identical to the version of such Prospectus filed with the Commission
via EDGAR, except to the extent permitted by Regulation S-T.

 

(d) Distribution of Offering
Material By the Company. The Company has not distributed and will not distribute, prior to the completion of the Sales Agent’s
distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than
the Prospectus or the Registration Statement.

 

(e) The Sales Agreement.
This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal, and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by
federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally, and subject to general principles of equity. The Company has full corporate
power and authority to enter into this Agreement and to authorize, issue and sell the Placement Shares as contemplated by this Agreement.
This Agreement conforms in all material respects to the descriptions thereof in the Registration Statement and the Prospectus.

 

(f) Authorization of the
Placement Shares. The Placement Shares, when issued and paid for as contemplated herein, will be validly issued, fully paid and nonassessable,
will be issued in compliance with all applicable securities laws, and will be free of preemptive, registration or similar rights, and
will conform to the description of the Ordinary Shares contained in the Registration Statement and the Prospectus.

 

(g) No Applicable Registration
or Other Similar Rights. There are no persons with registration or other similar rights to have any equity or debt securities registered
for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been
duly waived. No person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Placement Shares hereunder, whether as a result of the filing or effectiveness of the Registration Statement or the sale of
the Placement Shares as contemplated hereby or otherwise.

 

(h) No Material Adverse
Change. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information is given in the
Prospectus: (i) there has been no material adverse change in the business, properties, prospects, operations, condition (financial or
otherwise) or results of operations of the Company (any such change is called a “Material Adverse Change”),
which, individually or in the aggregate, has had or would reasonably be expected to result in a Material Adverse Change; (ii) the Company
has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered
into any material transaction or agreement not in the ordinary course of business; (iii) there has been no dividend or distribution of
any kind declared, paid or made by the Company; (iv) no officer or director of the Company has resigned from any position with the Company;
and (v) there has not been any Material Adverse Change in the Company’s long-term debt.

 

(i) Independent Accountants.
To the knowledge of the Company, Ziv Haft, whose report is filed with the Commission and included or incorporated by reference in the
Registration Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the
Public Company Accounting Oversight Board.

 

(j) Financial Statements.
The financial statements filed with the Commission as a part of the Registration Statement and included in the Prospectus, together with
the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and its
subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified. Such financial
statements and supporting schedules have been prepared in conformity with International Financial Reporting Standards (“IFRS”)
applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other
financial statements or supporting schedules are required to be included in or incorporated in the Registration Statement.

 

    5

     

    

 

(k) Forward-Looking Statements.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the Registration Statement or the Prospectus has been made or reaffirmed by the Company without a reasonable basis or has been disclosed
by the Company other than in good faith.

 

(l) Statistical and Marketing-Related
Data. The statistical and market-related data included in each of the Registration Statement and the Prospectus are based on or derived
from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company’s good faith
estimates that are made on the basis of data derived from such sources.

 

(m) XBRL. The interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto.

 

(n) Incorporation and Good
Standing of the Company. The Company is an exempted company duly incorporated and validly existing under the laws of the Cayman Islands.
The Company has requisite corporate power to carry on its business as described in the Prospectus. The Company is duly qualified to transact
business and is in good standing in all jurisdictions in which the conduct of its business requires such qualification; except where the
failure to be so qualified or to be in good standing would not result in a Material Adverse Change. The Company does not own or control,
directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Schedule 4 hereto.

 

(o) Capital Stock Matters.
All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized
and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are
not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive
rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized Ordinary Shares
conform in all material respects to all statements relating thereto contained in the Registration Statement and the Prospectus. The offers
and sales of the outstanding Ordinary Shares were at all relevant times either registered under the Securities Act and the applicable
state securities or “blue sky” laws or, based in part on the representations and warranties of the purchasers of such shares,
exempt from such registration requirements. The description of the Company’s stock option, stock bonus and other stock plans or
arrangements, and the options or other rights granted thereunder, as described in the Registration Statement and the Prospectus, accurately
and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and
rights.

 

(p) Non-Contravention of
Existing Instruments; No Further Authorizations or Approvals Required. The Company’s execution, delivery and performance of
this Agreement and consummation of the transactions contemplated hereby or by the Registration Statement and the Prospectus (including
the issuance and sale of the Placement Shares and the use of the proceeds from the sale of the Placement Shares as described in the Prospectus
under the caption “Use of Proceeds”) will not (A) result in a material violation of any existing applicable law, rule, regulation,
judgment, order or decree of any Governmental Entity as of the date hereof, (B) conflict with, result in any violation or breach of, or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right
of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a “Default Acceleration
Event”) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (“Contract”)
or obligation or other understanding to which the Company is a party or by which any property or asset of the Company is bound or affected,
except as disclosed in the Registration Statement and the Prospectus or to the extent that such conflict, default, or Default Acceleration
Event is not reasonably likely to result in a Material Adverse Change, or (C) result in a breach or violation of any of the terms and
provisions of, or constitute a default under, the Company’s certificate of incorporation (as the same may be amended or restated
from time to time) or bylaws (as the same may be amended or restated from time to time) or other equivalent organizational or governing
documents. The Company is not in violation, breach or default under its certificate of incorporation (as the same may be amended or restated
from time to time) or bylaws (as the same may be amended or restated from time to time) or other equivalent organizational or governing
documents. Neither the Company nor, to its knowledge, any other party is in violation, breach or default of any Contract that has resulted
in or could reasonably be expected to result in a Material Adverse Change. Each approval, consent, order, authorization, designation,
declaration or filing by or with any regulatory, administrative or other governmental body necessary in connection with the execution
and delivery by the Company of this Agreement and the performance of the Company of the transactions herein contemplated has been obtained
or made and is in full force and effect, except (i) with respect to any Applicable Time at which the Sales Agent would not be able to
rely on Rule 5110(b)(7)(C)(i) of the Financial Industry Regulatory Authority, Inc. (“FINRA”), such additional
steps as may be required by FINRA, (ii) filings with the Commission required under the Securities Act or the Exchange Act, or filings
with the Exchange pursuant to the rules and regulations of the Exchange, in each case that are contemplated by this Agreement to be made
after the date of this Agreement, and (iii) such additional steps as may be necessary to qualify the Ordinary Shares for sale by the Sales
Agent under state securities or Blue Sky laws.

 

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(q) No Material Actions
or Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending
or, to the Company’s knowledge, threatened against, or involving the Company or, to the Company’s knowledge, any executive
officer or director, which has not been disclosed in the Registration Statement and the Prospectus which is required to be disclosed,
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change.

 

(r) Labor Disputes.
No labor dispute with the employees of the Company exists or, to the knowledge of the Company, is imminent. The Company is not aware that
any key employee or significant group of employees of the Company plans to terminate employment with the Company.

 

(s) Compliance with Applicable
Laws. The Company: (A) is and at all times has been in material compliance with all statutes, rules and regulations applicable to
the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer
for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company (“Applicable
Laws”), (b) have not received any Form 483 from the United States Food and Drug Administration of the U.S. Department of
Health and Human Services (the “FDA”), notice of adverse finding, warning letter, or other written correspondence
or notice from the FDA or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material
noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or
amendments thereto required by any such Applicable Laws (“Authorizations”), which would, individually or in
the aggregate, result in a Material Adverse Change; (C) possess all material Authorizations and such Authorizations are valid and in full
force and effect and neither the Company nor the Subsidiaries is in material violation of any term of any such Authorizations; (D) have
not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from
the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company product,
operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other
federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration,
action, suit, investigation or proceeding against the Company; (E) have not received written notice that the FDA or any other federal,
state, local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify
or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign governmental or
regulatory authority is considering such action; and (F) have filed, obtained, maintained or submitted all reports, documents, forms,
notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations
except where the failure to file such reports, documents, forms, notices, applications, records, claims, submissions and supplements or
amendments would not result in a Material Adverse Change, and that all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented
by a subsequent submission).

 

(t) Compliance Program.
The Company has established and administers a compliance program applicable to the Company, to assist the Company and the directors, officers
and employees of the Company in complying with applicable regulatory guidelines (including, without limitation, those administered by
the FDA and any other foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA); except where such noncompliance would not reasonably be expected to have a Material Adverse Change.

 

    7

     

    

 

(u) Clinical Studies.
The animal and other preclinical studies and clinical trials conducted by the Company or on behalf of the Company were, and, if still
pending are, to the Company’s knowledge, being conducted in all material respects in compliance with all Applicable Laws and in
accordance with experimental protocols, procedures and controls generally used by qualified experts in the preclinical study and clinical
trials of new drugs and biologics as applied to comparable products to those being developed by the Company; the descriptions of the results
of such preclinical studies and clinical trials contained in the Registration Statement and the Prospectus are accurate and complete in
all material respects, and, except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any
other clinical trials or preclinical studies, the results of which reasonably call into question the clinical trial or preclinical study
results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which such results are
described; and the Company has not received any written notices or correspondence from the FDA or any other domestic or foreign governmental
agency requiring the termination, suspension or modification of any preclinical studies or clinical trials conducted by or on behalf of
the Company that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration
Statement and the Prospectus.

 

(v) Tax Law Compliance.
The Company has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has
duly obtained extensions of time for the filing thereof. The Company has paid all taxes (as hereinafter defined) shown as due on such
returns that were filed and has paid all taxes imposed on or assessed against the Company. The provisions for taxes payable, if any, shown
on the financial statements filed with or as part of or incorporated by reference in the Registration Statement are sufficient for all
accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements.
Other than as disclosed in the Registration Statement and the Prospectus, (i) no issues have been raised (and are currently pending) by
any taxing authority in connection with any of the returns or taxes asserted as due from the Company, and (ii) no waivers of statutes
of limitation with respect to the returns or collection of taxes have been given by or requested from the Company. There are no tax liens
against the assets, properties or business of the Company. The term “taxes” means all federal, state, local,
foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service,
service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties
or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional
amounts with respect thereto. The term “returns” means all returns, declarations, reports, statements and other
documents required to be filed in respect to taxes.

 

(w) Company Not an “Investment
Company”. The Company is not, and will not be, either after receipt of payment for the Placement Shares or after the application
of the proceeds therefrom as described under “Use of Proceeds” in the Registration Statement or the Prospectus, required to
register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company
Act”).

 

(x) Insurance. The
Company carries or is entitled to the benefits of insurance, with reputable insurers, in such amounts and covering such risks which the
Company believes are adequate, and all such insurance is in full force and effect. The Company has no reason to believe that it will not
be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material
Adverse Change.

 

(y) No Price Stabilization
or Manipulation. The Company has not taken, directly or indirectly (without giving any effect to the activities of the Sales Agent),
any action designed to or that might cause or result in stabilization or manipulation of the price of the Ordinary Shares or of any “reference
security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect
to the Ordinary Shares, whether to facilitate the sale or resale of the Placement Shares or otherwise, and has taken no action which would
directly or indirectly violate Regulation M.

 

(z) Related Party Transactions.
There are no business relationships or related party transactions involving the Company or any other person required to be described in
the Registration Statement and the Prospectus that have not been described as required pursuant to the Securities Act.

 

(aa) Exchange Act Compliance.
The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus or any amendment or
supplement thereto, at the time they were or hereafter are filed with the Commission under the Exchange Act, complied and will comply
in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus,
at each Point of Sale and each Settlement Date, will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

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(bb) Conformity of Issuer
Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements
of the Securities Act on the date of first use, and the Company has complied or will comply with any filing requirements applicable to
such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer Free Writing Prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Placement Shares, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus,
including any document incorporated by reference therein that has not been superseded or modified. The Company has not made any offer
relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus without the prior written consent of the Sales
Agent. The Company has retained in accordance with the Securities Act all Issuer Free Writing Prospectuses that were not required to be
filed pursuant to the Securities Act.

 

(cc) Compliance with Environmental
Laws. The Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment,
storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable
to its business (“Environmental Laws”), except where the failure to comply would not, singularly or in the aggregate,
result in a Material Adverse Change. There has been no storage, generation, transportation, handling, treatment, disposal, discharge,
emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company (or,
to the Company’s knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of
the property now or previously owned or leased by the Company, or upon any other property, in violation of any law, statute, ordinance,
rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common
law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not
have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been no disposal,
discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or
other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission,
or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material
Adverse Change. In the ordinary course of business, the Company conducts periodic reviews of the effect of Environmental Laws on its business
and assets, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital
or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or governmental permits issued
thereunder, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such reviews,
the Company has reasonably concluded that such associated costs and liabilities would not have, singularly or in the aggregate, a Material
Adverse Change.

 

(dd) Intellectual Property.
The Company owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (“Intellectual
Property Rights”) necessary for the conduct of the business of the Company as currently carried on and as described in the
Registration Statement and the Prospectus, except as would not be reasonably likely to result in a Material Adverse Change. To the knowledge
of the Company, no action or use by the Company necessary for the conduct of its business as currently carried on and as described in
the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual
Property Rights of others, except where such action, use, license or fee is not reasonably likely to result in a Material Adverse Change.
The Company has not received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of
others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (A) to the
knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property
Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim
by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts
which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in
this Section 6(dd), reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by
the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a
court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company’s knowledge,
threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and
the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate,
together with any other claims in this Section 6(dd), reasonably be expected to result in a Material Adverse Change; (D) there
is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes,
misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received
any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim
that would, individually or in the aggregate, together with any other claims in this Section 6(dd), reasonably be expected to result
in a Material Adverse Change; and (E) to the Company’s knowledge, no employee of the Company is in or has ever been in violation
in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition
agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis
of such violation relates to such employee’s employment with the Company, or actions undertaken by the employee while employed with
the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company’s
knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential.
The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any
other person or entity that are required to be set forth in the Registration Statement and the Prospectus and are not described therein.
The Registration Statement and the Prospectus contain in all material respects the same description of the matters set forth in the preceding
sentence. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual
obligation binding on the Company or, to the Company’s knowledge, any of its officers, directors or employees, or otherwise in violation
of the rights of any persons.

 

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(ee) Brokers. The Company
is not a party to any contract, agreement or understanding with any person (other than as contemplated by this Agreement) that would give
rise to a valid claim against the Company or the Sales Agent for a brokerage commission, finder’s fee or like payment in connection
with the offering and sale of the Placement Shares by the Sales Agent under this Agreement.

 

(ff) No Outstanding Loans
or Other Indebtedness. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course
of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company, or
any of their respective family members, except as disclosed in the Registration Statement and the Prospectus.

 

(gg) No Reliance. The
Company has not relied upon the Sales Agent or legal counsel for the Sales Agent for any legal, tax or accounting advice in connection
with the offering and sale of the Placement Shares.

 

(hh) Broker-Dealer Status.
Neither the Company nor any of its related entities (i) is required to register as a “broker” or “dealer” in accordance
with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person
associated with a member” or “associated person of a member” (within the meaning of Article I of the NASD Manual administered
by FINRA). To the Company’s knowledge, there are no affiliations or associations between any member of FINRA and any of the Company’s
officers, directors or 5% or greater security holders, except as set forth in the Registration Statement.

 

(ii) Public Float Calculation.
At the time the Registration Statement and any Rule 462(b) Registration Statement was or will be filed with the Commission, at the time
the Registration Statement and any Rule 462(b) Registration Statement was or will be declared effective by the Commission, and at the
time the Company’s most recent Annual Report on Form 20-F was filed with the Commission, the Company met or will meet the then applicable
requirements for the use of Form F-3 under the Securities Act. As of the close of trading on the Exchange on July 18, 2022, the aggregate
market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than
affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or more intermediaries,
control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate Shares”),
was approximately $9.6 million (calculated by multiplying (x) the price at which the common equity of the Company was last sold on the
Exchange on July 18, 2022 by (y) the number of Non-Affiliate Shares outstanding on September 15, 2022). The Company is not a shell company
(as defined in Rule 405) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company
at any time previously, has filed current Form 10 information (as defined in Instruction I.B.5. of Form F-3) with the Commission at least
12 calendar months previously reflecting its status as an entity that is not a shell company.

 

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(jj) FINRA Matters.
All of the information provided to the Sales Agent or to counsel for the Sales Agent by the Company, its counsel, its officers and directors
and, to the Company’s knowledge, the holders of any securities (debt or equity) or options to acquire any securities of the Company
in connection with the offering of the Placement Shares is true, complete, correct and compliant with FINRA’s rules in all material
respects and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is
true, complete and correct in all material respects. Except as disclosed in the Registration Statement and the Prospectus, there is no
(i) officer or director of the Company, (ii) beneficial owner of 5% or more of any class of the Company’s securities or (iii) beneficial
owner of the Company’s unregistered equity securities that were acquired during the 180-day period immediately preceding the date
of this Agreement that is an affiliate or associated person of a FINRA member participating in the offer, issuance and sale of the Placement
Shares as contemplated by this Agreement and the Registration Statement and the Prospectus (as determined in accordance with the rules
and regulations of FINRA).

 

(kk) Compliance with Orders.
The Company is not in violation of any material judgment, decree, or order of any court, arbitrator or other governmental authority.

 

(ll) Sarbanes–Oxley
Act. The Company is in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”) that are effective as of the
date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date
hereof and as of the date hereof.

 

(mm) Disclosure Controls
And Procedures. Except as set forth in the Registration Statement and the Prospectus, the Company maintains systems of “internal
control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply with the requirements
of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with IFRS, including, but not limited to, internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
IFRS and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific
authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by references in the Registration Statement and the Prospectus fairly present the information called for in all material respects and
are prepared in accordance with the Commission’s rules and guidelines applicable thereto. Since the date of the latest audited financial
statements included in the Registration Statement and the Prospectus, there has been no change in the Company’s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting.

 

(nn) ERISA. The Company
and any “employee benefit plan” (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and published interpretations thereunder (collectively, “ERISA”)) established or maintained by the
Company or its “ERISA Affiliates” (as defined below) are in compliance in all material respects with ERISA. No “reportable
event” (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan”
established or maintained by the Company or any of its ERISA Affiliates. No “employee benefit plan” established or maintained
by the Company or any of its ERISA Affiliates, if such “employee benefit plan” were terminated, would have any “amount
of unfunded benefit liabilities” (as defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably
expects to incur any material liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “employee
benefit plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each “employee benefit plan” established or maintained
by the Company or any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, to
the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.
“ERISA Affiliate” means, with respect to the Company, any member of any group of organizations described in
Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder
(the “Code”) of which the Company is a member.

 

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(oo) Contracts and Agreements.
The agreements and documents described in the Registration Statement and the Prospectus conform in all material respects to the descriptions
thereof contained therein and there are no agreements or other documents required by the Securities Act to be described in the Registration
Statement and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described
or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or
may be bound or affected and (i) that is referred to in the Registration Statement and the Prospectus, or (ii) is material to the Company’s
business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except (x) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, (y)
as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z)
that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and
to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned
by the Company, and neither the Company nor, to the Company’s knowledge, any other party is in default thereunder and, to the Company’s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder.
To the best of the Company’s knowledge, performance by the Company of the material provisions of such agreements or instruments
will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency
or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a “Governmental
Entity”), including, without limitation, those relating to environmental laws and regulations.

 

(pp) Title to Properties.
Except as set forth in the Registration Statement and the Prospectus, the Company has good and marketable title in fee simple to, or has
valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company, in each
case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially
affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company; and
all of the leases and subleases material to the business of the Company, and under which the Company holds properties described in the
Registration Statement and the Prospectus, are in full force and effect, and the Company has not received any notice of any material claim
of any sort that has been asserted by anyone adverse to the rights of the Company under any of the leases or subleases mentioned above,
or affecting or questioning the rights of the Company to the continued possession of the leased or subleased premises under any such lease
or sublease, which would result in a Material Adverse Change.

 

(qq) No Unlawful Contributions
or Other Payments. No payments or inducements have been made or given, directly or indirectly, to any federal or local official or
candidate for, any federal or state office in the United States or foreign offices by the Company or any of its officers or directors,
or, to the knowledge of the Company, by any of its employees or agents or any other person in connection with any opportunity, contract,
permit, certificate, consent, order, approval, waiver or other authorization relating to the business of the Company, except for such
payments or inducements as were lawful under applicable laws, rules and regulations. Neither the Company, nor, to the knowledge of the
Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company, (i) has used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct
or indirect unlawful payment to any government official or employee from corporate funds; or (iii) made any bribe, unlawful rebate, payoff,
influence payment, kickback or other unlawful payment in connection with the business of the Company.

 

(rr) Foreign Corrupt Practices
Act. None of the Company or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting
on behalf of the Company, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company has conducted its business
in compliance with the FCPA and has instituted and maintains policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

 

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(ss) Money Laundering Laws.
The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.

 

(tt) OFAC. None of
the Company or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company
is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.

 

(uu) Exchange Listing.
The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange under the trading
symbol “GMVD”. Except as disclosed in the Registration Statement and the Prospectus, there is no action pending by the Company
or, to the Company’s knowledge, the Exchange to delist the Ordinary Shares from the Exchange, nor has the Company received any notification
that the Exchange is contemplating terminating such listing. The Company has no intention to delist the Ordinary Shares from the Exchange
or to deregister the Ordinary Shares under the Exchange Act, in either case, at any time during the period commencing on the date of this
Agreement through and including the 90th calendar day after the termination of this Agreement. The Placement Shares have been approved
for listing on the Exchange. The issuance and sale of the Placement Shares under this Agreement does not contravene the rules and regulations
of the Exchange.

 

(vv) Margin Rules.
The Company owns no “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve
System (the “Federal Reserve Board”), and none of the proceeds from the issuance, sale and delivery of the Placement
Shares as contemplated by this Agreement and as described in the Registration Statement and the Prospectus will be used, directly or indirectly,
for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally
incurred to purchase or carry any margin security or for any other purpose which might cause any of the Ordinary Shares to be considered
a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.

 

(ww) Underwriter Agreements.
The Company is not a party to any agreement with an agent or underwriter for any other “at-the-market” or continuous equity
transaction.

 

(xx) Board of Directors.
The qualifications of the persons serving as board members of the Company and the overall composition of the Company’s Board of
Directors comply with the applicable requirements of the Exchange Act and the Sarbanes-Oxley Act and the listing rules of the Exchange
applicable to the Company. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an “audit
committee financial expert,” as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at
least a majority of the persons serving on the Board of Directors of the Company qualify as “independent,” as defined under
the listing rules of the Exchange.

 

(yy) No Integration.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offer and sale of the Placement
Shares hereunder to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration
of any such securities under the Securities Act.

 

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(zz) No Material Defaults.
The Company has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases,
which defaults, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change. The Company has
not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 20-F, indicating
that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on
indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Change.

 

(aaa) Books and Records.
The minute books of the Company have been made available to the Sales Agent and counsel for the Sales Agent, and such books (i) contain
a substantially complete summary of all meetings and material actions of the board of directors (including each board committee) and stockholders
of the Company (or analogous governing bodies and interest holders, as applicable) since 2016 through the date of the latest meeting and
action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes.

 

(bbb) Regulations.
The disclosures in the Registration Statement and the Prospectus concerning the effects of federal, state, local and all foreign regulation
on the Company’s business in the past and as currently contemplated are correct in all material respects and no other such regulations
are required to be disclosed in the Registration Statement and the Prospectus which are not so disclosed.

 

(ccc) Confidentiality and
Non-Competitions. To the Company’s knowledge, no director, officer, key employee or consultant of the Company is subject to
any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer that
could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or be expected to
result in a Material Adverse Change.

 

(ddd) PFIC Status.
The Company was not a “passive foreign investment company” (“PFIC”) as defined in Section 1297 of
the U.S. Internal Revenue Code of 1986, as amended, for the taxable year ended December 31, 2021 and, based on certain estimates of the
Company’s gross income and the value of its assets, the intended use of proceeds from the offering and sale of the Placement Shares
and the nature of the Company’s business, the Company does not expect to be classified as a PFIC for the taxable year ending December
31, 2022.

 

(eee) CFC Status. The
Company was not a “controlled foreign corporation” (“CFC”) as defined in the U.S. Internal Revenue
Code of 1986, as amended, for the taxable year ended December 31, 2021 and, based on the Company’s expectations with respect to
its shareholders, the Company does not expect to be classified as a CFC for the taxable year ending December 31, 2022.

 

(fff) Validity of Choice
of Law. The choice of the laws of the State of New York as the governing law of this Agreement is a valid choice of law under the
laws of the Cayman Islands and is expected to be honored by courts in the Cayman Islands. The Company has the power to submit, and pursuant
to this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each the State of New
York and United States Federal court sitting in New York County (each, a “New York Court”) and has validly and
irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in any such court; and the Company has
the power to designate, appoint and empower, and pursuant to this Agreement, has legally, validly, effectively and irrevocably designated,
appointed and empowered, an authorized agent for service of process in any action arising out of or relating to this Agreement, or the
offering of the Placement Shares in any New York Court, and service of process effected on such authorized agent will be effective to
confer valid personal jurisdiction over the Company as provided in this Agreement.

 

(ggg) Enforceability of
Judgments. Any final judgment for a fixed sum of money rendered by any U.S. federal or New York state court located in the State of
New York having jurisdiction under its own laws in respect of any suit, action or proceeding against the Company based upon this Agreement
and the Placement Shares may be recognized and enforced against the Company in the Cayman Islands under common law.

 

Any certificate signed by an officer of the Company
and delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed to
be a representation and warranty by the Company to the Sales Agent as to the matters set forth therein.

 

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The Company acknowledges that the Sales Agent
and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the Company and counsel to the Sales
Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

 

7. Covenants of the Company.
The Company covenants and agrees with the Sales Agent that:

 

(a) Registration Statement
Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required
to be delivered by the Sales Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 153 or Rule 172 under the Securities Act), (i) the Company will notify the Sales Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment
or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare and file with the
Commission, promptly upon the Sales Agent’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus
that, in the Sales Agent’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement
Shares by the Sales Agent (provided, however, that the failure of the Sales Agent to make such request shall not relieve
the Company of any obligation or liability hereunder, or affect the Sales Agent’s right to rely on the representations and warranties
made by the Company in this Agreement, and provided, further, that the only remedy the Sales Agent shall have with respect
to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii)
the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by
reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted
to the Sales Agent within a reasonable period of time before the filing and the Sales Agent has not reasonably objected thereto (provided,
however, that the failure of the Sales Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Sales Agent’s right to rely on the representations and warranties made by the Company in this Agreement,
and provided, further, that the only remedy the Sales Agent shall have with respect to the failure by the Company to obtain
such consent shall be to cease making sales under this Agreement); (iv) the Company will furnish to the Sales Agent at the time of filing
thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR; and (v) the Company will cause each amendment or supplement to the Prospectus, other than
documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of
the Securities Act (without reliance on Rule 424(b)(8) of the Securities Act) or, in the case of any documents incorporated by reference,
to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

(b) Notice of Commission
Stop Orders. The Company will advise the Sales Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any notice objecting to, or other order
preventing or suspending the use of, the Prospectus, of the suspension of the qualification of the Placement Shares for offering or sale
in any jurisdiction, or of the initiation of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities
Act, or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the
Placement Shares; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such a stop order should be issued. Until such time as any stop order is lifted, the Sales Agent shall cease making
offers and sales under this Agreement.

 

(c) Delivery of Prospectus;
Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the Sales
Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement
may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will comply in all material respects with all
requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates
all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which
the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary
to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the
Sales Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration
Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided,
however, that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the
best interests of the Company to do so.

 

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(d) Listing of Placement
Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by the Sales Agent
under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may
be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause
the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions
as the Sales Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution of the
Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign
corporation or dealer in securities or file a general consent to service of process in any jurisdiction.

 

(e) Delivery of Registration
Statement and Prospectus. The Company will furnish to the Sales Agent and its counsel (at the expense of the Company) copies of the
Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements
to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the
Placement Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during such period
that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the
Sales Agent may from time to time reasonably request and, at the Sales Agent’s request, will also furnish copies of the Prospectus
to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall
not be required to furnish any document (other than the Prospectus) to the Sales Agent to the extent such document is available on EDGAR.

 

(f) Earnings Statement.
The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after
the end of the Company’s current fiscal quarter, an earnings statement of the Company (which need not be audited) covering a 12-month
period that complies with Section 11(a) and Rule 158 of the Securities Act. The terms “earnings statement” and “make
generally available to its security holders” shall have the meanings set forth in Rule 158 under the Securities Act.

 

(g) Expenses. The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in accordance with the provisions
of Section 11 hereunder, will pay the following expenses all incident to the performance of its obligations hereunder, including,
but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment and
supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the
Placement Shares, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Placement Shares to the Sales Agent, (iii) the fees and disbursements of the counsel, accountants and other advisors to the Company
in connection with the transactions contemplated by this Agreement; (iv) the qualification of the Placement Shares under securities laws
in accordance with the provisions of Section 7(d) of this Agreement, including filing fees (provided, however, that
any fees or disbursements of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth
in (ix) below), (v) the printing and delivery to the Sales Agent of copies of the Prospectus and any amendments or supplements thereto,
and of this Agreement, (vi) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for
trading on the Exchange, (vii) the fees and expenses of the transfer agent or registrar for the Ordinary Shares; (viii) filing fees and
expenses, if any, of the Commission and the FINRA Corporate Financing Department (provided, however, that any fees or disbursements
of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth in (ix) below), (ix) the Company
shall reimburse the Sales Agent for its reasonable and documented out-of-pocket expenses (including but not limited to the Sales Agent’s
transaction costs and the reasonable and documented fees and expenses of counsel to the Sales Agent) in an amount not to exceed $50,000
(the “Sales Agent Expenses”) which Sales Agent Expenses shall be due and payable prior to the first Placement pursuant
to this Agreement, provided further that the Company shall reimburse the Sales Agent for its reasonable and documented out-of-pocket
expenses related to annual maintenance of the Agreement (including but not limited to the Sales Agent’s transaction costs and the
reasonable and documented fees and expenses of counsel to the Sales Agent) on an annual basis in an amount not to exceed $10,000 which
shall be due and payable prior to each Representation Date following the filing of an annual report on Form 20-F.

 

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(h) Use of Proceeds.
The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

 

(i) Notice of Other Sales.
The Company (I) shall provide the Sales Agent notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells,
grants any option to sell or otherwise disposes of any Ordinary Shares (other than Placement Shares offered pursuant to the provisions
of this Agreement) or securities convertible into or exchangeable for Ordinary Shares, or warrants or any rights to purchase or acquire
Ordinary Shares, during the period beginning on the fifth (5th) Trading Day immediately prior to the date on which any Placement
Notice is delivered to the Sales Agent hereunder and ending on the fifth (5th) Trading Day immediately following the final
Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated
or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the fifth (5th) Trading Day immediately
following the date of such suspension or termination), and (II) will not directly or indirectly engage in any other “at-the-market”
or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Ordinary
Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Ordinary
Shares, warrants or any rights to purchase or acquire, Ordinary Shares prior to the termination of this Agreement without the prior written
consent of the Sales Agent; provided, however, that such notice requirements or restrictions, as the case may be, will not
be required in connection with the Company’s issuance or sale of (i) Ordinary Shares, options to purchase Ordinary Shares, other
equity awards or Ordinary Shares issuable upon the exercise of options or other equity awards, pursuant to any employee or director stock
option or benefits plan, stock ownership plan or dividend reinvestment plan of the Company whether now in effect or hereafter implemented,
(ii) Ordinary Shares issuable upon exchange, conversion or redemption of securities or the exercise of warrants, options or other rights
in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing (including by email correspondence)
to the Sales Agent and (iii) Ordinary Shares or securities convertible into or exchangeable for Ordinary Shares as consideration for mergers,
acquisitions, sale or purchase of assets or other business combinations or strategic alliances occurring after the date of this Agreement
which are not issued for capital raising purposes. Notwithstanding the foregoing, the Company shall provide the Sales Agent notice at
least two (2) days prior to pursuing any private or public offerings of equity and/or other securities (including debt securities) in
one or more transactions.

 

(j) Change of Circumstances.
The Company will, at any time during the pendency of a Placement Notice advise the Sales Agent promptly after it shall have received notice
or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate,
letter or other document provided to the Sales Agent pursuant to this Agreement.

 

(k) Due Diligence Cooperation.
The Company will cooperate with any reasonable due diligence review conducted by the Sales Agent or its agents in connection with the
transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate
officers, during regular business hours and at the Company’s principal offices, as the Sales Agent may reasonably request.

 

(l) Required Filings Relating
to Placement of Placement Shares. The Company shall set forth in each Annual Report on Form 20-F or Report on Form 6-K filed by the
Company with the Commission in respect of any semi-annual period in which sales of Placement Shares were made by or through the Sales
Agent under this Agreement, with regard to the relevant period, the amount of Placement Shares sold to or through the Sales Agent, the
Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales of Placement Shares.
To the extent that the filing of a prospectus supplement with the Commission with respect to any sales of Placement Shares becomes required
under Rule 424(b) under the Securities Act, the Company agrees that, on or before such dates as the Securities Act shall require, the
Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act,
which prospectus supplement will set forth, with regard to the relevant period, the amount of Placement Shares sold to or through the
Sales Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such Placement
Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were
effected as may be required by the rules or regulations of such exchange or market. The Company shall afford the Sales Agent and its counsel
with a reasonable opportunity to review and comment upon, shall consult with the Sales Agent and its counsel on the form and substance
of, and shall give due consideration to all such comments from the Sales Agent or its counsel on, any such filing prior to the issuance,
filing or public disclosure thereof; provided, however, that the Company shall not be required to submit for review (A) any portion of
any periodic reports filed with the Commission under the Exchange Act other than the specific disclosure relating to any sales of Placement
Shares and (B) any disclosure contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously
provided the same disclosure for review in connection with a previous filing.

 

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(m) Representation Dates;
Certificate. On or prior to the date the first Placement Notice is given hereunder and each time the Company (i) files the Prospectus
relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares
(other than (A) a prospectus supplement filed in accordance with Section 7(l) of this Agreement or (B) a supplement or amendment
that relates to an offering of securities other than the Placement Shares) by means of a post-effective amendment, sticker, or supplement
but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement
Shares; (ii) files an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended financial information
or a material amendment to the previously filed Form 20-F); (iii) files a Form 6-K under the Exchange Act containing interim financial
statements; or (iv) files or furnishes a report on Form 6-K containing amended financial information (other than an earnings release)
under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation
Date”), the Company shall furnish the Sales Agent within three (3) Trading Days after each Representation Date with a certificate,
in the form attached hereto as Exhibit 7(m). The requirement to provide a certificate under this Section 7(m) shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation
Date on which the Company files its annual report on Form 20-F. Notwithstanding the foregoing, if the Company subsequently decides to
sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Sales Agent with
a certificate under this Section 7(m), then before the Company delivers the Placement Notice or the Sales Agent sells any Placement
Shares, the Company shall provide the Sales Agent with a certificate, in the form attached hereto as Exhibit 7(m), dated the date
of the Placement Notice.

 

(n) Legal Opinion.
On or prior to the date the first Placement Notice is given hereunder, the Company shall cause to be furnished to the Sales Agent (i)
the written opinion and negative assurance of Sullivan & Worcester LLP, as counsel to the Company, or other counsel reasonably satisfactory
to the Sales Agent (“SEC Counsel”) and (ii) the written opinion of Carey Olsen Singapore LLP, as Cayman Islands
counsel to the Company, or other counsel reasonably satisfactory to the Sales Agent (“Cayman Counsel”),
in each case substantially in the forms previously agreed between the Company and the Sales Agent. Thereafter, within three (3) Trading
Days after each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m)
for which no waiver is applicable pursuant to Section 7(m), the Company shall cause to be furnished to the Sales Agent the written
opinion and negative assurance of SEC Counsel and the written opinion of Cayman Counsel substantially in the forms previously agreed between
the Company and the Sales Agent, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or
supplemented; provided, however, that if SEC Counsel has previously furnished to the Sales Agent such written opinions and
negative assurance of such counsel, and if Cayman Counsel has previously furnished to the Sales Agent such written opinions of such counsel,
in each case substantially in the forms previously agreed between the Company and the Sales Agent, then SEC Counsel and Cayman Counsel
may, in respect of any future Representation Date, furnish the Sales Agent with a letter signed by such counsel (each, a “Reliance
Letter”) in lieu of such opinion and negative assurance of such counsel (as applicable) to the effect that the Sales Agent
may rely on the prior opinion and negative assurance of such counsel (as applicable) delivered pursuant to this Section 7(n) to
the same extent as if it were dated the date of such Reliance Letter (except that statements in such prior opinion and negative assurance
(as applicable) shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented to the date of such
Reliance Letter).

 

(o) Comfort Letter.
On or prior to the date the first Placement Notice is given hereunder and within three (3) Trading Days after each subsequent Representation
Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m) for which no waiver is applicable
pursuant to Section 7(m), other than a Representation Date under Section 7(m)(iii) or Section 7(m)(iv) unless with respect
to a Representation Date under Section 7(m)(iv) the Sales Agent reasonably requests delivery thereof, the Company shall cause its
independent accountants to furnish the Sales Agent letters (the “Comfort Letters”), dated the date that the
Comfort Letter is delivered, in form and substance satisfactory to the Sales Agent, (i) confirming that they are an independent registered
public accounting firm within the meaning of the Securities Act, the Exchange Act and the rules and regulations of the PCAOB and are in
compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission,
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily
covered by accountants’ “comfort letters” to the Sales Agent in connection with registered public offerings (the first
such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

 

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(p) Market Activities.
The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably
be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Ordinary Shares or (ii) sell, bid for, or purchase Ordinary Shares in violation of Regulation M, or pay anyone any compensation
for soliciting purchases of the Placement Shares other than the Sales Agent.

 

(q) Insurance. The
Company shall maintain insurance in such amounts and covering such risks as is reasonable and customary for the business in which it is
engaged.

 

(r) Investment Company
Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that it is not and, after giving effect to the
offering and sale of the Placement Shares and the application of proceeds therefrom as described in the Prospectus, will not be, an “investment
company” within the meaning of such term under the Investment Company Act.

 

(s) Securities Act and
Exchange Act. The Company will use its reasonable best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Shares as contemplated by the provisions hereof and the Prospectus.

 

(t) No Offer to Sell.
Other than the Prospectus and an Issuer Free Writing Prospectus approved in advance by the Company and the Sales Agent in its capacity
as principal or agent hereunder, neither the Sales Agent nor the Company (including its agents and representatives, other than the Sales
Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405
under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to
buy Placement Shares hereunder.

 

(u) Sarbanes-Oxley Act.
The Company will use its reasonable best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley Act.

 

(v) Transfer Agent.
The Company shall maintain, at its sole expense, a registrar and transfer agent for the Ordinary Shares.

 

8. Conditions to the Sales
Agent’s Obligations. The obligations of the Sales Agent hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by the Sales Agent of a due diligence review satisfactory to the Sales Agent in its reasonable
judgment, and to the continuing satisfaction (or waiver by the Sales Agent in its sole discretion) of the following additional conditions:

 

(a) Registration Statement
Effective. The Registration Statement shall be effective and shall be available for the sale of all Placement Shares contemplated
to be issued by any Placement Notice.

 

(b) Securities Act Filings
Made. The Company shall have filed with the Commission the ATM Prospectus pursuant to Rule 424(b) under the Securities Act not later
than the Commission’s close of business on the second Business Day following the date of this Agreement. All other filings with
the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have been filed prior to the issuance of any Placement
Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424(b) (without reliance on
Rule 424(b)(8) of the Securities Act) or Rule 433, as applicable.

 

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(c) No Material Notices.
None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information
from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement,
the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii)
the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement
made in the Registration Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents
so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case
of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(d) No Misstatement or
Material Omission. The Sales Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment
or supplement thereto, contains an untrue statement of fact that in the Sales Agent’s reasonable opinion is material, or omits to
state a fact that in the Sales Agent’s reasonable opinion is material and is required to be stated therein or is necessary to make
the statements therein not misleading.

 

(e) Material Changes.
Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have
been any material adverse change in the authorized capital stock of the Company or any Material Adverse Change or any development that
could reasonably be expected to result in a Material Adverse Change, the effect of which, in the case of any such action by a rating organization
described above, in the reasonable judgment of the Sales Agent (without relieving the Company of any obligation or liability it may otherwise
have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and
in the manner contemplated by this Agreement and the Prospectus.

 

(f) Representation Certificate.
The Sales Agent shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on
which delivery of such certificate is required pursuant to Section 7(m).

 

(g) Legal Opinion.
The Sales Agent shall have received the opinion and negative assurance of SEC Counsel and the opinion of Cayman Counsel required to be
delivered pursuant Section 7(n) on or before the date on which such delivery of such opinion and negative assurance is required
pursuant to Section 7(n).

 

(h) Comfort Letter.
The Sales Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(o) on or before the date on
which such delivery of such Comfort Letter is required pursuant to Section 7(o).

 

(i) Secretary’s Certificate.
On or prior to the date the first Placement Notice is given hereunder, the Sales Agent shall have received a certificate, signed on behalf
of the Company by its corporate secretary, certifying as to (i) the certificate of incorporation of the Company (as the same may be amended
or restated from time to time), (ii) the bylaws of the Company (as the same may be amended or restated from time to time), (iii) the resolutions
of the Board of Directors of the Company (or a committee thereof) authorizing the execution, delivery and performance of this Agreement
and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute this Agreement and the other
documents contemplated by this Agreement.

 

(j) No Suspension.
Trading in the Ordinary Shares shall not have been suspended on the Exchange and the Ordinary Shares shall not have been delisted from
the Exchange.

 

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(k) Other Materials.
On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall have furnished
to the Sales Agent such appropriate further opinions, certificates, letters and documents as the Sales Agent may have reasonably requested.
All such opinions, certificates, letters and other documents shall have been in compliance with the provisions hereof. The Company will
furnish the Sales Agent with such conformed copies of such opinions, certificates, letters and other documents as the Sales Agent shall
have reasonably requested.

 

(l) Approval for Listing.
The Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement
Notice.

 

(m) No Termination Event.
There shall not have occurred any event that would permit the Sales Agent to terminate this Agreement pursuant to Section 11(a).

 

(n) FINRA. The Sales
Agent shall have received a letter from the Corporate Financing Department of FINRA confirming that such department has determined to
raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the sale of the Placement Shares
pursuant to this Agreement.

 

9. Indemnification and
Contribution.

 

(a) Company Indemnification.
The Company agrees to indemnify and hold harmless the Sales Agent, the directors, officers, members, partners, employees and agents of
the Sales Agent each broker dealer affiliate of the Sales Agent, and each Sales Agent Affiliate, if any, from and against any and all
losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other
expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action,
suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third
party, or otherwise, or any claim asserted), as and when incurred, to which the Sales Agent, or any such person, may become subject under
the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement thereto or
in any Issuer Free Writing Prospectus or in any application or other document executed by or on behalf of the Company or based on written
information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Ordinary Shares under the securities
laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material fact required
to be stated in it or necessary to make the statements in it not misleading or (z) any breach by any of the indemnifying parties of any
of their respective representations, warranties and agreements contained in this Agreement; provided, however, that this indemnity
agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares
pursuant to this Agreement and is caused directly by an untrue statement or omission made in reliance upon and in strict conformity with
written information relating to the Sales Agent and furnished to the Company by the Sales Agent expressly for inclusion in any document
as described in clause (x) of this Section 9(a). This indemnity agreement will be in addition to any liability that the Company
might otherwise have.

 

(b) The Sales Agent Indemnification.
The Sales Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company that signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act or (ii) is controlled by or is under common control with the Company (each, a “Company Affiliate”)
from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable
investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section
9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified
party and any third party, or otherwise, or any claim asserted), as and when incurred, to which any such Company Affiliate, may become
subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or
supplement thereto, or (y) the omission or alleged omission to state in any such document a material fact required to be stated in it
or necessary to make the statements in it not misleading; provided, however, that this indemnity agreement shall apply only
to the extent that such loss, claim, liability, expense or damage is caused directly by an untrue statement or omission made in reliance
upon and in strict conformity with written information relating to the Sales Agent and furnished to the Company by the Sales Agent expressly
for inclusion in any document as described in clause (x) of this Section 9(b).

 

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(c) Procedure. Any
party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section
9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission
so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written
notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have
the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense
of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it
or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential
conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which
case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the
indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice
of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more
than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees,
disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will
not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall,
without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending
or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified
party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising or that may arise out of such claim, action or proceeding.

 

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(d) Contribution. In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the
Sales Agent, the Company and the Sales Agent will contribute to the total losses, claims, liabilities, expenses and damages (including
any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Sales
Agent, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration
Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Sales Agent may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Sales Agent
on the other. The relative benefits received by the Company on the one hand and the Sales Agent on the other hand shall be deemed to be
in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company
bear to the total compensation received by the Sales Agent from the sale of Placement Shares on behalf of the Company. If, but only if,
the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in
such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative
fault of the Company, on the one hand, and the Sales Agent, on the other, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with
respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or
the Sales Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this
Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose
of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions
of this Section 9(d), the Sales Agent shall not be required to contribute any amount in excess of the commissions received by it
under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section
9(d), any person who controls a party to this Agreement within the meaning of the Securities Act will have the same rights to contribution
as that party (and any officers, directors, members, partners, employees or agents of the Sales Agent and each broker dealer affiliate
of the Sales Agent will have the same rights to contribution as the Sales Agent), and each officer of the Company who signed the Registration
Statement and each director of the Company will have the same rights to contribution as the Company, subject in each case to the provisions
hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect
of which a claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution
may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other
obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially
prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant
to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled
without its written consent if such consent is required pursuant to Section 9(c) hereof.

 

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10. Representations and
Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and all
representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of the Sales Agent, any controlling person of the Sales Agent, or the
Company (or any of their respective officers, directors, members or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.

 

11. Termination.

 

(a) The Sales Agent shall
have the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i) any Material Adverse Change, or
any development that could reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment
of the Sales Agent, may materially impair the ability of the Sales Agent to sell the Placement Shares hereunder, (ii) the Company shall
have failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however, in
the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required
under Sections 7(m), 7(n), 7(o) or 7(p), the Sales Agent’s right to terminate shall not arise unless
such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required,
(iii) any other condition of the Sales Agent’s obligations hereunder is not fulfilled, or (iv) any suspension or limitation of trading
in the Placement Shares or in securities generally on the Exchange shall have occurred (including automatic halt in trading pursuant to
market-decline triggers, other than those in which solely program trading is temporarily halted), or a major disruption of securities
settlements or clearing services in the United States shall have occurred, or minimum prices for trading have been fixed on the Exchange.
Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses),
Section 9 (Indemnification and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section
11(f), Section 16 (Applicable Law; Consent to Jurisdiction), Section 17 (Appointment of Agent for Service) and Section
18 (Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If the Sales Agent elects
to terminate this Agreement as provided in this Section 11(a), the Sales Agent shall provide the required notice as specified in
Section 12 (Notices).

 

(b) The Company shall have
the right, by giving three (3) days’ notice as hereinafter specified in Section 12, to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party
except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16, Section
17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

 

(c) The Sales Agent shall
have the right, by giving three (3) days’ notice as hereinafter specified in Section 12, to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16,
Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

 

(d) Unless earlier terminated
pursuant to this Section 11, this Agreement shall automatically terminate upon the earlier to occur of (i) issuance and sale of
all of the Placement Shares to or through the Sales Agent on the terms and subject to the conditions set forth herein and (ii) the expiration
of the Registration Statement on the third (3rd) anniversary of the initial effective date of the Registration Statement pursuant
to Rule 415(a)(5) under the Securities Act; provided that the provisions of Section 7(g), Section 9, Section 10,
Section 11(f), Section 16, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding
such termination.

 

(e) This Agreement shall remain
in full force and effect unless terminated pursuant to Sections 11(a), (b), (c) or (d) above or otherwise
by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases
be deemed to provide that Section 7(g), Section 9, Section 10, Section 11(f), Section 16, Section
17 and Section 18 shall remain in full force and effect.

 

(f) Any termination of this
Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case
may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such termination shall not become
effective until the close of business on such Settlement Date and such Placement Shares shall settle in accordance with the provisions
of this Agreement.

 

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12. Notices. All notices
or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall
be in writing, unless otherwise specified, and if sent to the Sales Agent, shall be delivered to:

 

A.G.P./Alliance Global Partners

590 Madison Avenue

New York, NY 10022

Attention: Tom Higgins

Email: atm@allianceg.com

 

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

 

Duane Morris LLP

1540 Broadway

New York, NY 10036

Attention: James T. Seery

Telephone: (973) 424-2088

Email:jtseery@duanemorris.com

 

and if to the Company, shall be delivered to:

 

G Medical Innovations
Holdings Ltd.

5 Oppenheimer St.

Rehovot 7670105, Israel

Attention: Yacov Geva

Email: yacovg@gmedinnovations.com

 

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

 

Sullivan & Worcester LLP

1633 Broadway

New York, NY 10019

Attention: Oded Har-Even Esq.

Email: ohareven@sullivanlaw.com

 

Each party may change such
address for notices by sending to the other party to this Agreement written notice of a new address for such purpose. Each such notice
or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to
follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business
Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this
Agreement, “Business Day” shall mean any day on which the Exchange and commercial banks in the City of New York
are open for business.

 

An electronic communication
(“Electronic Notice”) shall be deemed written notice for purposes of this Section 12 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending
Electronic Notice receives confirmation of receipt by the receiving party (other than pursuant to auto-reply). Any party receiving Electronic
Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

 

13. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Agent and their respective successors and permitted
assigns and, as to Sections 5(b) and 9, the other indemnified parties specified therein. References to any of the parties
contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement,
express or implied, is intended to confer upon any other person any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement
without the prior written consent of the other party; provided, however, that the Sales Agent may assign its rights and
obligations hereunder to an affiliate of the Sales Agent without obtaining the Company’s consent.

 

14. Adjustments for Share
Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into
account any share split, share dividend or similar event effected with respect to the Ordinary Shares.

 

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15. Entire Agreement; Amendment;
Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) and
any other writing entered into by the parties relating to this Agreement constitutes the entire agreement and supersedes all other prior
and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.
Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Sales
Agent. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to
the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed
as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to
such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
in this Agreement.

 

16. Applicable Law; Consent
to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York,
without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-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
with any transaction contemplated hereby, 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 brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. 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 (certified or registered mail, return
receipt requested) to such party at the address in effect for notices to it under this Agreement 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 manner permitted by law.

 

17. Appointment of Agent
for Service. The Company hereby irrevocably appoints G Medical Innovations USA Inc., 7 Vanderbilt, Irvine, California 92618 as its
agent for service of process in any suit, action or proceeding described in Section 16 and agrees that service of process in any suit,
action or proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent permitted by law, any
other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent
has agreed to act as the Company’s agent for service of process, and the Company agrees to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.

 

18. Waiver of Jury Trial.
The Company and the Sales Agent each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based
upon or arising out of this Agreement or any transaction contemplated hereby.

 

19. Absence of Fiduciary
Relationship. The Company acknowledges and agrees that:

 

(a) the Sales Agent is acting
solely as agent in connection with the sale of the Placement Shares contemplated by this Agreement and the process leading to such transactions,
and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Sales Agent, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether the Sales Agent has advised or is advising the Company
on other matters, and the Sales Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement,
except the obligations expressly set forth in this Agreement;

 

    26

     

    

 

(b) the Company is capable
of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;

 

(c) the Sales Agent has not
provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement, and the Company
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(d) the Company has been advised
and is aware that the Sales Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company and that the Sales Agent has no obligation to disclose such interests and transactions to the Company by virtue
of any fiduciary, advisory or agency relationship; and

 

 

(e) the Company waives, to
the fullest extent permitted by law, any claims it may have against the Sales Agent, for breach of fiduciary duty or alleged breach of
fiduciary duty and agrees that the Sales Agent shall have no liability (whether direct or indirect, in contract, tort or otherwise) to
the Company in respect of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company,
including stockholders, partners, employees or creditors of the Company.

 

20. Use of Information.
The Sales Agent may not provide any information gained in connection with this Agreement and the transactions contemplated by this Agreement,
including due diligence, to any third party other than its legal counsel advising it on this Agreement unless expressly approved by the
Company in writing.

 

21. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission.

 

22. Effect of Headings;
Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.
All references in this Agreement to the “knowledge of the Company” or the “Company’s knowledge” or similar
qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due inquiry.

 

23. Definitions. As
used in this Agreement, the following term has the meaning set forth below:

 

(a) “Applicable Time”
means the date of this Agreement, each Representation Date, each date on which a Placement Notice is given, each Point of Sale, and each
Settlement Date.

 

[Remainder of Page Intentionally Blank]

 

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If the foregoing correctly
sets forth the understanding between the Company and the Sales Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between the Company and the Sales Agent.

 

	 	Very truly yours,
	 	 
	 	G MEDICAL INNOVATIONS HOLDINGS LTD.
	 	 	 
	 	By:	/s/ Yacov Geva
	 	 	Name: Yacov Geva
	 	 	Title: Chief Executive Officer
	 	 	 
	 	ACCEPTED as of the date first-above written:
	 	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 
	 	By:	/s/ Tom Higgins
	 	 	Name: Tom Higgins
	 	 	Title: Managing Director

 

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SCHEDULE 1

 

Form of Placement Notice

 

	From:	G Medical Innovations Holdings Ltd. 
	To:	A.G.P./Alliance Global Partners
	 	Attention: [●]
	Subject:	Placement Notice
	Date:	[●], 202[●]

 

Ladies and Gentlemen:

 

Pursuant to the terms and
subject to the conditions contained in the Sales Agreement (the “Sales Agreement”) between G Medical Innovations
Holdings Ltd., a Cayman Islands exempted company (the “Company”), and A.G.P./Alliance Global Partners (the “Sales
Agent”), dated September 16, 2022, the Company hereby requests that the Sales Agent sell up to [●] of the Company’s
Ordinary Shares, par value $0.09 per share (the “Placement Shares”), at a minimum market price of $[●]
per share, during the time period beginning [month, day, time] and ending [month, day, time] [and with no more than [●] Placement
Shares sold in any one Trading Day].

 

[The Company may include such
other sale parameters as it deems appropriate.]

 

Capitalized terms used and
not defined herein shall have the respective meanings assigned to them in the Sales Agreement.

 

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SCHEDULE 2

 

Notice Parties

 

THE COMPANY

 

Yacov Geva (yacovg@gmedinnovations.com)

Igor Bluvstein (Igorb@gmedinnovations.com)

Kobi Ben-Efraim (kobi@gmedinnovations.com)

 

THE SALES AGENT

 

Tom Higgins (thiggins@allianceg.com)

With copies to:

atm@allianceg.com

 

    30

     

    

 

SCHEDULE 3

 

Compensation

 

The Company shall pay to the Sales Agent in cash,
upon each sale of Placement Shares through the Sales Agent pursuant to this Agreement, an amount equal to 3.0% of the aggregate gross
proceeds from each sale of Placement Shares.*

 

* The foregoing rate of compensation shall not
apply when the Sales Agent purchases Placement Shares on a principal basis, in which case the Company may sell the Placement Shares to
the Sales Agent as principal at a price to be mutually agreed upon by the Company and the Sales Agent at the relevant Point of Sale pursuant
to the applicable Placement Notice (it being hereby acknowledged and agreed that the Sales Agent shall be under no obligation to purchase
Placement Shares on a principal basis pursuant to the Sales Agreement, except as otherwise agreed by the Sales Agent and the Company in
writing and expressly set forth in a Placement Notice).

 

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SCHEDULE 4

 

Subsidiaries

 

G Medical Innovations Ltd., an Israeli corporation

G Medical Innovations USA Inc., a Delaware corporation

G Medical Innovations MK Ltd., a Macedonian corporation

G Medical Innovations Asia Limited, a Hong Kong corporation

G Medical Diagnostic Services, Inc., a Texas corporation

Telerhythmics, LLC, a company formed under the laws of the state of
Tennessee

G Medical Mobile Health Solutions, Inc., an Illinois corporation

G Medical Innovations UK Ltd., a UK corporation

G Medical Tests and Services, Inc., a Delaware corporation

G-Medical Lab Services Inc., a Delaware corporation

Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd.,
a China corporation

 

    32

     

    

 

Exhibit 7(m)

 

OFFICER CERTIFICATE

 

The undersigned, the duly
qualified and appointed _____________________ of G Medical Innovations Holdings Ltd., a Cayman Islands exempted company (the “Company”),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated September
16, 2022 (the “Sales Agreement”), between the Company and A.G.P./Alliance Global Partners, that:

 

	 	(i)	the representations and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and;

 

	 	(ii)	the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof;

 

	 	(iii)	as of the date hereof, (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (ii) the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading for clauses (i) and (ii) above, respectively, to be true and correct;

 

	 	(iv)	there has been no Material Adverse Change since the date as of which information is given in the Prospectus, as amended or supplemented;

 

	 	(v)	the Company will not be in possession of any material non-public information at the time of delivery of any Placement Notice and/or as long as such Placement Notice is effective; and

 

	 	(vi)	the aggregate offering price of the Placement Shares that may be issued and sold pursuant to the Sales Agreement and the maximum number or amount of Placement Shares that may be sold pursuant to the Sales Agreement have been duly authorized by the Company’s board of directors or a duly authorized committee thereof.

 

Terms used herein and not defined herein have
the meanings ascribed to them in the Sales Agreement.

 

	Dated:	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

33

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