Document:

Exhibit
10.11

 

Agreement
No.: 001202018K00153

 

UTime
600

 

Credit
Agreement

[Unofficial English Translation] 

 

 

 

 

 

Shenzhen
Rural Commercial Bank

 

     

     

    

 

	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Column
of Parties to the Agreement:

 

Credit
Grantor (Lender): Longhua Sub-branch of Shenzhen Rural Commercial Bank

 

Legal
Representative/Person in Charge: Yachun Liu

 

Address:
No.1003, Minzhi Avenue, Longhua District, Shenzhen City Tel: 28192182

 

Credit
Applicant (Borrower): United Time Technology Co., Ltd.

 

ID
Card No.:

 

Legal
Representative/Person in Charge: Minfei Bao

 

Guarantee
(Guarantor): Minfei Bao

 

ID
Card No.: 510402197304140958

 

Legal
Representative/Person in Charge:

 

Guarantee
(Mortgagor): Minfei Bao

 

ID
Card No.: 510402197304140958

 

Legal
Representative/Person in Charge:

 

(Note:
It is unnecessary for natural persons to fill in the item “Legal Representative/Person in Charge,” and it is unnecessary
for non-natural persons to fill in the item “ID Card No.”)

 

The
Credit Grantor, Credit Applicant and Guarantor reach this Agreement through full negotiation on the basis of equality and voluntariness
in accordance with the relevant laws and regulations of the People's Republic of China and the provisions of the relevant interest
rate documents of the People's Bank of China for adherence.

 

This
Credit Agreement is made in quadruplicate, with the Credit Grantor holding two copies, and the Credit Applicant, the Guarantee
and the Mortgage (Pledge) Registration Authority each holding one copy, and the Agreement number is 001202018K00153,
which has the same legal effect.

 

Terms
of Credit 

 

Article
1 Credit Line

 

The
Credit Grantor shall provide the Credit Applicant with a credit line of 6 million Yuan only (in words), RMB 6,000,000.00 (in figures)
for 11 months from August 21, 2018 to August 20, 2021.

 

Article
2 The credit line under this Agreement can be used for the first of the following businesses (multiple choices are
available):

 

	1. Loans	 	2. Discount of Commercial Acceptance Bill	 	3. Discount of Bank Acceptance Bill
	 	 	 	 	 
	4. Acceptance of Bank Acceptance Bill	 	5. Issuance of Letter of Guarantee	 	6. Other -

 

Article
3 The Credit Applicant agrees to use the following account opened in Shenzhen Rural Commercial Bank as the account for credit
use (such as entering the item of expenditure in the accounts of goods), payment, withdrawal of funds and settlement of arrears
under this Agreement: the account name is United Time Technology Co., Ltd., and the account number is 000263231318.

 

Article
4 This credit line shall be used in the following (1) method:

 

	1. Revolving	 	2. Non-revolving	 	3. Agreed Separately.

 

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	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
5 The repayment date of the business under this credit line shall be the 21 st day of each month. If there is no such date
in the month, the last day of the month shall be the repayment date, and the last repayment date shall be the maturity date of
the loan. If otherwise agreed, the specific agreement shall prevail.

 

Article
6 The first payment method shall be selected for the credit funds under this Agreement. For the specific agreement
of each payment method, please refer to Article 21 of the Agreement.

 

	1. Independent Payment	 	2. Entrusted Payment	 	3. Independent Payment + Entrusted Payment    	 	4. Agreed Separately.

 

Article
7 The annual rate of the occupancy fee for the Agreement quota is 0.00%, which shall be charged by using the fourth
method in Article 19 of the Agreement.

 

Article
8 The guarantee of this Agreement shall be in the following second or third method (multiple choices are available):

 

1.
Credit method, Credit Applicant does not need to provide guarantee;

 

2.
Minfei Bao shall be the Guarantor for the arrears owed by the Credit Applicant under this Agreement, and shall provide
the guarantee of joint and several liability for the maximum amount;

 

3.
Minfei Bao shall provide a mortgage guarantee for the maximum amount for the arrears owed by the Credit Applicant under
this Agreement with his legally owned and disposable property (rights) in the List of Mortgaged Property;

 

4.
--- shall provide a pledge guarantee for the maximum amount for the arrears owed by the Credit Applicant under this Agreement
with his legally owned and disposable ---- property (rights);

 

5.
Other guarantee methods---.

 

Article
9 Loan within the Credit Line (hereinafter referred to as “loan”)

 

1.
The loan interest rate within this credit line shall be calculated by fixed interest rate. Please refer to Article 11 and
Article 17 of this Agreement for details.

 

2.
The purpose of the loan: refer to Article 11 of this Agreement for details.

 

3.
Repayment method: refer to Article 11 of this Agreement for details.

 

Notes:
the actual amount, starting date, maturity date, interest rate and interest payment date of the loan shall be subject to the Loan
Receipt.

 

Article
10 Disputes that cannot be settled through negotiation between the parties concerned shall be settled by using the first of the
following methods.

 

1.
To bring a lawsuit to the people's court where the Credit Grantor is located 2. To apply to the ---- Arbitration Commission
for arbitration, the Commission shall make a final decision in accordance with the arbitration rules in force at that time, and
the findings shall be binding for each party.

 

Article
11 Special terms and conditions agreed upon by the parties. In case of any inconsistency between other clauses of this Agreement
and this clause, this clause shall prevail.

 

1.
The non-revolving credit line is RMB 6 million only, which is valid for 3 years, and for which, real estate under Minfei Bao's
name (SFDZ No.4000573717) shall be mortgaged as guaranty, and Minfei Bao shall provide a guarantee for joint and several liability,
and have the mortgage registered, so that the credit line can be established. Under the credit line, a sub-credit line shall be
established. Sub-credit line I: a non-revolving credit line of 6 million yuan, with a valid period of 3 years, and a fixed monthly
interest rate of 6.0‰. The Interest shall be paid on a monthly basis, and the principal shall be repaid at a fixed rate
of 1% of the original amount also on a monthly basis starting from the 13th month, with the balance fully repaid on the due date.
The non-revolving credit line shall be used for working capital turnover.

 

2. The
amount of no less than RMB 1.2 million of the monthly revenue of Credit Applicant or associated person shall
be placed in the supervised account of the Credit Grantor; other payments may be made only after the monthly principal and
interest are paid off; otherwise, the Credit Grantor has the right to raise the loan interest rate by 50% from the date of
 funding or has the right to recover the loan in advance.

 

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 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

3.
The maximum amount of creditor's rights guaranteed under this Agreement is Six Million Yuan.

 

4.
If the total amount of all debts of the Credit Applicant under this Agreement (see Article 12 of the Master Agreement for details)
exceeds the registered maximum amount of creditor's rights when the mortgage right is realized, the Credit Grantor still has the
priority of compensation according to the guarantee scope agreed in the Master Agreement for the excess amount.

 

Article
12 All Debts under this Agreement (collectively referred to as "Arrears" in this Agreement)

 

All
debts under this Agreement refer to all the money owed by the Credit Applicant to the Credit Grantor, including loan principal,
interest, penalty interest, compound interest, liquidated damages, damages, quota occupation fees, necessary expenses (including
but not limited to lawyer's fees, legal fees, arbitration fees, enforcement fees, assessment fees, notarial fees, etc.) for the
realization of Credit Grantor's rights and security rights under this Agreement and relevant expenses paid on behalf of the Credit
Applicant.

 

Terms
of Credit Line

 

Article
13 The credit line refers to the maximum limit provided by the Credit Grantor to the Credit Applicant after comprehensive
evaluation of the credit, financial status, operation and management of the Credit Applicant, including local and foreign currency
loans, trading finance, discount, letter of guarantee and other businesses.

 

Article
14 The sum of all credit balances under this credit line shall not exceed the credit line at any time, the credit balance
of a single type of business shall not exceed the specific agreement on the maximum credit line for this type of business, and
the sum of the accumulated use line of non-revolving credit line shall not exceed the maximum limit of non-revolving credit line.

 

Article
15 Credit period refers to the effective period of the credit line provided by the Credit Grantor to the Credit Applicant.
The Credit Applicant shall use the credit line provided by the Credit Grantor within the current period. The maturity date of
a single credit shall not exceed the termination date of the credit period. After the expiration of the credit period, the credit
line shall be terminated automatically.

 

Article
16 If the Credit Applicant needs to use the credit line, it must apply one by one and provide relevant information as requested
by the Credit Grantor. After the approval of the Credit Grantor, a Loan Receipt shall be signed with Credit Grantor, and
the Credit Grantor shall go through the procedures of entering an item of expenditure in the accounts.

 

Article
17 Loan Interest Rate, Interest Rate Adjustment and Interest Settlement under Credit Line

 

(1)
The loan under the credit line shall bear interest according to the interest-bearing method stipulated by the People's Bank of
China, and the benchmark interest rate for loans with the same term published by the People's Bank of China on the date of issuance
shall be taken as the benchmark interest rate. The Credit Grantor shall have the right to decide the conversion method of the
daily interest rate.

 

(2)
The interest in this Agreement can be calculated by using fixed interest rate or floating interest rate: when the fixed loan interest
rate is adopted, the interest shall be paid according to the fixed interest rate agreed in Article 9 of this Agreement; when the
floating loan interest rate is adopted, the loan interest rate = loan benchmark interest rate x loan interest rate floating coefficient,
and the specific loan interest rate floating coefficient shall be agreed in Article 9 of this Agreement. The loan shall be settled
on the day before the interest payment date agreed in this Agreement.

 

(3)
After the signing of this Agreement, the Credit Grantor shall have the right to make corresponding adjustments to the loan benchmark
interest rate and interest rate floating coefficient according to the regulations of the People's Bank of China, the changes in
the interbank interest rate level in the place where the Credit Grantor is located and the agreements in this Agreement. Such
adjustments have been acknowledged by Credit Applicant and each Guarantor, thus it's unnecessary to notify in advance. The loan
benchmark interest rate shall be adjusted quarterly and will be adjusted at the end of each quarter on the 21st of
the quarter-end month.

 

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 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

(4)
If the Credit Applicant fails to repay the loan on schedule, the overdue principal shall be charged interest at the overdue loan
interest rate from the date of overdue, and the overdue loan interest rate shall be 50% higher than the current implemented loan
interest rate. For the interest that the Credit Applicant fails to pay on schedule, 50% of compound interest will be charged on
the current loan interest rate level from the date of overdue payment.

 

(5)
If the Credit Applicant fails to use the loan for the purpose agreed in this Agreement, the Credit Grantor shall have the right
to collect interest at the penalty interest rate of misappropriated loans from the date when the loan is not used for the agreed
purpose. The penalty interest rate of misappropriated loans shall be 100% higher than the current loan interest rate. If the loan
is misappropriated and overdue at the same time, the penalty interest will be calculated based on the higher one.

 

Article
18 Early Repayment

 

If
the Credit Applicant want to repay in advance, it shall apply to the Credit Grantor in writing 30 days in advance to obtain
the consent of the Credit Grantor. The prepaid principal and interest of the loan shall be paid off before the prepayment. The
Grantor has the right to require the Credit Applicant to pay an additional interest of not more than three months as liquidated
damages for early repayment according to the amount of repayment principal and the loan interest rate at the time of the early
repayment.

 

For
the loan principal repaid in advance, the interest will be postponed to the next interest payment date, and the principal and
interest repaid in each period will be recalculated according to the remaining loan principal and the number of remaining repayment
periods in the repayment method agreed in this Agreement.

 

Article
19 The Credit Grantor shall have the right to collect the quota occupation fee from the Credit Applicant in the following four
ways:

 

1.
It shall be collected in one lump sum when opening an account, and the credit line occupation fee = credit line x days of the
credit period x annual rate/360;

 

2.
Calculated on a daily basis, it shall be charged monthly (repayment date) from Credit Applicant, and the daily credit line occupation
fee - unused credit line on the current day x annual rate/360;

 

3.
The credit line occupation fee shall be calculated according to the accumulated unused total credit line at the credit termination
date: the credit line occupation fee = the sum of the daily unused credit line during the credit period x annual rate/360;

 

4.
To be agreed separately.

 

Article
20 If the credit line is used for non-loan businesses, the specific business agreements which may be signed separately.

 

Terms
of Payment

 

Article
21 Agreement on Payment Methods

 

1.
Independent payment means that the Credit Applicant shall independently pay the transaction object of the Credit Applicant that
meets the purposes agreed in this Agreement after the Credit Grantor distributes the credit funds to the account of Credit Applicant
according to the withdrawal application of the Credit Applicant. If this payment method is adopted, the Credit Applicant shall
provide the Credit Grantor with materials explaining the flow of credit funds such as the Fund Allocation Plan, and report the
payment of funds to the Credit Grantor regularly (at least quarterly) after payment. The Credit Grantor may check whether the
payment of credit funds conforms to the purpose agreed in this Agreement through account analysis, voucher inspection or on-site
investigation.

 

2.
Entrusted payment means that the Credit Grantor shall pay the credit funds of the Credit Applicant to the transaction object that
meets the purposes agreed in this Agreement through the account of Credit Applicant according to the withdrawal application and
payment entrustment of the Credit Applicant. If this payment method is adopted, the Credit Applicant shall submit the payment
entrustment (specifying the specific purpose, payment object, payment amount and other information) and the corresponding business
Agreement and other supporting materials when applying for withdrawal from the Credit Grantor, and the payment shall only be made
after the Credit Grantor conducts formal examination and confirmation (Note: the examination and confirmation do not constitute
the obligation of the Credit Grantor). If the materials provided by the Credit Applicant are incomplete, incorrect, false or inconsistent
with the purposes agreed in the Agreement, the Credit Grantor shall have the right to refuse to perform relevant withdrawal and
payment instructions or require the Credit Applicant to supplement and rectify.

 

3.
Independent Payment + Entrusted Payment. If this payment method is adopted, the requirements for entrusted payment and independent
payment are the same as above.

 

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 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
22 The Credit Applicant shall not evade the supervision of the Credit Grantor through online banking, transferring service
of transfer cheque, breaking up the whole into parts, etc. The Credit Grantor shall have the right to pre-control the account
of the Credit Applicant (the control amount shall not exceed the total credit amount), and restrict his/her payment behavior and
exchange function of non-counter channels such as online banking and mobile banking.

 

Article
23 If the Credit Applicant is a legal person or any other organization, and affixes a seal consistent with the reserved seal
of the credit lending account on the application and entrustment related to Loan Receipt, withdrawal and payment, the legal effect
of this seal shall be equivalent to the signature and official seal of the Legal Representative/Person in Charge of the Credit
Applicant, and it shall be recognized by all parties to this Agreement.

 

Article
24 The Credit Grantor shall have the right to unilaterally change the payment method according to the provisions of the People's
Bank of China, China Banking Regulatory Commission and other regulatory agencies as well as the credit status of the Credit Applicant.
If the Credit Applicant needs to change the payment method, it must submit a written application to the Credit Grantor and obtain
the written consent of the Credit Grantor.

 

Article
25 Special Arrangement on Payment

 

If
the Credit Applicant withdraws or instructs the transaction object to transfer all or part of the credit funds to other accounts
of the Credit Applicant or other third-party accounts unrelated to the transaction without authorization, or if the credit funds
are returned to the account of the Credit Applicant for any reason after payment and used without the written consent of the Credit
Grantor, it shall be deemed that the Credit Applicant has diverted the credit funds under this Agreement for other purposes and
has breached the Agreement.

 

Terms
of Maximum Guarantee

 

Article
26 Agreement on Guarantee

 

(1)
The Credit Grantor is the Secured Party, and its security rights shall include mortgage, pledge and other security rights. The
Guarantor, Mortgagor, Pledgor and other guarantee providers shall be collectively referred to as the Guarantor, and the mortgaged
property, pledge and other guaranties and rights shall be collectively referred to as the Guaranty. For details of the guarantee,
please refer to Article 8 in this Agreement and the List of Guaranty attached to this Agreement.

 

(2)
Scope of guarantee: please refer to Article 12 of this Agreement for details of all debts under this Agreement.

 

(3)
Period of guarantee: if the method of guarantee is adopted, the period of guarantee shall be two years from the effective date
of this Agreement to the maturity date of it; if the methods of mortgage, pledge or others are adopted, the period of guarantee
shall be from the effective date of this Agreement to the repayment of all debts under this Agreement.

 

(4)
The guarantee under this Agreement shall be independent, valid, irrevocable and unconditional, and the guarantee liabilities of
Guarantor shall not be reduced or exempted due to the following circumstances.

 

1.
Fraud, reorganization, suspension of business, bankruptcy or change or loss of civil capacity of the Credit Applicant or other
guarantors;

 

2.
If the Credit Applicant or other guarantors violate the Agreement, the Credit Grantor takes sanction measures for breach of agreement;

 

3.
If the Credit Applicant and the Credit Grantor reach a reforming, reorganization or settlement agreement on the debts under this
Agreement;

 

4.
If this Agreement is partially or completely invalid for any reason.

 

(5)
If there are multiple guarantees under this Agreement, each guarantee shall independently bear joint and several guarantee liabilities
for all arrears under this Agreement. If the Credit Applicant breaches the Agreement, the Credit Grantor shall have the right
to directly require each guarantor to immediately perform the guarantee liabilities individually or jointly. The Credit Grantor
shall have the right to waive, change or relieve the guarantee liabilities of one guarantor, and the other guarantors shall still
perform the guarantee liabilities according to the agreement in this Agreement.

 

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 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

(6)
If it is necessary to handle the formalities on mortgage registration, pledge registration or other guarantee registration and
notarization in accordance with law, the Guarantor shall handle it in a timely manner according to the requirements of the Credit
Grantor, and the relevant expenses shall be borne by the Guarantee. On the date of completing registration, the original documents
of Property Right Certificate of Mortgaged Property or Certificate of Use, Pledged Property, Certificate of Rights, other real
right guarantee certificates on guaranties and registration certificate shall be possessed and kept by the Credit Grantor.

 

(7)
In case of major changes or influences in the Guarantor or the Guaranty, or other circumstances that may affect the guarantee
ability, the Credit Grantor shall have the right to require the Credit Applicant or Guarantee to separately provide full guarantee
and cooperate in handling relevant formalities on assessment, registration, etc. If the Guaranty is damaged, lost or otherwise
damaging the creditor's rights of the Credit Grantor due to the fault of the Guarantor, the Guarantor shall bear joint and several
liabilities for the losses caused to the Credit Grantor regardless of the cause of the infringement and the infringer.

 

(8)
During the performance of the Credit Agreement, it is unnecessary for the Credit Grantor and the Credit Applicant to obtain the
consent of the Guarantee for any change in the Loan Agreement except for the renewal of the credit or the increase of the loan
principal, and the Guarantee shall not be exempted from liabilities due to the change in the Credit Agreement.

 

(9)
The Guarantor confirms that no matter what method the Credit Applicant and the Credit Grantor adopt to enter an item of expenditure
in the accounts, the amount, term and repayment method of credit funds including loans that do not exceed the credit line shall
be determined by the Credit Applicant and the Credit Grantor, and the Guarantor shall know all about this and have no objection.

 

(10)
If the Credit Applicant fails to pay off the arrears on time and claims the guarantee right, resulting in the guaranty being sealed
up or detained by the people's court according to law, the Credit Grantor shall have the right to collect the natural income separated
from the guaranty and the legal income collected by the Guarantee on guaranty.

 

(11)
Without the written consent of the Credit Grantor, the Guarantor shall not dispose of the Guaranty in any form such as transfer,
division, re-mortgage, debt repayment, etc. or set restrictions that hinder the Credit Grantor from exercising the guarantee right.

 

(12)
After all the arrears under this Agreement are returned, the Real Right Guarantee Certificate, Pledged Property and Property Insurance
Policy kept by the Credit Grantor shall be returned to the Guarantee, and the Guarantor shall be assisted in handling the formalities
for cancellation of guarantee registration. If the ownership of the same Guaranty is more than two (inclusive), the Credit Grantor
shall be deemed to have fulfilled the obligation of return to all parties concerned if it returns the Property Right Certificate,
Hostage and Property Insurance Policy to one of them.

 

Article
27 Other Arrangements on Assurance and Guarantee

 

1.
Even if there is a Credit Applicant or a third party who can provide assurance or material guarantee for the debts of the Credit
Applicant under this Agreement, the Credit Grantor shall still have the right of recourse to the Guarantor in advance without
exercising other guarantee rights in advance.

 

2.
If the Guarantor fails to assume the guarantee liabilities as agreed in this Agreement, the Credit Grantor has the right to deduct
the money from the accounts opened by the Guarantor in all business agencies of Shenzhen Rural Commercial Bank until all the arrears
under this Agreement are paid off.

 

Article
28 Other Agreements on Mortgage Guarantee

 

1.
The Mortgagor shall obtain the written consent of the Credit Grantor before leasing the mortgaged property or pricing the mortgaged
property for investment.

 

2.
During the mortgage period, the mortgaged property shall be kept by the Mortgagor or its entrusted agent, who shall be responsible
for repairing and maintaining the mortgaged property and ensuring that the mortgaged property is in good condition, and shall
be subject to inspection by the Credit Grantor at any time.

 

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Article
29 Other Agreements on Pledge Guarantee

 

1.
During the duration of the Agreement, if any loss occurs to the pledged property due to force majeure, the Credit Grantor shall
not be liable for any compensation.

 

2.
If the pledged property is a right, and if laws and regulations require that the pledge act be recorded in the certificate of
right, the pledge act shall be recorded.

 

Article
30 Realization of Real Right Guarantee (including Mortgage Right, Pledge Right, etc.)

 

If
the Credit Applicant or Guarantor breaches the Agreement, the Credit Grantor has the right to dispose of the guaranty in accordance
with the law in the manner deemed appropriate by the Credit Grantor and has priority in compensation. The Guarantor shall assist
the Credit Grantor to handle all necessary formalities as required by the Credit Grantor, and the disposition methods include
but are not limited to:

 

1.
The Credit Grantor directly discounts the guaranty, or auctions or sells the guaranty;

 

2.
Dispose the guaranty according to legal procedures.

 

Article
31 If the Guarantor fails to fully perform the guarantee obligations agreed in this Agreement, the Guarantor shall not recover
or claim rights from the Credit Applicant, and the right of recourse obtained by the Guarantor according to law after fully performing
the guarantee liabilities shall not be superior to the right of recourse of the Credit Grantor for arrears under other agreements.

 

Article
32 Insurance

 

(1)
If required by the Credit Grantor, the Guarantor shall, before using the credit line, handle the insurance of the guaranty according
to the types of insurance, period of insurance, insured amount and qualification of Insurer required by the Credit Grantor, and
the original insurance policy shall be handed over to the Credit Grantor for safekeeping.

 

(2)
The insurance compensation shall give priority to the repayment of the arrears under this Agreement, the Guarantee shall irrevocably
authorize the Credit Grantor to receive the insurance compensation on its behalf and to have priority in repaying the secured
creditor's rights. The Credit Grantor shall have the right to dispose of the guaranty in accordance with the provisions of the
Property Law of the People's Republic of China and the Guarantee Law of the People's Republic of China for the insufficient
part, and the excess part shall be returned to the Beneficiary in the next order by the Credit Grantor.

 

(3)
The Guarantor shall ensure to pay the insurance premium on time and shall not cancel the insurance during the period of guarantee.
If the Credit Applicant fails to pay off the arrears during the credit period or at the expiration of the insurance period, and
if the insurance is interrupted or not renewed, the Credit Applicant shall have the right (but no obligation) to handle the insurance
on its behalf. All relevant expenses shall be paid by the Guarantee, and the Credit Applicant shall be jointly and severally liable
for repayment. The losses caused by the interruption of the insurance shall be assumed by the Guarantor.

 

Special
Representations and Warranties

 

Article
33 Special Representations and Warranties of the Credit Applicant and the Guarantee (hereinafter collectively referred to as the
"Declarant")

 

1.
The Declarant shall have the complete capacity for civil rights and civil conducts that will not affect the legal effect of this
Agreement.

 

2.
The declarant promises to abide by the principle of good faith. All information provided by the declarant to the Credit Grantor
before and after granting credit is true, accurate, complete, legal and effective, and does not contain any major errors that
are inconsistent with the facts or omit any major facts.

 

3.
The declarant has been fully authorized or approved by the superior department or the unit's competent decision-making body to
sign this Agreement, and this Agreement shall have legal and effective binding force on the declarant from the date of signing.

 

4.
The signing of this Agreement is the true intention of the Declarant, and there is no fraud or coercion.

 

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5.
During the effective period of this Agreement, if any major event that affects the performance of its obligations under this Agreement
or may adversely affect the Declarant and its main property is occurred or planned to be carried out on the Declarant, the Declarant
shall immediately notify the Credit Grantor in writing and provide relevant explanatory materials, meanwhile, it shall actively
implement the guarantee measures for repayment of the arrears under this Agreement according to the requirements of the Credit
Grantor. Major events that may have adverse effects include:

 

a.
The alteration or modification of the shareholding structure, industrial and commercial registration, business scope and articles
of association of the Company, or the contracting, leasing, shareholding system reform, joint venture, merger (consolidation),
division, equity restructuring, joint venture, alteration of property right or adjustment of the business mode by cooperating
with foreign investors, etc.;

 

b.
The Declarant or its main management personnel (such as legal representatives, directors, financial officers, and so on) are involved
in party (government) discipline investigation, major economic disputes, litigation, arbitration or criminal, administrative punishment,
seizure, detention or other disputes;

 

c.
The Declarant is revoked with business license, dissolved, closed down, suspended, declared bankrupt, or unemployed, dead (including
declared dead), missing (including declared missing);

 

d.
The Declarant or its controlling shareholders and actual controllers have suffered heavy losses or deficits;

 

e.
Related party transactions accounting for more than 10% of the net assets of the Credit Applicant occur;

 

f.
The ownership disputes occur over guaranty, other major properties and settlement accounts, or the preservation measures are taken;

 

g.
Other major matters that may affect its solvency or guarantee ability, or circumstances that endanger the safety of the creditor's
rights of Credit Grantor.

 

6.
The signing of this agreement or the performance of its obligations under this Agreement by the declarant does not violate any
other agreements entered into by the declarant, nor does it have any conflicts in laws and commercial interests with other Agreements
entered into by the declarant.

 

7.
The purpose of credit granting shall comply with laws, regulations and national policies. Credit Applicant shall not change the
purpose of the loan or use the loan for other purposes without authorization, and shall not use the loan for purposes prohibited
by laws and regulations such as investment in securities and equity.

 

8.
The laws and regulations of the state shall be strictly abode by to carry out production and business, and the formalities for
the annual inspection and annual review shall be handled on time.

 

9.
Any creditor's rights that have expired shall not be given up, and the existing main property and creditor's rights shall not
be disposed free of charge or in other inappropriate ways.

 

10.
The Guarantor shall have legal, complete and undisputed ownership or disposition of the guaranty, and the guaranty shall not be
used to provide guarantee for any third party before this Agreement.

 

11.
The Declarant shall not transfer any rights and obligations under this Agreement without the written consent of the Credit Grantor.

 

12.
During the credit granting period, the post-shipment inspection conducted by the Credit Grantor for the Declarant or guaranty
shall be unconditionally accepted, and all necessary materials including but not limited to financial statements, bank account
settlement statement, and tax payment vouchers shall be provided as required by the Credit Grantor.

 

Terms
of Rights and Obligations 

 

Article
34 The Credit Applicant shall enjoy the following rights

 

1.
Have the right to require the Credit Grantor to provide loans or other credits under the credit line according to the conditions
agreed in this Agreement;

 

2.
Have the right to use loans or other credits under the credit line as agreed in this Agreement;

 

3.
Have the right to require the Credit Grantor to keep confidential the production, operation, property, account and other information
provided by the Credit Applicant, except as otherwise agreed by laws, regulations and this Agreement.

 

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 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
35 The Credit Applicant shall undertake the following obligations

 

1.
Repay the arrears in full and on time as agreed in this Agreement and the Loan Receipt. If the repayment date is "T",
the Credit Applicant shall deposit sufficient funds to pay the arrears (as at "T") into the account agreed in the Agreement
before the end of the counter business of the Credit Grantor on the "T-1", and irrevocably authorize the Credit Grantor
to directly deduct the arrears from the account; If the funds in the account are not sufficient to pay the arrears, the Credit
Grantor has the right to deduct the arrears from any other accounts opened by the Credit Applicant in all business agencies of
Shenzhen Rural Commercial Bank, and has the right to control the funds in the relevant accounts, and the controlled amount shall
be limited to the total amount of arrears; If the currency of the deducted amount is inconsistent with the currency of this Agreement,
the deducted amount shall be calculated according to the applicable exchange rate of the corresponding currency announced by the
Credit Grantor on the deduction date;

 

2.
Provide the documents and materials required by the Credit Grantor, as well as all the deposit banks, account numbers and deposits
and loan balances, to ensure the normal status of the loan issuing and repayment accounts (including not being sealed up and frozen)
and cooperate with the investigation, review and inspection of the Credit Grantor;

 

3.
Use the credit line according to the purpose agreed in this Agreement;

 

4.
Accept the inspection and supervision of the Credit Grantor on the use of its credit line and relevant production, operation and
financial activities, and provide the Credit Grantor with the financial statements at the end of the previous quarter and other
materials required by the Credit Grantor before the end of the first month of each quarter;

 

5.
The Credit Applicant shall notify the Credit Grantor in writing and obtain the consent of the Credit Grantor before implementing
the following acts:

 

a.
Apply for credit or loans from financial institutions other than the Credit Grantor.

 

b.
Provide any form of guarantee for third parties.

 

c.
Acts listed in Item a of Paragraph 5 of Article 33 in this Agreement.

 

6.
Assume the expenses incurred in credit evaluation, mortgage (pledge) evaluation, notarization and so on related to this Agreement.

 

Article
36 The Credit Grantor shall enjoy the following rights

 

1.
If the information provided by the Credit Applicant does not meet the requirements of the Credit Grantor or the credit granting
item lags behind the progress of the use of credit funds, the Credit Grantor has the right to refuse the application for the use
of credit line and the payment entrustment of the Credit Applicant;

 

2.
Have the right to require the Credit Applicant to repay the arrears on schedule, and have the right to decide the deduction sequence
of various arrears;

 

3.
Have the right to require and supervise the Credit Applicant to use the credit line according to this Agreement or each specific
Agreement;

 

4.
Have the right to carry out post-shipment inspection on the Credit Applicant, Guarantor and Guaranty, and have the right to require
the Credit Applicant and Guarantor to eliminate any adverse effects on the performance of the obligations under this Agreement;

 

5.
The Credit Grantor may recover the loan and other credits in advance according to the withdrawal of funds from the Credit Applicant.

 

6.
If the Credit Applicant and the Guarantor fail to perform the stipulations and obligations of this Agreement, the Credit Grantor
shall have the right to impose the sanctions agreed in this Agreement.

 

Article
37 The Credit Grantor shall undertake the following obligations

 

1.
Provide credit to the Credit Applicant within the credit line according to the stipulations of this Agreement, each specific Agreement
and receipt for a loan;

 

2.
Have to keep confidential the assets, production, operation and finance of the Credit Applicant and the Guarantee, except for
the use of the Credit Grantor due to relevant business needs and otherwise provided by laws and regulations.

 

    9

     

    

 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
38 The Guarantor shall enjoy the following rights

 

1.
Know the arrears under this Agreement and the repayment of the Credit Applicant from the Credit Grantor.

 

2.
Have the right to require the Credit Grantor to keep confidential the production, operation, property, account and other information
provided by the Guarantor, except as otherwise agreed by laws, regulations and this Agreement.

 

3.
Have the right of recourse according to law after fully performing the guarantee responsibilities and obligations under this Agreement.

 

Terms
of Default

 

Article
39 If the Credit Applicant or Guarantor fails to perform any agreement in this Agreement, or if the "special representations
and warranties" made by the Credit Applicant or Guarantor are false or faulty or are not performed, it shall be deemed as
a breach of Agreement and the Credit Applicant or Guarantor shall bear the liability for breach of Agreement according to law.

 

Article
40 Without the written consent of the Credit Grantor, the Credit Applicant and the Guarantor shall not terminate this Agreement
for any reason including but not limited to the breach of Agreement by either party to the Agreement.

 

Article
41 Under the following circumstances, the Credit Grantor shall have the right to suspend or terminate the Agreement, announce
the early maturity of all loans already issued, and stop issuing the loans not yet issued. The Credit Applicant shall immediately
repay the loans already issued, other credits and other arrears as required by the Credit Grantor, and the Guarantor shall immediately
perform the guarantee liabilities as required by the Credit Grantor:

 

1.
The credit status of the Credit Applicant decreases or the credit record deteriorates;

 

2.
The Credit Applicant or Guarantor fails to perform the special terms agreed in the Article 11 of this Agreement;

 

3.
Part of the Agreement is invalid or violates laws and regulations for any reason;

 

4.
The credit granting behavior under this Agreement does not conform to the provisions of the new laws and regulations due to legislative
changes;

 

5.
Changes in national laws and regulations or local government policies (including the financial management policies of the People's
Bank of China, China Banking Regulatory Commission and other regulatory agencies), leading to changes in the credit policy of
the Credit Grantor or violations of relevant policies and regulations in this Agreement.

 

Article
42 If the Credit Applicant and the Guarantor breach the Agreement, the Credit Grantor has the right to impose the following sanctions
respectively or simultaneously. The Credit Applicant and the Guarantor have no objection to this:

 

1.
Require the Credit Applicant and the Guarantor to correct the acts breaching the Agreement or increase the guarantee measures
for repayment of arrears under this Agreement;

 

2.
Reject any application for the use of credit line by the Credit Applicant;

 

3.
Demand the Credit Applicant to repay or repay in advance the loans, arrears and other credits;

 

4.
Directly deduct the deposits of the Credit Applicant or Guarantor in any account opened by all business institutions of Shenzhen
Rural Commercial Bank to pay off the arrears of the Credit Applicant, which shall not constitute an obligation;

 

5.
Have the right to demand the Guarantor to perform the guarantee liabilities and pay off all the arrears under this Agreement on
behalf of it or in advance;

 

6.
Have the right to charge liquidated damages not exceeding 10% of the amount of the loan that the Credit Applicant fails to pay
and use as agreed;

 

7.
Suspend/terminate the execution of the Agreement or unilaterally terminate the Agreement;

 

8.
Have the right to implement credit sanctions in accordance with relevant regulations of the People's Bank of China;

 

9.
Collect by carrying out legal procedures in accordance with the law.

 

    10

     

    

 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
43 In case of any of the following circumstances, the Credit Grantor shall have the right to immediately bring a lawsuit or
arbitration to collect the loan and other arrears:

 

1.
The Credit Applicant fails to repay the loan principal and interest in full and on time as agreed in this Agreement;

 

2.
The Credit Applicant or Guarantor provides false loan application materials or post-shipment inspection materials to the Credit
Grantor;

 

3.
The Credit Applicant fails to use the loan for the purpose agreed in this Agreement or fails to make payment according to the
agreed payment method;

 

4.
The Credit Applicant or Guarantor breaches the Agreement and fails to correct, repay or assume the guarantee liabilities as required
by the Credit Grantor;

 

5.
The Credit Applicant or Guarantor breaches the Agreement and the Credit Grantor believes that it damages its legitimate rights
and interests.

 

Article
44 During the performance of this Agreement, the Credit Grantor's consent to bear, extend a time limit or postpone the performance
of any breach of Agreement by the Credit Applicant or Guarantor, or the postponing of the execution of the rights and interests
or that the Credit Grantor shall enjoy under this Agreement shall not affect, damage or restrict the rights and interests that
the Credit Grantor shall enjoy in accordance with the law or under this Agreement, nor shall it be regarded as the permission
or recognition of the Credit Grantor for any breach of Agreement, or the Credit Grantor's waiver of the right to take actions
against the existing or future breach of Agreement.

 

Other
Terms

 

Article
45 Requirements for the Credit Grantor, Credit Applicant and Guarantor on the Notice Related to this Agreement.

 

1.
The Credit Grantor's notice or request to the Credit Applicant and Guarantor may be delivered by personal delivery, letter, media
(including the Credit Grantor's website, the same below), e-mail, short message, telephone, fax, etc. If the letter is sent by
registered mail or express delivery, it shall be deemed to have been delivered three days after it is sent; if delivered by hand,
the receipt of the recipient shall be deemed to have been served, and if the recipient refuses to accept it, it shall be deemed
to have been served on the date of rejection.

 

2.
The notice or request of the Credit Applicant and each guarantor to the Credit Grantor shall be made in writing and shall not
be deemed to have been delivered until the Credit Grantor actually signs for it.

 

3.
The address of the Credit Grantor shall be subject to the stipulations in this Agreement, and any change shall be announced in
the media. If the Credit Applicant or Guarantor is a non-natural person, the correspondence address shall be subject to the address
recorded on the legal registration certificate; if it is a natural person, the address or ID card address recorded in the information
provided by the such natural person to the Credit Grantor shall prevail; if there is any change, the Credit Grantor shall be notified
in writing.

 

Article
46 The following documents or annexes (if any) shall be an integral part of this Agreement and shall have the same legal effect.

 

1.
The specific Business Agreement, Loan Receipt, Guaranty List, Letter of Declaration, Letter of Undertaking, and so on under this
Agreement;

 

2.
Written Supplementary Agreement/Agreement reached by the parties on the matters not covered and changes in this Agreement;

 

3.
All kinds of applications and power of attorney submitted by the Credit Applicant and the Guarantor to the Credit Grantor and
confirmed and approved by the Credit Grantor.

 

Article
47 The signing, interpretation and matters not covered in this Agreement shall be governed by the laws of the People's Republic
of China. Any dispute in the performance of the Agreement shall be settled by the parties through negotiation. If the parties
fail to reach an agreement through negotiation, the dispute shall be settled in the manner agreed in Article 10 of this Agreement.
During the period that the dispute fails to be unresolved, the parties shall continue to perform other clauses stipulated in the
Agreement, except for matters in dispute.

 

    11

     

    

 	Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 

Article
48 Supplementary Provisions

 

(1)
Entry into Force and Invalidation of the Agreement

 

This
Agreement shall come into force after the personnel of each party with the right of signing have signed it (if the party concerned
is a legal person or other organization, its official seal or special seal for Agreement shall be affixed) and the guarantee procedures
agreed in Article 8 of this Agreement have been handled, and it shall be automatically invalid until the arrears under this Agreement
are paid off.

 

(2)
Agreement Modification

 

1.
If either party needs to change the terms of this Agreement, it must obtain the written consent of the other party unless otherwise
agreed in this Agreement.

 

2.
The Credit Grantor may transfer its rights under this Agreement to other parties without obtaining the consent of the Credit Applicant
or each guarantor. The Credit Grantor shall notify the Credit Applicant and each guarantor of the transfer of rights, and the
notice may be made in writing, in the form of a public announcement in the media, or in other forms. If the Credit Grantor needs
to change the guarantee registration for the transfer of rights, the Guarantor shall cooperate.

 

3.
If the Credit Applicant intends to transfer the debts under this Agreement to a third party, it shall obtain the written consent
of the Credit Grantor and Guarantor, and this Agreement shall continue to be valid until the transferee and the Credit Grantor
re-sign the Agreement.

 

(3)
The Credit Applicant and the Guarantor irrevocably authorize\ the Credit Grantor to provide their identity information, loan information
and other credit information to the People's Bank of China and other credit rating agencies approved by the government. All consequences
arising from the use of the above-mentioned information by the above-mentioned institutions for any use or purpose or from the
provision of the above-mentioned information to the outside persons shall be handled by the above-mentioned institutions through
their own negotiation and have nothing to do with the Credit Grantor.

 

(4)
If there is no definite evidence to the contrary, both the Credit Applicant and the Guarantor shall recognize the arrears, repayment
records or vouchers provided by the Credit Grantor, and shall not raise any objection for the above records and vouchers unilaterally
produced by the Credit Grantor.

 

Important
Note:

 

All
terms of this Agreement have been fully negotiated by the parties. The Credit Grantor (hereinafter referred to as "the Bank")
has drawn the other parties concerned to read all the terms and conditions and paid special attention to the terms and conditions
regarding the exemption or limitation of the Bank's responsibilities, the certain rights unilaterally possessed by the Bank, the
increase of the responsibilities of the other parties concerned or the terms limiting the rights of the other parties concerned,
and has made a full and accurate understanding of them. The Bank has made corresponding explanations on the terms of this Agreement
at the request of other parties concerned, and the parties to the Agreement have the same understanding of the terms of this Agreement.

 

Signature
and Seal Column of the Parties:

 

Credit
Grantor (Lender): Longhua Sub-branch of Shenzhen Rural Commercial Bank (Seal Affixed)

 

Legal
Representative/Person in Charge: /s/ Yachun Liu

 

Credit
Applicant (Borrower): United Time Technology Co., Ltd. (Seal Affixed)

 

Legal
Representative/Person in Charge: /s/ Minfei Bao

 

Guarantor:
/s/ Minfei Bao (Fingerprint Affixed)

 

Legal
Representative/Person in Charge:

 

Guarantor
(Mortgagor) /s/ Minfei Bao (Fingerprint Affixed)

 

Legal
Representative/Person in Charge:

 

August
1, 2018

 

Agreement
Version No.: Credit Agreement First Edition in 2016 Valid Date: July 2016 Registrant: Fujiao Hou

 

 

    12

     

    

 

List
of Mortgaged Property

 

(Confirmation
Letter of Value of Mortgaged Property)

 

Unit:
ten thousand Chinese Yuan, square meter

 

	Mortgagor	Minfei
    Bao
	Name
    of mortgaged property	Location	Area	Agreed
    value	Real
    Estate Certificate No.
	10A,
    Block A, Building 1, Shoudi Rongyu Garden,	North
    of Beiyuan Road, Overseas Chinese Town, Nanshan District	89.17	731.19	S.F.D.Z.
    No.4000573717

 

The
Mortgagee and the Mortgagor have signed the Loan Agreement or Credit Agreement (No. 001202018K00153). According to the
above Agreement, the Mortgagor agrees to provide the mortgage guarantee to the Mortgagee with the above mortgaged property for
the Borrower. The Mortgagor and the Mortgagee hereby confirm that the agreed value of the above-mentioned mortgaged property is
RMB 7.319 million.

 

	Mortgagor
                                         (official seal or signature):

         

        /s/Minfei
        Bao (Fingerprint Affixed)

         

        *
        Legal Representative/Person in Charge:

         

        (*
        Leave blank when the Mortgagor is a natural person)

         
	Mortgagee
                                         (official seal): Longhua Sub-branch of Shenzhen Rural Commercial Bank (Seal Affixed)

         

        Legal
        Representative/Person in Charge

         

        /s/Yachun
        Liu

         

        August
1, 2018 

 

 

13Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of September 9, 2020 between Global Technologies,
Ltd., a Delaware corporation and its predecessors (the “Company”), and the purchaser identified on the signature
page hereto (each, including its successors and permitted assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506(b) promulgated thereunder, the Company desires to issue and
sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the
Company as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Articles of Incorporation (as defined herein), and (b) the following
terms have the meanings set forth in this Section 1.1:

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

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

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of Florida are authorized or required by law or other governmental action to
close.

 

“Closing”
means one or more Closings of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Business Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligation to pay the Subscription Amount at such Closing,
and (ii) the Company’s obligations to deliver the Securities to be issued and sold at such Closing, in each case, have been
satisfied or waived.

 

“Closing
Form 8-K” shall have the meaning ascribed to such term in Section 4.10.

 

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

 

“Common
Stock” means the common stock of the Company, $0.0001 par value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

    	1

     

    

 

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

 

“Company
Counsel” means ________________ .

 

“Company
Financial Statements” means the Company’s financial statements contained in the SEC Documents.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Note.

 

“Conversion
Shares” means shares of the Company’s Common Stock issuable upon conversion of the Note and interest in accordance
with the terms of the Note.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disqualification
Event” shall have the meaning ascribed to such term in Section 3.1(cc).

 

“End
Date” shall mean the date no Purchaser owns any Securities.

 

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

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock and options to officers, directors, employees, or consultants
of the Company prior to and after the Closing Date, (b) securities upon the exercise or exchange of or conversion of Securities
issued hereunder (subject to adjustment for forward and reverse stock splits and the like that occur after the date hereof) and/or
other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date
of this Agreement provided that such securities and any term thereof have not been amended since the date of this Agreement to
increase the number of such securities or to decrease the issue price, exercise price, exchange price or conversion price of such
securities and which securities, and (c) securities issued or issuable pursuant to this Agreement, the Notes, the Warrants and
other Transaction Documents, or upon exercise or conversion of any such securities.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“Financial
Statements” means the financial information regarding the Company filed with the Commission prior to the date hereof.

 

“GAAP”
shall mean United States generally accepted accounting principles applied on a consistent basis.

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(w).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(d).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

    	2

     

    

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(c).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

“Money
Laundering Laws” shall have the meaning ascribed to such term in Section 3.1(y).

 

“Note”
means the convertible note, in the form of Exhibit A hereto.

 

“OFAC”
shall have the meaning ascribed to such term in Section 3.1(z).

 

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

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition, whether commenced or threatened.

 

“Regulation
D” means Regulation D under the Securities Act.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Required
Minimum” means, as of any date three (3) times the maximum aggregate number of shares of Common Stock then issued or
potentially issuable in the future pursuant to the Transaction Documents, including but not limited to any Underlying Shares issuable
upon conversion in full of the Notes and the interest that could accrue through three years after the term thereof and the Warrant
Shares issuable upon exercise of the Warrants, ignoring any conversion or exercise limits set forth therein plus such additional
amounts as requested by the Purchaser pursuant to the TA Letter.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities”
means the Notes, the Warrants, and the Underlying Shares.

 

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

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Notes and Warrants purchased hereunder
as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary”
means with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability
company, trust, estate, association, joint venture or other business entity of which (A) more than 25% of (i) the outstanding
capital stock having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or
other managing body of such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital
or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture
or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries, by such entity, or (B) is under the actual control
of the Company. Representations, undertakings and obligations set forth in this Agreement shall be applicable only to Subsidiaries
which exist or have existed at the applicable and relevant time.

 

    	3

     

    

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges: the NYSE MKT LLC, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the OTCQB, or the OTCQX (or any
successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Notes, the Warrants, all exhibits and schedules thereto and hereto, and any other
documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means the transfer agent for the Common Stock, and any successor transfer agent of the Company.

 

“Underlying
Shares” means the shares of Common Stock issued and issuable upon conversion of the Notes and payment of interest on
the Notes in accordance with the terms of the Notes and upon exercise of the Warrants in accordance with the terms of the Warrants.

 

“Unlegended
Shares” shall have the meaning ascribed to such term in Section 4.1(d).

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchaser agrees to purchase, an aggregate of up to $20,000.00 principal amount of Note as determined pursuant
to Section 2.2(a), such purchase and sale being the “Closing.” Each Purchaser shall deliver to the Company
such Purchaser’s Subscription Amount, and the Company shall deliver to each Purchaser its respective Note and Warrants,
as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section
2.2 deliverable at a Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing
shall occur at the offices of Company Counsel or such other location as the parties shall mutually agree.

 

2.2
Deliveries.

 

(a)
On or prior to the initial Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)
this Agreement duly executed by the Company with the schedules and exhibits thereto current as of each such Closing Date;

 

(ii)
a Note in the principal amount of $20,000 registered in the name of such Purchaser;

 

(iii)
intentionally left blank; and

 

    	4

     

    

 

(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount by wire transfer.

 

2.3
Closing Conditions.

 

(a)
The obligations of the Company hereunder to effect a Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (determined without regard to any materiality, Material Adverse Effect or other similar
qualifiers therein) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of
a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The respective obligations of a Purchaser hereunder to effect the Closing, unless waived by such Purchaser, are subject to the
following conditions being met:

 

(i)
the accuracy in all material respects (determined without regard to any materiality, Material Adverse Effect or other similar
qualifiers therein) on the Closing Date of the representations and warranties of the Company contained herein (unless as of a
specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)
the Purchaser shall have received executed signature pages to this Agreement with respect to the Subscription Amounts for which
such Closing is to occur;

 

(iv)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(v)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(vi)
from the date hereof to the Closing Date, trading in securities in the United States generally as reported by Bloomberg L.P. shall
not have been suspended or limited, nor shall a banking moratorium have been declared either by the United States or New York
State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

    	5

     

    

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules or the reports filed by
the Company under the Securities Exchange Act of 1934, as amended (the “1934 Act”) with the Securities and Exchange
Commission in the two years preceding the date hereof (the “SEC Documents”), the Company represents and warrants to
each Purchaser as of the date hereof and the Closing Date unless as of a specific date therein in which case they shall be accurate
as of such date:

 

(a)
Subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary
free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company
has no Subsidiaries relevant to any component of this Agreement as of a particular date, then such reference shall not be applicable.

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business,
prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction
Document, or (iv) the occurrence of a Disqualification Event (any of (i), (ii), (iii) or (iv), a “Material Adverse Effect”)
and, no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or
curtail such power and authority or qualification.

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders
and creditors in connection herewith or therewith other than in connection with the Required Approvals except those filings requires
to be made with the Commission and state agencies after the Closing Date. This Agreement and each other Transaction Document to
which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligations of the Company enforceable against the Company
in accordance with their terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

    	6

     

    

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents,
the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which
it is a party do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) conflict with or
result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company or a Subsidiary is bound or affected.

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the filing of Form D with the Commission, and (ii) such filings as are required to be made under applicable state securities
laws (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens other than those
created by the Purchaser. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for
issuance of the Underlying Shares at least equal the Required Minimum on the date hereof. In order to ensure such reservation
the Company shall have its Transfer Agent countersign the TA Letter, at the Closing. The failure to comply with the terms of this
section shall be a material breach of the agreement.

 

(g)
Capitalization. As of the date hereof, the authorized capital stock of the Company consists of: (i) 14,991,000,000 shares
of Common Stock, of which approximately 12,189,293,609 shares are issued and outstanding; and (ii) 5,000,000 shares of preferred
stock, of which 13 are issued and outstanding. Except as disclosed in the SEC Documents, no shares are reserved for issuance pursuant
to the Company’s stock option plans, no shares are reserved for issuance pursuant to securities (other than the Note and
any other convertible promissory note issued to the Buyer) exercisable for, or convertible into or exchangeable for shares of
Common Stock. All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued,
fully paid and non-assessable. No shares of capital stock of the Company are subject to preemptive rights or any other similar
rights of the shareholders of the Company or any liens or encumbrances imposed through the actions or failure to act of the Company.
Except as disclosed in the SEC Documents, as of the effective date of this Agreement, (i) there are no outstanding options, warrants,
scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments
or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of
capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or
may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities
under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the
Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of the Note or the Conversion
Shares.

 

    	7

     

    

 

(h)
Financial Statements. The Financial Statements have been prepared in accordance with GAAP. The Financial Statements fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject to normal, immaterial adjustments and
inclusion of footnotes which would be required pursuant to generally accepted accounting principles.

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the most recently dated Financial
Statements: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result
in a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other than
trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
and (v) the Company has not issued any equity securities to any officer, director or Affiliate.

 

(j)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities or (ii) could have or reasonably be expected to result in a Material Adverse
Effect. At no time, neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of
any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the
Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any
stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under
the Exchange Act or the Securities Act.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company
and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    	8

     

    

 

(m)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as presently
conducted, and as contemplated to be conducted, except where the failure to possess such permits could not reasonably be expected
to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has
received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(n)
Title to Assets. The Company and the Subsidiaries have good and marketable title in all personal property owned by them
that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i)
Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to
be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes,
for which appropriate reserves have been made and, the payment of which is neither delinquent nor subject to penalties. The Company
and Subsidiaries do not own any real property. Any real property and facilities held under lease by the Company and the Subsidiaries
are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

(o)
Intellectual Property.

 

(i)
The term “Intellectual Property Rights” includes:

 

1.
the name of the Company and each Subsidiary, all fictional business names, trading names, registered and unregistered trademarks,
service marks, and applications of the Company and each Subsidiary (collectively, “Marks”);

 

2.
all patents, patent applications, and inventions and discoveries that may be patentable of the Company and each Subsidiary (collectively,
“Patents”);

 

3.
all copyrights in both unpublished works and published works of the Company and each Subsidiary (collectively, “Copyrights”);

 

4.
all rights in mask works of the Company and each Subsidiary (collectively, “Rights in Mask Works”);

 

5.
all know-how, trade secrets, confidential information, customer lists, software, technical information, data, process technology,
plans, drawings, and blue prints (collectively, “Trade Secrets”); owned, used, or licensed by the Company
and each Subsidiary as licensee or licensor; and

 

6.
the license or right to directly or indirectly use any of the foregoing, whether perpetually or for a fixed term, whether or not
subject to defeasement, and whether or not reduced to writing or otherwise memorialized.

 

    	9

     

    

 

(ii)
Know-How Necessary for the Business. The Intellectual Property Rights are all those necessary for the operation of the
Company’s businesses as it is currently conducted or contemplated to be conducted. The Company is the owner of all right,
title, and interest in and to each of the Intellectual Property Rights, free and clear of all liens, security interests, charges,
encumbrances, equities, and other adverse claims, and has the right to use all of the Intellectual Property Rights. To the Company’s
knowledge, no employee of the Company has entered into any contract that restricts or limits in any way the scope or type of work
in which the employee may be engaged or requires the employee to transfer, assign, or disclose information concerning his work
to anyone other than of the Company.

 

(iii)
Patents. The Company is the owner of or licensee of all right, title and interest in and to each of the Patents, free and
clear of all Liens and other adverse claims. All of the issued Patents are currently in compliance with formal legal requirements
(including payment of filing, examination, and maintenance fees and proofs of working or use), are valid and enforceable, and
are not subject to any maintenance fees or taxes or actions falling due within ninety days after the Closing Date. No Patent has
been or is now involved in any interference, reissue, reexamination, or opposition proceeding. To the Company’s knowledge:
(1) there is no potentially interfering patent or patent application of any third party, and (2) no Patent is infringed or has
been challenged or threatened in any way. To the Company’s knowledge, none of the products manufactured and sold, nor any
process or know-how used, by the Company infringes or is alleged to infringe any patent or other proprietary right of any other
Person.

 

(iv)
Trademarks. The Company is the owner of all right, title, and interest in and to each of the Marks, free and clear of all
Liens and other adverse claims. All Marks that have been registered with the United States Patent and Trademark Office are currently
in compliance with all formal legal requirements (including the timely post-registration filing of affidavits of use and incontestability
and renewal applications), are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling
due within ninety days after the Closing Date. No Mark has been or is now involved in any opposition, invalidation, or cancellation
and, to the Company’s knowledge, no such action is threatened with respect to any of the Marks. To the Company’s knowledge:
(1) there is no potentially interfering trademark or trademark application of any third party, and (2) no Mark is infringed or
has been challenged or threatened in any way. To the Company’s knowledge, none of the Marks used by the Company infringes
or is alleged to infringe any trade name, trademark, or service mark of any third party.

 

(v)
Copyrights. The Company is the owner of all right, title, and interest in and to each of the Copyrights, free and clear
of all Liens and other adverse claims. All the Copyrights have been registered and are currently in compliance with formal requirements,
are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after
the date of the Closing. No Copyright is infringed or, to the Company’s knowledge, has been challenged or threatened in
any way. To the Company’s knowledge, none of the subject matter of any of the Copyrights infringes or is alleged to infringe
any copyright of any third party or is a derivative work based on the work of a third party. All works encompassed by the Copyrights
have been marked with the proper copyright notice.

 

(vi)
Trade Secrets. With respect to each Trade Secret, the documentation relating to such Trade Secret is current, accurate,
and sufficient in detail and content to identify and explain it and to allow its full and proper use without reliance on the knowledge
or memory of any individual. The Company has taken all reasonable precautions to protect the secrecy, confidentiality, and value
of its Trade Secrets. The Company has good title and an absolute (but not necessarily exclusive) right to use the Trade Secrets.
The Trade Secrets are not part of the public knowledge or literature, and, to the Company’s knowledge, have not been used,
divulged, or appropriated either for the benefit of any Person (other the Company) or to the detriment of the Company. No Trade
Secret is subject to any adverse claim or has been challenged or threatened in any way.

 

    	10

     

    

 

(p)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost. The Company has valid and subsisting insurance in compliance with all applicable
legal requirements.

 

(q)
Transactions With Affiliates and Employees. Except as set forth in the Financial Statements and Transaction Documents,
none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees
of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or
lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of
the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee, stockholder, member or partner.

 

(r)
Certain Fees. No brokerage, finder’s fees, commissions or due diligence fees are or will be payable by the Company
or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person
with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect
to any such fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section
3.1(r) that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(s)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended. The Company is not aware of any person that has
been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Regulation
D Securities.

 

(t)
Application of Takeover Protections. As of the Closing Date, the Company will have taken all necessary action, if any,
in order to render inapplicable as of the Closing Date and thereafter any control share acquisition, business combinations, poison
pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s
certificate of incorporation (or similar charter documents) or the laws of the State of Florida that is or could become applicable
to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under
the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the
Purchasers’ ownership of the Securities.

 

(u)
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and
its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to
this Agreement, when taken together as a whole, is true and correct in all material respects and does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 3.2.

 

    	11

     

    

 

(v)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of
the Company or of any Subsidiary know of no basis for any such claim.

 

(w)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material
respect any provision of FCPA.

 

(x)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the
transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities.
The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other
Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company
and its representatives.

 

(y)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (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 or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company or any Subsidiary, threatened.

 

(z)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate 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”).

 

    	12

     

    

 

(aa)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers
as contemplated hereby.

 

(bb)
No General Solicitation or Integration. To the best knowledge of the Company, neither the Company nor any person acting
on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising.
To the best knowledge of the Company, the Company has offered the Securities for sale only to the Purchasers and certain other
“accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(cc)
No Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered
Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine
whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable,
with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.
The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any
Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any
Issuer Covered Person.

 

(dd)
Reporting Company/Shell Company. The Company is a publicly-held company subject to reporting obligations pursuant to Sections
12(g) and 13 of the Exchange Act. As of the Closing Date, the Company is not a “shell company” as that term is employed
in Rule 144 under the Securities Act. The Company is a former shell company but has met each of the requirements under Rule 144(i)(2).

 

(ee)
Survival. The foregoing representations and warranties shall survive the Closing Date.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against
it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
to the extent the indemnification provisions contained in this Agreement may be limited by applicable law.

 

    	13

     

    

 

(b)
Understandings or Arrangements. Such Purchaser understands that the Securities are “restricted securities”
and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as
principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation
of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities
in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any
applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities
pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser
is acquiring the Securities hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it converts a Note or exercises any Warrants, it will be either: (i) an “accredited investor” as
defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act. Such Purchaser is not required to be registered as a broker-dealer
under Section 15 of the Exchange Act. Such Purchaser has the authority and is duly and legally qualified to purchase and own the
Securities. Such Purchaser is able to bear the risk of such investment for an indefinite period and to afford a complete loss
thereof.

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
Information on Company. Purchasers are not deemed to have any knowledge of any information not included in the Financial
Statements or the Transaction Documents unless such information is delivered in the manner described in the next sentence. Each
Purchaser was afforded (i) the opportunity to ask such questions as such Purchaser deemed necessary of, and to receive answers
from, representatives of the Company concerning the merits and risks of acquiring the Securities; (ii) the right of access to
information about the Company and its financial condition, results of operations, business, properties, management and prospects
sufficient to enable such Purchaser to evaluate the Securities; and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment
decision with respect to acquiring the Securities. In addition, such Purchaser may have received in writing from the Company such
other information concerning its operations, financial condition and other matters as such Purchaser has requested, identified
thereon as OTHER WRITTEN INFORMATION (such other information is collectively, the “Other Written Information”),
and considered all factors such Purchaser deems material in deciding on the advisability of investing in the Securities.

 

(f)
Compliance with Securities Act; Reliance on Exemptions. Such Purchaser understands and agrees that the Securities have
not been registered under the 1933 Act or any applicable state securities laws, by reason of their issuance in a transaction that
does not require registration under the 1933 Act, and that such Securities must be held indefinitely unless a subsequent disposition
is registered under the 1933 Act or any applicable state securities laws or is exempt from such registration. Such Purchaser understands
and agrees that the Securities are being offered and sold to such Purchaser in reliance on specific exemptions from the registration
requirements of United States federal and state securities laws and regulations and that the Company is relying in part upon the
truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of such Purchaser to acquire the Securities.

 

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(g)
Communication of Offer. Such Purchaser is not purchasing the Securities as a result of any “general solicitation”
or “general advertising,” as such terms are defined in Regulation D, which includes, but is not limited to, any advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or on the
internet or broadcast over television, radio or the internet or presented at any seminar or any other general solicitation or
general advertisement.

 

(h)
No Governmental Review. Such Purchaser understands that no United States federal or state agency or any other governmental
or state agency has passed on or made recommendations or endorsement of the Securities or the suitability of the investment in
the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(i)
No Conflicts. The execution, delivery and performance of this Agreement and performance under the other Transaction Documents
and the consummation by such Purchaser of the transactions contemplated hereby and thereby or relating hereto or thereto do not
and will not (i) result in a violation of such Purchaser’s charter documents, bylaws or other organizational documents,
if applicable, (ii) conflict with nor constitute a default (or an event which with notice or lapse of time or both would become
a default) under any agreement to which such Purchaser is a party, nor (iii) result in a violation of any law, rule, or regulation,
or any order, judgment or decree of any court or governmental agency applicable to such Purchaser or its properties (except for
such conflicts, defaults and violations as would not, individually or in the aggregate, have a material adverse effect on such
Purchaser). Such Purchaser is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement
or perform under the other Transaction Documents nor to purchase the Securities in accordance with the terms hereof, provided
that for purposes of the representation made in this sentence, such Purchaser is assuming and relying upon the accuracy of the
relevant representations and agreements of the Company herein.

 

(j)
Survival. The foregoing representations and warranties shall survive the Closing Date for 30 days.

 

3.3
Reliance. The Company acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend
or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement
or any representations and warranties contained in any other Transaction Document or any other document or instrument executed
and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
Disposition of Securities. The Securities may only be disposed of in compliance with state and federal securities laws.
In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the
transferor thereof to provide to the Company at the Company’s expense, an opinion of counsel selected by the transferor
and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition
of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and
obligations of a Purchaser under the Transaction Documents and registration statement, if any.

 

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(b)
Legend. The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities
in the following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(c)
Pledge. The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin
agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution
that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by
the provisions of this Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledge or secure
Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no
legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. At such Purchaser’s
expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant
to the registration statement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the
Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling stockholders thereunder.

 

(d)
Legend Removal. Certificates evidencing the Underlying Shares shall not contain any legend (“Unlegended Shares”)
(including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such security
is effective under the Securities Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144, (iii) if such Underlying
Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public
information required under Rule 144 as to such Underlying Shares and without volume or manner-of-sale restrictions or (iv) if
such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent during
the time any of the aforedescribed conditions apply, to effect the removal of the legend hereunder. If all or any Notes are converted
or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the resale of the
corresponding Underlying Shares, or if such Underlying Shares may be sold under Rule 144 or if such legend is not otherwise required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff
of the Commission) then such Underlying Shares shall be issued free of all legends. The Company agrees that following such time
as such legend is no longer required under this Section 4.1(d), it will, no later than five Trading Days following the delivery
by the Purchaser to the Company or the Transfer Agent of a certificate representing Underlying Shares, as applicable, issued with
a restrictive legend (such fifth Trading Day, the “Legend Removal Date”), deliver or cause to be delivered
to such Purchaser a certificate representing such shares that is free from all restrictive and other legends (however, the Corporation
shall use reasonable best efforts to deliver such shares within three (3) Trading Days). The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section
4.1. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the
Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed
by such Purchaser.

 

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(e)
Legend Removal Default. In addition to such Purchaser’s other available remedies, provided the conditions for legend
removal set forth in Section 4.1(c) exist, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not
as a penalty, for each $1,000 of Underlying Shares (based on the higher of the actual purchase price of the Common Stock on the
date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section
4.1(d), $10 per Trading Day for each Trading Day after the Legend Removal Date until such certificate is delivered without a legend.
Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Company’s failure to deliver certificates
representing any Securities as required by the Transaction Documents, and such Purchaser shall have the right to pursue all remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

(f)
DWAC. Commencing after the Closing, in lieu of delivering physical certificates representing the Unlegended Shares, upon
request of a Purchaser, so long as the certificates therefor do not bear a legend and the Purchaser is not obligated to return
such certificate for the placement of a legend thereon, the Company shall cause its transfer agent to electronically transmit
the Unlegended Shares by crediting the account of Purchaser’s prime broker with the Depository Trust Company through its
Deposit Withdrawal At Custodian system, provided that the Company’s Common Stock is DTC eligible and the Company’s
transfer agent participates in the Deposit Withdrawal at Custodian system. Such delivery must be made on or before the Legend
Removal Date.

 

(g)
Resale Requirements. Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that
such Purchaser will sell the Securities pursuant to either the registration requirements of the Securities Act, including any
applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration
statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal
of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company’s
reliance upon this understanding.

 

(h)
Remedies. In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash,
as partial liquidated damages and not as a penalty, for each $1,000 of Conversion Shares or Warrant Shares delivered for removal
of the restrictive legend and Conversion Shares delivered for conversion into Shares, $10 per Trading Day for each Trading Day
following the Legend Removal Date or the date such Securities are to be delivered pursuant to the Note until such Common Stock
certificate is delivered without a legend pursuant to Section 4.1(c) or such Conversion Shares. Nothing herein shall limit such
Purchaser’s right to elect in lieu of the aforedescribed liquidated damages to pursue actual damages for the Company’s
failure to deliver certificates representing any Underlying Shares as required by the Transaction Documents, and such Purchaser
shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief.

 

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(i)
Injunction. In the event a Purchaser shall request delivery of Securities as described in this Section 4.1 or Common Stock
pursuant to the Note and the Company is required to deliver such Securities, the Company may not refuse to deliver Securities
based on any claim that such Purchaser or anyone associated or affiliated with such Purchaser has not complied with Purchaser’s
obligations under the Transaction Documents, or for any other reason, unless, an injunction or temporary restraining order from
a court, on notice, restraining and or enjoining delivery of such unlegended shares shall have been sought and obtained by the
Company and the Company has posted a surety bond for the benefit of such Purchaser in the amount of 120% of the amount of the
aggregate purchase price of the Securities intended to be subject to the injunction or temporary restraining order, which bond
shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable
to such Purchaser to the extent Purchaser obtains judgment in Purchaser’s favor.

 

(j)
Buy-In. In addition to any other rights available to Purchaser, if the Company fails to deliver to a Purchaser Securities
as required pursuant to this Agreement or the Note and after the Legend Removal Date or required delivery date pursuant to the
Note the Purchaser, or a broker on the Purchaser’s behalf, purchases (in an open market transaction or otherwise) shares
of Common Stock to deliver in satisfaction of a sale by such Purchaser of the shares of Common Stock which the Purchaser was entitled
to receive in unlegended form from the Company (a “Buy-In”), then the Company shall promptly pay in cash to
the Purchaser (in addition to any remedies available to or elected by the Purchaser) the amount, if any, by which (A) the Purchaser’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate
purchase price of the shares of Common Stock delivered to the Company for reissuance as unlegended Shares or as are required to
be delivered pursuant to the Note, as the case may be, together with interest thereon at a rate of 15% per annum accruing until
such amount and any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a penalty).
For example, if a Purchaser purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect
to $10,000 of purchase price of Shares delivered to the Company for reissuance as unlegended shares, the Company shall be required
to pay the Purchaser $1,000, plus interest, if any. The Purchaser shall provide the Company written notice indicating the amounts
payable to the Purchaser in respect of the Buy-In.

 

4.2
Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges
that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares
pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay
or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless
of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

 

4.3
Furnishing of Information.

 

(a)
At any time commencing on the Closing Date and ending at the earliest of the time that no Purchaser owns Securities, the Company
covenants to file all periodic reports with the Commission pursuant to Section 15(d) of the Exchange Act and under Section 12(b)
or 12(g) of the 1934 Act, maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to
timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements
of the Exchange Act.

 

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(b)
At any time commencing on the Closing Date and ending at such time that all of the Securities may be sold without the requirement
for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144,
if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a “Public
Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser,
in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell
the Securities, an amount in cash equal to two percent (2.0%) of the aggregate principal amount of Notes and accrued interest
held by such Purchaser on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for periods totaling
less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time
that such public information is no longer required for the Purchasers to transfer the Underlying Shares pursuant to Rule 144.
The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information
Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar
month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event
or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information
Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month
(prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages
for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.4
Conversion and Exercise Procedures. Each of the form of Notice of Conversion attached to the Note and form of Notice of
Exercise included in the Warrant sets forth the totality of the procedures required of the Purchasers in order to convert the
Note or exercise the Warrant. No additional legal opinion, other information or instructions shall be required of the Purchasers
to convert their Note or exercise their Warrant. The Company shall honor conversions of the Note and exercises of the Warrants
and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.5
Reservation and Listing of Securities.

 

(a)
The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction
Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents, but not less
than the Required Minimum.

 

(b)
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required
Minimum on such date, then the Board of Directors shall amend the Company’s certificate or articles of incorporation to
increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time, as soon as
possible and in any event not later than the 60th day after such date. In the event of a shortfall in the Required
Minimum, any shares reserved for issuance to the Company’s officers and directors (not including Purchasers, if applicable)
will be made available for issuance to the Purchasers.

 

4.6
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless
the same or substantially similar consideration is also offered, mutatis mutandis, on a ratable basis to all of the parties
to this Agreement. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company
and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not
in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting
of Securities or otherwise.

 

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4.7
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in
a manner that would require the registration under the Securities Act of the sale or resale of the Securities.

 

4.8
Reimbursement. If any Purchaser becomes involved in any capacity in any Proceeding by or against any Person who is a stockholder
of the Company (except as a result of sales, pledges, margin sales and similar transactions by such Purchaser to or with any current
stockholder), solely as a result of such Purchaser’s acquisition of the Securities under this Agreement, the Company will
reimburse such Purchaser for its reasonable legal and other expenses (including the cost of any investigation preparation and
travel in connection therewith) incurred in connection therewith, as such expenses are incurred. The reimbursement obligations
of the Company under this paragraph shall be in addition to any liability which the Company may otherwise have, shall extend upon
the same terms and conditions to any Affiliates of the Purchasers who are actually named in such action, proceeding or investigation,
and partners, directors, agents, employees and controlling persons (if any), as the case may be, of the Purchasers and any such
Affiliate, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of
the Company, the Purchasers and any such Affiliate and any such Person. The Company also agrees that neither the Purchasers nor
any such Affiliates, partners, directors, agents, employees or controlling persons shall have any liability to the Company or
any Person asserting claims on behalf of or in right of the Company solely as a result of acquiring the Securities under this
Agreement.

 

4.9
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf, will provide
any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information,
unless prior thereto such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.

 

4.10
Securities Laws Disclosure; Publicity. The Company shall by 9:00 a.m. (New York City time) on day following the Closing
Date, file a Current Report on Form 8-K including the Transaction Documents as exhibits thereto (the “Closing Form 8-K”
mutatis mutandem) or include the Transaction Documents within a Registration Statement on Form S-1.

 

4.11
Par Value. In the event the Conversion Price of the Notes is reduced below the par value of the common stock, the Company
shall within 30 days thereafter, reduce the par value of its common stock so that the Conversion Price shall be greater than the
par value of the Common Stock.

 

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4.12
Indemnification of Purchasers. Subject to the provisions of this Section 4.6, the Company will indemnify and hold each Purchaser
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the
Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants
under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or
any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes
fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect
of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing,
and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after
a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion
of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party,
in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of its representations,
warranties or covenants under the Transaction Documents. The indemnification required by this Section 4.6 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.
The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party
against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

4.13
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall
reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers
at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide
evidence of such actions promptly upon request of any Purchaser.

 

4.14
Most Favored Nation Provision. From the date hereof and for so long as a Purchaser holds any Securities, in the event that
the Company issues or sells any Common Stock or Common Stock Equivalents, if a Purchaser then holding outstanding Securities reasonably
believes that any of the terms and conditions appurtenant to such issuance or sale are more favorable to such investors than are
the terms and conditions granted to the Purchasers hereunder, upon notice to the Company by such Purchaser, the Company shall
amend the terms of this transaction as to such Purchaser only so as to give such Purchaser the benefit of such more favorable
terms or conditions. This Section shall not apply with respect to an Exempt Issuance. The Company shall provide each Purchaser
with notice of any such issuance or sale not later than ten (10) Trading Days before such issuance or sale.

 

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4.15
Preservation of Corporate Existence. Until the End Date, the Company shall preserve and maintain its corporate existence,
rights, privileges and franchises in the jurisdiction of its incorporation, and qualify and remain qualified, as a foreign corporation
in each jurisdiction in which such qualification is necessary in view of its business or operations and where the failure to qualify
or remain qualified might reasonably have a Material Adverse Effect upon the financial condition, business or operations of the
Company taken as a whole.

 

4.16
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents.

 

4.17
Piggy-Back Registrations. If at any time until two years after the Closing Date there is not an effective registration
statement covering all of the Conversion Shares and the Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities,
but excluding Forms S-4 or S-8 and similar forms which do not permit such registration, then the Company shall send to each holder
of any of the Securities written notice of such determination and, if within fifteen calendar days after receipt of such notice,
any such holder shall so request in writing, the Company shall include in such registration statement all or any part of the Conversion
Shares such holder requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration
rights and any cutbacks in accordance with guidance provided by the Securities and Exchange Commission (including, but not limited
to, Rule 415). The obligations of the Company under this Section may be waived by any holder of any of the Securities entitled
to registration rights under this Section. The holders whose Conversion Shares are included or required to be included in such
registration statement are granted the same rights, benefits, liquidated or other damages and indemnification granted to other
holders of securities included in such registration statement. Notwithstanding anything to the contrary herein, the registration
rights granted hereunder to the holders of Securities shall not be applicable for such times as such Conversion Shares may be
sold by the holder thereof without restriction pursuant to Section 144(b)(1) of the 1933 Act. In no event shall the liability
of any holder of Securities or permitted successor in connection with any Conversion Shares included in any such registration
statement be greater in amount than the dollar amount of the net proceeds actually received by such Subscriber upon the sale of
the Conversion Shares sold pursuant to such registration or such lesser amount in proportion to all other holders of Securities
included in such registration statement. All expenses incurred by the Company in complying with this Section, including, without
limitation, all registration and filing fees, printing expenses (if required), fees and disbursements of counsel and independent
public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying
with state securities or “blue sky” laws, fees of the NASD, transfer taxes, and fees of transfer agents and registrars,
are called “Registration Expenses.” All underwriting discounts and selling commissions applicable to the sale of registrable
securities are called “Selling Expenses.” The Company will pay all Registration Expenses in connection with the registration
statement under this Section. Selling Expenses in connection with each registration statement under this Section shall be borne
by the holder and will be apportioned among such holders in proportion to the number of Shares included therein for a holder relative
to all the Securities included therein for all selling holders, or as all holders may agree.

 

    	22

     

    

 

4.18
Subsequent Equity Sales. From the date hereof until the Notes are no longer outstanding, the Company will not, without
the consent of the Purchasers, enter into any Equity Line of Credit or similar agreement nor issue nor agree to issue any common
stock at a per share price less than the then in effect Conversion Price, floating or Variable Priced Equity Linked Instruments
nor any of the foregoing or equity with price reset rights (subject to adjustment for stock splits, distributions, dividends,
recapitalizations and the like) (collectively, the “Variable Rate Transaction”). For purposes hereof, “Equity
Line of Credit” shall include any transaction involving a written agreement between the Company and an investor or underwriter
whereby the Company has the right to “put” its securities to the investor or underwriter over an agreed period of
time and at an agreed price or price formula, and “Variable Priced Equity Linked Instruments” shall include: (A) any
debt or equity securities which are convertible into, exercisable or exchangeable for, or carry the right to receive additional
shares of Common Stock either (1) at any conversion, exercise or exchange rate or other price that is based upon and/or varies
with the trading prices of or quotations for Common Stock at any time after the initial issuance of such debt or equity security,
or (2) with a fixed conversion, exercise or exchange price that is subject to being reset at some future date at any time after
the initial issuance of such debt or equity security due to a change in the market price of the Company’s Common Stock since
date of initial issuance, and (B) any amortizing convertible security which amortizes prior to its maturity date, where the Company
is required or has the option to (or any investor in such transaction has the option to require the Company to) make such amortization
payments in shares of Common Stock which are valued at a price that is based upon and/or varies with the trading prices of or
quotations for Common Stock at any time after the initial issuance of such debt or equity security (whether or not such payments
in stock are subject to certain equity conditions). For purposes of determining the total consideration for a convertible instrument
(including a right to purchase equity of the Company) issued, subject to an original issue or similar discount or which principal
amount is directly or indirectly increased after issuance, the consideration will be deemed to be the actual net cash amount received
by the Company in consideration of the original issuance of such convertible instrument. Until thirty-six (36) months after the
Closing Date, the Company will not issue any Common Stock or Common Stock Equivalents to officers, directors, employees, consultants
and service providers of the Company except consistent with past practices. For so long as the Notes are outstanding, the Company
will not amend the terms of any securities or Common Stock Equivalents or of any agreement outstanding or in effect as of the
date of this Agreement or at any time thereafter, pursuant to which same were or may be acquired, if such issuance or the result
of such amendment would be at an effective price per share of Common Stock less than the Conversion Price in effect at the time
of such amendment.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before September 15, 2020; provided, however, that such termination
will not affect the right of any party to sue for any breach by any other party or parties.

 

5.2
Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection
with the delivery of any Securities to the Purchasers. The Company agrees to pay counsel to the Purchasers the amount of $1,000
(“Legal Fees”), incurred in connection with the preparation, execution and delivery of the Transaction Documents and
Closing.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

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5.4
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be: (i) if to the Company, to: Global Technologies, Ltd., 501 1st
Ave N., Suite 901, St. Petersburg, FL 33701, email: info@globaltechnologiesltd.info; and (ii) if to the Purchasers, to:
the addresses and fax numbers indicated on the signature page hereto.

 

5.5
Amendments; Waivers. No provision of this Agreement nor any other Transaction Document may be waived, modified, supplemented
or amended nor consent obtained or approval deemed granted except in a written instrument signed, in the case of an amendment,
by the Company and the Purchasers or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement nor any other Transaction
Document shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement thereof, nor shall any delay or omission of any party to exercise any right thereunder in
any manner impair the exercise of any such right. Any Purchaser may waive in writing any right or benefit granted to or available
to such Purchaser pursuant to the Transaction Documents.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Following the Closing, any Purchaser may assign any or all of its rights under
this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees
in writing to be bound with respect to the transferred Securities by the provisions of the Transaction Documents that apply to
the “Purchasers” and is able to make each and every representation made by Purchasers in this Agreement.

 

5.8
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.10.

 

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5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be
governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective
Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting
in the City of St. Petersburg, County of Pinellas (the “Florida Courts”). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the Florida Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), 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 such Florida Courts, or such Florida Courts are improper or inconvenient venue for such
proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of
this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

5.10
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of any Transaction Document is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may, at any time prior to the Company’s performance of such obligations, rescind or withdraw, in its sole
discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without
prejudice to its future actions and rights; provided, however, that in the case of a rescission of a conversion
of a Note or exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to
any such rescinded conversion or exercise notice concurrently with the return to such Purchaser of the aggregate exercise price
paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such
Purchaser’s Note or Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

    	25

     

    

 

5.14
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate. The Company’s obligations to pay any partial liquidated
damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate
until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security
pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by any Purchaser in
order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in
any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents
for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum
Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of
them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction
Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to
the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof,
the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from
the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever,
interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction
Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded
to the Company, the manner of handling such excess to be at such Purchaser’s election.

 

5.18
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

    	26

     

    

 

5.19
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be
subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the Common Stock that occur after the date of this Agreement.

 

5.20
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

5.21
Equitable Adjustment. The Conversion Price trading volume amounts, price/volume amounts and similar figures in the Transaction
Documents shall be equitably adjusted (but without duplication) to offset the effect of stock splits, similar events and as otherwise
described in the Transaction Documents.

 

(Signature
Pages Follow)

 

    	27

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	GLOBAL
    TECHNOLOGIES, LTD.	 
	 	 
	By:	/s/
    Jimmy Wayne Anderson	 
	Name:
    	Jimmy
    Wayne Anderson	 
	Title:	CEO	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	28

     

    

 

[PURCHASER
SIGNATURE PAGE TO GLOBAL TECHNOLOGIES, LTD.

SECURITIES
PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Graphene Holdings, LLC                                                                                         

 

Signature
of Authorized Signatory of Purchaser: ______________________________________________

 

Name
of Authorized Signatory: Brain Mc Fadden

 

Title
of Authorized Signatory: Managing Member

 

Email
Address of Authorized Signatory: bmcfadden@maccapitalltd.com

 

Facsimile
Number of Authorized Signatory: ___________________________________

 

Address
for Notice to Purchaser:

 

1901
Thomes Ave, Cheyenne, WY 82001

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

______________________________________________________________________________

 

______________________________________________________________________________

 

______________________________________________________________________________

 

Subscription
Amount: $20,000.00

 

Note
Principal: $20,000.00

 

EIN
Number, if applicable, will be provided under separate cover.

 

    	29

     

    

 

EXHIBIT
A

 

Form
of Note

 

    	30

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