Document:

Exhibit 10.1

 

PURCHASE AGREEMENT

 

PURCHASE AGREEMENT
(the “Agreement”), dated as of November 17th, 2022, by and between SUNHYDROGEN, INC., a Nevada corporation
(the “Company”), and GHS Investments, LLC, a Nevada limited liability company (the “Investor”).

 

WHEREAS:

 

Subject to the terms
and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company,
up to Forty-five Million Dollars ($45,000,000) of the Company’s registered common stock, $0.001 par value per share (the “Common
Stock”). The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares.”

 

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 the Investor hereby agree as follows:

 

 1. CERTAIN DEFINITIONS.

 

For purposes of this Agreement, the following terms shall
have the following meanings:

 

(a) “Available
Amount” means, initially, Forty Five Million Dollars ($45,000,000) in the aggregate, which amount shall be reduced by the Purchase
Amount each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof.

 

 (b) “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(c) “Base
Prospectus” means the Company’s final base prospectus, dated February 3, 2021, a preliminary form of which is included
in the Registration Statement, including the documents incorporated by reference therein.

 

(d)
“Business Day” means any day on which the Principal Market is open for trading, including any day on which the Principal
Market is open for trading for a period of time less than the customary time.

 

(e) “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(f)
“DTC” means The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

(g)
“DWAC Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified
Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program
hereafter adopted by DTC performing substantially the same function.

 

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

 

     

    

    

 

(i)
“Initial Prospectus Supplement” means the prospectus supplement of the Company relating to the Purchase Shares, including
the accompanying Base Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities
Act and in accordance with Section 5(a) hereof, together with all documents and information incorporated therein by reference.

 

(j)
“Material Adverse Effect” means any material adverse effect on (i) the enforceability of any Transaction Document,
(ii) the results of operations, assets, business or financial condition of the Company, other than any material adverse effect that resulted
exclusively from (A) any change in the United States or foreign economies or securities or financial markets in general that does not
have a disproportionate effect on the Company taken as a whole, (B) any change that generally affects the industry in which the Company
operates that does not have a disproportionate effect on the Company, (C) any change arising in connection with earthquakes, hostilities,
acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war,
sabotage or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor, its affiliates or its
or their successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect of any change in applicable
laws or accounting rules that does not have a disproportionate effect on the Company, or (F) any change resulting from compliance with
terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date of
determination.

 

(k)
“Maturity Date” means the fourteen-month anniversary of the date of this Agreement or January 17, 2024.

 

(l)
“Person” means an individual or entity including but not limited to any limited liability company, partnership, a
joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

(m)
“Principal Market” means the OTC Pink (or any nationally recognized successor thereto); provided, however, that in
the event the Company’s Common Stock is ever listed or traded on The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq
Global Select Market, the New York Stock Exchange, the NYSE American, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or
any nationally recognized successor to any of the foregoing), then the “Principal Market” shall mean such other market or
exchange on which the Company’s Common Stock is then listed or traded

 

(n)
“Prospectus” means the Base Prospectus, as supplemented from time to time by any Prospectus Supplement (including
the Initial Prospectus Supplement), including the documents and information incorporated by reference therein.

 

(o)
“Prospectus Supplement” means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement)
filed with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this Agreement,
including the documents and information incorporated by reference therein.

 

(p)
“Purchase Amount” means, with respect to any Purchase, the portion of the Available Amount to be purchased by the
Investor pursuant to Section 2 hereof.

 

(q)
“Purchase Date” means, with respect to a Purchase made pursuant to Section 2(a) hereof, the Business Day on
which the Investor receives a valid Purchase Notice in accordance with this Agreement.

 

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(r) “Purchase
Notice” means, with respect to a Purchase pursuant to Section 2(a) hereof, an irrevocable written notice from the Company
to the Investor, substantially in the form of Exhibit A hereto, directing the Investor to buy a specified amount of Purchase Shares
(subject to the Purchase Share limitations contained in Section 2(a) hereof) at the applicable Purchase Price for such Purchase in
accordance with this Agreement. Purchase Notices shall be delivered between 4PM through 11:59PM (Eastern Time). If the Investor
determines that the Purchase Notice is not compliant according to the terms of this Agreement, then the Investor shall notify the
Company with the basis for such determination of the non-compliance before 9:30AM (Eastern Time) on the next Business Day, and,
provided the Investor provides a valid basis for such non-compliance, the Purchase Notice shall be null and void. In the absence of
any such determination and valid basis for non-compliance, the Purchase Notice shall be deemed valid by 9:31AM (Eastern Time).

 

(s) “Purchase
Price” means, with respect to a Purchase made pursuant to Section 2(a) hereof, 90% of the lowest end-of-day VWAP during
the Valuation Period.

 

(t) “Registration
Statement” means the Company’s registration statement on Form S-3 (File No. 333- 252523), including the documents incorporated
by reference therein.

 

 (u) “SEC” means the U.S. Securities and Exchange Commission.

 

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

 

(w) “Settlement
Date” means the date on which the Company delivers the Purchase Shares to the Investor’s Broker, against the payment of
the Purchase Price by the Investor, which date will be one Business Day following the Valuation Period. If the Company fails to deliver
the Purchase Shares on the Settlement Date, then the Purchase Notice is automatically null and void.

 

(x) “Transaction
Documents” means, collectively, this Agreement and the schedules and exhibits hereto, and each of the other agreements, documents,
certificates and instruments entered into or furnished by the parties hereto in connection with the transactions contemplated hereby and
thereby.

 

(y) “Transfer
Agent” means Worldwide Stock Transfer, LLC, or such other Person who is then serving as the transfer agent for the Company in
respect of the Common Stock.

 

(z) “Valuation
Period” means the five (5) consecutive Business Days immediately preceding the Purchase Date, including the Purchase Date.

 

(aa) “VWAP” means the
volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market.

 

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 2. PURCHASE OF COMMON STOCK.

 

Subject to the terms and conditions set
forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the obligation to purchase from the Company,
Purchase Shares as follows:

 

(a) Sales
of Common Stock. Subject to the satisfaction of all of the conditions set forth in Sections 6 and 7 hereof (the “Commencement”
and the date of satisfaction of such conditions the “Commencement Date”), at any time commencing on the Commencement
Date and thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor
of a Purchase Notice from time to time, to purchase a minimum of one hundred thousand dollars ($100,000) and up to a maximum of two million
dollars ($2,000,000) of Purchase Shares (the number of Purchase Shares being determined in accordance with Section 2(b) hereunder) for
each Purchase Notice (subject to the Available Amount), at the Purchase Price on the Purchase Date (each, a “Purchase”).
Each Purchase Notice will set forth the Purchase Price and number of Purchase Shares, in accordance with the terms of this Agreement.
If the Company delivers any Purchase Notice for a Purchase Amount in excess of the limitations contained herein, such Purchase Notice
shall be void ab initio to the extent of the amount by which the amount of Purchase Shares set forth in such Purchase Notice exceeds
the amount of Purchase Shares which the Company is permitted to include in such Purchase Notice in accordance herewith, and the Investor
shall have no obligation to purchase such excess Purchase Shares in respect of such Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the amount of Purchase Shares which the Company is permitted to include in such Purchase
Notice. Notwithstanding the foregoing dollar limitations, the Company and the Investor may, from time to time, mutually agree (in writing)
to waive the aforementioned limitations for a relevant Purchase Notice, which waiver, for the avoidance of doubt, shall not exceed the
Beneficial Ownership Limitation contained herein. The Company may not deliver more than one Purchase Notice to the Investor every five
(5) Business Days unless, from time to time, the Company and the Investor mutually agree to different timing of the delivery Purchase
Notices.

 

(b) Settlement
for Purchase Shares. On each Settlement Date, for each Purchase hereunder, the Company shall deliver a number of Purchase Shares equal
to 112.5% of the aggregate Purchase Amount for such Purchase divided by the Purchase Price per share for such Purchase, against payment
by the Investor to the Company of the Purchase Amount with respect to such Purchase (less documented deposit and clearing fees, if any),
as full payment for such Purchase Shares via wire transfer of immediately available funds. The Company shall not issue any fraction of
a share of Common Stock upon the any Purchase. If any issuance hereunder would result in the issuance of a fraction of a share of Common
Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All Purchase Shares issued
hereunder will be DWAC Shares. All payments made under this Agreement shall be made in lawful money of the United States of America by
wire transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance
with the provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is
not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

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(c) Beneficial
Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and
the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with all other shares
of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act
and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates of more than 4.99%
of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written
or oral request of the Investor, the Company shall promptly (but not later than one Business Day) confirm orally or in writing to the
Investor the number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the
determinations required hereby and the application hereof. The Investor’s written certification to the Company of the applicability
of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the
applicability thereof and such result absent manifest error.

 

 3. INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and warrants to
the Company as of the date hereof and as of the Commencement Date that:

 

(a) Organization,
Authority. Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
with the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to
carry out its obligations hereunder and thereunder.

 

(b) Investment
Purpose. The Investor is acquiring the Purchase Shares as principal for its own account for investment only and not with a view to
or for distributing or reselling such Purchase Shares 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 Purchase Shares 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 Purchase Shares in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting
the Investor’s right to sell the Purchase Shares at any time pursuant to the Registration Statement described herein or otherwise
in compliance with applicable federal and state securities laws). The Investor is acquiring the Purchase Shares hereunder in the ordinary
course of its business.

 

(c) Accredited
Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D promulgated
under the Securities Act.

 

(d)
Information. The Investor understands that its investment in the Company and the Purchase Shares involves a high degree of risk
including without limitation the risks set forth in the Registration Statement. The Investor (i) is able to bear the economic risk of
an investment in the Purchase Shares including a total loss thereof, (ii) has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the proposed investment in the Purchase Shares, (iii) has had an opportunity
to ask questions of and receive answers from the officers of the Company concerning the financial condition and business of the Company
and others matters related to an investment in the Purchase Shares, and (iv) has had the opportunity to review the Registration Statement.
Neither such inquiries nor any other due diligence investigations conducted by the Investor or its representatives shall modify, amend
or affect the Investor’s right to rely on the Company’s representations and warranties contained in Section 4 below.
The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to its acquisition of the Purchase Shares. The Investor acknowledges and agrees that the Company neither makes nor has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section
4 hereof.

 

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(e) Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and is a valid
and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability to general
principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(f) No
Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has any of
the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any
(i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging
transaction, which establishes a net short position with respect to the Common Stock.

 

 4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and warrants to
the Investor as of the date hereof and as of the Commencement Date, that:

 

(a) Organization,
Good Standing. The Company is a corporation, validly existing and in good standing under the laws of Nevada.

 

(b) Authority.
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement 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.

 

(c) No
Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Purchase Shares
and the consummation by it of the transactions contemplated hereby party do not and will not conflict with or violate any provision of
the Company’s articles of incorporation or other organizational or charter documents. The Purchase Shares, upon issuance in accordance
with this Agreement, will be duly issued, fully paid, and nonassessable.

 

(d) Validity,
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Company and is a valid and
binding agreement of the Company enforceable against the Investor in accordance with its terms, subject as to enforceability to general
principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(e) Registration
Statement. The Company has prepared and filed the Registration Statement with the SEC in accordance with the Securities Act. The
Registration Statement was declared effective by order of the SEC on February 3, 2021. The Registration Statement is effective
pursuant to the Securities Act and available for the issuance of the Purchase Shares thereunder. No stop order suspending the
effectiveness of the Registration Statement has been issued by the SEC, and no proceeding for that purpose or pursuant to Section 8A
of the Securities Act against the Company or related to the offering of the Purchase Shares has been initiated or, to the knowledge
of the Company, threatened by the SEC. The “Plan of Distribution” section of the Prospectus permits the issuance of the
Purchase Shares under the terms of this Agreement. At the time the Registration Statement and any amendments thereto became
effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities
Act, the Registration Statement and any amendments thereto complied and will comply in all material respects with the requirements
of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading; and the Base Prospectus and any Prospectus
Supplement thereto, at the time such Base Prospectus or such Prospectus Supplement thereto was filed and on the Commencement Date,
complied and will comply in all material respects with the requirements of the Securities Act and did not and will not contain an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading; provided that this representation and warranty does not apply to
statements in or omissions from any Prospectus Supplement made in reliance upon and in conformity with information relating to the
Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Company meets all of the
requirements for the use of a registration statement on Form S-3 pursuant to the Securities Act for the offering and sale of the
Purchase Shares contemplated by this Agreement in reliance on General Instruction I.B.1., and the SEC has not notified the Company
of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) of the Securities Act. The Company
hereby confirms that the issuance of the Purchase Shares to the Investor pursuant to this Agreement would not result in
non-compliance with the Securities Act or any of the General Instructions to Form S-3. The Registration Statement, as of its
effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant to the Securities Act.

 

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 5. COVENANTS.

 

(a) Filing
of Current Report and Initial Prospectus Supplement. The Company agrees that it shall, within the time required under the Exchange
Act, file with the SEC a Current Report on Form 8-K relating to the transactions contemplated by, and describing the material terms and
conditions of, the Transaction Documents (the “Current Report”). The Company further agrees that it shall, within the
time required under Rule 424(b) under the Securities Act, file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b)
under the Securities Act specifically relating to the transactions contemplated by, and describing the material terms and conditions of,
the Transaction Documents, containing information previously omitted at the time of effectiveness of the Registration Statement in reliance
on Rule 430B under the Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be
disclosed in the Registration Statement and the Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation,
information required to be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges
that it will be identified in the Initial Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of the Securities
Act. The Investor shall furnish to the Company such information regarding itself, the Purchase Shares held by it and the intended method
of distribution thereof, including any arrangement between the Investor and any other Person relating to the sale or distribution of the
Purchase Shares, as shall be reasonably requested by the Company in connection with the preparation and filing of the Current Report and
the Initial Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection
with the preparation and filing of the Current Report and the Initial Prospectus Supplement with the SEC.

 

(b) Listing/DTC.
The Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and to comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the Principal
Market. The Company shall not take any action that would reasonably be expected to result in the delisting or suspension of the Common
Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business Day, provide to the Investor
copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock for listing on the Principal
Market; provided, however, that the Company shall not be required to provide the Investor copies of any such notice that the Company reasonably
believes constitutes material non-public information and the Company would not be required to publicly disclose such notice in any report
or statement filed with the SEC and under the Exchange Act or the Securities Act. The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 5(c). The Company shall take all action necessary to ensure that its Common
Stock can be transferred electronically as DWAC Shares.

 

(c) Prohibition
of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending on the date
of termination of this Agreement as provided in Section 9, the Investor and its agents, representatives and affiliates shall not in
any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in
Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short
position with respect to the Common Stock.

 

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(d) Purchase
Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given time and the
dates and Purchase Amounts for each Purchase or shall use such other method, reasonably satisfactory to the Investor and the Company.

 

(e) Use
of Proceeds. The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion of the Company.

 

 6. CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The right of the Company
hereunder to commence sales of Purchase Shares is subject to the satisfaction of each of the following conditions:

 

(a) The
Investor shall have executed each of the Transaction Documents Investor is a party to and delivered the same to the Company; and

 

 (b) No stop order with respect to the Registration Statement shall be pending or threatened by the SEC

 

 7. CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The obligation of
the Investor to buy Purchase Shares under this Agreement is subject to the satisfaction of each of the following conditions on or prior
to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy
such conditions after the Commencement has occurred:

 

(a) The
Company shall have executed each of the Transaction Documents the Company is a party to and delivered the same to the Investor;

 

(b) The
Common Stock shall be listed on the Principal Market, trading in the Common Stock shall not have been within the last 365 days suspended
by the SEC or the Principal Market and such suspension has not subsequently been cured;

 

(c) The
representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any of such
representations and warranties is already qualified as to materiality in Section 4 above, in which case, such representations and
warranties shall be true and correct without further qualification) as of the date hereof and as of the Commencement Date as though made
at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such date)
and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction
Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.;

 

(d) The
Registration Statement shall continue to be effective and no stop order with respect to the Registration Statement shall be pending or
threatened by the SEC. The Company shall have a maximum dollar amount certain of Common Stock registered under the Registration Statement
which is sufficient to issue to the Investor not less than the full Available Amount worth of Purchase Shares. The Current Report and
the Initial Prospectus Supplement each shall have been filed with the SEC, as required pursuant to Section 5(a). The Prospectus
shall be current and available for issuances and sales of all of the Purchase Shares by the Company to the Investor. Any other Prospectus
Supplements required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall
have been filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act;

 

(e) The
Company will have delivered to the Transfer Agent irrevocable instructions, in a form reasonably acceptable to the Investor, to issue
Purchase Shares in accordance with this Agreement; and

 

 (f) No Event of Default has occurred and is continuing.

 

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 8. EVENTS OF DEFAULT.

 

An “Event of Default” shall be deemed to
have occurred at any time as any of the following events occurs:

 

(a) the
effectiveness of the Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order or similar
order) or such Registration Statement (or the prospectus forming a part thereof) is unavailable to the Investor for issuance of or resale
of any or all of the Purchase Shares to be issued to the Investor under the Transaction Documents;

 

(b) the
suspension of the Common Stock from trading on the Principal Market for a period of two (2) Business Days, provided that the Company may
not direct the Investor to purchase any shares of Common Stock during any such suspension;

 

(c) the
delisting of the Common Stock from the OTC Pink provided, however, that the Common Stock is not immediately thereafter trading on The
NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE American, or the
OTCQB or the OTCQX operated by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the foregoing);

 

(d) the
failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within three (3) Business Days after the applicable
date on which the Investor is entitled to receive such Purchase Shares;

 

(e) the
Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach could
have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable, only if such breach continues
for a period of at least five (5) Business Days;

 

(f) if
any Person or entity commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g) if
the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of an
order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the
same become due;

 

(h) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation of the
Company; or

 

 (i) if at any time the Company is not eligible to transfer its Common Stock electronically as DWAC Shares.

 

So long as an Event of Default has occurred and is continuing,
the Company shall not deliver to the Investor any Purchase Notice.

 

 9. TERMINATION

 

This Agreement may be terminated only as follows:

 

(a) If
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against
the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general
assignment for the benefit of its creditors (any of which would be an Event of Default as described in Sections 8(f), 9(g)
and 9(h) hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except as set forth
below) without further action or notice by any Person.

 

(b) At
any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason by
delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without any
liability whatsoever of any party to any other party under this Agreement (except as set forth below).
The Company Termination Notice will be effective upon delivery by the Company.

 

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(c) This
Agreement shall automatically terminate on the date that the Company sells, and the Investor purchases the full Available Amount as provided
herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other party under
this Agreement (except as set forth below).

 

(d) This
Agreement shall automatically terminate if there is a change in control of the Company (50% or greater) or if there is a material change
in the operations of the Company which material change may include (but not be exclusive to) a change in the Company’s Board of
Directors or any Officers.

 

(e) If,
for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this Agreement
by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of any
party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

Except as set forth in Sections 9(a)
(in respect of an Event of Default under Sections 8(f), 8(g) and 8(h)), 9(c) and 9(d), any termination of
this Agreement pursuant to this Section 9 shall be effected by written notice from the Company to the Investor, or the Investor
to the Company, as the case may be, setting forth the basis for the termination hereof. The representations and warranties and covenants
of the Company and the Investor contained in Sections 3, 4, and 5 (excluding Section 5(b) and 5(c), hereof, and the
agreements and covenants set forth in Sections 8, 9 and 10 shall survive the execution and delivery of this Agreement
and any termination of this Agreement. No termination of this Agreement shall (i) affect the Company’s or the Investor’s rights
or obligations under (A) this Agreement with respect to any pending Purchases, and the Company and the Investor shall complete their respective
obligations with respect to any pending Purchases under this Agreement or (ii) be deemed to release the Company or the Investor from any
liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

 10. MISCELLANEOUS.

 

(a) Governing
Law; Jurisdiction; Jury Trial. The corporate laws of the State of Nevada shall govern all issues concerning the relative rights of
the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement
and the other Transaction Documents shall be governed by the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of New York, County of New York, for the adjudication of any dispute hereunder or
under the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

(b) Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original signature.

 

(c) Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

    10

    

    

 

(d) Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction.

 

(e) Entire
Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their
affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction Documents
and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein
and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant
or undertaking with respect to such matters.

 

(f) Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile or email (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business
Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the
same. The addresses for such communications shall be:

 

If to the Company:

 

SunHydrogen, Inc.

10 E. Yanonali, Suite 36

Santa Barbara, CA 93101

Telephone:
805-966-6566

E-mail:

Attention: Timothy Young

 

With a copy to (which shall not constitute
notice or service of process):

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 37th Floor

New York, New York
10036

Telephone: (212) 930-9700

E-mail: gsichenzia@srf.law

Attention: Gregory
Sichenzia

 

If to the Investor:

 

GHS Investments, LLC

420 Jericho Turnpike, Suite 102,

Jericho, NY 11753

Telephone:

E-mail:

Attention: 

 

or at such other address, email address
and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each
other party one (1) Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or
email account containing the time, date, and recipient facsimile number or email address, as applicable, or (C) provided by a nationally
recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or email or receipt from
a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

    11

    

    

 

 

(h) No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(j) Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to
consummate and make effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

 

(k) No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

(l) Enforcement
Costs. In the event of a dispute arising out of or relating to this Agreement, if a court of competent jurisdiction determines in
a final, non-appealable order that a party has breached this Agreement, then, in addition to any other available remedies, the non-breaching
party shall be entitled to, and the breaching party shall be liable for, the reasonable legal fees and expenses incurred by the non-breaching
party in connection with the dispute, including any appeals in connection therewith.

 

(m) Amendment
and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement (i) may be amended other than by a written instrument
signed by both parties hereto and (ii) may be waived other than in a written instrument signed by the party against whom enforcement of
such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.

 

    12

    

    

 

IN WITNESS WHEREOF, the Investor
and the Company have caused this Purchase Agreement to be duly executed as of the date first written above.

 

	 	THE COMPANY:
	 	 
	 	SUNHYDROGEN, INC.
	 	 
	 	By: 	/s/ Timothy Young                          
	 	Name:	 Timothy Young
	 	Title: 	Chief Executive Officer
	 	 
	 	INVESTOR:
	 	 
	 	GHS INVESTMENTS, LLC
	 	 
	 	By: 	/s/ Mark Grober    
	 	Name:  	Mark Grober
	 	Title: 	Member

 

    13

    

    

 

EXHIBIT A

 

FORM OF PURCHASE NOTICE

 

_____________, 202_

 

To: GHS Investments, LLC

 

In accordance with Section 2 of the purchase agreement, dated
November , 2022 (the “Purchase Agreement”), between SunHydrogen, Inc. (the “Company”) and GHS Investments, LLC
(the “Investor”), the Company hereby provides notice to the Investor of a sale by the Company to the Investor of Purchase
Shares in the amount set forth in this Purchase Notice. Capitalized terms used herein have the meanings set forth in the Purchase Agreement.

 

Purchase Amount: $__________

Purchase
Price per share: $__________

Number of Purchase Shares: ___________________

 

	Very truly yours, 	 
	 	 
	SunHydrogen, Inc.	 
	 	 
	By:	                      	
	Name: 	 	 
	Title:	 	 

 

 

14Exhibit 10.2

 

 

d/b/a South Texas Securities 

MEMBER FINRA/SIPC

895 Dove Street Suite 300

Newport Beach, CA 92660

949-851-4700

www.iconcapg.com

 

November 21, 2022

 

SunHydrogen, Inc.

10 E. Yanonali Street Ste. 36

Santa Barbara, CA 9310

Attention: Timothy Young

 

Dear Mr. Young:

 

This letter (the “Agreement”)
constitutes the agreement between Icon Capital Group, LLC dba South Texas Securities Co., a Delaware limited liability company (“ICG”
or the “Placement Agent”) and SunHydrogen, Inc., a Nevada corporation (the “Company”), who hereby
agrees to sell up to an aggregate of forty-five million dollars ($45,000,000.00) of securities of the Company, pursuant to a purchase
agreement (the “Purchase Agreement”) between the Company and GHS Investment, LLC (the “Purchaser”), dated November
17, 2022, including, (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common
Stock” or the “Securities”) directly to the Purchaser through the Placement Agent, on a “reasonable
best efforts” basis, in connection with the proposed placement (the “Placement”) of the Securities. The terms
of the Placement and the Securities shall be mutually agreed upon by the Company and the Purchaser and nothing herein constitutes
that the Placement Agent would have the power or authority to bind the Company or the Purchaser or an obligation for the Company to issue
any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchaser in
connection with the Placement, including but not limited to the Purchase Agreement, shall be collectively referred to herein as the “Transaction
Documents.” The date of the initial closing of the Placement shall be referred to herein as the “Closing Date.”
The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best-efforts
basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities
and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect
to securing any other financing on behalf of the Company. Following the prior written consent of the Company, the Placement Agent may
retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. For the avoidance
of doubt, the Company’s engagement of the Placement Agent is solely with respect to the Purchase Agreement between the Company and
the Purchaser and the Placement Agent will not be entitled to any compensation from the Company except with respect to sales to the Purchaser
under the Purchase Agreement. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase
Agreement.

  

    1

     

    

 

SECTION 1. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.  Representations
of the Company. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants
made by the Company to the Purchaser in the Purchase Agreement in connection with the Placement is hereby incorporated herein by reference
into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made
to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that:

 

1.  The
Company has prepared and filed with the Commission a registration statement on Form S-3 (Registration No. 333-252523), and amendments
thereto, and related preliminary prospectuses, for the registration under the Securities Act of 1933, as amended (the “Securities
Act”), of the applicable Securities, which registration statement, as so amended (including post-effective amendments, if any)
became effective on February 3, 2021. At the time of such filing, the Company met the requirements of Form S-3 under the Securities Act.
Such registration statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule.
The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules
and Regulations”) of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration
statement relating to the placement of the Shares and the plan of distribution thereof and has advised the Placement Agent of all further
information (financial and other) with respect to the Company required to be set forth therein. Such registration statement, including
the exhibits thereto, as amended at the date of this Agreement, is hereinafter called the “Registration Statement”;
such prospectus in the form in which it appears in the Registration Statement is hereinafter called the “Base Prospectus”;
and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including
the Base Prospectus as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement
to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents
incorporated by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the
issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus
Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference.
All references in this Agreement to financial statements and schedules and other information which is “contained,” “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration Statement, the
Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the
Base Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness of the Registration Statement
or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has
been initiated or, to the Company's knowledge, is threatened by the Commission.

 

2.  The Registration
Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the Securities
Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did not and, as amended or supplemented,
if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. The Base Prospectus and the Prospectus Supplement, each as of its respective
date, comply in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the
Base Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all material
respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of such documents, when they were
filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the
statements therein (with respect to Incorporated Documents incorporated by reference in the Base Prospectus or Prospectus Supplement),
in the light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference
in the Base Prospectus or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising
after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is
required to be filed with the Commission. Except for this Agreement, there are no documents required to be filed with the Commission in
connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will
not be filed within the requisite time period. Except for this Agreement, there are no contracts or other documents required to be described
in the Base Prospectus or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have
not been described or filed as required or (y) will not be filed within the requisite time period.

 

    2

     

    

 

3.  Reserved.

 

4.  There are no affiliations
with any FINRA member firm among the Company's officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater
stockholder of the Company, except as set forth in the Registration Statement and SEC Reports.

 

5.  The
Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby and thereby and under the Base Prospectus have been duly authorized
by all necessary action on the part of the Company and no further action is required by the Company, the Company’s Board of Directors
(the “Board of Directors”) or the Company’s stockholders in connection therewith. This Agreement has been duly executed
by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company
enforceable against the Company 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)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

6. The
execution, delivery and performance by the Company of this Agreement and the transactions contemplated pursuant to the Time of Sale Disclosure
Prospectus, the issuance and sale of the Shares 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, or (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;
except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a material adverse
effect.

 

7.  Any
certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for the Placement Agent shall be deemed
to be a representation and warranty by the Company to the Placement Agent as to the matters set forth therein.

 

8. The
Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing representations and warranties
and hereby consents to such reliance.

 

9. No
forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in
the Base Prospectus and the Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than
in good faith.

 

10. Each
of the representations and warranties (together with any related disclosure schedules thereto) made to the Investors in the Purchase Agreements
is hereby incorporated herein by reference (as though fully restated herein) and is hereby made to, and in favor of, the Placement Agent.

 

    3

     

    

 

B.  Covenants and
Agreements of the Company. The Company further covenants and agrees with the Placement Agent as follows:

 

1. Registration
Statement Matters. The Company will advise the Placement Agent promptly after it receives notice thereof of the time when any amendment
to the Registration Statement has been filed or becomes effective or any supplement to the Base Prospectus or the Final Prospectus has
been filed and will furnish the Placement Agent with copies thereof. The Company will file promptly all reports and any definitive proxy
or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange
Act subsequent to the date of any Prospectus and for so long as the delivery of a prospectus is required in connection with the Offering.
The Company will advise the Placement Agent, promptly after it receives notice thereof (i) of any request by the Commission to amend the
Registration Statement or to amend or supplement any Prospectus or for additional information, and (ii) of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order directed
at any Incorporated Document, if any, or any amendment or supplement thereto or any order preventing or suspending the use of the Base
Prospectus or the Final Prospectus or any prospectus supplement or any amendment or supplement thereto or any post-effective amendment
to the Registration Statement, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the institution
or threatened institution of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing
of the Registration Statement or a Prospectus or for additional information. The Company shall use its reasonable best efforts to prevent
the issuance of any such stop order or prevention or suspension of such use. If the Commission shall enter any such stop order or order
or notice of prevention or suspension at any time, the Company will use its reasonable best efforts to obtain the lifting of such order
at the earliest possible moment, or will file a new registration statement and use its reasonable best efforts to have such new registration
statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules
424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder,
and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) are received in a timely manner
by the Commission.

 

2. Blue
Sky Compliance. The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the Shares for sale
under the securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the Investors may reasonably request
and will make such applications, file such documents, and furnish such information as may be reasonably required for that purpose, provided
the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction
where it is not now so qualified or required to file such a consent, and provided further that the Company shall not be required to produce
any new disclosure document. The Company will, from time to time, prepare and file such statements, reports and other documents as are
or may be required to continue such qualifications in effect for so long a period as the Placement Agent may reasonably request for distribution
of the Shares. The Company will advise the Placement Agent promptly of the suspension of the qualification or registration of (or any
such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding
for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company
shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.

 

3. Amendments
and Supplements to a Prospectus and Other Matters. The Company will comply with the Securities Act and the Exchange Act, and the rules
and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Shares as contemplated in this
Agreement, the Incorporated Documents and any Prospectus. If during the period in which a prospectus is required by law to be delivered
in connection with the distribution of Shares contemplated by the Incorporated Documents or any Prospectus (the “Prospectus Delivery
Period”), any event shall occur as a result of which, in the judgment of the Company or in the opinion of the Placement Agent or
counsel for the Placement Agent, it becomes necessary to amend or supplement the Incorporated Documents or any Prospectus in order to
make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if it
is necessary at any time to amend or supplement the Incorporated Documents or any Prospectus or to file under the Exchange Act any Incorporated
Document to comply with any law, the Company will promptly prepare and file with the Commission, and furnish at its own expense to the
Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to the Registration Statement, the
Incorporated Documents or any Prospectus that is necessary in order to make the statements in the Incorporated Documents and any Prospectus
as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading, or so
that the Registration Statement, the Incorporated Documents or any Prospectus, as so amended or supplemented, will comply with law. Before
amending the Registration Statement or supplementing the Incorporated Documents or any Prospectus in connection with the Offering, the
Company will furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file any such amendment or
supplement to which the Placement Agent reasonably objects.

 

    4

     

    

 

4. Copies
of any Amendments and Supplements to a Prospectus. The Company will furnish the Placement Agent, without charge, during the period
beginning on the date hereof and ending on the later of the last Closing Date of the Offering, as many copies of any Prospectus or prospectus
supplement and any amendments and supplements thereto, as the Placement Agent may reasonably request.

 

5. Transfer
Agent. The Company will maintain, at its expense, a registrar and transfer agent for the Common Stock.

 

6. Periodic
Reporting Obligations. During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with the Commission and
the Trading Market all reports and documents required to be filed under the Exchange Act within the time periods and in the manner required
by the Exchange Act.

 

7. Additional
Documents. The Company will enter into any subscription, purchase or other customary agreements as the Placement Agent or the Investors
deem necessary or appropriate to consummate the Offering, all of which will be in form and substance reasonably acceptable to the Placement
Agent and the Purchaser. The Company agrees that the Placement Agent may rely upon, and each is a third-party beneficiary of, the representations
and warranties, and applicable covenants, set forth in any such purchase, subscription or other agreement with Investors in the Offering.

 

8. No
Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

 

9. Acknowledgment.
The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the benefit and use of the Board of
Directors of the Company and may not be used, reproduced, disseminated, quoted or referred to, without the Placement Agent's prior written
consent.

 

10. Announcement
of Offering. The Company acknowledges and agrees that the Placement Agent may, subsequent to the Closing, make public its involvement
with the Offering.

 

11. Reliance
on Others. The Company confirms that it will rely on its own counsel and accountants for legal and accounting advice.

 

SECTION 2. REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA, (ii) is registered
as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the States applicable to the offers
and sales of the Securities by the Placement Agent, (iv) is and will be a corporate entity validly existing under the laws of its place
of incorporation or formation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The
Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement Agent covenants that
it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the
requirements of applicable law.

  

SECTION 3. COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its respective designees
the following compensation with respect to the Securities which they are placing:

 

		A.	A cash fee (the “Cash Fee”) equal to an aggregate of two percent (2%) of the aggregate gross
proceeds raised in the Placement.
	 	 	 

		B.	Payment shall accrue and be paid monthly in arrears of the execution of the securities purchase agreement by the 10th day
of the month
	 	 	 

		C.	Reserved.
	 	 	 
		D.	The Placement Agent reserves the right to reduce any item
of its compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect
that the Placement Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

 

    5

     

    

 

SECTION 4. INDEMNIFICATION.
The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination
or expiration of this Agreement.

 

SECTION 5. ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder shall be until the earlier of (i) the final closing date of the Placement and
(ii) the date a party terminates the engagement according to the terms of the next sentence (such date, the “Termination Date”
and the period of time during which this Agreement remains in effect is referred to herein as the “Term”). The engagement
may be terminated at any time by either party upon five (5) days written notice to the other party, effective upon receipt of written
notice to that effect by the other party. Notwithstanding anything to the contrary contained herein, the provisions concerning the Company’s
obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality, indemnification
and contribution contained herein and the Company’s obligations contained in the Indemnification Provisions will survive any expiration
or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all fees due to the Placement
Agent shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed
as of the Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the
Placement Agent by the Company for any purposes other than those contemplated under this Agreement.

 

SECTION 6. PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement
is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company
will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s prior written consent.

 

SECTION 7. NO
FIDUCIARY RELATIONSHIP. This Agreement does not create and shall not be construed as creating rights enforceable by any person or
entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and
agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities
to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement
Agent hereunder, all of which are hereby expressly waived.

 

SECTION 8. CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when made
and on the Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement,
to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the
Company of their obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to
and acknowledged and waived by the Placement Agent by the Company:

 

A.  No stop order
suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been
initiated or threatened by the Commission, and any request for additional information on the part of the Commission (to be included in
the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have been complied with to the reasonable
satisfaction of the Placement Agent. Any filings required to be made by the Company in connection with the Placement shall have been timely
filed with the Commission.

 

B.  The Placement
Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base
Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion
of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of such counsel, is material and is required
to be stated therein or is necessary to make the statements therein not misleading.

 

    6

     

    

 

C.  All corporate
proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the
Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this
Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for ICG, and the
Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon
such matters.

 

D.  Reserved.

  

E.  Reserved.

 

F.  Reserved.

 

G.  Reserved.

 

H.  The Company (i)
shall not have sustained since the date of the latest audited financial statements included or incorporated by reference in the Registration
Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference with its business from fire, explosion, flood,
terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement,
and (ii) since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement,
the Base Prospectus and the Prospectus Supplement there shall not have been any change in the capital stock or long-term debt of the Company
or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial
position, stockholders' equity, results of operations or prospects of the Company, otherwise than as set forth in or contemplated by the
Registration Statement, the Base Prospectus and the Prospectus Supplement, the effect of which, in any such case described in clause (i)
or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with
the sale or delivery of the Shares on the terms and in the manner contemplated by the Base Prospectus and Prospectus Supplement.

 

I.  The Common Stock
is registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed for trading on the Trading Market or other
applicable U.S. national exchange and reasonable evidence of such action, if available, shall have been provided to the Placement Agent
upon its request. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of
the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market or other applicable
U.S. national exchange, nor has the Company received any information suggesting that the Commission or the Trading Market or other U.S.
applicable national exchange is contemplating terminating such registration or listing.

 

J.  No action shall
have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body
which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially
and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any
federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale
of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company.

 

K.  The Company shall
have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement, including as an exhibit thereto
this Agreement.

 

L.  The Company shall
have entered into a Purchase Agreement with the Purchaser and such agreements shall be in full force and effect and shall contain representations,
warranties and covenants of the Company as agreed between the Company and the Purchaser.

 

M.  FINRA shall have
raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall,
if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, any filing
with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing fees required
in connection therewith.

 

    7

     

    

 

N.  Reserved.

 

O.  Reserved.

 

If any of the conditions specified
in this Section 8 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent hereunder
may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall
be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

SECTION 9. Reserved..

 

SECTION 10. GOVERNING
LAW. This Agreement shall be deemed to have been made and delivered in New York City and both this engagement letter and the transactions
contemplated hereby shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws
of the State of New York, without regard to the conflict of laws principles thereof. Each of the Placement Agent and the Company: (i)
agrees that any legal suit, action or proceeding arising out of or relating to this engagement letter and/or the transactions contemplated
hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, (ii) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and
(iii) irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court
for the Southern District of New York in any such suit, action or proceeding. Each of the Placement Agent and the Company further agrees
to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process
upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of process
upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed by certified mail to
the Placement Agent’s address shall be deemed in every respect effective service process upon the Placement Agent, in any such suit,
action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Company agrees that neither the Placement
Agent nor its affiliates, and the respective officers, directors, employees, agents and representatives of the Placement Agent, its affiliates
and each other person, if any, controlling the Placement Agent or any of its affiliates, shall have any liability (whether direct or indirect,
in contract or tort or otherwise) to the Company for or in connection with the engagement and transaction described herein except for
any such liability for losses, claims, damages or liabilities incurred by us that are finally judicially determined to have resulted from
the willful misconduct or gross negligence of such individuals or entities. If either party shall commence an action or proceeding to
enforce any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party
for its reasonable attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.1

  

SECTION 11. ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision
of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any
other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended
or otherwise modified or waived except by an instrument in writing signed by the Placement Agent and the Company. The representations,
warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery of the Securities. 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 the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format
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.

 

 

 

 

    8

     

    

 

SECTION 12. CONFIDENTIALITY.
The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except as required
by applicable law or stock exchange requirement, regulation or legal process (“Legal Requirement”)), without the Company’s
prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential Information other than
in connection with the Placement. The Placement Agent further agree, severally and not jointly, to disclose the Confidential Information
only to its Representatives (as such term is defined below) who need to know the Confidential Information for the purpose of the Placement,
and who are informed by the Placement Agent of the confidential nature of the Confidential Information. The term “Confidential
Information” shall mean, all confidential, proprietary and non-public information (whether written, oral or electronic communications)
furnished by the Company to the Placement Agent or its Representatives in connection with the Placement Agent’s evaluation of the
Placement. The term “Confidential Information” will not, however, include information which (i) is or becomes publicly
available other than as a result of a disclosure by the Placement Agent or its Representatives in violation of this Agreement, (ii) is
or becomes available to the Placement Agent or any of its Representatives on a non-confidential basis from a third-party, (iii) is known
to the Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is or has
been independently developed by the Placement Agent and/or the Representatives without use of any Confidential Information furnished to
it by the Company. The term “Representatives” shall mean the Placement Agent’s directors, board committees, officers,
employees, financial advisors, attorneys and accountants. This provision shall be in full force until the earlier of (a) the date that
the Confidential Information ceases to be confidential and (b) two years from the date hereof. Notwithstanding any of the foregoing, in
the event that the Placement Agent or any of its Representatives are required by Legal Requirement to disclose any of the Confidential
Information, such Placement Agent and its Representatives will furnish only that portion of the Confidential Information which such Placement
Agent or its Representative, as applicable, is required to disclose by Legal Requirement as advised by counsel, and will use reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information so disclosed.

 

SECTION 13. NOTICES.
All communications hereunder shall be in writing and shall be mailed, hand delivered or e-mailed and confirmed to the parties hereto as
follows:

 

If to the Placement Agent
to the address set forth herein, attention: John Calicchio, email: jc@iconcapg.com

 

With a copy to:

 

Foley Shechter Ablovatskiy
LLP

1180 Avenue of the Americas,
8th Floor

New York, New York 10036

E-mail: js@foleyshechter.com

Attention: Jonathan Shechter,
Esq.

 

If to the Company:

 

SunHydrogen, Inc.

10 E. Yanonali Street, Suite
36

Santa Barbara, CA 93101

e-mail:

Attention: Timothy Young

 

With a copy to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas,
31st Fl.

New York, NY 10036

e-mail:

Attention:

 

Any party hereto may change
the address for receipt of communications by giving written notice to the others.

 

SECTION 14. PRESS
ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference the
Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and on its website
and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of this page has been intentionally
left blank.]

 

    9

     

    

 

 

Please confirm that the foregoing
correctly sets forth our agreement by signing and returning to ICG the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 
	 	ICON CAPITAL GROUP, LLC
	 	 	 
	 	By:	/s/ John Calicchio
	 	 	Name: 	John Calicchio
	 	 	Title:	President/CEO
	 	 	 	 
	 	 	Address for notice:
	 	 	895 Dove Street, Suite 300
	 	 	Newport Beach, CA 92660
	 	 	Attention: John Calicchio
	 	 	Email: 

 

Accepted and agreed to as of

the date first written above:

 

	SUNHYDROGEN, INC.	 
	 	 
	By:	/s/ Timothy Young	 
	 	Name: 	Timothy Young	 
	 	Title:	Chief Executive Officer	 

 

	 	Address for notice:	 
	 	 	 
	 	SunHydrogen, Inc.	 
	 	10 E. Yanonali Street, Suite 36	 
	 	Santa Barbara, CA 93101	 
	 	Attn: Chief Executive Officer	 
	 	Email: 	 

 

[Signature Page to Placement Agency Agreement
Between

SunHydrogen, Inc. and Icon Capital Group, LLC]

 

    10

     

    

 

ADDENDUM A

 

INDEMNIFICATION PROVISIONS

 

In connection with the
engagement of Icon Capital Group, LLC (the “Lead Manager”) by SunHydrogen, Inc. (the “Company”) pursuant to a
placement agency agreement dated as of the date hereof, between the Company and the Lead Manager, as it may be amended from time to time
in writing (the “Agreement”), the Company hereby agrees as follows:

 

1.  To the extent
permitted by law, the Company will indemnify the Lead Manager and each of their respective affiliates, directors, officers, employees
and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange
Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable fees and
expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except, with regard to the
Lead Manager, to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final
judgment (not subject to appeal) by a court of law to have resulted primarily and directly from the Lead Manager’s willful misconduct
or gross negligence in performing the services described herein, as the case may be.

 

2.  Promptly after
receipt by the Lead Manager of notice of any claim or the commencement of any action or proceeding with respect to which the Lead Manager
are entitled to indemnity hereunder, the Lead Manager will notify the Company in writing of such claim or of the commencement of such
action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel reasonably satisfactory
to the Lead Manager and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Lead Manager will
be entitled to employ counsel separate from counsel for the Company and from any other party in such action if counsel for the Lead Manager
reasonably determines that it would be inappropriate under the applicable rules of professional responsibility for the same counsel to
represent both the Company and the Lead Manager. In such event, the reasonable fees and disbursements of no more than one such separate
counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or proceeding provided that the Company
will not settle any such claim, action or proceeding without the prior written consent of the Lead Manager, which will not be unreasonably
withheld.

 

3.  The Company agrees
to notify the Lead Manager promptly of the assertion against it or any other person of any claim or the commencement of any action or
proceeding relating to a transaction contemplated by the Agreement.

 

4.  If for any reason
the foregoing indemnity is unavailable to the Lead Manager or insufficient to hold the Lead Manager harmless, then the Company shall contribute
to the amount paid or payable by the Lead Manager, as the case may be, as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand, and the Lead Manager on
the other, but also the relative fault of the Company on the one hand and the Lead Manager on the other that resulted in such losses,
claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid or payable by a party in respect of
losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred in
defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, the Lead Manager’s share of
the liability hereunder shall not be in excess of the amount of fees actually received, or to be received, by the Lead Manager under the
Agreement (excluding any amounts received as reimbursement of expenses incurred by the Lead Manager).

 

5.  These Indemnification
Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed and shall survive
the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise have to any indemnified party
under the Agreement or otherwise.

 

[The remainder of this page has been intentionally
left blank.]

 

    11

     

    

 

 

	 	Very truly yours,
	 	 
	 	ICON CAPITAL GROUP, LLC
	 	 	 
	 	By:	/s/ John Calicchio
	 	 	Name: 	John Calicchio
	 	 	Title:	President, CEO
	 	 	 	 
	 	 	Address for notice:
	 	 	895 Dove Street Suite 300
	 	 	Newport Beach, CA 92660
	 	 	Attention: John Calicchio
	 	 	Email:

 

Accepted and agreed to as of

the date first written above:

 

	SUNHYDROGEN, INC.	 
	 	 
	By:	/s/ Timothy Young	 
	 	Name:	Timothy Young	 
	 	Title:	Chief Executive Officer	 

 

	 	Address for notice:	 
	 	 	 
	 	SunHydrogen, Inc.	 
	 	10 E. Yanonali Street, Suite 36	 
	 	Santa Barbara, CA 93101	 
	 	Attn: Chief Executive Officer	 
	 	Email: 	 

 

[Signature Page to Indemnification Provisions
Pursuant to Placement Agency Agreement]

between SunHydrogen, Inc., Icon Capital Group,
LLC]

 

 

12

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