Document:

Exhibit 10.3

      

      

      EXECUTION COPY

       

        

      REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this “Agreement”) is made and entered into as of July 20, 2022 between Cenntro Electric Group Limited ACN 619 054 938, an Australian
        public company (the “Company”), and each of the several purchasers signatory hereto (each such purchaser, a “Purchaser” and, collectively, the “Purchasers”).

      This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the “Purchase Agreement”).

      The Company and each Purchaser hereby agrees as follows:

      	

            	1.	
              Definitions.

            

      Capitalized terms used and not
          otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement.  As used in this Agreement, the
          following terms shall have the following meanings:

      “Advice” shall have the meaning set forth in Section 6(c).

      “Commission” means the Securities Exchange Commission.

      “Effectiveness Date” means, (i) with respect to the Initial Registration Statement required to be filed hereunder, the 45thcalendar day following the date hereof (or the 75th calendar day following the date hereof if the Commission
        notifies the Company that it will “review” the Initial Registration Statement) and (ii) with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 30thcalendar day following the date on which an additional Registration Statement is required to be filed hereunder;provided,however, that in the event the Company is notified by
        the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth (5th) Trading Day following the date on which the Company is so notified if such date precedes the dates set forth or otherwise required above, provided, further, if such
        Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day.

      “Effectiveness Period” shall have the meaning set forth in Section 2(a).

      “Event” shall have the meaning set forth in Section 2(d).

      “Event Date” shall have the meaning set forth in Section 2(d).

      “Filing Date” means, with respect to the Initial Registration Statement required hereunder, the 20thcalendar day following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 20th calendar day following the date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

       

      

      
        
          

      

      
      “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

      “Indemnified Party” shall have the meaning set forth in Section 5(c).

      “Indemnifying Party” shall have the meaning set forth in Section 5(c).

      “Initial Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

      “Losses” shall have the meaning set forth in Section 5(a).

      “Plan of Distribution” shall have the meaning set forth in Section 2(a).

      “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
        previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430B promulgated by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with
        respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by
        reference or deemed to be incorporated by reference in such Prospectus.

      “Registrable Securities” means, as of any date of determination, (a) all the Ordinary Shares then issued and issuable upon conversion in full of the Notes (assuming
        on such date the Notes are converted in full without regard to any conversion limitations therein), (b) all the Ordinary Shares issued and issuable as interest or principal on the Notes assuming all permissible interest and principal payments are
        made in Ordinary Shares and the Notes are held until maturity, (c) all Warrant Shares then issued and issuable upon exercise of the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations
        therein), (d) any additional Ordinary Shares issued and issuable in connection with any anti-dilution provisions in the Notes or the Warrants (in each case, without giving effect to any limitations on conversion set forth in the Notes or
        limitations on exercise set forth in the Warrants) and (e) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing;provided, however, that
        any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a
        Registration Statement with respect to the resale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective
        Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and the Company remains in compliance
        with the current public information requirement under Rule 144, as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any
        securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company).

       

      

      
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      “Registration Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration
        statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and
        all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

      “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
        or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

      “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
        or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

      “Selling Shareholder Questionnaire” shall have the meaning set forth in Section 3(a).

      “SEC Guidance” means (i) any publicly available written or oral guidance of the Commission staff, or any comments, requirements or requests of the
        Commission staff and (ii) the Securities Act.

      	

            	2.	
              Shelf Registration.

            

      (a)            On or prior to each Filing Date, the Company shall prepare and file with the Commission a
        Registration Statement covering the offer and resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415.  Each Registration
        Statement filed hereunder shall be on Form S-3 or Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3 or Form F-3, in which case such registration shall be on another appropriate form
        in accordance herewith (including Form S-1 or Form F-1), subject to the provisions of Section 2(e)) and shall contain (unless otherwise directed by Investor and at least 85% in interest of the Holders) substantially the “Plan of Distribution”
        attached hereto asAnnex A;provided,however, that no Holder shall be required to be named as an “underwriter” without such Holder’s express prior written consent.  Subject to the terms of this Agreement, the Company shall use
        its best efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event
        no later than the applicable Effectiveness Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration
        Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and the Company remains in compliance with the current public information requirement under
        Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”).  The Company shall
        telephonically request effectiveness of a Registration Statement as of 5:00 p.m. (New York City time) on a Trading Day.  The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on
        the same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement.  The Company shall, by 9:30 a.m. (New York City time) on the
        Trading Day after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424.  Failure to so notify the Holder within one (1) Trading Day of such notification of effectiveness or failure
        to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).

        

      

      
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      (b)            Notwithstanding the registration obligations set forth in Section 2(a), if the
        Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform
        each of the Holders thereof and use its reasonable best efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered for resale by
        the Commission, on Form F-3,  Form F-1 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form F-3, Form F-1 or other
        appropriate form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages;provided,however, that prior to filing such amendment, the Company shall be obligated to use reasonable best efforts to
        advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.

      (c)            Notwithstanding any other provision of this Agreement and subject to the payment
        of liquidated damages pursuant to Section 2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and
        notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities,
        the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

      (i)            First, the Company shall reduce or eliminate any securities to be included other
        than Registrable Securities;

      (ii)         Second, the Company shall reduce Registrable Securities represented by Warrant Shares (applied,
        in the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Warrant Shares held by such Holders); and

       

      

      
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      (iii)          Third, the Company shall reduce Registrable Securities represented by Conversion
        Shares (applied, in the case that some Conversion Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Conversion Shares held by such Holders).

      In the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as to such Holder’s
        allotment.  In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance
        provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3, Form F-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on
        the Initial Registration Statement, as amended.

      (d)            If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the
        Company files the Initial Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the
        Company fails to file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is
        notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii) prior to the effective date of a Registration Statement, the Company
        fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice from the Commission that
        such amendment is required in order for such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness
        Date of the Initial Registration Statement, or (v) after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such
        Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days
        (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose of clause
        (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15)
        calendar day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each
        such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product
        of 1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement.  If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable,
        the Company will pay interest thereon at a rate of 10% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts,
        plus all such interest thereon, are paid in full.  The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event. Provided, however, no Event shall be
        deemed to have occurred under this Section 2(d) if such securities are eligible for resale without volume or manner-of-sale restrictions and the Company remains in compliance with the current public information requirement under Rule 144.

       

      

      
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      (e)            If Form S-3 or Form F-3 is not available for the registration of the resale of
        Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 or Form F-3 as soon as such form is
        available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 or Form F-3 covering the Registrable Securities has been declared effective
        by the Commission.

      (f)            Notwithstanding anything to the contrary contained herein, in no event shall the
        Company be permitted to name any Holder or affiliate of a Holder as any Underwriter without the prior written consent of such Holder.

      	

            	3.	
              Registration Procedures.

            

      
        In connection with the Company’s registration obligations hereunder, the Company shall: 

         

        

         (a)             Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related Prospectus or any amendment or
          supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than
          those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall be
          necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act.  The Company shall not file a Registration Statement or any such Prospectus or any
          amendments or supplements thereto to which Investor and the Holders of 50.1% in interest of the Notes based on the initial Subscription Amounts shall reasonably object in good faith, provided that, the Company is notified of such objection in
          writing no later than five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related Prospectus or amendments or supplements
          thereto.  Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement asAnnex B(a “Selling Shareholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to
          the Filing Date or by the end of the fourth (4th) Trading Day following the date on which such Holder receives draft materials in accordance with this Section.

         

        

      

      
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      (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the
        Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional
        Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this
        Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and
        provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein
        which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the
        disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such
        Registration Statement as so amended or in such Prospectus as so supplemented.

      (b)           If during the Effectiveness Period, the number of Registrable Securities at any time exceeds
        100% of the number of Ordinary Shares then registered in a Registration Statement, then the Company shall file prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number
        of such Registrable Securities.

       

      

      
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      (c)            Notify the Holders of Registrable Securities to be sold (which notice shall,
        pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one
        (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i) (A) when a Prospectus or any Prospectus supplement or post-effective amendment to a
        Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C)
        with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
        Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of
        the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
        Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
        for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration
        Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it 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, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company
        believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus;provided,however, that in no event
        shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries.

      (d)           Use its best efforts to avoid the issuance of, or, if issued, obtain the
        withdrawal of (i) any order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at
        the earliest practicable moment.

      (e)            Furnish to each Holder, without charge, at least one conformed copy of each such
        Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent
        requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission, provided that any such item which is available on the EDGAR system (or successor thereto)
        need not be furnished in physical form.

      (f)            Subject to the terms of this Agreement, the Company hereby consents to the use of
        such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the
        giving of any notice pursuant to Section 3(d).

      (g)            Prior to any resale of Registrable Securities by a Holder, use its best efforts to register or
        qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky
        laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or
        things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Company shall not be required to qualify generally to do business in any
        jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.

       

      

      
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      (h)            If requested by a Holder, cooperate with such Holder to facilitate the timely
        preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all
        restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request.

      (i)           Upon the occurrence of any event contemplated by Section 3(d), as promptly as
        reasonably possible under the circumstances taking into account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare a supplement or amendment,
        including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter
        delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading.  If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus
        have been made, then the Holders shall suspend use of such Prospectus.  The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.  The Company shall be entitled to exercise its
        right under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar days
        (which need not be consecutive days) in any twelve (12)-month period.

      (j)             Otherwise use best efforts to comply with all applicable rules and regulations
        of the Commission under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424
        under the Securities Act, promptly inform the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver a
        Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

      (k)          The Company shall, as applicable, use its best efforts to maintain eligibility for use of Form
        S-3 or Form F-3 (or any successor form thereto) for the registration of the resale of Registrable Securities.

       

      

      
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      (l)            The Company may require each selling Holder to furnish to the Company a certified
        statement as to the number of Ordinary Shares beneficially owned by such Holder and the natural persons thereof that have voting and dispositive control over the shares.  During any periods that the Company is unable to meet its obligations
        hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages that are accruing at such time as to
        such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

      4.           Registration Expenses.  All fees and expenses incident to the performance of or compliance
        with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.  The fees and expenses referred to in the foregoing sentence shall include, without
        limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to
        filings required to be made with any Trading Market on which the Ordinary Shares are then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without
        limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for
        Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company and the documented fees and disbursements of one counsel for selling Holders in an amount not to exceed US$10,000, (v)
        Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement.  In
        addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers
        and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder.  In no event
        shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

      
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       5.            Indemnification.

      (a)            Indemnification by the Company.  The Company shall, notwithstanding any
        termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, members, managers, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any
        failure to perform under a margin call of Ordinary Shares), investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of
        each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, managers, stockholders, partners, agents and employees (and any
        other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
        all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a
        material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
        material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged
        violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the
        extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder
        or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto
        (it being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or
        otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in
        Section 6(c).  The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware.  Such indemnity
        shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(f).

      (b)           Indemnification by Holders.  Each Holder shall, severally and not jointly, indemnify and
        hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or
        employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement of a material fact
        contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
        or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or
        omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to
        such Holder’s information provided in the Selling Shareholder Questionnaire or the proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration
        Statement (it being understood that the Holder has approvedAnnex Ahereto for this purpose), such Prospectus or in any amendment or supplement thereto.  In no event shall the liability of a selling Holder be greater in amount than the dollar
        amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission)
        received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

       

      

      
        11

        
          

      

      (c)          Conduct of Indemnification Proceedings.    If any Proceeding shall be
        brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the
        Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof,
        provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
        court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

      An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such
        counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such
        Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party after having received prompt notification from the Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded
        parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified
        Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the
        right to assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party).  The Indemnifying Party shall not be liable for any settlement of any such Proceeding
        effected without its written consent, which consent shall not be unreasonably withheld or delayed.  No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
        of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

       

      

      
        12

        
          

      

      Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent
        incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the
        Indemnifying Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of
        competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

      (d)            Contribution.  If the indemnification under Section 5(a) or 5(b) is
        unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to
        reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.  The relative fault of such
        Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material
        fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or
        omission.  The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection
        with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.

      The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by
        any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.  In no event shall the contribution obligation of a Holder of Registrable Securities be greater in
        amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or
        alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

      The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the
        Indemnified Parties.

      6.            Miscellaneous.

      (a)           Remedies.  In the event of a breach by the Company or by a Holder of any of their
        respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific
        performance of its rights under this Agreement.  Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement
        and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

       

      

      
        13

        
          

      

      (b)            No Piggyback on Registrations; Prohibition on Filing Other Registration
          Statements.  Neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities.  Except as
        set forth inSchedule 4.13to the Purchase Agreement, the Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the
        Commission, provided that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement so long as no new securities are registered on any such existing registration
        statements.

      (c)            Discontinued Disposition  By its acquisition of Registrable Securities,
        each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable Securities under a
        Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed.  The Company will use its best efforts to ensure that
        the use of the Prospectus may be resumed as promptly as is practicable.  The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be
        subject to the provisions of Section 2(d).

      (d)            Amendments and Waivers.  The provisions of this Agreement, including the provisions of
        this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company, Investor, and the Holders of 50.1% or
        more of the then outstanding Registrable Securities (for purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that, if any amendment, modification or waiver
        disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall be required.  If a Registration Statement does not register all of the Registrable
        Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right
        to designate which of its Registrable Securities shall be omitted from such Registration Statement.  Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
        rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates;provided,however,
        that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this Section 6(d).  No consideration shall be offered or paid to any Person to amend or consent to
        a waiver or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

       

      

      
        14

        
          

      

      (e)           Notices.  Any and all notices or other communications or deliveries
        required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.

      (f)            Successors and Assigns.  This Agreement shall inure to the benefit of and
        be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder.  The Company may not assign (except by merger) its rights or obligations hereunder without the prior written consent of all
        of the Holders of the then outstanding Registrable Securities.  Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of the Purchase Agreement.

      (g)           No Inconsistent Agreements.  Neither the Company nor any of its
        Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights
        granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.  Except as set forth onSchedule 4.13to the Purchase Agreement, neither the Company nor any of its Subsidiaries has previously entered into any
        agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

      (h)           Execution and Counterparts.  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 by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on
        whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

      (i)            Governing Law.  All questions concerning the construction, validity,
        enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement.

      (j)          Cumulative Remedies.  The remedies provided herein are cumulative and not
        exclusive of any other remedies provided by law.

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

       

      

      
        15

        
          

      

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

      (m)          Independent Nature of Holders’ Obligations and Rights.  The obligations of
        each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder.  Nothing contained herein or in
        any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or
        entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that
        the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions.  Each Holder shall be entitled to protect and enforce its rights, including without limitation
        the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.  The use of a single agreement with respect to the obligations of the Company
        contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder.  It is expressly understood
        and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

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

      (Signature Pages Follow)

       

      

      
        16

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

      CENTRO ELECTRIC GROUP LIMITED

       

      

      	
              Executed by Cenntro Electric Group Limited ACN 619 054 938 in accordance with Section127 of the Corporations Act 2001

            	 	 
	 	 	 
	
              Signature of director

            	 	
              Signature of director/company secretary

              (Please delete as applicable)

            
	 	 	 
	 	 	 
	
              Name of director (print)

            	 	
              Name of director/company secretary (print)

            

       

      

      
        17

        
          

      

      [SIGNATURE PAGE OF HOLDERS FOLLOWS]

      [SIGNATURE PAGE OF HOLDERS TO REGISTRATION RIGHTS AGREEMENT]

      	
              Name of Holder: 

              

            	 	

            

      

      

      	
              Signature of Authorized Signatory of Holder: 

              

            	 	 

      

      

      	
              Name of Authorized Signatory: 

              

            	 	 

      

      

      	
              Title of Authorized Signatory:

              

            	 	 

       

      

      [SIGNATURE PAGES CONTINUE]

       

      

      
        18

        
          

      

      Annex A

      

      

      Plan of Distribution

      

      

      Each selling shareholder (the “Selling Shareholders”) of the securities of Cenntro Electric Group Limited ACN 619 054 938, an Australian public company (the “Company”),

        and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Company securities covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which such
        securities are traded or in private transactions.  These sales may be at fixed or negotiated prices.  A Selling Shareholder may use any one or more of the following methods when selling securities:

      	

            	●	
              ordinary brokerage transactions and transactions in which the broker‐dealer solicits purchasers;

            

      	

            	●	
              block trades in which the broker‐dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

            

      	

            	●	
              purchases by a broker‐dealer as principal and resale by the broker‐dealer for its account;

            

      	

            	●	
              an exchange distribution in accordance with the rules of the applicable exchange;

            

      	

            	●	
              privately negotiated transactions;

            

      	

            	●	
              settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

            

      	

            	●	
              in transactions through broker‐dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;

            

      	

            	●	
              through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

            

      	

            	●	
              a combination of any such methods of sale; or

            

      	

            	●	
              any other method permitted pursuant to applicable law.

            

      The Selling Shareholders may also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if available, rather than under
        this prospectus.

      Broker‐dealers engaged by the Selling Shareholders may arrange for other brokers‐dealers to participate in sales.  Broker‐dealers may receive commissions or discounts from the Selling Shareholders
        (or, if any broker‐dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary
        brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

       

      

      
        19

        
          

      

      In connection with the sale of the securities or interests therein, the Selling Shareholders may, subject to applicable laws, enter into hedging transactions with
        broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume.  The Selling Shareholders may, subject to applicable laws, also sell securities short and
        deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities.  The Selling Shareholders may also enter into option or other transactions with broker-dealers
        or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other
        financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

      The Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within the meaning of the Securities
        Act in connection with such sales.  In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the
        Securities Act.  Each Selling Shareholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities. In no event shall any broker-dealer
        receive fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

      The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities.  The Company has agreed to indemnify the
        Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

      Because Selling Shareholders may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus delivery requirements of the
        Securities Act including Rule 172 thereunder.  In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus. The Selling
        Shareholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale of the resale securities by the Selling Shareholders.

      We agreed to keep this prospectus effective until the earliest of the date that all Registrable Securities (as defined in the Registration Rights Agreement entered into in connection with the
        purchase by the Selling Shareholders of the securities covered hereby, a copy of which is filed with the registration statement of which this prospectus forms a part) covered by such registration statement (i) have been sold, thereunder or pursuant
        to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and the Company remains in compliance with the current public information requirement under Rule 144, as determined by the counsel to the Company
        pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders.

       

      

      
        20

        
          

      

      The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states,
        the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

      Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect
        to the Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.  In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the
        rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of Ordinary Shares by the Selling Shareholders or any other person.  We will make copies of this prospectus available to the Selling
        Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

      

      

      
        21

        
          

      

      Annex B

      Cenntro Electric Group Limited

      Selling Shareholder Notice and Questionnaire

      The undersigned beneficial owner of ordinary shares (the “Registrable Securities”) of CENNTRO ELECTRIC GROUP LIMITED ACN 619 054 938 (the “Company”), understands
        that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of
        1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is annexed.  A copy of the
        Registration Rights Agreement is available from the Company upon request at the address set forth below.  All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

      Certain legal consequences arise from being named as a selling shareholder in the Registration Statement and the related prospectus.  Accordingly, holders and beneficial owners
        of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling shareholder in the Registration Statement and the related prospectus.

      NOTICE

      The undersigned beneficial owner (the “Selling Shareholder”) of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

        

      

      
        22

        
          

      

      The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

      QUESTIONNAIRE

      	1.	
              Name.

            

      	

            	(a)	
              Full Legal Name of Selling Shareholder

            

      
        	
                 

              
	
                 

              

      

      

      

      	

            	(b)	
              Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:

            

      
        	 
	 

      

      

      

      	

            	(c)	
              Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

            

      
        	 
	 

      

      

      

      2.  Address for Notices to Selling Shareholder:

      
        	 
	 
	 
	
                Telephone:  

              
	 
	
                Fax:  

              
	 
	
                Contact Person:  

                 

                  

              

      

      3.  Broker-Dealer Status:

      	

            	(a)	
              Are you 

              a broker-dealer?

            

      
        Yes   ☐         No  ☐

      

       

       

      	

            	(b)	
              If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?

            

       Yes   ☐         No  ☐

      
        23

        
          

      

      	

            	Note:	
              If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

            

      	

            	(c)	
              Are you an affiliate of a broker-dealer?

            

       Yes   ☐         No  ☐

      
         

      

      	

            	(d)	
              If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no
                agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

            

       Yes   ☐         No  ☐

      
         

      

      	

            	Note:	
              If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

            

      4.  Beneficial Ownership of Securities of the Company Owned by the Selling Shareholder.

      Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the
        securities issuable pursuant to the Purchase Agreement.

      	

            	(a)	
              Type and Amount of other securities beneficially owned by the Selling Shareholder:

            

      
        	 
	 
	 

      

      

      

      
        24

        
          

      

      5.  Relationships with the Company:

      Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
        equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

      State any exceptions here:

      
        	 
	 
	 

      

      

      

      The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at
        any time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

      By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in
        the Registration Statement and the related prospectus and any amendments or supplements thereto.  The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the
        Registration Statement and the related prospectus and any amendments or supplements thereto.

      IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized
        agent.

      	
              Date:

            	 	 	
              Beneficial Owner:

            	 

      	 	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	 	
              Name:

            
	 	 	 	 	
              Title:

            

       

      

      PLEASE EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

      

      

      David Danovitch, Esq. of Sullivan & Worcester LLP at ddanovitch@sullivanlaw.com

       

      

       

      

      25Exhibit 10.4

             

            

            EXECUTION COPY 

              

            

            SECURITY AGREEMENT

             

            This SECURITY AGREEMENT, dated as of July 20, 2022 (this “Agreement”), is among Cenntro Electric Group Limited ACN 619 054 938, an Australian public company (the “Company”),

              all of the U.S. Subsidiaries of the Company (such subsidiaries, the “Guarantors” and together with the Company, the “Debtors”), the holders of the Company’s Senior Secured Convertible Notes due twelve (12) months following their
              dates of issuance, in the original aggregate principal amount of US$61,215,000 (collectively, the “Notes”) signatory hereto, their endorsees, transferees and assigns (collectively, the “Secured Parties”) and Univest Securities,
              LLC, in its capacity as agent for the Secured Parties (“Agent”).

             

            W I T N E S S E T H:

             

            WHEREAS, pursuant to the Purchase Agreement (as defined in the Notes), the Secured Parties have severally agreed to extend the loans to the Company evidenced by the Notes;

             

            WHEREAS, pursuant to a certain Subsidiary Guarantee, dated as of the date hereof (the “Guarantee”), the Guarantors have jointly and severally agreed to guarantee and
              act as surety for payment of such Notes; and

             

            WHEREAS, in order to induce the Secured Parties to extend the loans evidenced by the Notes and to purchase the warrants (“Warrants”) under the Purchase Agreement, each
              Debtor has agreed to execute and deliver to the Secured Parties this Agreement and to grant the Secured Parties, pari passu with each other Secured Party and through the Agent (as defined in Section 18 hereof), a security interest in
              certain property of such Debtor to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Notes and the Guarantors’ obligations under the Guarantee.

             

            NOW, THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby
              acknowledged, the parties hereto hereby agree as follows:

             

            
              
                1.  Certain Definitions.  As used in this Agreement, the following terms shall have the meanings set forth in this Section 1.  Terms used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as
                    “account”, “chattel paper”, “commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”, “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter-of-credit rights”, “proceeds” and
                    “supporting obligations”) shall have the respective meanings given such terms in Article 9 of the UCC.

              

            

             

            
              
                

            

            
            (a)          “Collateral” means the collateral in which the Secured Parties are granted a security interest by this Agreement in all
                of Debtors’ assets, and which shall include the following personal property of the Debtors, whether presently owned or existing or hereafter acquired or coming into existence, wherever situated, and all additions and accessions thereto and
                all substitutions and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral and of insurance covering the same and of any tort claims
                in connection therewith, and all dividends, interest, cash, notes, securities, equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of, or in exchange for, any or all
                of the Pledged Securities (as defined below):

             

            (i)          All goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships,
                appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever situated, together with all documents of title and documents representing the same, all
                additions and accessions thereto, replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in connection with any Debtor’s businesses and all improvements thereto; and (B)
                all inventory;

             

            (ii)          All contract rights and other general intangibles, including, without limitation, Intellectual Property, all partnership
                interests, membership interests, stock or other securities, rights under any of the Organizational Documents, agreements related to the Pledged Securities, licenses, distribution and other agreements, computer software (whether
                “off-the-shelf”, licensed from any third party or developed by any Debtor), computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, Intellectual Property and income
                tax refunds;

             

            (iii)          All accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any
                merchandising, goods, equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect to each account, including any right of stoppage in transit;

             

            (iv)          All documents, letter-of-credit rights, instruments and chattel paper;

             

            (v)           All commercial tort claims;

             

            (vi)          All deposit accounts and all cash (whether or not deposited in such deposit accounts);

             

            (vii)        All investment property;

             

            (viii)       All supporting obligations; and

             

            (ix)          All files, records, books of account, business papers, and computer programs; and

             

            (x)           the products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

             

            
              2

              
                

            

            Without limiting the generality of the foregoing, the “Collateral” shall include all investment property and general intangibles respecting
              ownership and/or other equity interests in each Guarantor, including, without limitation, the ordinary shares and the other equity interests listed on Schedule H hereto (as the same may be modified from time to time pursuant to the
              terms hereof), and any other ordinary shares and/or other equity interests of any other direct or indirect subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such shares and/or equity interests
              and, in each case, all rights, options, warrants, stock, other securities and/or equity interests that may hereafter be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or
              in connection with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

             

            Notwithstanding the foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes void
              by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar
              applicable law); provided, however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset and, to the extent permitted by applicable law, this Agreement shall
              create a valid security interest in the proceeds of such asset.

             

            (b)          “Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual
                property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising under the laws of the United States, any other country or any political subdivision
                thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and
                applications in the United States Copyright Office, (ii) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications for letters patent of the
                United States or any other country and all divisions, continuations and continuations-in-part thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress, service marks,
                logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith,
                whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related
                thereto, (iv) all trade secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any
                of the foregoing, and (vii) all causes of action for infringement of the foregoing.

             

            
              3

              
                

            

            (c)        “Majority in Interest” means, at any time of determination, the majority in interest (based on then-outstanding principal
                amounts of Notes at the time of such determination) of the Secured Parties.

             

            (d)          “Necessary Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly
                executed and such other instruments or documents as the Agent (as that term is defined below) may reasonably request.

             

            (e)          “Obligations” means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or
                several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of any Debtor to the Secured Parties, including, without limitation, all obligations under this Agreement, the Notes, the Warrants, the
                Guarantee and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or
                contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or
                liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties as a preference, fraudulent transfer or otherwise as such obligations may be amended,
                supplemented, converted, extended or modified from time to time.  Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i) principal of, and interest on the Notes and the loans extended
                pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Debtors from time to time under or in connection with this Agreement, the Notes, the Guarantee and any other instruments, agreements or
                other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the
                obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving any Debtor.

             

            (f)          “Organizational Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a
                certificate of registration or incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates of designation for preferred stock or other forms of preferred equity) and
                which relate to the internal governance of such Debtor (such as a constitution, bylaws, a partnership agreement or an operating, limited liability or members agreement).

             

            (g)          “Pledged Interests” shall have the meaning ascribed to such term in Section 4(j).

             

            (h)          “Pledged Securities” shall have the meaning ascribed to such term in Section 4(i).

             

            
              4

              
                

            

            (i)          “UCC” means the Uniform Commercial Code of the State of Nevada and or any other applicable law of any state or states
                which has jurisdiction with respect to all, or any portion of, the Collateral or this Agreement, from time to time.  It is the intent of the parties that defined terms in the UCC should be construed in their broadest sense so that the term
                “Collateral” will be construed in its broadest sense.  Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden the definitions, they are incorporated herein and if existing definitions in the UCC are
                broader than the amended definitions, the existing ones shall be controlling.

             

            2.          Grant of Security Interest in Collateral.  As an inducement for the Secured Parties to extend the loans as
                evidenced by the Notes and to purchase the Warrants and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor hereby unconditionally and irrevocably pledges,
                grants and hypothecates to the Secured Parties a security interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a “Security

                  Interest” and, collectively, the “Security Interests”).

             

            3.          Delivery of Certain Collateral.  Contemporaneously or prior to the execution of this Agreement, each Debtor
                shall deliver or cause to be delivered to the Agent (a) any and all certificates and other instruments representing or evidencing the Pledged Securities, and (b) any and all certificates and other instruments or documents representing any
                of the other Collateral, in each case, together with all Necessary Endorsements.  The Debtors are, contemporaneously with the execution hereof, delivering to Agent, or have previously delivered to Agent, a true and correct copy of each
                Organizational Document governing any of the Pledged Securities.

             

            4.          Representations, Warranties, Covenants and Agreements of the Debtors.  Except as set forth under the
                corresponding section of the disclosure schedules delivered to the Secured Parties concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules shall be deemed a part hereof, each Debtor represents and warrants to,
                and covenants and agrees with, the Secured Parties as follows:

             

            (a)          Each Debtor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this
                Agreement and otherwise to carry out its obligations hereunder.  The execution, delivery and performance by each Debtor of this Agreement and the filings contemplated therein have been duly authorized by all necessary action on the part of
                such Debtor and no further action is required by such Debtor.  This Agreement has been duly executed by each Debtor.  This Agreement constitutes the legal, valid and binding obligation of each Debtor, enforceable against each Debtor in
                accordance with its terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights and remedies of creditors and by general
                principles of equity.

             

            (b)          The Debtors have no place of business or offices where their respective books of account and records are kept (other than
                temporarily at the offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached hereto.  Except as specifically set forth on Schedule A, each Debtor is
                the record owner of the real property where such Collateral is located, and there exist no mortgages or other liens on any such real property except for Permitted Liens (as defined below).  Except as disclosed on Schedule A, none of
                such Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor.

              

            

            
              5

              
                

            

            (c)          Except for liens permitted under the Purchase Agreement and except as set forth on Schedule B attached hereto
                (collectively, the “Permitted Liens”), the Debtors are the sole owner of the Collateral (except for non-exclusive licenses granted by any Debtor in the ordinary course of business), free and clear of any liens, security interests,
                encumbrances, rights or claims, and are fully authorized to grant the Security Interests.  Except as set forth on Schedule C attached hereto, there is not on file in any governmental or regulatory authority, agency or recording
                office an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in favor of the Secured Parties pursuant to this Agreement) covering or affecting
                any of the Collateral.  Except as set forth on Schedule C attached hereto and except pursuant to this Agreement, as long as this Agreement shall be in effect, the Debtors shall not execute and shall not knowingly permit to be on
                file in any such office or agency any other financing statement or other document or instrument (except to the extent filed or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

             

            (d)          No written claim has been received that any Collateral or any Debtor’s use of any Collateral violates the rights of any third
                party.  There has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to any Debtor’s right to keep and maintain such Collateral in full force and effect,
                and there is no proceeding involving said rights pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative or regulatory agency, arbitrator or other governmental authority.

             

            (e)          Each Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of
                business and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records or tangible Collateral unless it delivers to the Secured Parties at least thirty (30) days
                prior to such relocation (i) written notice of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing statements under the UCC and other necessary documents have
                been filed and recorded and other steps have been taken to perfect the Security Interests to create in favor of the Secured Parties a valid, perfected and continuing perfected first priority lien in the Collateral.

             

            (f)          This Agreement creates in favor of the Secured Parties a valid security interest in the Collateral, subject only to Permitted
                Liens securing the payment and performance of the Obligations.  Upon making the filings described in the immediately following paragraph, all security interests created hereunder in any Collateral which may be perfected by filing UCC
                financing statements shall have been duly perfected.  Except for the filing of the UCC financing statements referred to in the immediately following paragraph, the recordation of the Intellectual Property Security Agreement (as defined in
                Section 4(p) hereof) with respect to copyrights and copyright applications in the United States Copyright Office referred to in paragraph (m), the execution and delivery of deposit account control agreements satisfying the requirements of
                Section 9-104(a)(2) of the UCC with respect to each deposit account of the Debtors, and the delivery of the certificates and other instruments provided in Section 3, no action is necessary to create, perfect or protect the security
                interests created hereunder.  Without limiting the generality of the foregoing, except for the filing of said financing statements, the recordation of said Intellectual Property Security Agreement, and the execution and delivery of said
                deposit account control agreements, no consent of any third parties and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (i) the execution,
                delivery and performance of this Agreement, (ii) the creation or perfection of the Security Interests created hereunder in the Collateral or (iii) the enforcement of the rights of the Agent and the Secured Parties hereunder.

             

            
              6

              
                

            

            (g)          Each Debtor hereby authorizes the Agent to file one or more financing statements under the UCC, with respect to the Security
                Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it.

             

            (h)         The execution, delivery and performance of this Agreement by the Debtors does not (i) violate any of the provisions of any
                Organizational Documents of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law, rule or regulation applicable to any Debtor 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, 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 any Debtor’s debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset of any Debtor is bound or affected.  If any, all required consents
                (including, without limitation, from stockholders or creditors of any Debtor) necessary for any Debtor to enter into and perform its obligations hereunder have been obtained.

             

            (i)          The ordinary shares and other equity interests listed on Schedule H hereto (the “Pledged Securities”) represent
                all of the ordinary shares and other equity interests of the Guarantors, set forth in Schedule H-1, and the ordinary shares and other equity interests listed on Schedule H-1 hereto represent all ordinary shares and other
                equity interests owned, directly or indirectly, by the Company.  All of the Pledged Securities are validly issued, fully paid and nonassessable, and the Company is the legal and beneficial owner of the Pledged Securities, free and clear of
                any lien, security interest or other encumbrance except for the security interests created by this Agreement and other Permitted Liens.

             

            (j)          The ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral
                (the “Pledged Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not held in a securities account or by any financial intermediary.

             

            (k)          Each Debtor shall at all times maintain the liens and Security Interests provided for hereunder as valid and perfected first
                priority liens and security interests in the Collateral in favor of the Secured Parties until this Agreement and the Security Interest hereunder shall be terminated pursuant to Section 14 hereof.  Each Debtor hereby agrees to defend the
                same against the claims of any and all persons and entities.  Each Debtor shall safeguard and protect all Collateral for the account of the Secured Parties.  At the request of the Agent, each Debtor will sign and deliver to the Agent on
                behalf of the Secured Parties at any time or from time to time one or more financing statements pursuant to the UCC in form reasonably satisfactory to the Agent and will pay the cost of filing the same in all public offices wherever filing
                is, or is deemed by the Agent to be, necessary or desirable to effect the rights and obligations provided for herein.  Without limiting the generality of the foregoing, each Debtor shall pay all fees, taxes and other amounts necessary to
                maintain the Collateral and the Security Interests hereunder, and each Debtor shall obtain and furnish to the Agent from time to time, upon demand, such releases and/or subordinations of claims and liens which may be required to maintain
                the priority of the Security Interests hereunder.

             

            
              7

              
                

            

            (l)          No Debtor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for
                non-exclusive licenses granted by a Debtor in its ordinary course of business and sales of inventory by a Debtor in its ordinary course of business) without the prior written consent of a Majority in Interest.

             

            (m)         Each Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order
                and shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

             

            (n)       Each Debtor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including
                Collateral hereafter acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of established reputation having similar properties similarly situated and in such amounts as are customarily
                carried under similar circumstances by other such entities and otherwise as is prudent for entities engaged in similar businesses but in any event sufficient to cover the full replacement cost thereof.  Each Debtor shall cause each
                insurance policy issued in connection herewith to provide, and the insurer issuing such policy to certify to the Agent, that (a) the Agent will be named as lender loss payee and additional insured under each such insurance policy; (b) if
                such insurance be proposed to be cancelled or materially changed for any reason whatsoever, such insurer will promptly notify the Agent and such cancellation or change shall not be effective as to the Agent for at least thirty (30) days
                after receipt by the Agent of such notice, unless the effect of such change is to extend or increase coverage under the policy; and (c) the Agent will have the right (but no obligation) at its election to remedy any default in the payment
                of premiums within thirty (30) days of notice from the insurer of such default.  If no Event of Default (as defined in the Notes) exists and if the proceeds arising out of any claim or series of related claims do not exceed US$100,000, loss
                payments in each instance will be applied by the applicable Debtor to the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably feasible, and any loss payments or the balance thereof
                remaining, to the extent not so applied, shall be payable to the applicable Debtor; provided, however, that payments received by any Debtor after an Event of Default occurs and is continuing or in excess of US$100,000 for
                any occurrence or series of related occurrences shall be paid to the Agent on behalf of the Secured Parties and, if received by such Debtor, shall be held in trust for the Secured Parties and immediately paid over to the Agent unless
                otherwise directed in writing by the Agent.  Copies of such policies or the related certificates, in each case, naming the Agent as lender loss payee and additional insured shall be delivered to the Agent at least annually and at the time
                any new policy of insurance is issued.

             

            (o)        Each Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail,
                of any material adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the Collateral or on the Secured Parties’ security interest, through the Agent, therein.

             

            
              8

              
                

            

            (p)         Each Debtor shall promptly execute and deliver to the Agent such further assignments, security agreements, financing statements
                or other instruments, documents, certificates and assurances and take such further action as the Agent may from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce the Secured Parties’ security
                interest in the Collateral including, without limitation, if applicable, the execution and delivery of a separate security agreement with respect to each Debtor’s Intellectual Property (“Intellectual Property Security Agreement”) in
                which the Secured Parties have been granted a security interest hereunder, substantially in a form reasonably acceptable to the Agent, which Intellectual Property Security Agreement, other than as stated therein, shall be subject to all of
                the terms and conditions hereof.

             

            (q)          Each Debtor shall permit the Agent and its representatives and agents to inspect the Collateral during normal business hours and
                upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by the Agent from time to time.

             

            (r)          Each Debtor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights,
                claims, causes of action and accounts receivable in respect of the Collateral.

             

            (s)          Each Debtor shall promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment,
                execution or other legal process levied against any Collateral and of any other information received by such Debtor that may materially affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured
                Parties hereunder.

             

            (t)          All information heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of any Debtor with respect to
                the Collateral is accurate and complete in all material respects as of the date furnished.

             

            (u)          The Debtors shall at all times preserve and keep in full force and effect their respective valid existence and good standing and
                any rights and franchises material to its business.

             

            (v)       No Debtor will change its name, type of organization, jurisdiction of organization, organizational identification number (if it has
                one), legal or corporate structure, or identity, or add any new fictitious name unless it provides at least thirty (30) days prior written notice to the Secured Parties of such change and, at the time of such written notification, such
                Debtor provides any financing statements or fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

             

            (w)         Except in the ordinary course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and
                hold, sale or return, sale on approval, or other conditional terms of sale without the consent of the Agent which shall not be unreasonably withheld.

             

            
              9

              
                

            

            (x)          No Debtor may relocate its chief executive office to a new location without providing thirty (30) days prior written
                notification thereof to the Secured Parties and so long as, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary to perfect and continue the perfection of the Security
                Interests granted and evidenced by this Agreement.

             

            (y)         Each Debtor was organized and remains organized solely under the laws of the state set forth next to such Debtor’s name in Schedule

                  D attached hereto, which Schedule D sets forth each Debtor’s organizational identification number or, if any Debtor does not have one, states that one does not exist.

             

            (z) (i)      The actual name of each Debtor is
                  the name set forth in Schedule D attached hereto; (ii) no Debtor has any trade names except as set forth on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble hereto or as
                  set forth on Schedule E for the preceding five years; and (iv) no entity has merged into any Debtor or been acquired by any Debtor within the past five years except as set forth on Schedule E.

             

            (z)         At any time and from time to time that any Collateral consists of instruments, certificated securities or other items that
                require or permit possession by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver such Collateral to the Agent.

             

            (aa)       Each Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Agent regarding the
                Pledged Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section 8-106 (or any successor section) of the UCC.  Further, each Debtor agrees that it shall not enter into a
                similar agreement (or one that would confer “control” within the meaning of Article 8 of the UCC) with any other person or entity.

             

            (bb)        Each Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Agent, or, if such delivery is
                not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security interest created by this Agreement.  To the extent that any Collateral consists of electronic chattel paper, the
                applicable Debtor shall cause the underlying chattel paper to be “marked” within the meaning of Section 9-105 of the UCC (or successor section thereto).

             

            (cc)       If there is any investment property or deposit account included as Collateral that can be perfected by “control” through an
                account control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each case satisfactory to the Agent, to be entered into and delivered to the Agent for the benefit of the Secured
                Parties.

             

            (dd)        To the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each
                underlying letter of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

             

            
              10

              
                

            

            (ee)         To the extent that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Agent in
                notifying such third party of the Secured Parties’ security interest in such Collateral and shall use its best efforts to obtain an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance
                reasonably satisfactory to the Agent.

             

            (ff)         If any Debtor shall at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the Secured Parties
                in a writing signed by such Debtor of the particulars thereof and grant to the Secured Parties in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form
                and substance satisfactory to the Agent.

             

            (gg)       Each Debtor shall immediately provide written notice to the Secured Parties of any and all accounts which arise out of contracts
                with any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof, shall execute and deliver to the Agent an assignment of claims for
                such accounts and cooperate with the Agent in taking any other steps required, in its judgment, under the Federal Assignment of Claims Act or any similar federal, state or local statute or rule to perfect or continue the perfected status of
                the Security Interests in such accounts and proceeds thereof.

             

            (hh)      Each Debtor shall cause each subsidiary of such Debtor to immediately become a party hereto (an “Additional Debtor”), by
                executing and delivering an Additional Debtor Joinder in substantially the form of Annex A attached hereto and comply with the provisions hereof applicable to the Debtors.  Concurrent therewith, the Additional Debtor shall deliver
                replacement schedules for, or supplements to all other Schedules to (or referred to in) this Agreement, as applicable, which replacement schedules shall supersede, or supplements shall modify, the Schedules then in effect.  The Additional
                Debtor shall also deliver such opinions of counsel, authorizing resolutions, good standing certificates, incumbency certificates, organizational documents, financing statements and other information and documentation as the Agent may
                reasonably request.  Upon delivery of the foregoing to the Agent, the Additional Debtor shall be and become a party to this Agreement with the same rights and obligations as the Debtors, for all purposes hereof as fully and to the same
                extent as if it were an original signatory hereto and shall be deemed to have made the representations, warranties and covenants set forth herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references
                herein to the “Debtors” shall be deemed to include each Additional Debtor.

             

            (ii)          Each Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Notes.

             

            
              11

              
                

            

            (jj)         Each Debtor shall register the pledge of the applicable Pledged Securities on the books of such Debtor.  Each Debtor shall
                notify each issuer of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Parties on the books of such issuer.  Further, except with respect to certificated securities delivered to the
                Agent, the applicable Debtor shall deliver to Agent an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of the relevant UCC with respect to perfection by registration) signed by the issuer of the
                applicable Pledged Securities, which acknowledgement shall confirm that: (a) it has registered the pledge on its books and records; and (b) at any time directed by Agent during the continuation of an Event of Default, such issuer will
                transfer the record ownership of such Pledged Securities into the name of any designee of Agent, will take such steps as may be necessary to effect the transfer, and will comply with all other instructions of Agent regarding such Pledged
                Securities without the further consent of the applicable Debtor.

             

            (kk)        In the event that, upon an occurrence of an Event of Default, Agent shall sell all or any of the Pledged Securities to another
                party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities, each Debtor shall, to the extent applicable: (i) deliver to Agent or the Transferee, as the case may be, the articles
                of incorporation, bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness, books of account, financial records and all other Organizational Documents and records of
                the Debtors and their direct and indirect subsidiaries; (ii) use its best efforts to obtain resignations of the persons then serving as officers and directors of the Debtors and their direct and indirect subsidiaries, if so requested; and
                (iii) use its best efforts to obtain any approvals that are required by any governmental or regulatory body in order to permit the sale of the Pledged Securities to the Transferee or the purchase or retention of the Pledged Securities by
                Agent and allow the Transferee or Agent to continue the business of the Debtors and their direct and indirect subsidiaries.

             

            (ll)         Without limiting the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly (i) cause to be
                registered at the United States Copyright Office all of its material copyrights, (ii) cause the security interest contemplated hereby with respect to all Intellectual Property registered at the United States Copyright Office or United
                States Patent and Trademark Office to be duly recorded at the applicable office, and (iii) give the Agent notice whenever it acquires (whether absolutely or by license) or creates any additional material Intellectual Property.

             

            (mm)      Each Debtor will from time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further
                instruments and documents, and take all such further action as may be necessary or desirable, or as the Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to
                enable the Secured Parties to exercise and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes of this Agreement.

             

            
              12

              
                

            

            (nn)        Schedule F attached hereto lists all of the patents, patent applications, trademarks, trademark applications, registered
                copyrights, and domain names owned by any of the Debtors as of the date hereof.  Schedule F lists all material licenses in favor of any Debtor for the use of any patents, trademarks, copyrights and domain names as of the date
                hereof.  All material patents and trademarks of the Debtors have been duly recorded at the United States Patent and Trademark Office and all material copyrights of the Debtors have been duly recorded at the United States Copyright Office.

             

            (oo)        None of the account debtors or other persons or entities obligated on any of the Collateral is a governmental authority covered
                by the Federal Assignment of Claims Act or any similar federal, state or local statute or rule in respect of such Collateral.

             

            (pp)       Until the Obligations shall have been paid and performed in full, the Company covenants that it shall promptly direct any direct
                or indirect subsidiary of the Company formed or acquired after the date hereof to enter into a Subsidiary Guarantee in favor of the Secured Party, in the form of Exhibit F to the Purchase Agreement.

             

            5.           Effect of Pledge on Certain Rights.  If any of the Collateral subject to this Agreement consists of
                nonvoting equity or ownership interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon the occurrence of certain events (including, without limitation, upon the
                transfer of all or any of the other stock or assets of the issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of Agent’s rights hereunder shall not be deemed to
                be the type of event which would trigger such conversion rights notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor is party.

             

            6.           Defaults. The following events shall be “Events of Default”:

             

            (a)          The occurrence of an Event of Default (as defined in the Notes) under the Notes;

             

            (b)          Any representation or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when
                made;

             

            (c)         The failure by any Debtor to observe or perform any of its obligations hereunder for five (5) days after delivery to such Debtor
                of notice of such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within such time frame and such Debtor is using best efforts to cure same in a timely fashion; or

             

            (d)         If any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or
                enforceability thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability
                thereof, or any Debtor shall deny that any Debtor has any liability or obligation purported to be created under this Agreement.

             

            
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            7.           Duty To Hold In Trust.

             

            (a)         Upon the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income,
                dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold
                the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Parties, pro-rata in proportion to their respective then-currently outstanding principal amount of
                Notes for application to the satisfaction of the Obligations (and if any Note is not outstanding, pro-rata in proportion to the initial purchases of the remaining Notes).

             

            (b)         If any Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation,
                shares of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants, rights or other similar property or certificates representing a dividend, or any distribution in
                connection with any recapitalization, reclassification or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of its direct or indirect subsidiaries) in respect of the Pledged Securities
                (whether as an addition to, in substitution of, or in exchange for, such Pledged Securities or otherwise), such Debtor agrees to (i) accept the same as the agent of the Secured Parties; (ii) hold the same in trust on behalf of and for the
                benefit of the Secured Parties; and (iii) to deliver any and all certificates or instruments evidencing the same to Agent on or before the close of business on the fifth business day following the receipt thereof by such Debtor, in the
                exact form received together with the Necessary Endorsements, to be held by Agent subject to the terms of this Agreement as Collateral.

             

            8.          Rights and Remedies Upon Default.

             

            (a)         Upon the occurrence of any Event of Default, in each case after the lapse of any notice and cure periods and at any time
                thereafter, the Secured Parties, acting through the Agent, shall have the right to exercise all of the remedies conferred hereunder and under the Notes, and the Secured Parties shall have all the rights and remedies of a secured party under
                the UCC.  Without limitation, the Agent, for the benefit of the Secured Parties, shall have the following rights and powers:

             

            (i)          The Agent shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of
                any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall assemble the Collateral and make it available to the Agent at places which the Agent shall reasonably select,
                whether at such Debtor’s premises or elsewhere, and make available to the Agent, without rent, all of such Debtor’s respective premises and facilities for the purpose of the Agent taking possession of, removing or putting the Collateral in
                saleable or disposable form.

             

            
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            (ii)        Upon notice to the Debtors by Agent and subject to applicable laws, all rights of each Debtor to exercise the voting and other
                consensual rights which it would otherwise be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise be authorized to receive and retain, shall cease.  Upon such notice, Agent shall
                have the right to receive, for the benefit of the Secured Parties, any interest, cash dividends or other payments on the Collateral and, at the option of Agent, to exercise in such Agent’s discretion all voting rights pertaining thereto. 
                Without limiting the generality of the foregoing and subject to all applicable laws, Agent shall have the right (but not the obligation) to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof,
                including, without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization, consolidation, recapitalization or other readjustment concerning or involving the
                Collateral or any Debtor or any of its direct or indirect subsidiaries.

             

            (iii)         Acting in a commercially reasonable manner and subject to applicable laws,, the Agent shall have the right to operate the
                business of each Debtor using the Collateral and shall have the right to assign, sell, lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without special
                conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times and at such place or places, and upon such terms and conditions as the Agent may deem commercially reasonable, all
                without (except as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to any Debtor or right of redemption of a Debtor, which are hereby expressly waived.  Upon each such sale, lease,
                assignment or other transfer of Collateral, the Agent, for the benefit of the Secured Parties, may, unless prohibited by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and discharged
                of all trusts, claims, right of redemption and equities of any Debtor, which are hereby waived and released.

             

            (iv)         The Agent shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or
                accounts to make payments directly to the Agent, on behalf of the Secured Parties, and to enforce the Debtors’ rights against such account debtors and obligors.

             

            (v)          The Agent, for the benefit of the Secured Parties, may (but is not obligated to) direct any financial intermediary or any other
                person or entity holding any investment property to transfer the same to the Agent, on behalf of the Secured Parties, or its designee.

             

            (vi)          The Agent may (but is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the
                United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser of any Collateral.

             

            
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            (b)         The Agent shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not be
                considered adversely to affect the commercial reasonableness of any sale of the Collateral.  The Agent may sell the Collateral without giving any warranties and may specifically disclaim such warranties.  If the Agent sells any of the
                Collateral on credit, the Debtors will only be credited with payments actually made by the purchaser.  In addition, each Debtor waives any and all rights that it may have to a judicial hearing in advance of the enforcement of any of the
                Agent’s rights and remedies hereunder, including, without limitation, its right following an Event of Default to take immediate possession of the Collateral and to exercise its rights and remedies with respect thereto.

             

            (c)         For the purpose of enabling the Agent to further exercise rights and remedies under this Section 8 or elsewhere provided by
                agreement or applicable law, each Debtor hereby grants to the Agent, for the benefit of the Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Debtor) to
                use, license or sublicense following an Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor, and wherever the same may be located, and including in such license access to all media in which any of the
                licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

             

            9.          Applications of Proceeds.  The proceeds of any such sale, lease or other disposition of the Collateral
                hereunder or from payments made on account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like
                (including, without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Agent in enforcing the Secured Parties’ rights hereunder and
                in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal amounts of Notes at the time of any such
                determination), and to the payment of any other amounts required by applicable law, after which the Secured Parties shall pay to the applicable Debtor any surplus proceeds.  If, upon the sale, license or other disposition of the Collateral,
                the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled, the Debtors will be liable for the deficiency, together with interest thereon, at the rate of 18% per annum or the lesser amount
                permitted by applicable law (the “Default Rate”), and the reasonable fees of any attorneys employed by the Secured Parties to collect such deficiency.  To the extent permitted by applicable law, each Debtor waives all claims, damages
                and demands against the Secured Parties arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Secured Parties as determined by a final judgment
                (not subject to further appeal) of a court of competent jurisdiction.

             

            
               10.       Securities Law Provision.  Each Debtor recognizes that Agent may be limited in its ability to effect a sale to the public of all or part
                of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other United States federal or state securities laws or foreign securities laws (collectively, the “Securities Laws”), and may
                be compelled to resort to one or more sales to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for investment and not with a view to the distribution or resale thereof. 
                Each Debtor agrees that sales so made may be at prices and on terms less favorable than if the Pledged Securities were sold to the public, and that Agent has no obligation to delay the sale of any Pledged Securities for the period of time
                necessary to register the Pledged Securities for sale to the public under the Securities Laws.  Each Debtor shall cooperate with Agent in its attempt to satisfy any requirements under the Securities Laws (including, without limitation,
                registration thereunder if requested by Agent) applicable to the sale of the Pledged Securities by Agent.

               

              

            

            
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            11.        Costs and Expenses.  Each Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses
                incurred in connection with any filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements, partial releases and/or termination statements related thereto or any expenses
                of any searches reasonably required by the Agent.  The Debtors shall also pay all other claims and charges which in the reasonable opinion of the Agent is reasonably likely to prejudice, imperil or otherwise affect the Collateral or the
                Security Interests therein.  The Debtors will also, upon demand, pay to the Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which the Agent, for
                the benefit of the Secured Parties, may incur in connection with the creation, perfection, protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the preparation, administration, continuance, amendment
                or enforcement of this Agreement and pay to the Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which the Agent, for the benefit of the Secured
                Parties, and the Secured Parties may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the
                exercise or enforcement of any of the rights of the Secured Parties under the Notes.  Until so paid, any fees payable hereunder shall be added to the principal amount of the Notes and shall bear interest at the Default Rate.

             

            12.        Responsibility for Collateral.  The Debtors assume all liabilities and responsibility in connection with all
                Collateral, and the Obligations shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability for any reason.  Without limiting the generality of the foregoing,
                (a) neither the Agent nor any Secured Party (i) has any duty (either before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has any obligation
                to clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder.  Neither the
                Agent nor any Secured Party shall have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Agent or any Secured Party of any payment relating to any of the
                Collateral, nor shall the Agent or any Secured Party be obligated in any manner to perform any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any
                payment received by the Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any
                performance or to collect the payment of any amounts which may have been assigned to the Agent or to which the Agent or any Secured Party may be entitled at any time or times.

             

            
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            13.       Security Interests Absolute.  All rights of the Secured Parties and all obligations of the Debtors hereunder,
                shall be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Notes or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change
                in the time, manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Notes or any other agreement entered into in
                connection with the foregoing; (c) any exchange, release or nonperfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guarantee, or any other security, for
                all or any of the Obligations; (d) any action by the Secured Parties to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other
                circumstance which might otherwise constitute any legal or equitable defense available to a Debtor, or a discharge of all or any part of the Security Interests granted hereby.  Until the Obligations shall have been paid and performed in
                full, the rights of the Secured Parties shall continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute of limitations or bankruptcy.  Each Debtor expressly waives presentment,
                protest, notice of protest, demand, notice of nonpayment and demand for performance.  In the event that at any time any transfer of any Collateral or any payment received by the Secured Parties hereunder shall be deemed by final order of a
                court of competent jurisdiction to have been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Parties,
                then, in any such event, each Debtor’s obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid
                and binding obligation enforceable in accordance with the terms and provisions hereof.  Each Debtor waives all right to require the Secured Parties to proceed against any other person or entity or to apply any Collateral which the Secured
                Parties may hold at any time, or to marshal assets, or to pursue any other remedy.  Each Debtor waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

             

            14.       Term of Agreement.  This Agreement and the Security Interests shall terminate on the date on which all
                payments under the Notes have been indefeasibly paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of the Debtors contained in this Agreement (including, without limitation, Annex B
                hereto) shall survive and remain operative and in full force and effect regardless of the termination of this Agreement.

             

            
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            15.          Power of Attorney; Further Assurances.

             

            (a)          Each Debtor authorizes the Agent, and does hereby make, constitute and appoint the Agent and its officers, agents, successors or
                assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power, in the name of the Agent or such Debtor, to, after the occurrence and during the continuance of an Event of Default but acting in each
                event in a commercially reasonable fashion, (i) endorse any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in respect of any policy of insurance) in respect of the Collateral that may
                come into possession of the Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or any invoice, freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments,
                verifications and notices in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed on or threatened against
                the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any Intellectual Property; and (vi)
                generally, at the option of the Agent, and at the expense of the Debtors, at any time, or from time to time, to execute and deliver any and all documents and instruments and to do all acts and things which the Agent deems necessary to
                protect, preserve and realize upon the Collateral and the Security Interests granted therein in order to effect the intent of this Agreement and the Notes all as fully and effectually as the Debtors might or could do; and each Debtor hereby
                ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof.  This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long as any of the
                Obligations shall be outstanding.  The designation set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents or other documents or agreements to which any Debtor is subject or to
                which any Debtor is a party.  Without limiting the generality of the foregoing, after the occurrence and during the continuance of an Event of Default, each Secured Party is specifically authorized to execute and file any applications for
                or instruments of transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United States Copyright Office.

             

            (b)          On a continuing basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the
                proper filing and recording agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C attached hereto, all such instruments, and take all such action as may reasonably be deemed necessary
                or advisable, or as reasonably requested by the Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of this Agreement, or for assuring and confirming to the Agent the grant or
                perfection of a perfected security interest in all the Collateral under the UCC.

             

            (c)        Each Debtor hereby irrevocably appoints the Agent as such Debtor’s attorney-in-fact, with full authority in the place and instead
                of such Debtor and in the name of such Debtor, from time to time in the Agent’s discretion, to take any action and to execute any instrument which the Agent may deem necessary or advisable to accomplish the purposes of this Agreement,
                including the filing, in its sole discretion, of one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without the signature of such Debtor where permitted by law, which financing
                statements may (but need not) describe the Collateral as “all assets” or “all personal property” or words of like import, and ratifies all such actions taken by the Agent.  This power of attorney is coupled with an interest and shall be
                irrevocable for the term of this Agreement and thereafter as long as any of the Obligations shall be outstanding.

             

            16.        Notices.  All notices, requests, demands and other communications hereunder shall be subject to the notice
                provision of the Purchase Agreement (as such term is defined in the Notes).

             

            17.         Other Security.  To the extent that the Obligations are now or hereafter secured by property other than the
                Collateral or by the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Agent shall have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action
                with respect thereto, without in any way modifying or affecting any of the Secured Parties’ rights and remedies hereunder.

             

            18.         Appointment of Agent.  The Secured Parties hereby appoint Agent to act as their agent for purposes of
                exercising any and all rights and remedies of the Secured Parties hereunder.  Agent, by its signature below, accepts such appointment.  Such appointment shall continue until revoked in writing by a Majority in Interest, at which time a
                Majority in Interest shall appoint a new Agent, provided that Agent may not be removed as Agent unless Agent shall then hold less than US$250,000 in principal amount of Notes; provided, further, that such removal may occur
                only if each of the other Secured Parties shall then hold not less than an aggregate of US$500,000 in principal amount of Notes.  The Agent shall have the rights, responsibilities and immunities set forth in Annex B hereto.

             

            
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              19.         Miscellaneous.

               

              (a)          No course of dealing between the Debtors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the part of the
                  Secured Parties, any right, power or privilege hereunder or under the Notes shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further
                  exercise thereof or the exercise of any other right, power or privilege.

               

              (b)         All of the rights and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Notes or by any other
                  agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

            

             

              

            (c)         This Agreement, together with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to
                the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Agreement and the exhibits and schedules hereto.  No
                provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtors, Agent, and the Secured Parties holding 50.1% or more of the principal amount of
                Notes then outstanding, or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.

             

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

             

            (e)          No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
                continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the
                exercise of any such right.

             

            
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              (f)          This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The Company and the
                  Guarantors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured Party (other than by merger).  Any Secured Party may assign any or all of its rights under this Agreement to
                  any Person (as defined in the Purchase Agreement) to whom such Secured Party assigns or transfers any Obligations, provided such transferee agrees in writing to be bound, with respect to the transferred Obligations, by the provisions of
                  this Agreement that apply to the “Secured Parties.”

               

              (g)         Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out
                  the provisions and purposes of this Agreement.

            

             

              

            (h)        Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning
                the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
                thereof.  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor agrees that all proceedings concerning the interpretations, enforcement and defense of the transactions
                contemplated by this Agreement and the Notes (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and
                federal courts sitting in Clark County, State of Nevada.  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor hereby irrevocably submits to the exclusive jurisdiction of the
                state and federal courts sitting in Clark County, State of Nevada for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
                agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper.  Each party hereto hereby irrevocably waives personal service of process and
                consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
                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. 
                Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

             

            (i)           This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
                and, all of which taken together shall constitute one and the same Agreement.  In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on
                whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

             

            
              21

              
                

            

            
              (j)          All Debtors shall jointly and severally be liable for the obligations of each Debtor to the Secured Parties hereunder.

               

              (k)       Each Debtor shall indemnify, reimburse and hold harmless the Agent and the Secured Parties and their respective partners, members, managers,
                  shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively, “Indemnitees”) from and against any and all losses, claims, liabilities, damages,
                  penalties, suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or
                  arising from or alleged to arise from this Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from the gross negligence or willful misconduct of the
                  Indemnitee as determined by a final, nonappealable decision of a court of competent jurisdiction.  This indemnification provision is in addition to, and not in limitation of, any other indemnification provision in the Notes, the Purchase
                  Agreement (as such term is defined in the Notes) or any other agreement, instrument or other document executed or delivered in connection herewith or therewith.

            

             

              

            (l)          Nothing in this Agreement shall be construed to subject Agent or any Secured Party to liability as a partner in any Debtor or
                any if its direct or indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that is a limited liability company, nor shall Agent or any Secured Party be deemed to have assumed
                any obligations under any partnership agreement or limited liability company agreement, as applicable, of any such Debtor or any of its direct or indirect subsidiaries or otherwise, unless and until any such Secured Party exercises its
                right to be substituted for such Debtor as a partner or member, as applicable, pursuant hereto.

             

            (m)         To the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the
                consent, approval or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance with any provisions of any of the Organizational Documents, the Debtors hereby grant such
                consent and approval and waive any such noncompliance with the terms of said documents.

             

            [SIGNATURE PAGES FOLLOW]

             

            
              22

              
                

            

            IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed on the day and year first above written.

             

            	
                    CENNTRO ELECTRIC GROUP LIMITED

                  	 	 
	 	 	 
	 	 	 
	
                    Executed by Cenntro Electric Group

                     Limited ACN 619 054 938 in accordance

                     with Section 127 of the Corporations Act

                     2001

                  	 	 
	 	 	 
	 	 	 
	
                    Signature of director

                  	 	
                    Signature of director/company secretary

                    (Please delete as applicable)

                  
	 	 	 
	
                    Name of director (print)

                  	 	
                    Name of director/company secretary (print)

                  

             

            	
                    CENNTRO ELECTRIC GROUP, INC.

                  
	 	 
	
                    By:

                  	 
	
                    

                    

                  	 Name: Peter Wang
	
                    

                    

                  	 Title: Chief Executive Officer

            

            

            

            

            	
                    CENNTRO AUTOMOTIVE CORPORATION

                  
	 	 
	
                    By:

                  	 
	
                    

                    

                  	 Name: Peter Wang
	
                    

                    

                  	 Title: Chief Executive Officer

            

            

            

              [SIGNATURE PAGE OF AGENT FOLLOWS]

             

            
              23

              
                

            

            [SIGNATURE PAGE OF AGENT TO SECURITY AGREEMENT]

              

            

             

            

            	
                    By:

                  	 
	 	
                    Name: Edric Guo

                  
	 	
                    Title: Chief Executive Officer

                  

            

            

             

            [SIGNATURE PAGE OF HOLDERS FOLLOWS]

             

            
              24

              
                

            

            [SIGNATURE PAGE OF HOLDERS TO SECURITY AGREEMENT]

             

            	
                    Name of Investing Entity: __________________________

                  
	
                    Signature of Authorized Signatory of Investing entity: _________________________

                  
	
                    Name of Authorized Signatory: _________________________

                  
	
                    Title of Authorized Signatory: __________________________

                  

             

            
              25

              
                

            

            ANNEX A

            to

            SECURITY

            AGREEMENT

             

            FORM OF ADDITIONAL DEBTOR JOINDER

             

            Security Agreement dated as of ______________, 2022 made by

            Cenntro Electric Group Limited ACN 619 054 938

            and its subsidiaries party thereto from time to time, as Debtors

            to and in favor of

            the Secured Parties identified therein (the “Security Agreement”)

             

            Reference is made to the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in,
              or by reference in, the Security Agreement.

             

            The undersigned hereby agrees that upon delivery of this Additional Debtor Joinder to the Secured Parties referred to above, the undersigned shall (a) be an Additional Debtor
              under the Security Agreement, (b) have all the rights and obligations of the Debtors under the Security Agreement as fully and to the same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made the
              representations and warranties set forth therein as of the date of execution and delivery of this Additional Debtor Joinder.  WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A
              SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN.

             

            Attached hereto are supplemental and/or replacement Schedules to the Security Agreement, as applicable.

             

            An executed copy of this Joinder shall be delivered to the Secured Parties, and the Secured Parties may rely on the matters set forth herein on or after the date hereof. 
              This Joinder shall not be modified, amended or terminated without the prior written consent of the Secured Parties.

             

            IN WITNESS WHEREOF, the undersigned has caused this Joinder to be executed in the name and on behalf of the undersigned.

             

            	 	 	
                    Name of Additional Debtor

                  
	 	 	 	 
	 	 	
                    By:

                  	 
	 	 	
                    

                    

                  	 Name:
	 	 	
                    

                    

                  	 Title:
	 	 	 	 
	 	 	
                    

                    

                  	 Address:
	
                    Dated:

                  	
                    

                    

                  	 	 

             

            
              
                

            

            ANNEX B

             to

            SECURITY

            AGREEMENT

            THE AGENT

             

            1.          Appointment.  The Secured Parties (all capitalized terms used herein and not otherwise defined shall have
                the respective meanings provided in the Security Agreement to which this Annex B is attached (the “Agreement”)), by their acceptance of the benefits of the Agreement, hereby designate Univest Securities, LLC (“Agent”) as the
                Agent to act as specified herein and in the Agreement.  Each Secured Party shall be deemed irrevocably to authorize the Agent to take such action on its behalf under the provisions of the Agreement and any other Transaction Document (as
                such term is defined in the Purchase Agreement) and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms hereof and thereof and such other powers
                as are reasonably incidental thereto.  The Agent may perform any of its duties hereunder by or through its agents or employees.

             

            2.           Nature of Duties.  The Agent shall have no duties or
                responsibilities except those expressly set forth in the Agreement.  Neither the Agent nor any of its partners, members, managers, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it
                as such under the Agreement or hereunder or in connection herewith or therewith, be responsible for the consequence of any oversight or error of judgment or answerable for any loss, unless caused solely by its or their gross negligence or
                willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction.  The duties of the Agent shall be mechanical and administrative in nature; the Agent shall not have by reason of the
                Agreement or any other Transaction Document a fiduciary relationship in respect of any Debtor or any Secured Party; and nothing in the Agreement or any other Transaction Document, expressed or implied, is intended to or shall be so
                construed as to impose upon the Agent any obligations in respect of the Agreement or any other Transaction Document except as expressly set forth herein and therein.

             

            3.          Lack of Reliance on the Agent.  Independently and without reliance upon the Agent, each Secured Party, to
                the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Company and its subsidiaries in connection with such Secured Party’s investment in the
                Debtors, the creation and continuance of the Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of
                the Company and its subsidiaries, and of the value of the Collateral from time to time, and the Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Secured Party with any credit, market or
                other information with respect thereto, whether coming into its possession before any Obligations are incurred or at any time or times thereafter.  The Agent shall not be responsible to the Debtors or any Secured Party for any recitals,
                statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection,
                collectibility, priority or sufficiency of the Agreement or any other Transaction Document, or for the financial condition of the Debtors or the value of any of the Collateral, or be required to make any inquiry concerning either the
                performance or observance of any of the terms, provisions or conditions of the Agreement or any other Transaction Document, or the financial condition of the Debtors, or the value of any of the Collateral, or the existence or possible
                existence of any default or Event of Default under the Agreement, the Notes or any of the other Transaction Documents.

             

            
              
                

            

            4.          Certain Rights of the Agent.  The Agent shall have the right to take any action with respect to the
                Collateral, on behalf of all of the Secured Parties.  To the extent practical, the Agent shall request instructions from the Secured Parties with respect to any material act or action (including failure to act) in connection with the
                Agreement or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of a Majority in Interest; if such instructions are not provided despite the Agent’s request therefor, the
                Agent shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to appropriate indemnification from the Secured Parties in respect of actions to be taken by the Agent; and the Agent
                shall not incur liability to any person or entity by reason of so refraining.  Without limiting the foregoing, (a) no Secured Party shall have any right of action whatsoever against the Agent as a result of the Agent acting or refraining
                from acting hereunder in accordance with the terms of the Agreement or any other Transaction Document, and the Debtors shall have no right to question or challenge the authority of, or the instructions given to, the Agent pursuant to the
                foregoing and (b) the Agent shall not be required to take any action which the Agent believes (i) could reasonably be expected to expose it to personal liability or (ii) is contrary to this Agreement, the Transaction Documents or applicable
                law.

             

            5.          Reliance.  The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
                resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent or made by the proper person or entity, and, with respect to all legal
                matters pertaining to the Agreement and the other Transaction Documents and its duties thereunder, upon advice of counsel selected by it and upon all other matters pertaining to this Agreement and the other Transaction Documents and its
                duties thereunder, upon advice of other experts selected by it.  Anything to the contrary notwithstanding, the Agent shall have no obligation whatsoever to any Secured Party to assure that the Collateral exists or is owned by the Debtors or
                is cared for, protected or insured or that the liens granted pursuant to the Agreement have been properly or sufficiently or lawfully created, perfected, or enforced or are entitled to any particular priority.

             

            6.          Indemnification.  To the extent that the Agent is not reimbursed
                and indemnified by the Debtors, the Secured Parties will jointly and severally reimburse and indemnify the Agent, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities,
                obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Agent in performing its duties hereunder or
                under the Agreement or any other Transaction Document, or in any way relating to or arising out of the Agreement or any other Transaction Document except for those determined by a final judgment (not subject to further appeal) of a court of
                competent jurisdiction to have resulted solely from the Agent’s own gross negligence or willful misconduct.  Prior to taking any action hereunder as Agent, the Agent may require each Secured Party to deposit with it sufficient sums as it
                determines in good faith is necessary to protect the Agent for costs and expenses associated with taking such action.

             

            
              
                

            

            7.          Resignation by the Agent.

             

            (a)          The Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction
                Documents at any time by giving thirty (30) days’ prior written notice (as provided in the Agreement) to the Debtors and the Secured Parties.  Such resignation shall take effect upon the appointment of a successor Agent pursuant to clauses
                (b) and (c) below.

             

            (b)          Upon any such notice of resignation, the Secured Parties, acting by a Majority in Interest, shall appoint a successor Agent
                hereunder.

             

            (c)          If a successor Agent shall not have been so appointed within said 30-day period, the Agent shall then appoint a successor Agent
                who shall serve as Agent until such time, if any, as the Secured Parties appoint a successor Agent as provided above.  If a successor Agent has not been appointed within such 30-day period, the Agent may petition any court of competent
                jurisdiction or may interplead the Debtors and the Secured Parties in a proceeding for the appointment of a successor Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and
                expenses associated therewith, shall be payable by the Debtors on demand.

             

            8.          Rights with respect to Collateral.  Each Secured Party agrees with
                all other Secured Parties and the Agent (i) that it shall not, and shall not attempt to, exercise any rights with respect to its security interest in the Collateral, whether pursuant to any other agreement or otherwise (other than pursuant
                to this Agreement), or take or institute any action against the Agent or any of the other Secured Parties in respect of the Collateral or its rights hereunder (other than any such action arising from the breach of this Agreement) and (ii)
                that such Secured Party has no other rights with respect to the Collateral other than as set forth in this Agreement and the other Transaction Documents.  Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such
                successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and the retiring Agent shall be discharged from its duties and obligations under the Agreement.   After
                any retiring Agent’s resignation or removal hereunder as Agent, the provisions of the Agreement including this Annex B shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent.

              

            

            
              
                

            

             
            Schedule A

             

            (a)         The following are all other locations in the United States of America or any other location in which the Company maintains any books or records
                relating to any of the Collateral consisting of accounts, instruments, chattel paper, general intangibles or mobile goods:

             

            	
                    Address

                  	
                    County

                  	
                    State/Country

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 

             

            	

                  	Source:	
                    UCC §9-301(2) and (3).

                  

             

            (b)          The following are all other places of business of the Company in the United States of America or any other location:

             

            	
                    Address

                  	
                    County

                  	
                    State/Country

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

             

            	

                  	Source:	
                    UCC §9-301(2) and (3).

                  

             

            (c)          The following are all other locations in the United States of America or any other location where any of the Collateral consisting of inventory or
                equipment is located:

             

            	
                    Address

                  	
                    County

                  	
                    State/Country

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

             

            	

                  	Source:	
                    UCC §§-301(2) and (3).

                  

             

            
              
                

            

            (d)          The following are the names and addresses of all persons or entities other than the Company, such as lessees, consignees, warehousemen or
                purchasers of chattel paper, which have possession or are intended to have possession of any of the Collateral consisting of instruments, chattel paper, inventory or equipment:

             

            	
                    Name

                  	
                    Mailing Address

                  	
                    County

                  	
                    State/Country

                  
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

             

            	

                  	Source:	
                    UCC §§9-301(2) and (3), 9-312 and 9-313.

                  

             

            (e)          The following is a complete list of all bank accounts (including securities and commodities accounts) maintained by the Company (provide name and address of depository bank, type of account and account number):

             

            	
                    Depository Bank

                  	
                    Bank Address

                  	
                    Type of Account

                  	
                    Acct. No.

                  
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

             

            
              
                

            

            Schedule B

             

            Permitted Liens

             

            
              
                

            

            Schedule C

             

            UCC filing Jurisdictions

             

            
              
                

            

            Schedule D

             

            	
                    Name

                  	 	 	
                    Jurisdiction

                  	 	
                    Organizational identification number

                  

             

            
              
                

            

            Schedule E

             

            Other Names

              

            

            
              
                

            

            Schedule F

             

            Patents and Trademarks

              

            

            
              
                

            

            [Schedule G]

             

            
              
                

            

             Schedule H

             

            Equity Interests of Guarantors

             

            Schedule H-1

             

            Pledged Securities:

             

            	 	 	 	 
	
                     

                     

                    Issuer

                  	
                     

                    Record

                     Owner

                  	
                     

                    Class of

                     Shares

                     

                      

                  	
                    Percentage Ownership

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