Document:

EX-10.1

 Exhibit 10.1 

COMMON STOCK PURCHASE AGREEMENT 

This common stock purchase agreement (this “Agreement”) is made as of April 5, 2022, by and between
[            ] (the “Purchaser”), and Digimarc Corporation, an Oregon corporation (the “Company”). 

RECITALS 

A. Subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this
Agreement. 
 B. This Agreement is part of a series of Common Stock Purchase Agreements (each other Common Stock Purchase Agreement,
an “Other Purchase Agreement”), each executed concurrently but as independent transactions, pursuant to which the Company has agreed to sell and issue shares of its common stock to separate purchasers (each other purchaser, an
“Other Purchaser”), in each case at the same price per share as contemplated by this Agreement. 
 TERMS
AND CONDITIONS 
 In consideration of the mutual covenants contained in this Agreement, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows: 

ARTICLE I 

DEFINITIONS 

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth
in this Section 1.1: 
 “Affiliate” means any Person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Base Prospectus” means the prospectus, dated July 24, 2020, contained in the Registration Statement.

 “Closing” means the closing of the purchase and sale of the Shares pursuant to
Section 2.2. 
 “Closing Date” means the Trading Day on which all conditions
precedent to (i) the Purchaser’s obligation to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than the second Trading Day
following the date hereof. 
 “Commission” means the United States Securities and Exchange Commission. 

 “Common Stock” means the common stock of the Company, par
value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Disclosure Package” means, collectively, the Prospectus, together with the documents incorporated by
reference therein. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Prospectus” means the Prospectus Supplement, together with the Base Prospectus. 

“Prospectus Supplement” means the supplement to the Base Prospectus complying with Rule 424(b) of the
Securities Act that is filed with the Commission and delivered by the Company to the Purchaser at the Closing. 

“Registration Statement” means the effective registration statement with Commission File No. 333-238995 that registers the sale of the Shares to the Purchaser, as such Registration Statement may be amended and supplemented from time to time (including pursuant to Rule 462(b) of the Securities Act).

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shares” means [     ] shares of Common Stock issued or issuable to the
Purchaser pursuant to the terms and conditions of this Agreement. 
 “Short Sales” means, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

“Subscription Amount” means $[ ], the aggregate amount to be paid for the Shares purchased hereunder in United
States dollars and in immediately available funds. 
 “Trading Day” means a day on which the Trading Market
is open for trading. 
 “Trading Market” means any of the following markets or exchanges on which the Common
Stock is listed or quoted for trading on the date in question: the NYSE American, The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing). 

“Transfer Agent” means Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717, and any
successor transfer agent of the Company. 

  
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 ARTICLE II 

PURCHASE AND SALE 

2.1 Closing. Upon the terms and subject to the conditions set forth herein, the Company has authorized the sale and issuance to
the Purchaser, and the Purchaser agrees to purchase from the Company, the Shares, for a purchase price of $25.90 per Share. 
 (a) The
offering and sale of the Shares (the “Offering”) is being made pursuant to (i) the Registration Statement filed by the Company with the Commission, including the Base Prospectus; (ii) if applicable, certain “free
writing prospectuses” (as that term is defined in Rule 405 under the Securities Act) (“Free Writing Prospectus”) that have been or will be filed, if required, with the Commission and delivered to the Purchaser on or before
the date hereof, containing certain supplemental information regarding the terms of the Offering and the Company; and (iii) the Prospectus Supplement containing certain supplemental information regarding the Shares and the terms of the Offering
and information that may be material to the Company and its securities that was delivered to the Purchaser and will be filed with the Commission. 

(b) There is no placement agent or underwriter for this Offering. The Shares are being issued directly by the Company to the Purchaser. 

2.2 Closing and Delivery of the Shares and Funds. 

(a) The Closing shall take place at the offices of Perkins Coie LLP, 1120 NW Couch Street, Tenth Floor, Portland, Oregon 97209, or such other
location as the parties shall mutually agree upon, on the Closing Date. At or prior to the Closing, (i) the Purchaser shall deliver to the Company, (x) this Agreement duly executed by the Purchaser and, (y) via wire transfer,
immediately available funds equal to the Subscription Amount, and (ii) the Company shall deliver (x) this Agreement duly executed by the Company (y) the Prospectus Supplement to the Purchaser (which may be delivered in accordance with
Rule 172 under the Securities Act) and (z) irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, via The Depository Trust Company Deposit or Withdrawal at Custodian system, the Shares registered in the name
of the Purchaser. 
 (b) The Company’s obligation to issue and sell the Shares to the Purchaser shall be subject to: (i) no stop
order suspending the effectiveness of the Registration Statement or any part thereof, or preventing or suspending the use of the Base Prospectus or the Prospectus or any part thereof, shall have been issued and no proceedings for that purpose or
pursuant to Section 8A under the Securities Act shall have been initiated or threatened by the Commission; (ii) no objection shall have been raised by the Trading Market with respect to the consummation of the transactions contemplated by
this Agreement; (iii) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality, in all respects) on the Closing Date of the representations and warranties of the Purchaser contained
herein (unless as of a specific date therein in which case they shall be true and correct as of such date); and (iv) the delivery by the Purchaser of the items set forth in Section 2.2(a) of this Agreement. 

  
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 (c) The Purchaser’s obligation to purchase the Shares from the Company shall be subject
to: (i) no stop order suspending the effectiveness of the Registration Statement or any part thereof, or preventing or suspending the use of the Base Prospectus or the Prospectus or any part thereof, shall have been issued and no proceedings
for that purpose or pursuant to Section 8A under the Securities Act shall have been initiated or threatened by the Commission; (ii) no objection shall have been raised by the Trading Market with respect to the consummation of the
transactions contemplated by this Agreement; (iii) there shall have been no Material Adverse Effect since the date hereof; (iv) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing
Date shall have been performed; (v) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the
representations and warranties of the Company contained herein (unless as of a specific date therein, which shall be true and correct as of such specified date); and (vi) the delivery by the Company of the items set forth in
Section 2.2(a) of this Agreement. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations, Warranties and Covenants of the Company. The Company acknowledges, represents and warrants to, and agrees
with, the Purchaser that: 
 (a) The Company has the requisite right, power and authority to enter into this Agreement, to authorize, issue
and sell the Shares as contemplated by this Agreement and to perform and to discharge its obligations hereunder; and this Agreement has been duly authorized, executed and delivered by the Company, and constitutes the valid and binding obligation of
the Company enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to enforcement of creditors’ rights generally and by general principles of equity. No
approval of the Company’s stockholders or any other corporate action on the part of the Company is necessary to authorize the execution, delivery and performance of this Agreement by the Company. 

(b) The Shares have been duly authorized and the Shares, when issued and delivered against payment therefor as provided in this Agreement, will
be validly issued, fully paid and non-assessable and free of any preemptive or similar rights. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the
effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the
Commission. No objection has been raised by the Trading Market with respect to the consummation of the transactions contemplated by this Agreement or any Other Purchase Agreement. The Company, if required by the rules and regulations of the
Commission, proposes to file the Prospectus with the Commission pursuant to Rule 424(b) in relation to the sale of the Shares. There are a sufficient number of shares of Common Stock available for issuance under the Registration Statement to
issue the Shares and all of the other shares of Common Stock issuable pursuant to the Other Purchase Agreements pursuant to the Registration Statement. 

  
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 (c) The execution and delivery of this Agreement or any Other Purchase Agreement and the
consummation of the transactions contemplated hereby will not (i) result in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, rule or regulation to which the Company or any of its subsidiaries
is subject, or by which any property or asset of the Company or any of its subsidiaries is bound or affected, (ii) conflict with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture
or other instrument or obligation or other understanding to which the Company or any of its subsidiaries is a party or by which any property or asset of the Company or any of its subsidiaries is bound or affected, or (iii) result in a breach or
violation of any of the terms and provisions of, or constitute a default under, the Company’s articles of incorporation or bylaws, except in the case of clauses (i) and (ii) such breaches, violations, defaults, or conflicts which are not,
and would not be, individually or in the aggregate, reasonably likely to result in a material adverse effect upon the business, properties, operations, condition (financial or other) or results of operations of the Company and its subsidiaries,
taken as a whole, or in its ability to perform its obligations under this Agreement or any Other Purchase Agreement (a “Material Adverse Effect”; provided, however, that changes in the trading price of the Common Stock shall not, in
and of themselves, constitute a Material Adverse Effect). 
 (d) The Company has filed all reports, schedules, forms, statements and other
documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two (2) years preceding the date hereof (or such shorter period as the Company was
required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely
basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC
Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements, as of their respective dates, were
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly presented in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

(e) Since the date of the latest financial statements included within the SEC Reports (i) there has been no event, occurrence or
development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) liabilities, including trade payables and
accrued expenses, incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected on a consolidated balance sheet of the Company pursuant to GAAP or

  
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disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, other than the adoption of new accounting standards as set forth in the SEC
Reports, and (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock. The Company
does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Shares contemplated by this Agreement or any Other Purchase Agreements or as set forth in the SEC Reports, no event,
liability, fact, circumstance, litigation, claim, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its subsidiaries or their respective businesses, prospects, properties,
operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been disclosed at least one (1) Trading Day
prior to the date that this representation is made. 
 (f) The Company shall, (i) by 8:30 a.m. Eastern time on the Trading Day
immediately following the date of this Agreement, issue a press statement disclosing the material terms of the transactions contemplated hereby, and (ii) within the time required by the Exchange Act, issue a Current Report on Form 8-K including the form of purchase agreement and an opinion of legal counsel as to the validity of the Shares as exhibits thereto. 

(g) The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and regulations of the Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 
 (h) The Company hereby agrees to
use commercially reasonable efforts to maintain the listing or quotation of the Common Stock on the Trading Market, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares on the Trading Market and promptly
secure the listing of all of the Shares on the Trading Market. The Company will take all action reasonably necessary to continue the listing and trading of its Common Stock on the Trading Market and will comply in all material respects with the
Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company shall not take any action which would reasonably be expected to result in the delisting or suspension of the Common Stock on the
Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to
the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer. 
 (i) No brokerage
or finder’s fees or commissions are or will be payable by the Company or any of its subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions
contemplated by the Agreement or any of the Other Purchase Agreements. The Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this
section that may be due in connection with the transactions contemplated by this Agreement or any of the Other Purchase Agreements. 

  
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 (j) The proceeds from the sale of the Shares shall be used by the Company as set forth in
the Prospectus Supplement and, for the avoidance of doubt, the Company shall not use such proceeds in violation of FCPA or OFAC regulations. 

(k) The Company is not, and as a result of the consummation of the transactions contemplated by (i) this Agreement and the application of
the proceeds from the sale of the Shares and (ii) the Other Purchase Agreement and the application of the proceeds from the sale of the Common Stock thereunder, as set forth in the Base Prospectus and the Prospectus Supplement shall not be, an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not
become an “investment company” subject to registration under the Investment Company Act of 1940, as amended. 
 (l) The Common
Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the
Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the
Common Stock is or has been listed or quoted to the effect that the Company is not in compliance in any material respect with the listing or maintenance requirements of such Trading Market. As of the date hereof, the Company is in compliance with
all such listing and maintenance requirements. 
 (m) Neither the Company nor any of its officers, directors or Affiliates has, and, to the
knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which
caused or resulted in, or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Shares (or
any Common Stock issued pursuant to any Other Purchase Agreement), or (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Shares (or any Common Stock issued pursuant to any Other Purchase Agreement).

 3.2 Representations, Warranties and Covenants of the Purchaser. The Purchaser acknowledges, represents and warrants to, and
agrees with, the Company that: 
 (a) At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is an
“accredited investor” as defined in Rule 501(a) under the Securities Act. 
 (b) It has had the opportunity to review this
Agreement and the Company’s filings with the Commission and has been afforded the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Shares. 

  
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 (c) No agent of the Company has been authorized to make and no such agent has made any
representation, disclosure or use of any information in connection with the issue, placement, purchase and sale of the Shares, except as set forth in or incorporated by reference in the Base Prospectus or the Prospectus Supplement or as otherwise
contemplated by this Agreement. 
 (d) (i) The Purchaser has the requisite right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (ii) this Agreement constitutes a valid and binding obligation of
the Purchaser enforceable against the Purchaser in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to enforcement of creditors’ rights generally and by general
principles of equity. 
 (e) Nothing in this Agreement, the Prospectus, the Disclosure Package or any other materials presented to the
Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of the Shares. 
 (f) Since the time that the Purchaser first began discussions with the Company about the
transactions contemplated by this Agreement, the Purchaser has not directly or indirectly, nor, to its knowledge, has any person acting on behalf of or pursuant to any understanding with the Purchaser, (i) disclosed any information regarding
the Offering to any third parties (other than the Purchaser’s legal and accounting advisors), or (ii) engaged in any transactions in the securities of the Company (including, without limitations, any Short Sales involving the
Company’s securities). The Purchaser covenants that, prior to the time that the transactions contemplated by this Agreement are publicly disclosed, neither it nor any person acting on its behalf or pursuant to any understanding with it will
(A) disclose any information regarding the Offering to any third parties (other than the Purchaser’s legal and accounting advisors), or (B) engage in any transactions in the securities of the Company (including Short Sales). 

(g) The Purchaser’s signature page sets forth all securities of the Company held or beneficially owned by such Purchaser as of the date
hereof. The Purchaser does not hold or beneficially own any other securities of the Company, except as indicated on the signature page hereto. 

ARTICLE IV 

MISCELLANEOUS 

4.1 Entire Agreement; Modifications. Except as otherwise provided herein, this Agreement constitutes the entire understanding
and agreement between the parties with respect to its subject matter and there are no agreements or understandings with respect to the subject matter hereof which are not contained in this Agreement. This Agreement may be modified only in writing
signed by the Company and the Purchaser. 
 4.2 Survival. All representations, warranties, and agreements of the Company and
the Purchaser herein shall survive delivery of, and payment for, the Shares purchased hereunder. 

  
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 4.3 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other party hereto, it being understood that all parties need not
sign the same counterpart. Execution may be made by delivery of a facsimile or PDF. 
 4.4 Severability. The provisions of
this Agreement are severable and, in the event that any court or officials of any regulatory agency of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement and this Agreement shall be reformed and construed
as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible, so long as such construction does not
materially adversely affect the economic rights of either party hereto. 
 4.5 Notices. All notices or other communications
required or permitted to be provided hereunder shall be in writing and shall be deemed effectively given (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed e-mail if
sent during normal business hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company or the Purchaser, as applicable, at the address for such recipient listed on the
signature pages hereto or at such other address as such recipient has designated by two days advance written notice to the other party hereto. 

4.6 Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of
Delaware without regard to the choice of law principles thereof. 
 4.7 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR
PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES
FOREVER TRIAL BY JURY. 
 4.8 Headings. The headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this Agreement. 

  
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 4.9 Fees and Expenses. Each party shall pay the fees and expenses of its
advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay (a) all transfer
agent fees incurred in connection with the delivery of any Shares to the Purchaser and (b) all out-of-pocket expenses (including reasonable attorney’s fees) of
the Purchaser incurred by the Purchaser in connection with specifically enforcing the terms and provisions of this Agreement pursuant to Section 4.10. 

4.10 Enforcement. The Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of
the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any
other remedy to which either party may be entitled by law or equity. 
 4.11 Termination. This Agreement may be terminated by
the Company or the Purchaser, by written notice to the other party, if the Closing has not been consummated on or before the third (3rd) Trading Day after the parties’ execution of this
Agreement; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party. 

4.12 Independent Nature of Purchaser’s Obligations and Rights. The Purchaser shall not be responsible in any way for the
performance or non-performance of the obligations of any Other Purchaser under any Other Purchase Agreement. 

[Signature Pages Follow] 

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

	
	DIGIMARC CORPORATION
	
	By:                                     
                                         
                  
	Name:
	Title:
	
	Address for notice:
	
	 Digimarc Corporation
 8500 SW Creekside
Place

	Beaverton, Oregon 97008
	Attention: Chief Financial Officer
	Email: Charles.Beck@digimarc.com
	
	With a copy (which shall not constitute notice) to:
	
	 Perkins Coie LLP
 1120 NW Couch Street, Tenth
Floor

	Portland, Oregon 97209
	Attention: Roy Tucker
	                 Joe Bailey
	E-mail: RTucker@Perkinscoie.com
	             JoeBailey@Perkinscoie.com

 
			
	[PURCHASER]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notice:
	  

	  

	  

	Email:	 	  

 Company Shares currently held by
Purchaser:                                       
                                         
                                         
      
 Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are
maintained):                                       
                                         
                                         
                                         
                   
 DTC Participant Number:
                                       
                                         
                                         
                                      

Name of Account at DTC Participant being credited with the
Shares:                                        
                                         
          
 Account Number at DTC Participant being credited with the
Shares:Exhibit
10.1

 

Consulting
and Services Agreement

 

Dated
as of March 31, 2022

 

This
Consulting and Services Agreement (“Agreement”) is made and entered into as of the date first set forth above (the “Effective
Date”), by and between Moveaction Co., Ltd., a Japanese corporation (the “Company”) and HeartCore Enterprises, Inc.,
a Delaware corporation (“Consultant”). Each of the Company and Consultant may be referred to herein individually as a “Party”
and collectively as the “Parties.” The Parties acknowledge that they have previously executed a draft version of an agreement
substantially similar to this Agreement, on March 23, 2022, but such execution was in error and is hereby deemed null and void and of
no force or effect.

 

WHEREAS,
Consultant is in the business of providing services for management consulting and business advisory; and

 

WHEREAS,
the Company deems it to be in its best interest to retain Consultant to render to the Company such services as may be needed; and

 

WHEREAS,
the Parties agree, after having a complete understanding of the services desired and the services to be provided, that the Company desires
to retain Consultant to provide such assistance through its services for the Company, and Consultant is willing to provide such services
to the Company;

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

Section
1.             Engagement. In exchange for the compensation
as set forth herein and subject to the other terms and conditions hereinafter set forth, the Company hereby engages Consultant
during the Term (as defined below), on a non-exclusive basis, to render the Services set forth in Section 2 as an independent
contractor of the Company, and Consultant hereby accepts such engagement.

 

	Section 2.	Services.

 

	 	(a)	Subject
    to the terms and conditions and for the Term, Consultant shall provide the Company with the following services and such additional
    services as agreed to by the Company and Consultant in writing following the Effective Date (collectively, the “Services”),
    in each case subject to the other limitations below:

 

	 	(i)	Assistance
    with the selection and negotiation of terms for a law firm, underwriter and auditing firm for the Company;
	 	 	 
	 	(ii)	Providing
    of process mining and task mining licenses for internal audit and internal control (and the parties agree that the usage fee for
    process mining is for a 3-month license, and the right to use task mining for a 3-month license for an unlimited number of units
    for internal audits);
	 	 	 
	 	(iii)	Assisting
    in the preparation of documentation for internal controls required for an initial public offering by the Company on the NASDAQ Stock
    Market, the New York Stock Exchange or the NYSE American; 

 

    	 

     

    

 

	 	(iv)	Providing
    support services to remove problematic accounting accounts upon listing support; 
	 	 	 
	 	(v)	translation
    of requested documents into English;
	 	 	 
	 	(vi)	attend
    and, if requested by the Company, lead, meetings of the Company’s management and employees; 
	 	 	 
	 	(vii)	Provide
    the Company with support services related to the Company’s NASDAQ listing; 
	 	 	 
	 	(viii)	Conversion
    of accounting data from Japanese standards to US GAAP; 
	 	 	 
	 	(ix)	Assist
    in the preparation of S-1 or F-1 filings; 
	 	 	 
	 	(x)	Creation
    of English web page; and 
	 	 	 
	 	(xi)	Preparing
    an investor presentation/deck and executive summary of the Company’s operations.

 

	 	(b)	The
    Parties acknowledge and agree that additional details regarding the Services and eventual deliverable or end result will be determined
    by the Parties at the applicable time and will in any event be subject to the Company’s final agreement.
	 	 	 
	 	(c)	Notwithstanding
    the definition of the “Services” as set forth above, it is acknowledged and agreed by the Company that Consultant carries
    no professional licenses, and is not rendering legal advice or performing accounting services, nor acting as an investment advisor
    or broker/dealer within the meaning of the applicable state and federal securities laws. The Services of Consultant shall not be
    exclusive nor shall Consultant be required to render any specific number of hours or assign specific personnel to the Company or
    its projects, however it is anticipated and agreed upon by both Parties that considerable time and resources will be required to
    fulfill the obligations to the Company under this agreement. 
	 	 	 
	 	(d)	Notwithstanding
    the definition of the “Services” as set forth above, the Consultant shall specifically not provide any of the following
    services to the Company: (i) negotiation for the sale of any the Company’s securities or participation in discussions between
    the Company and the potential investors; (ii) assisting in structuring any transactions involving the sale of the Company’s
    securities; (iii) engage in any pre-screening of potential investors to determine their eligibility to purchase any securities or
    engaging in any pre-selling efforts for the Company’s securities; (iv) discuss details of the nature of the securities sold
    or whether recommendations were made concerning the sale of the securities; (v) engage in due diligence activities; (vi) provide
    advice relating to the valuation of or the financial advisability of any investments in the Company; or (vii) handle any funds or
    securities on behalf of the Company.

 

    	 

     

    

 

	 	(e)	Consultant
    will use its commercially reasonable efforts to provide the Services using the best of its professional skills and in a manner consistent
    with generally accepted standards for the performance of such work.
	 	 	 
	 	(f)	The
    Company acknowledges that Consultant is engaged in other business activities, and that it will continue
    such activities during the term of this Agreement. Consultant shall not be restricted from engaging in other business activities
    during the term of this Agreement.

 

	Section 3.	Term; Termination.

 

	 	(a)	The
    term of this Agreement shall commence on the Effective Date and shall continue for a period of nine months thereafter (“Initial
    Term”), unless sooner terminated in accordance with the terms herein. The Initial Term and any Renewal Term (as defined below)
    shall be automatically renewed for additional periods of none months each (each a “Renewal Term” and together with the
    Initial Term and any other Renewal Terms, the “Term”) unless either Party notifies the other Party of the first Party’s
    desire for the Initial Term or Renewal Term, as applicable, to not so renew at least thirty days prior to the expiration of the then-current
    Initial Term or Renewal Term, as applicable. 
	 	 	 
	 	(b)	This
    Agreement and the Term may be terminated at any time by either Party upon notice to the other Party. 
	 	 	 
	 	(c)	Upon
    the termination or expiration of the Term, the Parties shall have no further obligations hereunder other than those which arose prior
    to such termination or which are explicitly set forth herein as surviving any such termination or expiration. 

 

	Section 4.	Compensation and Expenses.

 

	 	(a)	As
    full and complete compensation for Consultant’s agreement to perform the services, the Company shall compensate Consultant
    as follows:

 

	 	(i)	In
    return for the provision of the Services during the Initial Term, the Company shall pay to the Consultant the sum of $460,000 (the
    “Services Fee”) and shall issue to Consultant a warrant to acquire a number of shares of capital stock of the Company,
    to initially be equal to 3% of the fully diluted share capital of the Company as of Effective Date, to be substantially in the form
    as attached hereto as Exhibit A (the “Warrant”), with such number of shares subject to the Warrant to be adjusted as
    set forth therein. The Warrant shall be deemed fully earned and vested as of the Effective Date and shall be non-returnable to the
    Company for any reason. 
	 	 	 
	 	(ii)	The
    Services Fee shall be paid as follows:

 

(1)
$180,000 on the Effective Date;

 

(2)
$140,000 on the three month anniversary of the Effective Date; and

 

(3)
$140,000 on the six month anniversary of the Effective Date.

 

    	 

     

    

 

	 	(b)	The
    portions of the Services Fee shall be deemed fully earned and paid as of the time of their payment and shall not be subject to repayment
    to the Company in the event of any later termination or expiration of the Term or this Agreement. For the avoidance of doubt, once
    the Warrant is issued on the Effective Date, any later expiration or termination of this Agreement shall not affect the Warrant or
    cause the Warrant to be terminated or invalid, and the Warrant shall remain issued and outstanding and shall remain exercisable in
    accordance with its terms. 
	 	 	 
	 	(c)	In
    the event that one or more Renewal Terms occur, the Company shall compensate Consultant for the Services at the rate of $150 per
    hour based on the hours spent by personnel of Consultant providing the Services during such Renewal Terms. The Company may set forth
    limits on the number of hours that may be spent on any Services, or other terms and conditions related thereto, which may be communicated
    to Consultant by email or otherwise.
	 	 	 
	 	(d)	During
    the Term of the Agreement the Company will reimburse the Consultant’s travel and other reasonable expenses related to Consultant’s
    performance under this Agreement, on a monthly basis, within 30 days of Consultant’s submission to Company of invoices and
    receipts related to said expenses in form as reasonably acceptable to the Company. All expenses in excess of $10,000 in any one month
    period must be approved in writing by the Company in advance of Consultant incurring said expenses, and any expenses not pre-approved
    in writing by Company shall not be reimbursed and shall be Consultant’s sole responsibility.
	 	 	 
	 	(e)	Consultant
    shall be responsible for any and all taxes incurred by or payable by Consultant with respect to all compensation or reimbursement
    of expenses or any other payments made to Consultant hereunder. In furtherance thereof, Consultant shall pay to the Company, or make
    arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required
    by applicable laws and regulations to be withheld by the Company with respect to such amount. 
	 	 	 
	 	(f)	No
    Employee Status. The Parties also acknowledge and agree that Consultant is an independent contractor and is not an employee or
    agent of Company in its position as a consultant and advisor. As such, Company shall not be liable for any employment tax, withholding
    tax, social security tax, worker’s compensation or any other tax, insurance, expense or liability with respect to any or all
    compensation, reimbursements and remuneration Consultant may receive hereunder, all of which shall be the sole responsibility of
    Consultant. Consultant is solely responsible for the reporting and payment of, all pertinent federal, state, or local self-employment
    or income taxes, licensing fees, or any other taxes or assessments levied by governmental authorities, as well as for all other liabilities
    or payments related to those services. The Parties also acknowledge and agree that Consultant is not a licensed securities broker
    or salesperson, and that Consultant will not be participating in, nor compensated for, any unlicensed securities sales activities
    other than those permitted under any of the exemptions set forth in applicable securities laws. 

 

    	 

     

    

 

	Section 5.	Relationship of the Parties.

 

	 	(a)	Consultant
    is retained by the Company only for the purposes of and to the extent set forth in this Agreement, and Consultant’ relation
    to the Company during the period of its engagement hereunder shall be that of an independent contractor. Consultant shall not, nor,
    as applicable, shall any of its agents, have employee status with the Company or be entitled to participate in any plans, arrangements
    or distributions by the Company pertaining to or in connection with any pension, stock, bonus, profit-sharing or similar benefits
    as may be available to the Company’s employees. Consultant shall be responsible for the reporting and payment of all income
    and self-employment taxes for all compensation paid to Consultant hereunder. 
	 	 	 
	 	(b)	This
    Agreement does not create a relationship of principal and agent, joint venture, partnership or employment between the Company and
    Consultant. Consultant’ engagement hereunder is not a franchise or business opportunity. Neither Party shall be liable for
    any obligations incurred by the other except as expressly provided herein.
	 	 	 
	 	(c)	Consultant
    shall not have authority to enter into contracts binding the Company or to create any obligations or incur liabilities on behalf
    of the Company. Consultant shall not act or represent himself, directly or by implication, as an agent of the Company with any authority
    other than as set forth expressly in this Agreement.
	 	 	 
	 	(d)	Any
    person hired by Consultant shall be the employee of Consultant and not of the Company, and all compensation, payroll taxes, facilities
    and related expenses for any such employee shall be the sole responsibility of Consultant.
	 	 	 
	 	(e)	Consultant
    acknowledges that it is not an officer, director or agent of Company, it is not, and will not, be responsible for any management
    decisions on behalf of Company, and may not commit Company to any action. Company represents that Consultant does not have, through
    stock ownership or otherwise, the power neither to control Company, nor to exercise any dominating influences over its management.

 

	Section 6.	Representations and Warranties.

 

	 	(a)	Representations
    and Warranties of the Company. Company represents and warrants hereunder that this Agreement and the transactions contemplated
    hereunder have been duly and validly authorized by all requisite corporate action; that Company has the full right, power and capacity
    to execute, deliver and perform its obligations hereunder; and that this Agreement, upon execution and delivery of the same by Company,
    will represent the valid and binding obligation of Company enforceable in accordance with its terms, subject to the application of
    bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally
    and general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity (the “Enforceability
    Exceptions”). The representations and warranties set forth herein shall survive the termination or expiration of this Agreement.

 

    	 

     

    

 

	 	(b)	Representations
    and Warranties of Consultant. Consultant represents and warrants hereunder that this Agreement and the transactions contemplated
    hereunder have been duly and validly authorized by all requisite action; that Consultant has the full right, power and capacity to
    execute, deliver and perform its obligations hereunder; and that this Agreement, upon execution and delivery of the same by Consultant,
    will represent the valid and binding obligation of Consultant enforceable in accordance with its terms, subject to the Enforceability
    Exceptions. The representations and warranties set forth herein shall survive the termination or expiration of this Agreement The
    representations and warranties set forth herein shall survive the termination or expiration of this Agreement.
	 	 	 
	 	(c)	Indemnification.
    In the event either Party is subject to any action, claim or proceeding resulting from the other’s gross negligence or intentional
    breach of this Agreement, the Party at fault agrees to indemnify and hold harmless the other from any such action, claim or proceeding.
    Indemnification shall include all fees, costs and reasonable attorneys’ fees that the indemnified Party may incur. In claiming
    indemnification hereunder, the indemnified Party shall promptly provide the indemnifying Party written notice of any claim that the
    indemnified Party reasonably believes falls within the scope of this Agreement. The indemnified Party may, at its expense, assist
    in the defense if it so chooses, provided that the indemnifying Party shall control such defense, and all negotiations relative to
    the settlement of any such claim. Any settlement intended to bind the indemnified Party shall not be final without the indemnified
    Party’s written consent. Any liability of a Party and its officers, directors, controlling persons, employees or agents shall
    not exceed the amount of fees actually paid to Consultant by the Company pursuant this Agreement.

 

	Section 7.	Miscellaneous.

 

	 	(a)	Notices.
    All notices under this Agreement shall be in writing. Notices may be served by certified or registered mail, postage paid with return
    receipt requested; by private courier, prepaid; by other reliable form of electronic communication; or personally. Mailed notices
    shall be deemed delivered five (5) days after mailing, properly addressed. Couriered notices shall be deemed delivered on the date
    that the courier warrants that delivery will occur. Electronic communication notices shall be deemed delivered when receipt is either
    confirmed by confirming transmission equipment or acknowledged by the addressee or its office. Personal delivery shall be effective
    when accomplished. Any Party may change its address by giving notice, in writing, stating its new address, to the other Party. Subject
    to the forgoing, notices shall be sent as follows:

 

	 	If
    to the Consultant:
	 	 	 
	 	 	HeartCore
    Enterprises, Inc.
	 	 	Attn:
    Sumitaka Yamamoto
	 	 	848
    Jordan Ave. Apt G
	 	 	Los
    Altos CA 94022
	 	 	Email:
    kanno@heartcore.co.jp 
	 	 	 
	 	With
    a copy, which shall not constitute notice, to: 
	 	 	 
	 	 	Anthony
    L.G., PLLC
	 	 	Attn:
    John Cacomanolis
	 	 	625
    N. Flagler Drive, Suite 600
	 	 	West
    Palm Beach, FL 33401
	 	 	Email:
    JCacomanolis@anthonypllc.com

 

    	 

     

    

 

	 	 	 
	 	If
    to the Company, to:
	 	 	 
	 	 	Moveaction
    Co., Ltd.
	 	 	Attn:
    Yoshio Ukaji
	 	 	5-19-9-3,
    Higashioi, Shinagawa
	 	 	Tokyo
    140-0011 Japan
	 	 	Email:
    ukaji@moveaction.co.jp

 

	 	(b)	Accuracy
    of Statements. Each Party represents and warrants that no representation or warranty contained in this Agreement, and no statement
    delivered or information supplied to the other Party pursuant hereto, contains an untrue statement of material fact or omits to state
    a material fact necessary in order to make the statements or information contained herein or therein not misleading. The representations
    and warranties made in this Agreement will be continued and will remain true and complete in all material respects and will survive
    the execution of the transactions contemplated hereby.
	 	 	 
	 	(c)	Entire
    Agreement. This Agreement and the Warrant set forth all the promises, covenants, agreements, conditions and understandings between
    the Parties, and supersede all prior and contemporaneous agreements, understandings, inducements or conditions, expressed or implied,
    oral or written, except as herein or therein contained. 
	 	 	 
	 	(d)	Survival.
    The provisions of Section 6(c) and Section 7 of this Agreement, and any additional provisions as required to effect any of such Sections,
    shall survive any termination or expiration hereof, and provided that no expiration or termination of this Agreement shall excuse
    a Party for any liability for obligations arising prior to such expiration or termination. 
	 	 	 
	 	(e)	Binding
    Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
    and permitted assigns. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or
    any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant
    to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or
    any right arising from the purported assignor’s due performance of its obligations hereunder, without the prior written consent
    of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force
    or effect. 
	 	 	 
	 	(f)	Amendment.
    Subject to the provisions of Section 4(a)(ii) the Parties hereby irrevocably agree that no attempted amendment, modification, termination,
    discharge or change (collectively, “Amendment”) of this Agreement shall be valid and effective, unless the Parties shall
    unanimously agree in writing to such Amendment.
	 	 	 
	 	(g)	No
    Waiver. No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the Party against
    whom it is asserted, and any such written waiver shall only be applicable to the specific instance to which it relates and shall
    not be deemed to be a continuing or future waiver. No failure to exercise and no delay in exercising on the part of either of the
    Parties any right, power or privilege under this Agreement shall operate as a waiver of it, nor shall any single or partial exercise
    of any other right, power or privilege preclude any other or further exercise of its exercise of any other right, power or privilege

 

    	 

     

    

 

	 	(h)	Gender
    and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural,
    as the identity of the Party or Parties, or their personal representatives, successors and assigns may require.
	 	 	 
	 	(i)	Headings.
    The article and section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the
    meaning or interpretation of the Agreement.
	 	 	 
	 	(j)	Governing
    Law; Etc.

 

	 	(i)	This
    Agreement, and all matters based upon, arising out of or relating in any way to the Transactions or the Transaction Documents, including
    all disputes, claims or causes of action arising out of or relating to the Transactions or the Transaction Documents as well as the
    interpretation, construction, performance and enforcement of the Transaction Documents, shall be governed by the laws of the United
    States and the State of Delaware, without regard to any jurisdiction’s conflict-of-laws principles.
	 	 	 
	 	(ii)	SUBJECT
    TO Section 7(k), ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS
    OR THE CONTEMPLATED TRANSACTIONS SHALL BE INSTITUTED SOLELY IN EITHER (1) THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE
    COURTS OF THE STATE OF CALIFORNIA, IN EACH CASE LOCATED IN SANTA CLARA COUNTY, CALIFORNIA, OR (2) THE TOKYO DISTRICT COURT, AND EACH
    PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY
    AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY
    WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
    BROUGHT IN AN INCONVENIENT FORUM.
	 	 	 
	 	(iii)	EACH
    PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
    PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS, THE PERFORMANCE THEREOF OR THE
    FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
    AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
    SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
    AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 7(j)(iii).

 

    	 

     

    

 

	 	(iv)	Each
    of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal counsel
    selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver with legal counsel.
    Each of the Parties further acknowledge that each has read and understands the meaning of this waiver and grants this waiver knowingly,
    voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

 

	 	(k)	Resolution
    of Disputes. Except as otherwise provided herein, all controversies, disputes or actions between the Parties arising out of this
    Agreement, including their respective Affiliates, owners, officers, directors, agents and employees, arising from or relating to
    this Agreement shall on demand of either Party be submitted for arbitration to in accordance with the rules and regulations of the
    American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by each Party who is a party
    to the Dispute, provided, however, that if such Parties are unable to agree on the identity of the arbitrator within 10 Business
    Days of commencement of efforts to do so, each Party who is a party to the Dispute shall select one arbitrator and the arbitrators
    so selected shall select a final arbitrator, and the final arbitrator shall conduct the arbitration alone. The Parties agree that,
    in connection with any such arbitration proceeding, each shall submit or file any claim which would constitute a compulsory counterclaim
    (as defined by Rule 13 of the Federal Rules of Civil Procedures) within the same proceeding as the claim to which it relates. Any
    such claim which is not submitted or filed in such proceeding shall be barred. The arbitrator shall be instructed to use every reasonable
    effort to perform its services within seven days of request, and, in any case, as soon as practicable. The Parties agree to be bound
    by the provisions of any limitation on the period of time by which claims must be brought under Delaware law or any applicable federal
    law. The arbitrator(s) shall have the right to award the relief which he or she deems proper, consistent with the terms of this Agreement,
    including compensatory damages (with interest on unpaid amounts from due date), injunctive relief, specific performance, legal damages
    and costs. The award and decision of the arbitrator(s) shall be conclusive and binding on all Parties, and judgment upon the award
    may be entered in any court of competent jurisdiction. Any right to contest the validity or enforceability of this award shall be
    governed exclusively by the United States Arbitration Act. The arbitration shall be conducted in Los Altos, California. The provisions
    of this Section 7(k) shall continue in full force and effect subsequent to and notwithstanding the expiration or termination of this
    Agreement.

 

    	 

     

    

 

	 	(l)	Severability;
    Expenses; Further Assurances. If any term, condition or other provision of this Agreement is determined by a court of competent
    jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, conditions
    and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
    the transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such determination
    that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to
    modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in
    order that the transactions contemplated by this Agreement be consummated as originally contemplated to the fullest extent possible.
    Except as otherwise specifically provided in this Agreement, each Party shall be responsible for the expenses it may incur in connection
    with the negotiation, preparation, execution, delivery, performance and enforcement of this Agreement. The Parties shall from time
    to time do and perform any additional acts and execute and deliver any additional documents and instruments that may be required
    by Law or reasonably requested by any Party to establish, maintain or protect its rights and remedies under, or to effect the intents
    and purposes of, this Agreement.
	 	 	 
	 	(m)	Specific
    Performance. Each Party agrees that irreparable damage would occur if any provision of this Agreement were not performed in accordance
    with the terms hereof and that each Party shall be entitled to seek specific performance of the terms hereof in addition to any other
    remedy at law or in equity.
	 	 	 
	 	(n)	Attorneys’
    Fees. If any Party hereto is required to engage in litigation against any other Party, either as plaintiff or as defendant, in
    order to enforce or defend any rights under this Agreement, and such litigation results in a final judgment in favor of such Party
    (“Prevailing Party”), then the party or parties against whom said final judgment is obtained shall reimburse the Prevailing
    Party for all direct, indirect or incidental expenses incurred, including, but not limited to, all attorneys’ fees, court costs
    and other expenses incurred throughout all negotiations, trials or appeals undertaken in order to enforce the Prevailing Party’s
    rights hereunder.
	 	 	 
	 	(o)	Parties
    in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement,
    express or implied, is intended to confer upon any other person or entity any rights or remedies of any nature whatsoever under or
    by reason of this Agreement other than as specifically set forth herein.
	 	 	 
	 	(p)	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in multiple counterparts, each of which shall be deemed
    an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic
    mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
    transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
    for all purposes. 

 

[Signatures
appear on following page]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective

 

Date.
March 31, 2022

 

	 	HeartCore
    Enterprises, Inc.
	 	 	 
	 	By:	/s/
    Sumitaka Yamamoto
	 	Name:	Sumitaka
    Yamamoto 
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Moveaction
    Co., Ltd.
	 	 	 
	 	By:	/s/
    Yoshio Ukaji
	 	Name:	Yoshio
    Ukaji
	 	Title:	Chief
    Executive Officer

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