Document:

Exhibit 10.1

 

THIS SECURITIES PURCHASE AGREEMENT (THIS
“AGREEMENT”) RELATES TO AN OFFER AND SALE OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS
(AS DEFINED HEREIN) PURSUANT TO REGULATION S (AS DEFINED HEREIN) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”).

 

NONE OF THE SECURITIES TO WHICH THIS
SECURITIES PURCHASE AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN)
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

FORM OF SECURITIES PURCHASE AGREEMENT

 

THIS AGREEMENT, dated
as of September 7, 2020, is entered into by and between Powerbridge Technologies Co., Ltd., a Cayman Islands exempted company with
limited liability(“Company”), and [●], its successors and/or assigns (“Purchaser”).

 

A. Company and Purchaser
are executing and delivering this Agreement pursuant to the exemption from securities registration afforded by the Securities Act,
Regulation S promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”).

 

B. Purchaser desires
to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Convertible Promissory
Note, in the form attached hereto as Exhibit A, in the aggregate principal amount of US$50,000,000 (the “Note”),
convertible into ordinary shares, $0.00166667 par value per share (“Ordinary Share”), upon the terms and subject
to the limitations and conditions set forth in such Note.

 

C. This Agreement,
the Note, and all other certificates, documents, agreements, resolutions, and instruments delivered to any party under or in connection
with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the “Transaction
Documents.”

 

D. For purposes of
this Agreement: “Conversion Shares” means all Ordinary Shares issuable upon conversion of all or any portion
of the Note; and “Securities” means the Note and the Conversion Shares.

 

NOW, THEREFORE,
in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Company and Purchaser hereby agree as follows:

 

1. Purchase
and Sale of Securities.

 

 1.1. Purchase of Securities.

 

Company shall issue
and sell to Purchaser and Purchaser shall purchase from Company the Note. In consideration thereof, Purchaser shall pay the Purchase
Price (as defined below) to the Company.

 

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 1.2. Form of Payment.

 

On the Closing Date
(as defined below), Purchaser shall pay the Purchase Price to the Company via wire transfer of immediately available funds against
delivery of the Note.

 

 1.3. Closing Date.

 

Subject to the satisfaction
(or written waiver) of the conditions set forth in Section 5 and Section 6 below, the closing of the transactions
contemplated by this Agreement (the “Closing”) shall be 10:00 a.m., New York time, on the first (1st) Business
Day on which the conditions to the Closing set forth in Sections 5 and 6 below are satisfied or waived (or such other date
as is mutually agreed to by the Company and each Buyer) the offices of Hunter Taubman Fischer & Li LLC in New York, New York.

 

1.4. Collateral
for the Note.

 

The Note shall not
be secured.

 

 1.5. Purchase Price.

 

The “Purchase
Price” shall be US$50,000,000.

 

2. Purchaser’s
Representations and Warranties.

 

Purchaser represents
and warrants to Company that as of the date hereof and as of the Closing Date:

 

2.1 Organization.
Purchaser is duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its formation,
with full right, or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder.

 

2.2 Authority.
Purchaser has the requisite power and authority to enter into and perform this Agreement and to purchase Securities being sold
to it hereunder. The execution, delivery and performance of this Agreement by Purchaser and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate, partnership or limited liability company
action, and no further consent or authorization of Purchaser or its Board of Directors, shareholders, partners, members, or managers,
as the case may be, is required. This Agreement has been duly authorized, executed and delivered by Purchaser and constitutes,
or shall constitute when executed and delivered, a valid and binding obligation of Purchaser enforceable against Purchaser in accordance
with the terms hereof.

 

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2.3 Purchase
Entirely for Own Account. This Agreement is made with Purchaser in reliance upon Purchaser’s representation to Company,
which by Purchaser’s execution of this Agreement, Purchaser hereby confirms. Securities to be acquired by Purchaser will
be acquired for investment for Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof, and Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Agreement, Purchaser further represents that Purchaser does not presently have any contract, undertaking,
agreement or arrangement with any individual, corporation, partnership, limited liability company, joint venture, trust or other
entity (“Person”) to sell, transfer or grant participations to any Person, with respect to any of the Purchaser’s
Securities.

 

2.4 Experience
of Purchaser. Purchaser, either alone or together with its representatives, has such knowledge, sophistication, and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in Securities,
and has so evaluated the merits and risks of such investment.

 

2.5 Ability
to Bear Risk. Purchaser understands and agrees that the purchase of Securities is a high risk investment and that Purchaser
is able to afford and bear an investment in a speculative venture having the risks and objectives of Company, including a risk
of total loss of such investment. Purchaser must bear the substantial economic risks of the investment in Securities indefinitely
because Securities may not be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act
and applicable state securities laws or an exemption from such registration(s) is available.

 

2.6 Disclosure
of Information. Purchaser has been given access to full and complete information regarding Company and has utilized such access
to Purchaser’s satisfaction for the purpose of obtaining such information regarding Company as Purchaser has reasonably requested.
In particular, Purchaser: (i) has received and thoroughly read and evaluated all the disclosures contained in this Agreement; and
(ii) has been given a reasonable opportunity to review such documents as Purchaser has requested and to ask questions of, and to
receive answers from, representatives of Company concerning Securities and the business and affairs of Company and to obtain any
additional information concerning Company’s business to the extent reasonably available so as to understand more fully the
nature of this investment and to verify the accuracy of the information supplied. Purchaser is satisfied that he, she or it has
received adequate information with respect to all matters which he, she or it considers material to its decision to make this investment.

 

2.7 Restricted
Securities. Purchaser understands that Securities have not been, and will not be, registered under the Securities Act, by reason
of a specific exemption from the registration provisions of the Securities Act, which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of Purchaser’s representations as expressed herein. Purchaser understands
that Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant
to these laws, Purchaser must hold Securities indefinitely unless they are registered with the SEC and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. Except as otherwise provided herein, Purchaser
acknowledges that Company has no obligation to register or qualify Securities. Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the
time and manner of sale, the holding period of Securities, or requirements relating to Company that are outside of Purchaser’s
control, and which Company is under no obligation, and may not be able, to satisfy.

 

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2.8 Use
of Proceeds. Purchaser acknowledges the Company may use the net proceeds from the transaction contemplated by this Agreement
for the planned advertising and media technology platform business for working capital, general corporate use and other purposes
as approved by the board of directors of the Company.

 

2.9 Trading
Restrictions. Purchaser has been independently advised as to the restrictions with respect to trading Securities and with respect
to the resale restrictions imposed by applicable securities laws, hereby confirms that no representation has been made to him,
her or it by or on behalf of Company with respect thereto, hereby acknowledges the risks relating to an investment therein and
of the fact that he, she or it may not be able to resell Securities except in accordance with limited exemptions under applicable
securities legislation and regulatory policy until expiry of the applicable restriction period and compliance with the other requirements
of applicable law, that Purchaser (or others for whom he, she or it is contracting hereunder) is solely responsible to find out
what these restrictions are and that Purchaser is solely responsible (and not Company) for compliance with applicable resale restrictions
and that Purchaser is aware that he, she or it may not be able to resell Securities except in accordance with limited exemptions
under applicable securities laws, and he, she or it agrees that any certificates representing Securities may bear a legend indicating
that the resale of such securities is restricted.

 

2.10 Holding
Periods. Purchaser is solely responsible (and not Company) for compliance with all applicable hold periods and resale restrictions
to which Securities are subject.

 

2.11 Regulation
S Exemption. Purchaser acknowledges and agrees that none of Securities have been registered under the Securities Act, or under
any state securities or “blue sky” laws of any state of the United States, and are being offered only in a transaction
not involving any public offering within the meaning of the Securities Act, and, unless so registered, may not be offered or sold
in the United States or to U.S. Persons (as defined herein), except pursuant to an effective registration statement under the Securities
Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act,
and in each case only in accordance with applicable state and provincial securities laws. Purchaser understands that Securities
are being offered and sold to him, her or it in reliance on an exemption from the registration requirements of United States federal
and state securities laws under Regulation S promulgated under the Securities Act and that Company is relying upon the truth and
accuracy of the representations, warranties, agreements, acknowledgments and understandings of Purchaser set forth herein in order
to determine the applicability of such exemptions and the suitability of Purchaser to acquire Securities. In this regard, Purchaser
represents, warrants and agrees that the Purchaser is a “non-US person” as defined in Regulation S. The Purchaser further
makes the representations and warranties to the Company set forth on Exhibit B. Such Purchaser is not required to be registered
as a broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.

 

2.12 No
Advertisements or Direct Selling Effort. Purchaser is not receiving Securities as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio
or via the Internet, or presented at any seminar or meeting. Purchaser has not acquired Securities as a result of, and will not
engage in, any “directed selling efforts” (as defined in Regulation S) in the United States in respect of any of Securities
which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning
the market in the United States for the resale of any of Securities; provided, however, that Purchaser may sell or otherwise dispose
of any of Securities pursuant to registration of any of Securities pursuant to the Securities Act and any applicable state securities
laws or under an exemption from such registration requirements and as otherwise provided herein.

 

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2.13 Legend.
Purchaser acknowledges and agrees that Securities shall bear a restricted legend (the “Legend”), in the form
and substance as set forth in Section 7 hereof, disclosing the prohibition on the offer, sale, pledge or transfer of Securities,
except (i) pursuant to an effective registration statement filed under the Securities Act, (ii) in accordance with the applicable
provisions of Regulation S, promulgated under the Securities Act, (iii) pursuant to an exemption from registration provided by
Rule 144 under the Securities Act (if available), and (iv) pursuant to any other exemption from the registration requirements of
the Securities Act or for estate planning purposes (subject to any escrow restrictions).

 

2.14 Economic
Considerations. Purchaser is not relying on Company, or its affiliates or agents with respect to economic considerations involved
in this investment. Purchaser has relied solely on his, her or its own advisors.

 

2.15 Compliance
with Laws. Any resale of Securities during the “distribution compliance period” as defined in Rule 902(f) to Regulation
S shall only be made in compliance with exemptions from registration afforded by Regulation S. Further, any such sale of Securities
in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction. Purchaser
will not offer to sell or sell Securities in any jurisdiction unless Purchaser obtains all required consents, if any.

 

2.16 General.
Purchaser understands that Securities are being offered and sold in reliance on a transactional exemption from the registration
requirements of federal and state securities laws and Company is relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings of Purchaser set forth herein in order to determine the applicability of such exemptions
and the suitability of Purchaser to acquire Securities.

 

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3. Company’s
Representations and Warranties.

 

3.1 Company
represents and warrants to Purchaser that as of the date hereof and as of the Closing Date: (i) Company is a corporation duly organized,
validly existing and in good standing under the laws of its state of incorporation and has the requisite corporate power to own
its properties and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign corporation to
do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it makes
such qualification necessary; (iii) each of the Transaction Documents and the transactions contemplated hereby and thereby, have
been duly and validly authorized by Company and all necessary actions have been taken; (iv) this Agreement, the Note, and the other
Transaction Documents have been duly executed and delivered by Company and constitute the valid and binding obligations of Company
enforceable in accordance with their terms; (v) the execution and delivery of the Transaction Documents by Company, the issuance
of Securities in accordance with the terms hereof, and the consummation by Company of the other transactions contemplated by the
Transaction Documents do not and will not conflict with or result in a breach by Company of any of the terms or provisions of,
or constitute a default under (a) Company’s formation documents or bylaws, each as currently in effect, (b) any indenture,
mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which it or any of its properties
or assets are bound, including, without limitation, any listing agreement for Ordinary Share, or (c) any existing applicable law,
rule, or regulation or any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory
body, administrative agency, or other governmental body having jurisdiction over Company or any of Company’s properties or
assets; (vi) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory
organization, or share exchange or market or the shareholders or any lender of Company is required to be obtained by Company for
the issuance of the Securities to Purchaser or the entering into of the Transaction Documents; (vii) none of Company’s filings
with the SEC contained, at the time they were filed, any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they
were made, not misleading; (viii) in the twelve (12) months preceding the date hereof, Company has filed all reports, schedules,
forms, statements and other documents required to be filed by Company with the SEC under the Exchange Act on a timely basis or
has received a valid extension of such time of filing and has filed any such report, schedule, form, statement or other document
prior to the expiration of any such extension (all of the foregoing including filings incorporated by reference therein being referred
to herein as the “Commission Documents”); (ix) there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board or body pending or, to the knowledge of Company, threatened against or affecting Company before
or by any governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or any other
person, wherein an unfavorable decision, ruling or finding would have a material adverse effect on Company or which would adversely
affect the validity or enforceability of, or the authority or ability of Company to perform its obligations under, any of the Transaction
Documents; (x) Company has not consummated any financing transaction that has not been disclosed in a periodic filing or current
report with the SEC under the Exchange Act; (xi) Company is not, nor has it been at any time in the previous twelve (12) months,
a “Shell Company,” as such type of “issuer” is described in Rule 144(i)(1) under the Securities Act; (xii)
with respect to any commissions, placement agent or finder’s fees or similar payments that will or would become due and owing
by Company to any person or entity as a result of this Agreement or the transactions contemplated hereby (“Broker Fees”),
any such Broker Fees will be made in full compliance with all applicable laws and regulations and only to a person or entity that
is a registered investment adviser or registered broker-dealer; (xiii) Purchaser shall have no obligation with respect to any Broker
Fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this subsection that
may be due in connection with the transactions contemplated hereby and Company shall indemnify and hold harmless each of Purchaser,
Purchaser’s employees, officers, directors, shareholders, members, managers, agents, and partners, and their respective affiliates,
from and against all claims, losses, damages, costs (including the costs of preparation and attorneys’ fees) and expenses
suffered in respect of any such claimed Broker Fees; (xiv) when issued, the Conversion Shares will be duly authorized, validly
issued, fully paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances; (xv) neither Purchaser
nor any of its officers, directors, shareholders, members, managers, employees, agents or representatives has made any representations
or warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly set forth
in the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents,
Company is not relying on any representation, warranty, covenant or promise of Purchaser or its officers, directors, members, managers,
employees, agents or representatives other than as set forth in the Transaction Documents; (xvi) Company acknowledges that the
State of New York has a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction Documents
and any dispute that may arise related thereto such that the laws and venue of the State of New York, as set forth more specifically
in Section 8.2 below, shall be applicable to the Transaction Documents and the transactions contemplated therein; (xvii)
the authorized capital stock of the Company and the Shares there of currently issued and outstanding as of 8,967,748 is set forth
in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the “Form 20-F”)
and, except as set forth in the on this section, is the authorized and issued and outstanding capital stock of the company as at
the date hereof and (i) the Company is not a party to any agreement granting registration or anti-dilution rights to any person
with respect to any of its equity or debt securities;(ii) the Company is not a party to, and it has no knowledge of, any agreement
restricting the voting or transfer of any Conversion Shares of the capital stock of the Company; (iii)the offer and sale of all
capital stock, convertible securities, rights, warrants, or options of the Company issued prior to the Closing complied with all
applicable Federal and state securities laws, except where non-compliance would not have a material adverse effect and the Company
has furnished or made available to the Purchaser true and correct copies of the Company’s Memorandum and Articles of Association,
as amended and in effect on the date hereof (the “M&A”); (xviii) to the Company’s knowledge, no event or
circumstance has occurred or exists with respect to the Company, the subsidiaries or their respective businesses, properties, operations
or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed. other than those incurred in the ordinary course of the Company’s
and the subsidiaries’ respective businesses and which, individually or in the aggregate, do not or would not have a material
adverse effect; (xix) except where non-compliance would not have a material adverse effect, each of the Company and the subsidiaries
has good and marketable title to (i) all properties and assets purportedly owned or used by them as reflected in the financial
statements, (ii) all properties and assets necessary for the conduct of their business as currently conducted, and (iii) all of
the real and personal property reflected in the financial statements free and clear of any Lien and all leases are valid and subsisting
and in full force and effect; (xx) the Company and the subsidiaries have all material franchises, permits, licenses, consents and
other governmental or regulatory authorizations and approvals necessary for the conduct of their respective business as now being
conducted by it unless the failure to possess such franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals, individually or in the aggregate, could not reasonably be expected to have a material adverse effect;
(xxi) the business of the Company and the subsidiaries is not being conducted in violation of any Federal, United states laws,
or rules, regulations and ordinances of any of any governmental entity, except for possible violations which singularly or in the
aggregate could not reasonably be expected to have a material adverse effect. The Company is not required under Federal, United
states law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement, or issue and
sell the Shares in accordance with the terms hereof or thereof (other than (x) any consent, authorization or order that has been
obtained as of the date hereof, (y) any filing or registration that has been made as of the date hereof or (z) any filings which
may be required to be made by the Company with the Commission or state securities administrators subsequent to the Closing); (xxii)
the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated herein and therein do not and will not (i) violate any provision of the Company’s M&A, (ii) conflict with,
or constitute a default (or an event which 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 of, any agreement, mortgage, deed of trust, indenture, note,
bond, license, lease agreement, instrument or obligation to which the Company is a party or by which it or its properties or assets
are bound, (iii) create or impose a lien, mortgage, security interest, pledge, charge or encumbrance (collectively, “Lien”)
of any nature on any property of the Company under any agreement or any commitment to which the Company is a party or by which
the Company is bound or by which any of its respective properties or assets are bound, or (iv) result in a violation of any federal,
United states, statute, rule, regulation, order, judgment or decree (including Federal and state securities laws and regulations)
applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries
are bound or affected, provided, however, that, excluded from the foregoing in all cases are such conflicts, defaults,
terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a material
adverse effect; (xxiii) each of the Company and the subsidiaries owns or has the lawful right to use all patents, trademarks, domain
names (whether or not registered) and any patentable improvements or copyrightable derivative works thereof, websites and intellectual
property rights relating thereto, service marks, trade names, copyrights, licenses and authorizations, and all rights with respect
to the foregoing, which are necessary for the conduct of their respective business as now conducted without any conflict with the
rights of others, except where the failure to so own or possess would not have a material adverse effect; (xxiv) except as may
have otherwise been disclosed in the Form 20-Fs, the books and records of the Company and the Subsidiaries accurately reflect in
all material respects the information relating to the business of the Company and the subsidiaries, the location and collection
of their assets, and the nature of all transactions giving rise to the obligations or accounts receivable of the Company, or the
subsidiaries. Except as disclosed in the Company’s Commission Documents, in the judgment of the Company, to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate actions are taken with respect
to any differences; (xxv) any and all written or oral contracts, instruments, agreements, commitments, obligations, plans or arrangements,
the Company and the subsidiaries is a party to, that a copy of which would be required to be filed with the Commission as an exhibit
to a registration statement on Form F-1 (collectively, the “Material Agreements”) if the Company were registering
securities under the Securities Act has previously been publicly filed with the SEC in the Commission Documents. Each of the Company
and the Subsidiaries has in all material respects performed all the obligations required to be performed by them to date under
the foregoing agreements, have received no notice of default and are not in default under any Material Agreement now in effect
the result of which would cause a material adverse effect; (xxvi) except as set forth in the financial statements or in the Commission
Documents, there are no loans, leases, agreements, contracts, royalty agreements, management contracts or arrangements or other
continuing transactions between (a) the Company on the one hand, and (b) on the other hand, any officer, employee, consultant or
director of the Company or any person owning any capital stock of the Company or any member of the immediate family of such officer,
employee, consultant, director or stockholder or any corporation or other entity controlled by such officer, employee, consultant,
director or stockholder, or a member of the immediate family of such officer, employee, consultant, director or stockholder; (xxvii)
assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 2, no registration under the
Securities Act is required for the offer and sale of the Securities by the Company to the Purchaser as contemplated hereby and
the issuance and sale of the Securities hereunder does not contravene the rules and regulations of NASDAQ Stock Market; (xxviii)
the Company is not, and is not an affiliate of, and immediately after receipt of payment for the Securities, will not be or be
an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended and 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; (xxix) the Ordinary Shares are 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 Ordinary Shares under the Exchange Act nor has the Company received any notification that SEC
is contemplating terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding
the date hereof, received notice from NASDAQ Stock Market on which the Ordinary Shares are or have been listed or quoted to the
effect that the Company is not in compliance with the listing or maintenance requirements of such trading market. Except as set
forth in the SEC Reports, the Company is in compliance with all such listing and maintenance requirements; (xxx) assuming the accuracy
of the Purchaser’s representations and warranties set forth in Section 2, neither the Company, nor any of its affiliates,
nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would cause this offering of Securities to be integrated with prior offerings
by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities
Act, or (ii) any applicable shareholder approval provisions of NASDAQ Stock Market on which any of the securities of the Company
are listed or designated; (xxxi) the Company’s accounting firm is Friedman LLP. To the knowledge and belief of the Company,
such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion
with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ended December
31, 2019.

 

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For the purpose of the
Agreement, the term “SEC Reports” mean 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) of the Exchange
Act, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file
such material),and the foregoing materials, including the exhibits thereto and documents incorporated by reference therein.

 

3.2 Assuming
the accuracy of the representations and warranties of Purchaser contained in Section 2 hereof, the offer, issue, and sale
of the Notes and the Conversion Shares are and will be exempt from the registration and prospectus delivery requirements of the
Securities Act and have been registered or qualified (or are exempt from registration and qualification) under the registration,
permit, or qualification requirements of all applicable state securities laws.

 

4. Purchaser’s
Covenants

 

4.1 Investor's
trading activities with respect to Ordinary Shares of the Company will be in compliance with all applicable state and federal securities
laws, rules and regulations and the rules and regulations of FINRA and the NASDAQ Stock Market.

 

From the date when the
Investor receives Conversion Shares to the date when the Note is fully paid or redeemed, the Investor shall provide the Company
with weekly trading reports reflecting shares sold and average sale price (“Trade Reports”).

 

4.2 Neither
the Investor, nor any of its affiliates have an open short position in the Ordinary Share of the Company, and the Investor will
agree that it will not, and that it will cause its affiliates not to, engage in any short sales (“Short Sales”)
as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation
of borrowable shares of Common Stock) with respect to the Ordinary Share while any portion of the Notes remain outstanding.

 

5. Conditions
to Company’s Obligation to Sell.

 

The obligation of Company
hereunder to issue and sell the Securities to Purchaser at the Closing is subject to the satisfaction, on or before the Closing
Date, of each of the following conditions:

 

5.1. Purchaser
shall have executed this Agreement and delivered the same to Company.

 

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5.2. Purchaser
shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

5.3. The
representations and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the
date when made and as of the Closing Date as though made at that time, except for representations and warranties that are expressly
made as of a particular date, which shall be true and correct in all material respects as of such date.

 

5.4. The
Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

 

6. Conditions
to Purchaser’s Obligation to Purchase.

 

The obligation of Purchaser
hereunder to purchase the Securities at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the
following conditions, provided that these conditions are for Purchaser’s sole benefit and may be waived by Purchaser at any
time in its sole discretion:

 

6.1. Company
shall have executed this Agreement, the Note and delivered the same to Purchaser.

 

6.2. Company
shall have delivered to Purchaser fully executed copies of all other Transaction Documents required to be executed by Company herein
or therein.

 

6.3. Each
of the representations and warranties of the Company in this Agreement shall be true and correct in all respects as of the date
when made and as of the Closing Date as though made at that time, except for representations and warranties that are expressly
made as of a particular date, which shall be true and correct in all respects as of such date.

 

6.4. Company
shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by the Company at or prior to the Closing.

 

7. Legends

 

Each certificates representing
Securities shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable
federal or state securities laws:

 

“THESE SECURITIES ARE BEING
OFFERED TO PURCHASERS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE
SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

 

“TRANSFER OF THESE SECURITIES
IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION
UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.”

 

    	 	8	 

     

    

 

8. Miscellaneous.

 

The provisions set
forth in this Section 8 shall apply to this Agreement, as well as all other Transaction Documents as if these terms were
fully set forth therein; provided, however, that in the event there is a conflict between any provision set forth in this
Section 8 and any provision in any other Transaction Document, the provision in such other Transaction Document shall govern.

 

8.1. Specific
Enforcement.

 

Company and 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 the parties shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law
or equity.

 

8.2. Governing
Law; Venue.

 

Each of Company and
Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in the Southern District
of New York and the courts of the State of New York located in New York county for the purposes of any suit, action or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and (ii) hereby waives, and agrees
not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. Each of Company and Purchaser consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing in Sections 8.1 and 8.2 shall affect or limit any right to serve process in any other manner permitted
by law. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Company hereby appoints Hunter Taubman
Fischer & Li LLC, with offices at 800 Third Avenue, Suite 2800, New York, NY 10022 as its agent for service of process in New
York. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

8.3. Counterparts.

 

Each Transaction Document
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute
one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of a Transaction
Document (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

    	 	9	 

     

    

 

8.4. Headings.

 

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

 

8.5. Severability.

 

In the event that any
provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute or rule
of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision hereof.

 

8.6. Entire
Agreement.

 

This Agreement, together
with the other Transaction Documents, contains the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither Company nor Purchaser makes any representation, warranty,
covenant or undertaking with respect to such matters. For the avoidance of doubt, all prior term sheets or other documents between
Company and Purchaser, or any affiliate thereof, related to the transactions contemplated by the Transaction Documents (collectively,
“Prior Agreements”), that may have been entered into between Company and Purchaser, or any affiliate thereof,
are hereby null and void and deemed to be replaced in their entirety by the Transaction Documents. To the extent there is a conflict
between any term set forth in any Prior Agreement and the term(s) of the Transaction Documents, the Transaction Documents shall
govern.

 

8.7. Amendments.

 

No provision of this
Agreement may be waived or amended other than by an instrument in writing signed by both parties hereto.

 

8.8. Notices.

 

Any notice required
or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively given on the
earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor or by email to an executive
officer, or by facsimile (with successful transmission confirmation), (ii) the earlier of the date delivered or the third Trading
Day after deposit, postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered
or the third Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each
of the other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by five
(5) calendar days’ advance written notice similarly given to each of the other parties hereto):

 

If to Company:

 

Powerbridge Technologies
Co., Ltd.

Attn: Stewart Lor, CFO

1st Floor, Building D2,
Southern Software Park

Tangjia Bay, Zhuhai,
Guangdong 519080, China

 

    	 	10	 

     

    

 

If to Purchaser:

 

[●]

Attn: [●]

[●]

[●]

 

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

 

Hunter Taubman Fischer & Li
LLC

Attn: Joan Wu

800 Third Avenue, Suite 2800

New York, NY 10022

 

8.9. Successors
and Assigns.

 

This Agreement or any
of the severable rights and obligations inuring to the benefit of or to be performed by Purchaser hereunder may be assigned by
Purchaser to a third party, including its affiliates, in whole or in part, without the need to obtain Company’s consent thereto.
Company may not assign its rights or obligations under this Agreement or delegate its duties hereunder without the prior written
consent of Purchaser.

 

8.10. Survival.

 

The representations
and warranties of Company and the agreements and covenants set forth in this Agreement shall survive the Closing hereunder notwithstanding
any due diligence investigation conducted by or on behalf of Purchaser. Company agrees to indemnify and hold harmless Purchaser
and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result of or related to any breach
or alleged breach by Company of any of its representations, warranties and covenants set forth in this Agreement or any of its
covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

8.11. Further
Assurances.

 

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

 

8.12. Purchaser’s
Rights and Remedies Cumulative.

 

All rights, remedies,
and powers conferred in this Agreement and the Transaction Documents are cumulative and not exclusive of any other rights or remedies,
and shall be in addition to every other right, power, and remedy that Purchaser may have, whether specifically granted in this
Agreement or any other Transaction Document, or existing at law, in equity, or by statute, and any and all such rights and remedies
may be exercised from time to time and as often and in such order as Purchaser may deem expedient.

 

    	 	11	 

     

    

 

8.13. Waiver.

 

No waiver of any provision
of this Agreement shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of
any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited
action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide
a waiver or consent in the future except to the extent specifically set forth in writing.

 

8.14. Waiver
of Jury Trial.

 

EACH PARTY TO THIS
AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED
BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE,
LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S
RIGHT TO DEMAND TRIAL BY JURY.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    	 	12	 

     

    

 

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

 

SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	 	 	US$	50,000,000	 
	 	 	 	 	 	 
	Purchase Price:	 	 	US$	50,000,000	 

  

	 	PURCHASER:
	 	 
	 	[●]
	 	 	 
	 	By: 	[●]
	 	 	 
	 	 	 
	 	 
	 	COMPANY:
	 	 
	 	Powerbridge
    Technologies Co., Ltd.
	 	 	 
	 	By:	
	 	 	Stewart Lor 
	 	 	Chief Financial Officer

 

[Signature Page to Securities Purchase
Agreement]

 

    	 	13	 

     

    

 

Exhibit
A

 

FORM OF UNSECURED
CONVERTIBLE PROMISSORY NOTE

 

    	 	14	 

     

    

 

Exhibit B

 

Non-U.S. Person Representations

 

The Purchaser indicating that it is not a U.S. person, severally
and not jointly, further represents and warrants to the Company as follows:

 

		1.	At the time of (a) the offer by the Company and (b) the acceptance of the offer by such person
or entity, of the Preferred Shares, such person or entity was outside the United States.

 

		2.	Such person or entity is acquiring the Preferred Shares for such Shareholder’s own account,
for investment and not for distribution or resale to others and is not purchasing the Preferred Shares for the account or benefit
of any U.S. person, or with a view towards distribution to any U.S. person, in violation of the registration requirements of the
Securities Act.

 

		3.	Such person or entity will make all subsequent offers and sales of the Preferred Shares either
(x) outside of the United States in compliance with Regulation S; (y) pursuant to a registration under the Securities Act; or (z)
pursuant to an available exemption from registration under the Securities Act. Specifically, such person or entity will not resell
the Preferred Shares to any U.S. person or within the United States prior to the expiration of a period commencing on the Closing
Date and ending on the date that is one year thereafter (the “Distribution Compliance Period”), except pursuant
to registration under the Securities Act or an exemption from registration under the Securities Act.

 

		4.	Such person or entity has no present plan or intention to sell the Preferred Shares in the United
States or to a U.S. person at any predetermined time, has made no predetermined arrangements to sell the Preferred Shares and is
not acting as a Distributor of such securities.

 

		5.	Neither such person or entity, its Affiliates nor any Person acting on behalf of such person or
entity, has entered into, has the intention of entering into, or will enter into any put option, short position or other similar
instrument or position in the U.S. with respect to the Preferred Shares at any time after the Closing Date through the Distribution
Compliance Period except in compliance with the Securities Act.

 

		6.	Such person or entity consents to the placement of a legend on any certificate or other document
evidencing the Preferred Shares substantially in the form set forth in Section 3.12.

 

		7.	Such person or entity is not acquiring the Preferred Shares in a transaction (or an element of
a series of transactions) that is part of any plan or scheme to evade the registration provisions of the Securities Act.

 

		8.	Such person or entity has sufficient knowledge and experience in finance, securities, investments
and other business matters to be able to protect such person’s or entity’s interests in connection with the transactions
contemplated by this Agreement.

 

		9.	Such person or entity has consulted, to the extent that it has deemed necessary, with its tax,
legal, accounting and financial advisors concerning its investment in the Preferred Shares.

 

    	 	15	 

     

    

 

		10.	Such person or entity understands the various risks of an investment in the Preferred Shares and
can afford to bear such risks for an indefinite period of time, including, without limitation, the risk of losing its entire investment
in the Preferred Shares.

 

		11.	Such person or entity has read the Agreement to which this Representation is attached and the Memorandum
and has been furnished during the course of the transactions contemplated by this Agreement with all other information regarding
the Company that such person or entity has requested and all such information is sufficient for such person or entity to evaluate
the risks of investing in the Preferred Shares.

 

		12.	Such person or entity has been afforded the opportunity to ask questions of and receive answers
concerning the Company and the terms and conditions of the issuance of the Preferred Shares.

 

		13.	Such person or entity is not relying on any representations and warranties concerning the Company
made by the Company or any officer, employee or agent of the Company, other than those contained in this Agreement or the Memorandum.

 

		14.	Such person or entity will not sell or otherwise transfer the Preferred Shares unless either (A) the
transfer of such securities is registered under the Securities Act or (B) an exemption from registration of such securities is
available.

 

		15.	Such person or entity represents that the address furnished on its signature page to this Agreement
is the principal residence if he is an individual or its principal business address if it is a corporation or other entity.

 

		16.	Such person or entity understands and acknowledges that the Preferred Shares have not been recommended
by any federal or state securities commission or regulatory authority, that the foregoing authorities have not confirmed the accuracy
or determined the adequacy of any information concerning the Company that has been supplied to such person or entity and that any
representation to the contrary is a criminal offense.

 

 

16Exhibit 10.2

  

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FORM OF UNSECURED CONVERTIBLE PROMISSORY
NOTE

 

	Issuance Date: [●], 2020	 	Original Principal Amount: U.S. $[●]
	 	 	 

FOR VALUE RECEIVED,
Powerbridge Technologies Co., Ltd., a Cayman Islands exempted company with limited liability (“Borrower”), promises
to pay to [●], or its successors or assigns (“Holder”), the amount set forth above as the Original Principal
Amount (as reduced pursuant to the terms hereof pursuant to conversion or otherwise, (the “Principal”)) and
any interest, fees, charges, and late fees accrued hereunder on the date that is twelve (12) months after the Issuance Date (the
“Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance
at the rate of six percent (6.0%) per annum from the Issuance Date until the same is paid in full. This Note is issued pursuant
to that certain Securities Purchase Agreement dated [●], 2020, as the same may be amended from time to time, by and among
Borrower and the purchaser signatory thereto (the “Purchase Agreement”). Certain capitalized terms used herein
are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

		1.	Payment; Prepayment.

 

		1.1.	Payment.

 

All payments owing
hereunder shall be in lawful money of the United States of America or Conversion Shares (as defined below), as provided for herein,
and delivered to Holder at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first
to (a) costs of collection, if any, then to (b) fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter,
to (d) Principal.

 

		1.2.	Prepayment.

 

Except as otherwise
set forth in this Note, the Company may not prepay any portion of the Principal of this Note without the prior written consent
of the Holder.

 

    	 	1	 

     

    

 

		2.	Holder Optional Conversion.

 

		2.1.	Holder Conversions.

 

Holder
has the right at any time 7 (seven) calendar days after the Issuance Date until the Outstanding
Balance has been paid in full (such date, the “Conversion Date”), at its election, to convert (“Holder
Conversion”) all or any part of the Outstanding Balance into shares (each instance of conversion is referred herein as
“Conversion Shares”) of fully paid and non-assessable ordinary share, $0.00166667 par value per share (“Ordinary
Share”), of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being
converted (the “Conversion Amount”) divided by the Holder Conversion Price (as defined below). The holder conversion
notice in the form attached hereto as Exhibit A (each, a “Holder Conversion Notice”) may be effectively
delivered to Borrower by any method of Holder’s choice (including but not limited to facsimile, email, mail, overnight courier,
or personal delivery), and all Holder Conversions shall be cashless and not require further payment from Holder. Borrower shall
deliver the Conversion Shares from any Holder Conversion to Holder in accordance with Section 6 below.

 

		2.2.	Holder Conversion Price. 

 

Subject to adjustment
as set forth in this Note, the Holder may convert all or any portion of the Outstanding Balance into Ordinary Share on a conversion
price (the “Holder Conversion Price”) equal to the lesser of i) $2.00 per share (the “Fixed Conversion
Price”) or ii) 75% of the daily VWAPs (as reported by Bloomberg) for the ten (10) consecutive Trading Days ending on
the Trading Day that is immediately prior to the date of Holder Conversion Notice.

 

Notwithstanding any provision
in this Note, the Company shall not cause the Holder Conversion Price to be less than $1.80 (as adjusted for any share dividend,
share split, share combination, reclassification or similar transaction occurring after the date of the Purchase Agreement) (or
such lower price as mutually determined by the Company and the Holder in writing, subject to the prior consent of the principal
market, if required) (the “Floor Price”).

 

		2.3.	Conversion Procedure. 

 

In connection with any conversion pursuant
to Section 2.1, as soon as reasonably practicable following the receipt of a Holder Conversion Notice, Holder shall surrender to
the Company this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable
to the Company whereby Holder agrees to indemnify the Company from any loss incurred by it in connection with such loss or destruction
of this Note).

 

Promptly following such surrender of the
Note to the Company, (A) the Company shall update its transfer agent to record the number of Conversion Shares to which Holder
shall be entitled upon such conversion, issued as fully paid to Holder and deliver to Holder a certified true copy of such updated
shareholder list, (B) the Company shall issue and deliver to Holder a certificate or certificates for the Conversion Shares.

 

Except for the Holder
Conversion made pursuant to Section 2, neither the Holder, or any affiliate of the Holder which (x) had or has knowledge of the
transactions contemplated by the Purchase Agreement, (y) has or shares discretion relating to the Holder’s investments or
trading or information concerning the Holder’s investments, in respect of the Securities, or (z) is subject to the Holder’s
review or input concerning such affiliate’s investments or trading (together, the “Holder’s Trading Affiliates”),
shall directly or indirectly, execute any Short Sales while the Note is outstanding.

 

    	 	2	 

     

    

 

		2.4.	Reservation of Shares Issuable Upon Conversion.

 

The Company shall at
all times reserve and keep available out of its authorized but unissued Ordinary Share solely for the purpose of effecting the
conversion of this Note such number of Ordinary Share as shall from time to time be sufficient to effect the conversion of the
Note (“Share Reserve”); and if at any time the number of authorized but unissued Ordinary Share shall not be
sufficient to effect the conversion of the entire outstanding Principal of this Note, without limitation of such other remedies
as shall be available to the holder of this Note, Company will use its reasonable best efforts to take such corporate action as
may, in the opinion of counsel, be necessary to increase its authorized but unissued Ordinary Share to such number of shares as
shall be sufficient for such purposes.

 

		3.	Defaults, Remedies, and Adjustments.

 

		3.1.	Defaults.

 

The following are events
of default under this Note (each, an “Event of Default”): (a) Borrower fails to pay any Principal, interest,
fees, charges, or any other amount when due and payable hereunder; (b) Borrower fails to deliver any Conversion Shares in accordance
with the terms hereof; (c) a receiver, trustee or other similar official shall be appointed over Borrower or a material part of
its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty
(60) days; (d) Borrower becomes insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they
become due, subject to applicable grace periods, if any; (e) Borrower makes a general assignment for the benefit of creditors;
(f) Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); (g) an involuntary
bankruptcy proceeding is commenced or filed against Borrower; (h) Borrower or any pledgor, trustor, or guarantor of this Note defaults
or otherwise fails to observe or perform any covenant, obligation, condition or agreement of Borrower or such pledgor, trustor,
or guarantor contained herein or in any other Transaction Document (as defined in the Purchase Agreement); (i) any representation,
warranty or other statement made or furnished by or on behalf of Borrower or any pledgor, trustor, or guarantor of this Note to
Holder herein, in any Transaction Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete
or misleading in any material respect when made or furnished; (j) Borrower fails to maintain the Share Reserve as required under
the Section 2.4; (k) any money judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower
or any of its property or other assets for more than $1,000,000, and shall remain unvacated, unbonded or unstayed for a period
of twenty (20) calendar days unless otherwise consented to by Holder; (l) Borrower fails to maintain its DWAC Eligibility; (m)
Borrower, any affiliate of Borrower, or any pledgor, trustor, or guarantor of this Note breaches any covenant or other term or
condition contained in any Other Agreements; (n) the Ordinary Share fails to be listed or quoted for trading on any of (o) NYSE,
(ii) NASDAQ, (iii) OTCQX, or (iv) OTCQB; or (p) trading in Company’s Ordinary Share is suspended.

 

    	 	3	 

     

    

 

		3.2.	Remedies.

 

At any time and from
time to time after Holder becomes aware of the occurrence of any Event of Default, Holder may accelerate this Note by written notice
to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory Default Amount. Notwithstanding
the foregoing, at any time following the occurrence of any Event of Default, Holder may, at its option, elect to increase the Outstanding
Balance by applying the Default Effect (subject to the limitation set forth below) via written notice to Borrower without accelerating
the Outstanding Balance, in which event the Outstanding Balance shall be increased as of the date of the occurrence of the applicable
Event of Default pursuant to the Default Effect, but the Outstanding Balance shall not be immediately due and payable unless so
declared by Holder (for the avoidance of doubt, if Holder elects to apply the Default Effect pursuant to this sentence, it shall
reserve the right to declare the Outstanding Balance immediately due and payable at any time and no such election by Holder shall
be deemed to be a waiver of its right to declare the Outstanding Balance immediately due and payable as set forth herein unless
otherwise agreed to by Holder in writing). Notwithstanding the foregoing, upon the occurrence of any Event of Default described
in clauses (d), (e), (f), (g) or (h) of Section 3.1, the Outstanding Balance as of the date of acceleration shall become immediately
and automatically due and payable in cash at the Mandatory Default Amount, without any written notice required by Holder. At any
time following the occurrence of any Event of Default, upon written notice given by Holder to Borrower, interest shall accrue on
the Outstanding Balance beginning on the date the applicable Event of Default occurred at an interest rate equal to the lesser
of 22% per annum or the maximum rate permitted under applicable law (“Default Interest”). For the avoidance
of doubt, Holder may continue making Holder Conversions at any time following an Event of Default until such time as the Outstanding
Balance is paid in full. In connection with acceleration described herein, Holder need not provide, and Borrower hereby waives,
any presentment, demand, protest or other notice of any kind, and Holder may immediately and without expiration of any grace period
enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration
may be rescinded and annulled by Holder at any time prior to payment hereunder and Holder shall have all rights as a holder of
the Note until such time, if any, until Holder receives full payment pursuant to this Section 3.2. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing herein shall limit Holder’s
right to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to Borrower’s failure to timely deliver Conversion Shares upon conversion of the Note
as required pursuant to the terms hereof.

 

		3.3.	Certain Adjustments.

 

		3.3.1.	Share Dividends and Splits.

 

If the Company, at
any time while this Note is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on shares
of its Ordinary Share or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt,
shall not include any Ordinary Shares issued by the Company upon conversion of this Note), (ii) subdivides outstanding Ordinary
Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares into
a smaller number of shares or (iv) issues by reclassification of shares of the Ordinary Share any shares of capital share of the
Company, then in each case the Holder Conversion Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall
be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon conversion of
this Note shall be proportionately adjusted such that the aggregate Holder Conversion Price of this Note shall remain unchanged.
Any adjustment made pursuant to this Section 3.3.1 shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

    	 	4	 

     

    

 

		3.3.2.	Pro Rata Distributions.

 

During such time as
this Note is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution
of cash, share or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this
Note, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder
would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete conversion of this
Note (without regard to any limitations on conversion hereof) immediately before the date of which a record is taken for such Distribution,
or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation
in such Distribution.

 

		3.3.3.	Fundamental Transaction.

 

If, at any time while
this Note is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Ordinary Share are permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding Ordinary Share, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Share or any
compulsory share exchange pursuant to which the Ordinary Share is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a share or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the
outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such share or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder shall have
the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2.3 on the conversion
of this Note), the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of Ordinary Shares for which this Note is exercisable immediately prior to such
Fundamental Transaction. For purposes of any such conversion, the determination of the Holder Conversion Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary
Share in such Fundamental Transaction, and the Company shall apportion the Holder Conversion Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Ordinary Share are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following
such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Note and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	5	 

     

    

 

		3.3.4.	Calculations.

 

All calculations under
this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section
3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary
Shares (excluding treasury shares, if any) issued and outstanding.

 

		3.3.5.	Notice to Holder.

 

Whenever the Holder
Conversion Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile
or email a notice setting forth the Holder Conversion Price after such adjustment and any resulting adjustment to the number of
Conversion Shares and setting forth a brief statement of the facts requiring such adjustment.

 

If (A) the Company
shall declare a dividend (or any other distribution in whatever form) on the Ordinary Share, (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Ordinary Share, (C) the Company shall authorize the granting to all holders
of the Ordinary Share rights or warrants to subscribe for or purchase any shares of capital share of any class or of any rights,
(D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Share,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
the Company, or any compulsory share exchange whereby the Ordinary Share is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or
email address as it shall appear upon the Note register of the Company, at least 20 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Ordinary Share of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Ordinary Share of record shall be entitled to exchange their
shares of the Ordinary Share for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
in this Note constitutes, or contains, material, non-public information regarding the Company or any of the subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled
to convert this Note during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

    	 	6	 

     

    

 

		4.	Redemption.

 

		4.1	Optional Redemption at Election of Company.

 

Subject to the provisions
of this Section 4.1, at any time after, the Company may deliver a notice to the Holder (an “Optional Redemption Notice”
and the date such notice is deemed delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable
election to redeem 110% of the then Outstanding Balance of this Note for cash in an amount equal to the Optional Redemption Amount
on the 10th Business Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”,
such ten (10) day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).
The Optional Redemption Amount is payable in full on the Optional Redemption Date. The Company may only effect an Optional Redemption
if each of the Equity Conditions shall have been met (unless waived in writing by the Holder) on each Trading Day during the Optional
Redemption Period and through and including the date payment of the Optional Redemption Amount is actually made in full. If any
of the Equity Conditions shall cease to be satisfied at any time during the Optional Redemption Period, then the Holder may elect
to nullify the Optional Redemption Notice by notice to the Company within three (3) Trading Days after the first day on which any
such Equity Condition has not been met (provided that if, by a provision of the Transaction Documents, the Company is obligated
to notify the Holder of the non-existence of an Equity Condition, such notice period shall be extended to the third (3rd) Trading
Day after proper notice from the Company) in which case the Optional Redemption Notice shall be null and void, ab initio. The Company
covenants and agrees that it will honor all notices of Holder Conversion tendered from the time of delivery of the Optional Redemption
Notice through the date all amounts owing thereon are paid in full. The Company’s determination to pay an Optional Redemption
in cash shall be applied ratably to all of the holders of the then outstanding Notes based on their (or their predecessor’s)
initial purchases of Notes pursuant to the Purchase Agreement.

 

		4.2	Monthly Redemption.

 

On each Monthly Redemption
Date, the Company shall redeem the Monthly Redemption Amount (the “Monthly Redemption”) unless waived by the
Holders in writing per the Company’s request. The Monthly Redemption Amount payable on each Monthly Redemption Date shall
be paid in cash; provided, however, as to any Monthly Redemption and upon ten (10) Trading Days’ prior written irrevocable
notice (the “Monthly Redemption Notice”), in lieu of a cash redemption payment the Company may elect to pay
all or part of a Monthly Redemption Amount in Conversion Shares (the “Pre-Redemption Conversion Shares”) based
on a conversion price equal to the lesser of (i) the Fixed Conversion Price, and (ii) 75% of the daily VWAPs for the ten (10) consecutive
Trading Days ending on the Trading Day that is immediately prior to the applicable Monthly Redemption Date (subject to adjustment
for any share dividend, share split, share combination or other similar event affecting the Ordinary Shares during such twenty
(20) Trading Day period) (the price calculated during the twenty (20) Trading Day period immediately prior to the Monthly Redemption
Date, the “Monthly Conversion Price” and such twenty (20) Trading Day period, the “Monthly Conversion
Period”); provided, further, that the Company may not pay the Monthly Redemption Amount in Conversion Shares unless from
the date the Holder receives the duly delivered Monthly Redemption Notice through and until the date such Monthly Redemption is
paid in full, the Equity Conditions have been satisfied, unless waived in writing by the Holder. Any Principal of this Note converted
during the applicable Monthly Conversion Period in excess of the Monthly Redemption Amount shall be applied against the last Principal
of this Note scheduled to be redeemed hereunder, in reverse time order from the Maturity Date; provided, however, if any such conversion
is applied against such Monthly Redemption Amount, the Pre-Redemption Conversion Shares, if any were issued in connection with
such Monthly Redemption or were not already applied to such conversions, shall be first applied against such conversion. The Company
covenants and agrees that it will honor all notices of Holder Conversion tendered up until such amounts are paid in full. The Company’s
determination to pay a Monthly Redemption in cash, Ordinary Shares or a combination thereof shall be applied ratably to all of
the holders of the then outstanding Notes based on their (or their predecessor’s) initial purchases of Notes pursuant to
the Purchase Agreement. If required by the Securities Act, at any time the Company delivers a notice to the Holder of its election
to pay the Monthly Redemption Amount in Ordinary Shares, the Company shall file a prospectus supplement pursuant to Rule 424 disclosing
such election.

 

    	 	7	 

     

    

 

In the event the Holder
breaches its covenant set forth in the Purchase Agreement, the Company shall be entitled to make all or part of the Monthly Redemption
Amount payable on that certain Monthly Redemption Date following the breach in Conversion Shares based on the Monthly Conversion
Price notwithstanding the Equity Conditions are not satisfied during the Monthly Conversion Period.

 

		4.3	Redemption Procedure.

 

4.3.1 The
payment of cash or issuance of Ordinary Shares, as applicable, pursuant to an Optional Redemption or a Monthly Redemption shall
be payable on the Optional Redemption Date and Monthly Redemption Date. If any portion of the payment pursuant to an Optional Redemption
or Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at the Default
Interest Rate until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the
Optional Redemption Amount or Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice
to the Company given at any time thereafter, to invalidate such Optional Redemption or Monthly Redemption, ab initio, and, with
respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such
Optional Redemption. Notwithstanding anything to the contrary in this Section 4, the Company’s determination to redeem in
cash or its elections under Section 4.2 shall be applied ratably among the Holders of Notes. The Holder may elect to convert the
Outstanding Balance of the Note pursuant to Section 2 prior to actual payment in cash for any redemption under this Section 4 by
the delivery of a Holder Conversion Notice to the Company, at a conversion price equal to the lesser of (i) the Conversion Price,
and (ii) 75% of the three (3) lowest VWAPs for the twenty (20) consecutive Trading Days ending on the Trading Day that is immediately
prior to the applicable Conversion Date.

 

		4.4	Commencing after the initial Monthly Redemption Date.

 

During the period between
each Monthly Redemption Date, in the event that the Holder elects to convert more than fifteen percent (15%) of the Original Principal
Amount of this Note as of the Issuance Date, plus accrued but unpaid interest (the “15% Limitation”), then the
Company shall have thirty (30)-days from the applicable Conversion Date or redemption date, to repay this Note in full, in cash,
plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder in respect of this Note. In
the event such repayment is not made to the Holder, the Holder may convert this Note at any amount notwithstanding the 15% Limitation.

 

		5.	Unconditional Obligation; No Offset.

 

Borrower acknowledges
that this Note is an unconditional, valid, binding and enforceable obligation of Borrower not subject to offset, deduction or counterclaim
of any kind. Borrower hereby waives any rights of offset it now has or may have hereafter against Holder, its successors and assigns,
and agrees to make the payments or Holder Conversion called for herein in accordance with the terms of this Note.

 

    	 	8	 

     

    

 

		6.	Waiver.

 

No waiver of any provision
of this Note shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of any
provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited
action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide
a waiver or consent in the future except to the extent specifically set forth in writing.

 

		7.	Method of Conversion Share Delivery.

 

7.1 On
or before the close of business on the fifth (5th) Trading Day following the date of delivery of a Holder Conversion Notice, as
applicable (the “Delivery Date”), in the event the Conversion Shares have been registered in a registration
statement or exempted from registration pursuant to Rule 144 under the Securities Act of 1933, as amended (“Rule 144”),
Borrower shall, provided it is DWAC Eligible at such time, deliver or cause its transfer agent to deliver the applicable Conversion
Shares electronically via DWAC to the account designated by Holder in the applicable Holder Conversion Notice and a check payable
to Holder for any cash amounts payable as per the Section 7.3. If Borrower is not DWAC Eligible, it shall deliver to Holder or
its broker (as designated in the Holder Conversion Notice), via reputable overnight courier, a certificate representing the number
of Ordinary Shares equal to the number of Conversion Shares to which Holder shall be entitled, registered in the name of Holder
or its designee. For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date
unless Holder or its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares
no later than the close of business on the relevant Delivery Date pursuant to the terms set forth above.

 

7.2 In the event the Conversion
Shares are not registered in a registration statement or exempted from registration pursuant to Rule 144, by the Conversion Date,
the Company shall (A) update its transfer agent to record the number of Conversion Shares to which Holder shall be entitled upon
such conversion, issued as fully paid to Holder and deliver to Holder a certified true copy of such updated shareholder list, (B)
the Company shall issue and deliver to Holder a certificate or certificates for the Conversion Shares.

 

7.3 No fractional shares
or securities shall be issued upon conversion of this Note. If the Holder would be entitled to receive a fractional interest in
a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the Conversion Shares to be
issued to the Holder.

 

		8.	Conversion Delays.

 

If Borrower fails to
deliver Conversion Shares in accordance with the timeframe stated in Section 7, Holder may at any time prior to receiving the applicable
Conversion Shares rescind in whole or in part such Holder Conversion, with a corresponding increase to the Outstanding Balance
(any returned amount will tack back to the Issuance Date for purposes of determining the holding period under Rule 144).

 

    	 	9	 

     

    

 

		9.	Governing Law; Venue.

 

This Note shall be
construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance
of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of New York. The provisions set forth in the Purchase Agreement to determine the proper
venue for any disputes are incorporated herein by this reference.

 

		10.	Cancellation.

 

After repayment or
conversion of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be deemed canceled, and
shall not be reissued.

 

		11.	Amendments.

 

The prior written consent
of both parties hereto shall be required for any change or amendment to this Note.

 

		12.	Assignments.

 

Borrower may not assign
this Note without the prior written consent of Holder. This Note and any Ordinary Shares issued upon conversion of this Note may
be offered, sold, assigned or transferred by Holder without the consent of Borrower, provided, however, that any
transfer of this Note may be effected only pursuant to the Purchase Agreement and by surrender of this Note to the Company and
reissuance of a new note to the transferee.

 

		13.	Notices.

 

Whenever notice is
required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with the subsection
of the Purchase Agreement titled “Notices.”

 

		14.	Liquidated Damages.

 

Holder and Borrower
agree that in the event Borrower fails to comply with any of the terms or provisions of this Note, Holder’s damages would
be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability to predict future
interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Holder and Borrower agree
that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but instead are
intended by the parties to be, and shall be deemed, liquidated damages (under Holder’s and Borrower’s expectations
that any such liquidated damages will tack back to the Issuance Date for purposes of determining the holding period under Rule
144).

 

		15.	Severability.

 

If any part of this
Note is construed to be in violation of any law, such part shall be modified to achieve the objective of Borrower and Holder to
the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be duly executed as of the Issuance Date.

 

	 	BORROWER:
	 	 
	 	Powerbridge Technologies
    Co., Ltd.
	 	 	 
	 	By:	
	 	 	Name:
        Stewart Lor

        Title:
        Chief Financial Officer

	 	 

  

[Signature Page to Convertible Promissory
Note]

    	 	11	 

     

    

 

ATTACHMENT 1

 

DEFINITIONS

 

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

 

1. “Approved
Share Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to
the date hereof pursuant to which Ordinary Shares and standard options to purchase Ordinary Share may be issued to any employee,
officer or director for services provided to the Company in their capacity as such.

 

2. “Bloomberg”
means Bloomberg L.P. (or if that service is not then reporting the relevant information regarding the Ordinary Share, a comparable
reporting service of national reputation selected by Holder and reasonably satisfactory to Borrower).

 

3. “Closing
Bid Price” and “Closing Trade Price” means the last closing bid price and last closing trade price,
respectively, for the Ordinary Share on its principal market, as reported by Bloomberg, or, if its principal market begins to operate
on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the
last bid price or last trade price, respectively, of the Ordinary Share prior to 4:00 p.m., New York time, as reported by Bloomberg,
or, if its principal market is not the principal securities exchange or trading market for the Ordinary Share, the last closing
bid price or last trade price, respectively, of the Ordinary Share on the principal securities exchange or trading market where
the Ordinary Share is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or
last trade price, respectively, of the Ordinary Share in the over-the-counter market on the electronic bulletin board for the Ordinary
Share as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for the Ordinary Share
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for the Ordinary Share as reported
by OTC Markets Group, Inc., and any successor thereto. If the Closing Bid Price or the Closing Trade Price cannot be calculated
for the Ordinary Share on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Trade Price (as
the case may be) of the Ordinary Share on such date shall be the fair market value as mutually determined by Holder and Borrower.
All such determinations shall be appropriately adjusted for any share dividend, share split, share combination or other similar
transaction during such period.

 

4. “Default
Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred by 10% and
then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the
sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred.

 

5. “DTC”
means the Depository Trust Company or any successor thereto.

 

6. “DTC
Eligible” means, with respect to the Ordinary Share, that such Ordinary Share is eligible to be deposited in certificate
form at the DTC, cleared and converted into electronic shares by the DTC and held in the name of the clearing firm servicing Holder’s
brokerage firm for the benefit of Holder.

 

7. “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer program.

 

8. “DWAC”
means the DTC’s Deposit/Withdrawal at Custodian system.

 

    	 	12	 

     

    

 

9. “DWAC
Eligible” means that (a) Borrower’s Ordinary Share is eligible at DTC for full services pursuant to DTC’s
operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been approved
(without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an agent in the
DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; (e) Borrower has previously delivered
all Conversion Shares to Holder via DWAC; and (f) Borrower’s transfer agent does not have a policy prohibiting or limiting
delivery of the Conversion Shares via DWAC.

 

10. “Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions
scheduled to occur or occurring by virtue of one or more notices of Holder Conversion, if any, (b) the Company shall have paid
all liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective registration
statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the Ordinary Shares issuable
pursuant to the Transaction Documents (and the Company believes, in good faith, that such effectiveness will continue uninterrupted
for the foreseeable future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents (and shares issuable
in lieu of cash payments of interest) may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current
public information requirements as determined by the counsel to the Company as set forth in a written opinion letter to such effect,
addressed and acceptable to the transfer agent of the Company and the Holder, (d) the Ordinary Shares are trading on a trading
market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such trading market
(and the Company believes, in good faith, that trading of the Ordinary Shares on a trading market will continue uninterrupted for
the foreseeable future), (e) there is a sufficient number of authorized but unissued and otherwise unreserved Ordinary Shares for
the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) there is no existing Event of Default
and no existing event which, with the passage of time or the giving of notice, would constitute an Event of Default, (g) the issuance
of the shares in question (or, in the case of an Optional Redemption or Monthly Redemption, the shares issuable upon conversion
in full of the Optional Redemption Amount or Monthly Redemption Amount) to the Holder would not violate the limitations set forth
in Section 4.4 herein, and (h) the applicable Holder is not in possession of any information provided by the Company, any of its
Subsidiaries, or any of their officers, directors, employees, agents or affiliates, that constitutes, or may constitute, material
non-public information.

 

11. "Exempt
Issuance" means the issuance of (a) any Ordinary Shares issued or issuable in connection with any Approved Share Plan;
provided that issuances of securities pursuant to an Approved Share Plan shall not be deemed to be Exempt Issuances to the extent
(A) in excess of 800,000 Ordinary Shares and (B) such securities vest prior to earlier of (i) seven (7) months after the Issuance
Date, provided that the Company is in compliance with the current public information requirement under Rule 144(c) on such date
and on such date the Company is unaware of any of any facts or circumstances that might prevent the Company from complying with
its current public information requirement set forth in Rule 144(c) in the foreseeable future and (ii) thirty (30) days after the
date when a registration statement is effective, covering the resale of all of the registrable securities subject to a separate
registration rights agreement to be agreed upon by and between the Company and the Holder, (b) securities issuable upon the conversion,
exchange of, conversion or redemption of, or payment of liquidated or similar damages on, any securities issued hereunder, (c)
other securities exercisable, exchangeable for, convertible into, or redeemable for Ordinary Shares issued and outstanding on the
date of this Note; provided that the terms of such securities are not amended, modified or changed on or after the subscription
date to give greater rights to the holders of such securities, including, without limitation, to increase the number of securities
underlying such securities, to decrease the exercise, exchange or conversion price of such securities or to extend the term of
securities, and (d) any Ordinary Shares, issued or issuable in connection with a bona fide strategic transaction approved by the
Board of Directors, or a committee if the Board of Directors, of the Company, the primary purpose of which is not to provide financing
to the Company.

 

    	 	13	 

     

    

 

12. “Fundamental
Transaction” shall have the meaning set forth in Section 3.3.3

 

13. “Holder
Conversion” shall have the meaning set forth in Section 2.

 

14. “Mandatory
Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

15. “Monthly
Redemption Amount” means, as to a Monthly Redemption, 110% of the then Outstanding Balance, plus accrued but unpaid interest,
liquidated damages and any other amounts then owing to the Holder in respect of this Note.

 

16. “Monthly
Redemption Date” means the 1st of each month, commencing immediately upon the Original Issue Date, and terminating upon
the full redemption or payment of this Note.

 

17. “Ordinary
Share Equivalents” means all shares of Ordinary Share or any securities of the Company which would entitle the holder
thereof to acquire at any time Ordinary Share (including without limitation, any debt, preferred stock, rights, options, warrants
or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the Holder thereof to receive,
Ordinary Share), whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange
prices or otherwise, or due to warrants, options or rights per share which is issued in connection with such issuance, at an effective
price per share which is less than the Conversion Price then in effect. If the Company issues any securities convertible or exchangeable
into Ordinary Share, the maximum number of shares of Ordinary Share issuable thereunder shall be deemed to be Ordinary Share Equivalents
issued as of the time of such issue, if the consideration per share of such Ordinary Share Equivalents (as hereinafter determined)
is less than the Conversion Price then in effect. Ordinary Share Equivalents, however, shall not include Exempt Issuances.

 

18. “Other
Agreements” means, collectively, all existing and future agreements and instruments between, among or by Borrower (or
an affiliate), on the one hand, and Holder (or an affiliate), on the other hand.

 

19. “Outstanding
Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case may be, pursuant
to the terms hereof for payment, Conversion, offset, or otherwise, the transaction expense amount, accrued but unpaid interest,
collection and enforcements costs (including attorneys’ fees) incurred by Holder, transfer, stamp, issuance and similar taxes
and fees related to Conversion, and any other fees or charges incurred under this Note.

 

20. “Short
Sales” shall mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but
shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

21. “Trading
Day” means any day on which The NASDAQ Share Market is open for trading.

 

22. “VWAP”
means the volume weighted average price of the Ordinary Share on the principal market for a particular Trading Day or set of Trading
Days, as the case may be, as reported by Bloomberg.

 

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    	 	14	 

     

    

 

EXHIBIT A

 

	Powerbridge Technologies Co., Ltd.	Date:	 

Attn: Stewart Lor, CFO

1st Floor, Building D2, Southern Software
Park

Tangjia Bay, Zhuhai, Guangdong 519080,
China

 

HOLDER CONVERSION NOTICE

 

The above-captioned Holder hereby gives
notice to Powerbridge Technologies Co., Ltd., a Cayman Islands exempted company with limited liability (the “Borrower”),
pursuant to that certain Convertible Promissory Note made by Borrower in favor of Holder on [●], 2020 (the “Note”),
that Holder elects to convert the portion of the Note balance set forth below into fully paid and non-assessable Ordinary Shares
of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth below.
In the event of a conflict between this Holder Conversion Notice and the Note, the Note shall govern, or, in the alternative, at
the election of Holder in its sole discretion, Holder may provide a new form of Holder Conversion Notice to conform to the Note.
Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

A. Date
of Conversion:

B. Holder
Conversion #:

C. Conversion
Amount:

D. Conversion
Price:

E. Conversion
Shares: (C divided by D)

F. Remaining
Outstanding Balance of Note: *

 

 

* Subject to adjustments for corrections,
defaults, interest and other adjustments permitted by the Transaction Documents (as defined in the Purchase Agreement), the terms
of which shall control in the event of any dispute between the terms of this Holder Conversion Notice and such Transaction Documents.

 

Please transfer the Conversion Shares
electronically (via Book Entry) to the following account:

	 	 
	Account #:	 
	Account Name:	 

 

To the extent the Conversion Shares are
not able to be delivered to Holder electronically via the DWAC system, deliver all such certificated shares to Holder via reputable
overnight courier after receipt of this Holder Conversion Notice (by facsimile transmission or otherwise) to:

 

[Signature Page Follows]

    	 	15	 

     

    

 

	Sincerely,	 
	 	 
	Holder:	 
	 	 
	[●]	 
	 	 	 
	By:	[●]	 
	 	 	 
	 	 	 

 

 

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