Document:

EXHIBIT 4.16

 

THIS
UNSECURED CONVERTIBLE PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS OR AN OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY SATISFACTORY TO BLUENRGY GROUP LIMITED THAT SUCH REGISTRATION IS NOT
REQUIRED.

 

UNSECURED
CONVERTIBLE PROMISSORY NOTE

 

		Issue Date: November 30, 2015
	Maximum Principal Amount	 
		Maturity Date: July 31, 2016
	$1,200,000.00	 
	 	Sydney, Australia

 

FOR
VALUE RECEIVED, BlueNRGY Group Limited an Australian Company (the “Payor”), hereby promises to pay, on
or prior to the Due Date, to the order of WHI, Inc., for itself and as agent for its affiliates, WHI Retirement Savings Plan Trust
and WHIRSP – Columbus LLC, (collectively the “Lender”), at such place as the Lender may designate, in
lawful money of the United States, the principal amount of One Million Two Hundred Thousand U.S. Dollars ($1,200,000.00),
or such lesser amounts as may be outstanding under this Note as evidenced by the Draw Certificate, together with interest thereon
calculated from the earlier of the date hereof or the date of funding of each Draw (as applicable) plus all other Note Obligations,
payable in accordance with the provisions of this Note.

 

1.             Definitions.

 

1.1     “Change
of Control Event” means that a person or group of Persons acting in concert acquires or gains the right to vote 20%
or more of the Payor’s ordinary shares or obtains the right to appoint two or more members to Payor’s Board of Directors.

 

1.2     “Conversion
Date” shall mean the date on which the Lender delivers the Exercise Notice together with the original Note or the date
on which an automatic conversion is triggered under this Section 4.

 

1.3     “Conversion
Price” means $0.03785, which amount shall be automatically adjusted proportionally for any share split or share consolidation
effected by Payor. 

 

1.4     “Draw
Amount” means the initial funding by Lender hereunder or any subsequent funding, each such occurrence a “Draw”.

 

1.5     “Draw
Cap” means the maximum principal amount that may be funded under this Note. The Draw Cap is not a commitment from Lender.
Lender may, in its sole discretion, elect not to fund any Draw request for any reason or no reason. 

 

1.6     “Draw
Certificate” means that certain schedule, updated from time to time and signed by Lender and Payor, evidencing the initial
amount funded by Lender and the amount funded under each subsequent draw (if any), as well as any repayments of principal or interest
that have occurred subsequent to the initial funding hereunder.

 

    	 

    	 

    

 

1.7     “Due
Date” means the latest permitted Repayment Date and is the date on which all outstanding Note Obligations become payable
in full. 

 

1.8     “Exercise
Notice” means a written notice delivered to Payor in accordance with Section 7 hereof specifying the dollar amount of
Note Obligations that Lender has determined to exchange for Payor’s ordinary shares (“Conversion Amount”)
in accordance with Section 3 hereof. 

 

1.9     “Note”
means this Note as originally executed or if later amended, modified, supplemented or replaced then, as so amended, modified,
supplemented or replaced.

 

1.10   “Note
Obligations” means all principal aggregated from all Draws, interest (including interest which accrues after the commencement
of any case or proceeding in bankruptcy of the Payor), fees (including the Commitment Fee, if any), charges, expenses and any
other sum chargeable to the Payor pursuant to the terms of this Note.

 

1.11   “Person”
means an individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
unincorporated organization or governmental entity or any department, agency or political subdivision thereof.

 

1.12   “Repayment
Date” means the earlier of (a) July 31, 2016 (the “Maturity Date”), (b) the date on which there is
an occurrence of a default pursuant to Section 5 hereof or (c) the date on which there is a Change of Control Event. If the Payor’s
Board of Directors determines in good faith within 30 days of the Maturity Date that Payor cannot reasonably repay the Note Obligations
without jeopardizing the viability of Payor’s business Payor may extend the Maturity Date for up to 6 months (the “Extension
Period), subject to reaching mutual agreement with Lender on a revised interest rate, representative of a market rate, to
be applicable during the Extension Period.

 

2.             Draws;
Funding.

 

2.1     Any
authorized representative of Payor may request a Draw at any time prior to the Maturity Date in such amount as would not cause
the Draw Cap to be exceeded. 

 

2.2     Lender,
in its sole discretion, shall determine whether and when to fund any Draw request of Payor and may decline to do so for any reason
or no reason.

 

2.3     Lender
is not obligated to provide funding up to the Draw Cap or in any specific amount. 

 

2.4     Funding
may be made by Lender in any manner convenient, including wire transfer, check or ACH or other means of electronic transfer to
any account of Payor or its subsidiaries.

 

2.5     Upon
receipt of funding of any Draw, the Draw amount shall be promptly reflected in an updated Draw Certificate signed by a representative
of Payor. 

 

3.             Payments;
Prepayments.

 

3.1     Interest.
In the absence of an event of default, interest shall accrue at an annual rate of fifteen percent (15%) on the unpaid principal
amount of this Note outstanding from time-to-time from the funding date or dates shown on the Draw Certificate until the principal
and interest amount of this Note is paid in full. Interest shall accrue on the basis of a 365 day year and shall compound monthly.
Upon an event of default, interest on the unpaid balance of any outstanding Note Obligations shall accrue at a default rate that
is 500 basis points per annum higher than the interest rate until paid or the default is cured (if cure is possible).

 

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3.2     Payment
Date. Unless this Note is converted into ordinary shares (the “Conversion Shares”) in accordance with the terms
hereof, or is otherwise sooner paid, the principal amount evidenced by this Note together with accrued interest thereon and all
Other Note Obligations shall be due and payable on the Repayment Date. All payments hereunder shall be made in lawful money of
the United States at such address as the Lender shall specify from time to time in writing to the Payor.

 

3.3     Pre-Payments.
The principal indebtedness of this Note, or any portion thereof, together with interest and all other Note Obligations related
thereto, may be prepaid prior to the Repayment Date upon 5 business days written notice by the Payor. Each and all such prepayments
shall be reflected on an updated Draw Certificate. 

 

3.4    Null and Void. This Note shall become null and void upon repayment of all Note Obligations (i) in accordance with
Section 2.2 hereof; (ii) through conversion in accordance with Section 3 hereof; or (iii) through a combination of repayments
and conversions. 

 

4.             Conversion.

 

4.1     Lender
Conversion Option. At the option of the Lender, this Note or any fractional amount thereof is convertible into ordinary shares
of BlueNRGY Group Limited at any time or at multiple times prior to the Repayment Date by delivery of an Exercise Notice to Payor.

 

4.2     Mechanics
of Conversion. Upon delivery of an Exercise Notice, the Payor shall promptly issue to Lender a number of ordinary shares (“Conversion
Shares”) determined by dividing the Conversion Amount by the Conversion Price (as adjusted). The “Conversion
Date” shall be the date on which the Lender is deemed to have delivered the Exercise Notice in accordance with Section
7 hereof. As promptly as reasonably practicable on or after the Conversion Date, but in no case longer than 10 business days following
the Conversion Date, the Company shall issue all Conversion Shares to which Lender is entitled as a result of delivery of any
Exercise Notice. For purposes of Payor’s rights under Section 2.3 hereof, any conversion of the Note shall be deemed to
have been effected immediately prior to the close of business on the Conversion Date.

 

4.3     At
such time Conversion Shares are actually issued to Lender or Lender’s designee, the Conversion Amount shall be reflected
on an updated Draw Certificate as a reduction in outstanding Note Obligations and the rights of the Lender under the Note shall
cease with respect to the applicable Conversion Amount. The failure of the Company to make the deliveries as aforesaid shall not
impair or delay Lender’s right to effect conversion of any Conversion Amount pursuant to this Section 4. 

 

5.             Assignment.

 

5.1     Except
as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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5.2     Lender
may unilaterally assign this Note in whole or in part only if the assignee represents and warrants to Lender and Payor that assignee:
(i) is an accredited investor within the meaning of the Securities Act; (ii) is aware of and can tolerate the risk of loss applicable
to the Note and Conversion Shares; (iii) is acquiring the Note for assignee’s own account for investment purposes only and
not with a view to resale or distribution. 

 

5.3     If
Lender elects to make a unilateral assignment of the Note in whole or in part, Payor shall issue a new Note reflecting the Note
Obligations payable to Lender and assignee respectively. 

 

6.             Default.

 

6.1.    Payor’s
failure to pay principal or any interest or other Note Obligation on this Note within five (5) days after the Due Date shall be
deemed an event of default.

 

6.2.    Payor
shall fail to issue any Conversion Shares required to be issued pursuant to Section 3 hereof within 10 business days following
the delivery of an Exercise Notice shall be deemed an event of default.

 

6.3.    If:

 

(i)
the Payor shall commence any voluntary proceeding under any bankruptcy, reorganization, arrangement, insolvency, readjustment
of debt, receivership, voluntary or involuntary appointment of an administrator, dissolution, or liquidation law or statute of
any jurisdiction, whether now or hereafter in effect; or the Payor shall be adjudicated insolvent or bankrupt by a decree of a
court of competent jurisdiction; or the Payor shall petition or apply for, acquiesce in, or consent to, the appointment of any
receiver or trustee of the Payor or for all or a substantial part of the property of the Payor; or the Payor shall make an assignment
for the benefit of creditors; or the Payor shall admit in writing its inability to pay its debts as they mature; or

 

(ii)
there shall be commenced against the Payor any proceeding relating to the Payor under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt receivership, dissolution, or liquidation law or statute of any jurisdiction, whether now or
hereafter in effect, and any such proceeding shall remain undischarged for a period of sixty (60) days or the Payor by
any act indicates its consent to, approval of, or acquiescence in, any such proceeding; or a receiver or trustee shall be appointed
for the Payor or for all or a substantial part of the property of the Payor and any such receivership or trusteeship shall remain
undischarged for a period of sixty (60) days; or a warrant of attachment, execution, or similar process shall be issued against
any substantial part of the property of the Payor and the same shall not be dismissed or bonded within sixty (60) days
after levy;

 

then
in the event of (i) or (ii) above, the Lender may, by written notice to the Payor declare an event of default, and the same shall,
unless such default shall be cured within five (5) days after such notice, be deemed an event of default for purposes hereof.

 

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7.             Limited
Recourse. No recourse shall be had for payment of any part of the Note Obligations against any present or future officer or
director of the Payor by virtue of any law, or by enforcement of any assessment, or otherwise, or against any present or future
manager, agent, officer or director of the Payor, all such liability being, by the acceptance hereof and as a part of the consideration
for the issue hereof, expressly released, it being agreed by the Lender to limit its recourse for collection of the Note Obligations
to the Payor and its assets.

 

8.             Notices.
Except as may be otherwise provided herein, all notices and other communications required or permitted hereunder shall be in writing
and shall be conclusively deemed to have been duly given (a) when hand delivered to the party; (b) when received when
sent by electronic mail or facsimile on a business day at the address and number set forth below, subject to digital or electronic
receipt of acknowledgement from recipient; (c) five (5) business days after deposit in the U.S. or Australian mail with
first class or certified mail (receipt requested) postage prepaid and addressed to the party as set forth below; or (d) if
deposit with a national overnight delivery service, delivery charges prepaid, addressed to the party as set forth below with the
delivery guaranteed, on such date as provided that the sending party receives a confirmation of delivery from the delivery service
provider.

  

	If to Lender:	 	 
		 	c/o WHI Inc.
	 	 	410 S. Michigan Ave.; Suite 620
	 	 	Chicago, IL  60605
	 	 	USA
	 	 	Attn:  William Morro
	 	 	Facsimile: 312-
	 	 	E-mail: westernheadinvestments@yahoo.com

  

	If to Payor:	 	 
		 	BlueNRGY Group Limited
	 	 	32 Martin Place, 11th
Floor
	 	 	Sydney, 2000, NSW
	 	 	AUSTRALIA
	 	 	Attn:  Chief Financial
Officer
	 	 	e-mail:  

   

Each
Person making a communication hereunder by facsimile or e-mail shall promptly confirm by telephone to the Person to whom such
communication was addressed each communication made by it by facsimile pursuant hereto, but the absence of such confirmation shall
not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 8 by giving the other party written notice of the new address in the manner set forth
above.

 

9.             Registration
Rights. 

 

9.1     Unless
Noteholder is otherwise permitted to sell the Conversion Shares pursuant to Rule 144 or any successor rule or another applicable
exemption, Noteholder shall be entitled to the same registration rights for the Conversion Shares as purchasers of Securities
in the Offering referenced in the Company’s November 12, 2015 filing with the U.S. Securities and Exchange Commission on
Form 6-K.

 

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10.           Miscellaneous.

 

10.1   Lost
or Destroyed Note. Upon receipt by the Payor of evidence reasonably satisfactory to the Payor of the loss, theft, destruction
or mutilation of this Note, and in the case of any such loss, theft or destruction, upon delivery of an indemnity reasonably satisfactory
to the Payor or, in case of any such mutilation, upon surrender and cancellation of this Note, the Payor will issue a replacement
Note of like tenor in lieu of this Note.

 

10.2   Severability.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Note.

 

10.3   Waiver.
The Payor hereby waives presentment, demand, protest, notice of dishonor, diligence and all other notices, any release or discharge
arising from any extension of time, discharge of a prior party, or other cause of release or discharge other than actual payment
in full hereof.

 

10.4   Rights.
Lender shall not be deemed, by any act or omission, to have waived any of its rights or remedies hereunder unless such waiver
is in writing and signed by Lender and then only to the extent specifically set forth in such writing. A waiver with reference
to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. No
delay or omission of Lender to exercise any right, whether before or after a Default hereunder, shall impair any such right or
shall be construed to be a waiver of any right or Default, and the acceptance at any time by Lender of any past-due amount shall
not be deemed to be a waiver of the right to require prompt payment when due of any other amounts then or thereafter due and payable.

 

10.5   Amendment.
No amendment of this Note (either generally or in a particular instance and either retroactively or prospectively) may be
made other than by written consent of the Payor and the Lender.

 

10.6   Remedies.
The remedies of Lender as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively or together
at Lender’s sole discretion, and may be exercised as often as occasion therefor shall occur.

 

10.7   Interest.
If any provisions of this Note would require the Payor to pay interest hereon at a rate exceeding the highest rate allowed by
applicable law, the Payor shall instead pay interest under this Note at the highest rate permitted by applicable law.

 

10.8   Governing
Law. This Note shall be governed by and construed in accordance with the laws of Australia, without giving effect to any choice
or conflict of law provision or law that would cause the application of the laws of any jurisdiction other than Australia.

  

---------
Signature Page Follows --------- 

 

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IN
WITNESS WHEREOF, the Payor has caused this Note to be executed on its behalf by its duly authorized signatory.

  

	BLUENRGY GROUP LIMITED	 
	 	 
	By: 	/s/ Richard Pillinger	 
	 	Richard Pillinger	 
	 	 	 
	Its:	Chief Financial Officer and authorized Representative	 
	 	 	 
	By:	/s/ Carlo Botto	 
	 	Carlo Botto	 
	 	 	 
	Its:	Director	 

  

7EXHIBIT 4.17

  

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

ORDINARY SHARE PURCHASE WARRANT

 

BLUENRGY GROUP LIMITED

 

	WarrantShares: 26,420,079		Initial
                                         Exercise Date: December 31, 2015

 

THIS ORDINARY SHARE PURCHASE
WARRANT (this “Warrant”) certifies that, for value received, ESOL, B.V. (the “Holder”) is
entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or
after December 31, 2015 (the “Initial Exercise Date”) and on or prior to the close of business on the Three
(3) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from BlueNRGY Group Limited, an Australian corporation (the “Company”), up to 26,470,079 shares
(the “Warrant Shares”) of the Company’s ordinary shares (the “Ordinary Shares”). The
purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.        Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated September __, 2015, among the Company and the signatories thereto.

 

“Ordinary Shares
Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Ordinary
Shares, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

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

 

“Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question:
the NYSE Amex, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).

 

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Section 2.       Exercise.

 

a)      Exercise of Warrant.
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the persons designated by the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto.
Within five (5) Business Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank. Notwithstanding anything herein to the contrary, (i) such Warrant Shares (A) may not be issued to persons in Australia other
than persons who fall within section 708(8) (Sophisticated Investors) or section 708(11) (Professional Investors) (“Sophisticated
or Professional Investors”) of the Australian Corporations Act 2001 (Cth) (“Corporations Act”), and (B)
may not be transferred to persons in Australia other than to Sophisticated or Professional Investors before the date that is twelve
(12) months following their respective dates of issue; and (ii) the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Business
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise form within five (5) Business Days of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

b)      Exercise Price.
The exercise price per share of the Ordinary Shares under this Warrant shall be $0.056775, subject to adjustment hereunder (the
“Exercise Price”).

  

c)      Mechanics
of Exercise.

 

i.      Delivery of Certificates
Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian
system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder, (B) surrender of this
Warrant (if required) or (C) the shares are eligible for resale by the Holder pursuant to Rule 144, and otherwise by physical delivery
to the address specified by the Holder in the Notice of Exercise by the date that is five (5) Trading Days after the latest of
(x) the delivery to the Company of the Notice of Exercise Form, and (y) payment of the aggregate Exercise Price as set forth above
(such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and
Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for
all purposes, as of the date this Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares, having been paid.

 

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ii.     Delivery of New
Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares,
deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

iii.    Rescission Rights.
If the Company fails to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section
2(c)(i) by the Warrant Share Delivery Date, then, the Holder will have the right to rescind such exercise.

 

iv.    Compensation for
Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant
Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary
Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.
For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to
an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to
it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to the Company’s failure to timely deliver certificates representing Ordinary Shares upon exercise of this Warrant
as required pursuant to the terms hereof.

 

v.     No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

vi.    Charges, Taxes
and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by
the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

 

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vii.   Closing of Books.
The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant
to the terms hereof.

 

d)      Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or, to the extent that after giving effect to such issuance after exercise as
set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned
by the Holder and its Affiliates shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Ordinary Shares Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of
this Section 2(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of
which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to
the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(d), in determining the
number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the
Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding.
Upon the written or oral request of a Holder, the Company shall within three (3) Trading Days confirm orally and in writing to
the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares
issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior written notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance
of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(d) shall continue to apply.
Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	4

    	 

    

 

Section 3.
     Company Repurchase Rights. The Company shall have the right to purchase some or all of the
Holder’s Warrant Shares at the price and upon the terms set forth below if the VWAP of the Ordinary Shares exceeds 175%
of the Exercise Price for sixty (60) consecutive days and the average daily trading volume of the Ordinary Shares during such
period exceeds $100,000.00.

 

a)      Payment of
Purchase Price. The closing of the purchase of the Warrant Shares under this Section 3 shall occur within thirty (30)
days following the date the Company exercises its option to purchase the Warrant Shares.

 

b)      Purchase Price.
Except as provided herein, the purchase price for the Warrant Shares under this Section 3 shall equal $0.001 per Warrant Share.

 

Section 4.       Certain
Adjustments.

 

a)      Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on Ordinary Shares 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 exercise of this Warrant), (ii) subdivides
outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of capital stock
of the Company, then in each case the Exercise 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 exercise of this
Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 4(a) 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.

 

b)      Fundamental Transaction.
If, at any time while this Warrant 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 Shares 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
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person 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 stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall receive,
for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction (without regard to any limitation in Section 2(d) on the exercise of this Warrant), the number of shares of capital
stock 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 Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(d) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
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 Exercise 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 Shares 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 exercise of this Warrant
following such Fundamental Transaction.

 

    	5

    	 

    

 

c)      The Company shall
cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance
with the provisions of this Section 4(c) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder
of this Warrant, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. 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 Warrant 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 Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

d)      Calculations.
All calculations under this Section 4 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 4, 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.

 

e)      Notice to Holder.

 

i.      Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly mail
to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

    	6

    	 

    

 

ii.     Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company
shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of
capital stock 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 Shares, 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 Shares are 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 mailed to the Holder at its last
address as it shall appear upon the Warrant 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
Shares 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 Shares of record shall be entitled to exchange their
Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect
the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this
Warrant 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.

 

Section 5.      Transfer
of Warrant.

 

a)      Transferability.
Subject to Section 5(d), this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer; provided that upon transfer the transferee
is reasonably acceptable to the Company and agrees to be bound by the terms of this Warrant. Additionally, upon transfer of this
Warrant, the Holder shall notify the Company in writing of the Beneficial Ownership Limitation assigned to the transferee of this
Warrant. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in
the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

 

b)      New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 5(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date set forth
on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

    	7

    	 

    

 

c)      Warrant Register.
The Company shall create and maintain a Warrant register in accordance with the Corporations Act (the “Warrant Register”)
and update the Warrant Register on the exercise or transfer of a Warrant in accordance with the terms of this Warrant. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)      Transfer Restrictions.
This Warrant may not be transferred to any persons in Australia other than to Sophisticated or Professional Investors, and provided
that the transfer otherwise complies with all applicable laws and regulations. The Holder acknowledges that the Warrant Shares
acquired upon the exercise of this Warrant, if not registered pursuant to the U.S. Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder (collectively, the “Securities Act”) will have restrictions upon
resale imposed by the U.S. state and federal securities laws.

 

e)      Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act, the Corporations Act or any
applicable U.S. and Australian securities law, except pursuant to sales registered or exempted under the Securities Act, or pursuant
to an offer made with disclosure to investors under Part 6D.2 of the Corporations Act (or a relevant exemption).

 

Section 6.     Registration
Rights. The Holder has been granted certain registration rights in connection with this Warrant which are memorialized in the
Purchase Agreement, and incorporated herein by this reference.

 

Section 7.      Miscellaneous.

 

a)      No Rights as Shareholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of
the Company prior to the exercise hereof as set forth in Section 2(c)(i).

 

b)      Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of this Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.

 

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

 

    	8

    	 

    

 

d)      Authorized Shares.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the stock exchange upon which the Ordinary
Shares may be listed. The Company covenants that all Warrant Shares issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all liens and charges in each case that
are created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue). Before taking any action that would result in an adjustment in the number of Warrant Shares for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto,
as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)      Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Waiver Agreement.

 

f)       Restrictions.
The Holder agrees and acknowledges that the issue of this Warrant is made without disclosure under the Corporations Act and that
this Warrant may only be transferred in Australia to Sophisticated or Professional Investors. In no circumstances will the Company
prepare and/or lodge a prospectus, offering circular or similar disclosure document with any Australian regulator or Australian
securities exchange upon the issue of the Warrant Shares. The Holder acknowledges that the Warrant Shares acquired upon the exercise
of this Warrant, if (i) not registered or obtained through cashless exercise and an exemption from registration is applicable or
(ii) issued without disclosure under Part 6D.2 of the Corporations Act, will have restrictions upon resale imposed by the U.S.
state and federal securities laws and upon on-sale offers under Australian law, respectively.

 

g)     Nonwaiver and
Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies.

 

h)      Notices. Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

i)       Limitation of
Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase
price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

j)       Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k)      Successors and
Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder.

 

l)       Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders holding
Warrants at least equal to 67% of the Warrant Shares issuable upon exercise of all then outstanding Warrants.

 

    	9

    	 

    

 

m)     Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)      Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

o)      Currency. References to currency
and money in this Warrant shall mean United States currency and money. All payments to be made hereunder must be made in United
States currency and money.

 

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

 

(Signature Page Follows)

 

    	10

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	Executed as a deed in accordance with	 
	section 127 of the Corporations Act 2001 by	 
	BlueNRGY Group Limited:	 

  

	 	 	 
	Director Signature	 	Director/Secretary Signature
	 	 	 
	/s/ William C. Morro	 	/s/ Richard Pillinger
	William C. Morro	 	Richard Pillinger

 

	Address:	 
	 	 
	BlueNRGY Group Limited	 
	11th Floor	 
	32 Martin Street	 
	Sydney NSW 2000	 
	AUSTRALIA	 
	Attention: Richard Pillinger, Corporate Secretary	 
	Email: Richard.pillinger@blueNRGY.com	 
	 	 
	AGREED AND ACCEPTED:	 
	 	 
	ESOL B.V.	 
	the “Holder”	 
	 	 
	By: 	/s/ G. Armenta	 
	Name:	G. Armenta	 
	Title: 	Authorized Signatory	 

 

    	11

    	 

    

 

NOTICE OF EXERCISE

 

TO: BlueNRGY Group Limited

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. The undersigned
hereby certifies that, if it is in Australia, it is a person who falls within section 708(8) (Sophisticated Investors) or section
708(11) (Professional Investors) of the Australian Corporations Act 2001 (Cth).

 

(2) Payment shall be in lawful money of the United States of America.

 

(3) Please issue a certificate
or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: _______________________________

 

The Warrant Shares shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 
	 	 
	 	 
	Signature of Authorized Signatory of Investing Entity:	 
	 	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	 	 
	 	 
	Date:
	 	 

 

    	12

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 _______________________________________________ whose address
is

 

_______________________________________________________________.

 

In the case of a proposed transfer to a person in Australia, the
undersigned hereby represents, warrants and certifies that the transfer is being made to a person who falls within section 708(8)
(Sophisticated Investors) or section 708(11) (Professional Investors) of the Australian Corporations Act 2001 (Cth).

 

	 	 
	 	 
	Dated: ____________________, ____________________	 
	 	 
	Holder’s Signature: _______________________________	 
	 	 
	Holder’s Address: ________________________________	 
	 	 
	______________________________________________	 
	 	 
	Signature Guaranteed: _____________________________	 

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

  

13

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