Document:

Exhibit
4.1

 

advisory
agreement

 

THIS
ADVISORY AGREEMENT (“Agreement”) is made and entered into this 11th day of October 2018 by and between HFG Capital
Investments, L.L.C. (“Advisor”) and Guardforce AI Co., LTD, a (the “Company”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Company desires to engage Advisor to provide, during the Authorization Period, the advisory services specifically enumerated
below related to the Going Public Transaction and the Post-Transaction Period (each as defined below), and Advisor is willing
to be so engaged.

 

NOW,
THEREFORE, for and in consideration of the covenants set forth herein and the mutual benefits to be gained by the parties hereto,
and other good and valuable consideration, the receipt and adequacy of which are now and forever acknowledged and confessed, the
parties hereto hereby agree and intend to be legally bound as follows:

 

1. Retention.
As of the date hereof, the Company hereby retains and Advisor hereby agrees to be retained as the Company’s advisor during
the term of this Agreement. In its capacity as an advisor to the Company Advisor agrees to:

 

		A.	Going
                                         Public Transaction

 

Assist
the Company in effecting a going public transaction (a “Going Public Transaction”) by acquiring a shareholder base
(the “Shareholders”) necessary to qualify for listing on the OTC Marketplace and thereafter on either the NASDAQ Stock
Market or the NYSE Stock Exchange (collectively, a “Major Exchange”) without being subject to the seasoning requirements
of the Major Exchanges that are applicable to companies that have completed a reverse merger transaction with a shell company
prior to seeking listing on a Major Exchange. Advisor shall help the Company complete any corporate restructuring necessary to
consummate the Going Public Transaction.

 

On
the closing date of the Going Public Transaction, the Shareholders, including Advisor and its affiliates, shall receive that number
of shares (the “Shares”) of the Company’s common capital stock that shall represent five percent (5%) of the
Company’s outstanding shares of common capital stock.

 

The
Company acknowledges and agrees that all costs and expenses associated with completing the Going Public Transaction and thereafter
operating as a publically listed company in the United States shall be borne solely by the Company, and HFG shall be under no
obligation to advance any funds on behalf of the Company to any third parties.

 

		B.	Post
                                         Transaction Period

 

ADVISORY
AGREEMENT – Page 1

 

     

     

    

 

During
the period commencing on the closing date of the Going Public Transaction and ending upon the expiration of the Authorization
Period (as defined in Section 3. below) Advisor shall undertake the following on behalf of the Company:

 

(i)       If
requested, identify and introduce the Company to U.S based investment banking firms to act as placement agent or underwriter for
the Company's contemplated capital raising transaction;

 

(ii)       Identify
a licensed broker/dealer that will file a Form 211 Application with the Financial Industry Regulatory Authority (“FINRA”)
so as to allow the Company’s common capital stock to become eligible for trading on the OTC Marketplace. Advisor shall assist
the Company in providing the information necessary for submission as part of the Form 211 Application;

 

(iii)       Coordinate
with counsel to prepare and file the Company’s application for listing on a Major Exchange, and help respond to all comments
to the listing application;

 

(iv)       Assist
Company counsel in establishing corporate governance protocols mandated by the Major Exchanges;

 

(v)        Assist
in the identification and engagement of a licensed stock transfer agent and registrar;

 

(vi)       Coordinate
the process for making the Company’s securities DTC, FAST and DWAC eligible; and

 

(vii)       Provide
the Company with such additional advisory services as may be reasonably requested, to the extent Advisor has the expertise or
legal right to render such services.

 

2. Authorization.
Subject to the terms and conditions of this Agreement, the Company hereby appoints Advisor to act on a best efforts basis during
the Authorization Period (as defined in Section 3. below). Advisor hereby accepts such appointment; with it being expressly acknowledged
that Advisor is acting in the capacity of an independent contractor and not as an agent of the Company.

 

In
addition, except in the event of an act constituting willful misconduct on the part of Advisor, the Company agrees that it will
not hold Advisor responsible in the event that the Going Public Transaction is not consummated, nor shall it hold Advisor liable
for any damages suffered by the Company and/or its shareholders as a result of the Company’s inability to list its securities
on either the OTC Marketplace or a Major Exchange.

 

3. Authorization
Period. Advisor’s engagement hereunder shall become effective on the date hereof (the “Effective Date”)
and will automatically terminate (the “Termination Date”) 24 months from the Effective Date, subject to the mutual
decision of the parties hereto to extend the term hereof. This Agreement may be terminated at any time prior to the completion
of the Going Public Transaction upon the delivery of written or electronic notice by the terminating party to the non-terminating
party of its decision to terminate this Agreement.

 

ADVISORY
AGREEMENT – Page 2

 

     

     

    

 

 

4. Fees
and Expenses. In consideration for the services to be provided by Advisor under the terms of this Agreement the Company shall
remit via wire-transfer the amount of $325,000 (the “Fee”) immediately upon the closing of the Going Public Transaction.

 

5. Indemnification.
Except as a result of an act of willful misconduct on the part of a party hereto, no party shall be liable to another party, or
its officers, directors, employees, shareholders or affiliates, for any damages sustained as a result of an act or omission taken
or made under this Agreement, nor for any loss or damage arising from the termination of this Agreement, for any cause whatsoever.
In those cases where willful misconduct of a party is alleged and proven, the non-damaged party agrees to defend, indemnify and
hold the damaged party harmless from and against any and all reasonable costs, expenses and liabilities suffered or sustained
as a result of the act of willful misconduct.

 

6. Governing
Law and Venue. The validity, interpretation and construction of this Agreement and of each part hereof will be governed by
the laws of the State of Texas, without regard to conflicts-of-laws principles. Any action or proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement may be brought against any of the parties hereto in the courts
of the State of Texas, County of Dallas or, if it has or can acquire jurisdiction, in the United States District Court for the
Northern District of Texas, and each of the parties hereto consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to venue made therein. Process in any action or proceeding
referred to in the preceding sentence may be served on any of the parties hereto anywhere in the world.

 

7.  Counterparts.
This Agreement may be executed in any number of counterparts, each of which may be deemed an original and all of which together
will constitute one and the same instrument.

 

8.  Modification
and Waiver. No provision of this Agreement may be modified, amended, waived or discharged unless such waiver, amendment, modification
or discharge is agreed to in writing and signed by the parties hereto. The waiver by either party to insist upon the performance
of any of the terms and conditions of this Agreement, or the waiver by either party of any breach of any of the terms and conditions
of this Agreement, shall not be construed as thereafter waiving any such terms and conditions, but the same shall continue and
remain in full force and effect as if no such forbearance or waiver had occurred.

 

ADVISORY
AGREEMENT – Page 3

 

     

     

    

 

9. Complete
Understanding. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements, written or oral, with respect thereto.

  

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

	 	HFG:
	 	 
	 	HFG
    Capital Investments, L.L.C.
	 	 
	 	By:	/s/
    Kevin B. Halter
	 	 	Kevin
    B. Halter, Jr., Manager

  

	 	COMPANY:
	 	 
	 	Guardforce
    AI Co., LTD
	 	 
	 	By	/s/
    Zhong Xiangyu
	 	 	Zhong
    Xiangyu, CEO

 

ADVISORY
AGREEMENT – Page 4Exhibit 4.2

 

AMENDMENT NO. 1 TO ADVISORY AGREEMENT

 

This AMENDMENT NO.1
TO ADVISORY AGREEMENT (“Agreement”) is entered into and effective this 16th day of December 2019 by and between Guardforce
AI Co., LTD (the “Company”), and HFG Capital Investments, L.L.C., a Texas Limited Liability Company (“HFG”):

 

W I T N E S S E T H:

 

WHEREAS, the parties hereto entered into
that certain Advisory Agreement (the “AA”) dated as of October 31, 2018;

 

WHEREAS, the parties
hereto now desire to amend Section 4. Fees and Expenses. of the AA in its entirety as provided for below; and

 

WHEREAS, except as
otherwise set forth herein all defined terms used herein shall have the meaning set forth in the AA and the remaining terms and
conditions of the AA shall remain in full force and effect.

 

NOW, THEREFORE, in consideration of the
above stated premises the parties hereto hereby agree as follows:

 

1. Amendment.
Without amending or otherwise modifying the other terms and conditions set forth in the AA and solely for the purposes set forth
below, Section 4. Fees and Expenses. of the AA is hereby amended and restated in its entirety to read as follows:

 

“Section 4. Fees and
Expenses. In consideration for the services to be provided by Advisor under the terms of this Agreement the Company shall remit
via wire-transfer the amount of $325,000 (the “Fee”) to be paid as follows: (i) $25,000 upon execution of this Agreement
and (ii) $300,000 on the earlier of three (3) business days following the date the Company is in receipt of the signed audit report
for its 2018 fiscal year or March 1, 2020.”

 

2.
Governing Law and Venue. The validity, interpretation and construction of this Agreement and of each part hereof will be
governed by the laws of the State of Texas, without regard to conflicts-of-laws principles. Any action or proceeding seeking to
enforce any provision of, or based on any right arising out of, this Agreement may be brought against any of the parties hereto
in the courts of the State of Texas, County of Dallas or, if it has or can acquire jurisdiction, in the United States District
Court for the Northern District of Texas, and each of the parties hereto consents to the jurisdiction of such courts (and of the
appropriate appellate courts) in any such action or proceeding and waives any objection to venue made therein. Process in any action
or proceeding referred to in the preceding sentence may be served on any of the parties hereto anywhere in the world.

 

     

     

    

 

3.
Counterparts. This Agreement may be executed in any number of counterparts, each of which may be deemed an original and
all of which together will constitute one and the same instrument.

 

4.
Modification and Waiver. No provision of this Agreement may be modified, amended, waived or discharged unless such waiver,
amendment, modification or discharge is agreed to in writing and signed by the parties hereto. The waiver by either party to insist
upon the performance of any of the terms and conditions of this Agreement, or the waiver by either party of any breach of any of
the terms and conditions of this Agreement, shall not be construed as thereafter waiving any such terms and conditions, but the
same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.

 

5.
Complete Understanding. This Agreement contains the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior agreements, written or oral, with respect thereto.

 

IN WITNESS WHEREOF,
each party has caused this Agreement to be executed and delivered by its authorized representative as of the day and year above
written.

 

	 	GUARDFORCE
    AI CO., LTD:
	 	 	 
	 	By:	/s/
    Lei Wang
	 	 	Lei
    Wang, CEO
	 	 	 
	 	 	 
	 	HFG
    CAPITAL INVESTMENTS, L.L.C.
	 	 	 
	 	By:	/s/
    Kevin B. Halter
	 	 	Kevin
    B. Halter, Jr., Manager

 

 

[Signature Page to Amendment
No.1 to Advisory Agreement]

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