Document:

Exhibit 10.2
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SECURITIES PURCHASE AGREEMENT
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THIS SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of November 27, 2021, by and among Assure Holdings Corp., a Nevada corporation (the “Company”), and purchaser identified on the signature page hereto (the “Purchaser”). Capitalized terms used herein but not otherwise defined shall have the meanings given to them in Section 1.5.
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RECITALS
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A.On the terms and subject to the conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the United States Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement.
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B.The Company has authorized, upon the terms and conditions stated in this Agreement, the sale and issuance (the “Offering”) of shares of Company Common Stock (as defined in Section 1.5 hereof) (the “Shares”).
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C.At the Closing (as hereinafter defined), the Purchaser wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the number of Shares as hereafter specified on the signature page hereto.
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AGREEMENT
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NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:
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ARTICLE I PURCHASE AND SALE
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1.1Authorization of Sale of Shares. The Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, such number of Shares set forth on the signature page hereto, at a price per Share equal to $6.19 (the “Price Per Share” and the total purchase price for the Shares to be paid by such Purchaser, the “Share Purchase Price”).
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1.2Closing. Subject to the terms and conditions set forth in this Agreement, the closing of the purchase and sale of the Shares to the Purchaser by the Company (the “Closing”) will occur following the satisfaction or waiver of the conditions set forth in Sections 5.1 and 5.2, or at such other time and place or on such date as the parties may agree upon (the “Closing Date”). The Closing shall take place at the offices of Dorsey & Whitney LLP, Suite 400, 1400 Wewatta Street, Denver, CO 80202, or at such other place as the parties may agree upon.
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1.3Payment. On or prior to the Closing Date, (a) the Purchaser shall pay to the Company its Share Purchase Price in United States dollars and in immediately available funds, by wire transfer to the Company’s account as set forth in instructions previously delivered to the Purchaser by the Company and (b) the Company shall irrevocably instruct the Transfer Agent (as defined in Section 1.5 hereof) to deliver to the Purchaser the number of Shares set forth opposite the Purchaser’s name on the siganture page hereto, duly executed on behalf of the Company and registered in the name designated by the Purchaser as set forth on the Purchaser’s Stock Registration Questionnaire included as Exhibit A hereto.
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1.4Closing Deliverables.
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(a)Company. On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:
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(i)This Agreement duly executed by the Company;
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(b)Purchaser. On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company, the following (the “Purchaser Documents”):
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(i)this Agreement duly executed by such Purchaser;
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(ii)a Stock Registration Questionnaire in the form attached hereto as Exhibit A, fully completed and duly executed by the Purchaser;
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(iii)the Mandatory Private Placement Questionnaire attached hereto as Appendix I to Exhibit A, fully completed by such Purchaser; 
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(iv)unless the Purchaser is a director or an executive officer (as such term is defined in Rule 501(f) of Regulation D promulgated under the Securities Act) of the Company as of the Closing Date, an Qualification Statement in the form attached hereto as Exhibit B, fully completed and duly executed by such Purchaser;
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(v)a Bad Actor Questionnaire in the form attached hereto as Exhibit C, fully completed and duly executed by the Purchaser; and
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(vi)the Purchaser’s Share Purchase Price by wire transfer of immediately available funds in United States dollars to the account specified by the Company.
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1.5Defined Terms Used in This Agreement. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:
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“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms of “affiliated,” “controlling” and “controlled” have meanings correlative to the foregoing.
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“Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the state of New York or Colorado generally are authorized or required by law or other government actions to close.
“Company Common Stock” means the Company’s common stock, par value $0.001 per share. 
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“Nasdaq” means The Nasdaq Capital Market or, as applicable, The NASDAQ Stock Market LLC.
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“Person” means an individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.
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“Personal Information” means any information about a person (whether an individual or otherwise) required to be disclosed to a securities commission or other securities regulatory authority or 

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stock exchange, whether pursuant to a form or request made by such commission, regulatory authority or stock exchange, and includes information contained in this Agreement (including, for greater certainty, the schedules incorporated by reference herein).
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“Trading Day” means a trading day in which trading occurs on Nasdaq, the New York Stock Exchange, Inc., or the TSX Venture Exchange Inc.
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“Transaction Documents” means this Agreement, the Private Placement Memorandum and the schedules and exhibits attached hereto and thereto.
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“Transfer Agent” means Computershare Trust Company of Canada, the current transfer agent of the Company, with a mailing address of 510 Burrard Street, 3rd Floor, Vancouver, B.C. V6C 3B9, Canada, and any successor transfer agent of the Company.
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“TSXV” means the TSX Venture Exchange. “$” means United States dollars.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
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The Company hereby represents and warrants to the Purchaser as of the date hereof and as of the Closing Date as follows:
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2.1Organization, Good Standing and Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Nevada and has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is now being conducted and as described in the Disclosure Documents (as defined in Section 2.6 below). Schedule 2.1 hereto sets forth a list of the Company’s subsidiaries. The Company is qualified to do business as a foreign corporation and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect” means any (i) effect on the business, operations, properties, financial condition or prospects of the Company that is material and adverse to the Company and its subsidiaries, taken as a whole, and (ii) condition, circumstance or situation that would adversely affect the validity of the Transaction Documents or the ability of the Company to perform any of its obligations thereunder.
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2.2Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and perform the Transaction Documents, to issue and sell the Shares to be issued by the Company in accordance with the terms hereof and to perform its obligations under the Transaction Documents. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Company, its board of directors or stockholders is required therefor. When executed and delivered by the Company, this Agreement and the other Transaction Documents shall each constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. The Company’s board of directors has adopted resolutions authorizing and approving the transactions contemplated by the Transaction Documents, including the issuance of the Shares to be issued by the Company pursuant to this Agreement and the other Transaction Documents and the performance by the Company of its obligations hereunder and thereunder.

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2.3Issuance of Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the terms hereof, will be validly issued, fully paid and nonassessable and free and clear of any preemptive or similar rights. In addition, the Shares will be free and clear of all liens, claims, charges, security interests or agreements, pledges, assignments, covenants, restrictions or other encumbrances created by, or imposed by, the Company (collectively, “Encumbrances”) and rights of refusal of any kind imposed by the Company (other than restrictions on transfer under applicable securities laws, including the Securities Act) and the holder of the Shares shall be entitled to all rights accorded to a holder of Company Common Stock.
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2.4No Conflicts; Governmental Approvals. The execution, delivery and performance of the Transaction Documents by the Company, the sale and issuance of the Shares and the performance by the Company of its obligations thereunder do not and will not (i) violate any provision of the Company’s articles of incorporation or bylaws as currently in effect, (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 or any subsidiary is a party or by which the Company’s or any subsidiary’s properties or assets are bound, or (iii) result in a violation of any Canadian or U.S. federal, state or local statute, rule, regulation, order, judgment or decree (including Canadian and U.S. federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company or any subsidiary is bound or affected. The Company is not required under Canadian or U.S. federal, state or local 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 and the other Transaction Documents or issue and sell the Shares to be issued by the Company in accordance with the terms hereof and thereof, other than filings that have been made, or consents that have been obtained, pursuant to the rules and regulations of the Nasdaq or TSXV trading markets, applicable Canadian or United States state or provincial securities laws and post-sale filings pursuant to applicable Canadian or United States federal or state securities laws which the Company undertakes to file or obtain within the applicable time periods and the filings required to be made pursuant to this Agreement.
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2.5Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable and are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth on Schedule 2.5 hereto. Except as disclosed on Schedule 2.5 hereto, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities (other than the grant of additional awards under the Company’s equity incentive plans).
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2.6Disclosure Documents, Financial Statements. Since December 31, 2020, the Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the United States Securities and Exchange Commission (the “SEC”) pursuant to the United States Securities Exchange Act of 1934, as amended (including the rules and regulations promulgated by the SEC thereunder, the “Exchange Act”), or pursuant to applicable securities commissions or securities regulatory authorities in Canada (the “Canadian Securities Regulators”), pursuant to the reporting requirements of such Canadian Securities Regulators (the “Disclosure Documents”). At the times of their respective filing, all such Disclosure Documents complied in all material respects with the requirements of the Exchange Act or the reporting requirements of the Canadian Securities Regulators, as applicable. At the times of their respective filings, such Disclosure Documents did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the Disclosure Documents complied in all material respects with applicable requirements under the Exchange Act or the rules and regulations of the Canadian Securities 

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Regulators, as applicable. Such financial statements have been prepared in accordance with generally accepted accounting principles in the United States applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material respects the consolidated financial position of the Company and its subsidiaries as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal recurring year-end audit adjustments).
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2.7Accountants. Baker Tilly US, LLC (formerly Squar Milner LLP)(the “Auditor”), as reported in the Annual Report, was, at the time such report was issued, an independent registered public accounting firm with respect to the Company and is subject to oversight by the Public Company Accounting Oversight Board. Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act and described in the Disclosure Documents, the Auditor has not engaged in any non- audit services prohibited by subsection (g) of Section 10A of the Exchange Act on behalf of the Company or its subsidiaries.
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2.8Internal Controls. Except as set forth in the Disclosure Documents, the Company has established and maintains a system of internal accounting controls to provide reasonable assurances that:
(i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States and to maintain accountability for assets; (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 existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since December 31, 2020, except as set forth in the Disclosure Documents, there have been no significant changes in internal controls or in other factors with respect to the Company that could significantly affect the Company’s internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.
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2.9Disclosure Controls. The Company has established and maintains disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act or by the Canadian Securities Regulators) that (A) are designed to ensure that material information required to be disclosed by the Company in the reports it files and submits in its Disclosure Documents is accumulated and communicated to the management of the Company, including its principal executive officer and its principal financial officer, as appropriate, to allow timely decisions regarding required disclosure to be made; (B) provide for the periodic evaluation of the effectiveness of such disclosure controls and procedures as of the end of the period covered by the Company’s most recent annual or quarterly report filed with the SEC; and
(C) are effective in all material respects to perform the functions for which they were established.
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2.10Sarbanes-Oxley. The Company is in compliance in all material respects with all provisions currently in effect and applicable to the Company of the Sarbanes-Oxley Act of 2002, and all rules and regulations promulgated thereunder or implementing the provisions thereof.
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2.11No Material Adverse Change. Except as disclosed in the Disclosure Documents, since December 31, 2020, the Company has not (i) experienced or suffered any Material Adverse Effect, (ii) incurred any material liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred in the ordinary course of the Company’s business or (iii) declared, made or paid any dividend or distribution of any kind on its capital stock.
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2.12No Undisclosed Events or Circumstances. Except as disclosed in the Disclosure Documents, since December 31, 2020, except for the consummation of the transactions contemplated herein, no event or circumstance has occurred or exists with respect to the Company or its businesses, properties, prospects, operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure 

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or announcement by the Company but which has not been so publicly announced or disclosed.
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2.13Litigation. Except as disclosed in the Disclosure Documents, no action, suit, proceeding or investigation is currently pending or, to the knowledge of the Company, has been threatened in writing against the Company that: (i) concerns or questions the validity of this Agreement; (ii) concerns or questions the right or authority of the Company to enter into the Transaction Documents and to perform its obligations thereunder; or (iii) is reasonably likely to have a Material Adverse Effect. The Company is neither a party to nor subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate that would have a Material Adverse Effect.
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2.14Compliance. The Company is not in violation of any provision of the Company’s articles of incorporation or bylaws as currently in effect. Neither the Company nor any subsidiary, (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any subsidiary under), nor has the Company or any subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body applicable to it or to which it or its respective properties are subject, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all Canadian and U.S. federal, state and local laws applicable to its business, except in each case of (i), (ii) and (iii) above, for such defaults or violations as have not had, and could not reasonably be expected to have, a Material Adverse Effect, individually or in the aggregate.
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2.15Listing and Maintenance Requirements. Except as set forth in the Disclosure Documents, the Company is, and has no reason to believe that it will not, upon the issuance of the Shares hereunder, continue to be, in compliance with the requirements of the Nasdaq and the TSXV trading markets for continued listing of the Company Common Stock thereon and the Company has not received any notification that, and has no knowledge that Nasdaq or the TSXV is contemplating terminating such listing. The issuance and sale of the Shares hereunder does not contravene the rules and regulations of Nasdaq or the TSXV in any material respect.
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2.16Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Shares, will not be required to be registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act.
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2.17Private Placement. Neither the Company nor its Affiliates, nor, to the Company’s knowledge, any Person acting on its or their behalf, (i) has engaged in any form of general solicitation or general advertising (as those terms are used within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of the Shares hereunder, (ii) has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under any circumstances that would require registration of the sale and issuance by the Company of the Shares under the Securities Act or (iii) has issued any shares of Company Common Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Company Common Stock which would be integrated with the sale of the Shares to the Purchaser for purposes of the Securities Act or of any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of Nasdaq or the TSXV, nor will the Company or any of its Affiliates take any action or steps that would require registration of any of the Shares under the Securities Act or cause the offering of the Shares to be integrated with other offerings. Assuming the accuracy of the representations and warranties of the Purchaser, the offer and sale of the Shares to be issued by the Company to the Purchaser pursuant to this Agreement will be exempt from the registration requirements of the Securities Act. None of the Company, any of its predecessors, any director, executive 

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officer, other officer of the Company participating in the offering, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act but excluding the underwriters, their
U.S. Affiliates, any selling group member or any person acting on any of their behalf, as to whom the Company makes no representation, warranty or covenant) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)–(viii) under the Securities Act (a “Disqualification Event”). The Company has exercised reasonable care to determine: (i) the identity of each person that is an Issuer Covered Person; and (ii) whether any Issuer Covered Person is subject to a Disqualification Event. 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 Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the offer and sale of the Shares under the Securities Act.
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2.18No Manipulation of Stock. The Company has not taken and will not take, in violation of applicable law, any action outside the ordinary course of business designed to or that might reasonably be expected to cause or result in unlawful manipulation of the price of the Company Common Stock.
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2.19Brokers and Finders. Neither the Company nor any of the officers, directors or employees of the Company has employed any broker or finder in connection with the transaction contemplated by this Agreement.
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2.20OFAC. Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee, Affiliate or person acting on behalf of the Company, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.
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2.21Shell Company Status. The Company is not, currently, an issuer identified in Rule 144(i)(1)(i).
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2.22Questionable Payments. Neither the Company nor any of its subsidiaries nor, to the Company’s knowledge, any of their respective current or former stockholders, directors, officers, employees, agents or other Persons acting on behalf of the Company or any subsidiary, has on behalf of the Company or any subsidiary or in connection with their respective businesses: (a) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets;
(d) made any false or fictitious entries on the books and records of the Company or any subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature.
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2.23Transactions with Affiliates. Except as disclosed in the Disclosure Documents, none of the officers or directors of the Company and, to the Company’s knowledge, none of the employees of the Company or any subsidiary is presently a party to any transaction with the Company or any subsidiary (other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.
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2.24Disclosures. Neither the Company nor any Person acting on its behalf has provided the Purchaser or their agents or counsel with any information that constitutes or might constitute material, non-public information, other than the terms of the transactions contemplated hereby. The written materials delivered to the Purchaser in connection with the transactions contemplated by the Transaction Documents 

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do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading.
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2.25FDA. The Company is not subject to the rules and regulations of the U.S. Food and Drug Administration.
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2.26No Fiduciary. The Company acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby, and any advice or other guidance provided by any Purchaser or any of its representatives and agents with respect to this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Purchaser’s entry into such transactions. The Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation by the Company and its representatives and agents.
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2.27Reliance. The Company understands that the foregoing representations and warranties shall be deemed material and to have been relied upon by the Purchaser.
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ARTICLE III
REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASER
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The Purchaser hereby represents, warrants and covenants to the Company as follows:
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3.1Authorization and Power. Such Purchaser has the requisite power and authority to enter into and perform the Transaction Documents and to purchase the Shares being sold to it hereunder. The execution, delivery and performance of this Agreement by such Purchaser and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate limited liability company or limited partnership action, and no further consent or authorization of such Purchaser or its board of directors, stockholders or other governing body is required. When executed and delivered by such Purchaser, this Agreement shall constitute a valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.
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3.2[Reserved]
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3.3Purchaser Sophistication; Accredited Investor. At the time such Purchaser was offered the Shares and as of the date hereof, such Purchaser (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments in shares presenting an investment decision like that involved in the purchase of the Shares, including investments in securities issued by the Company and investments in comparable companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase the Shares; (b) in connection with its decision to purchase the Shares, relied only upon the Disclosure Documents, other publicly available information including the risks and uncertainties discussed in the Company’s most recent annual and quarterly reports filed with the SEC under the Exchange Act and the Canadian Securities Regulators and   available   on    the   Company’s    profiles    on   EDGAR   at    www.sec.gov   and    on    SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference, and the representations and warranties of the Company contained herein; (c) is acquiring the Shares for its own account for investment purposes only and with no present intention of distributing any of the Shares or any arrangement or understanding with any other persons regarding the distribution of the Shares in violation of the Securities Act or any applicable state securities laws; provided, however, that such Purchaser may at all times to sell or otherwise dispose of all or any part of such Shares in compliance with the Securities Act and any applicable state securities laws; and provided, that nothing contained herein shall be deemed a representation or warranty by such Purchaser to hold the Shares for any period of time; (e) has not been organized, reorganized or recapitalized specifically for the purpose of investing in the Shares; (f) will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire to take a pledge of) any of the Shares except in compliance with the Securities Act and applicable Canadian provincial and United States state securities laws; (g) understands that the Shares are being offered and sold to it in reliance upon specific exemptions from the registration requirements of the Securities Act and any applicable state securities laws, and that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Shares; (h) understands that its investment in the Shares involves a significant degree of risk, including a risk of total loss of such Purchaser’s investment (provided that such acknowledgment in no way diminishes the representations, warranties and covenants made by the Company hereunder); and (i) understands that neither the SEC, or any Canadian or United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the Shares.
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3.4Restricted Shares. Such Purchaser acknowledges that the Shares are “restricted securities” under Rule 144 of the Securities Act and must be held indefinitely unless subsequently registered under the 

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Securities Act or sold pursuant to an available exemption therefrom. If the Purchaser is selling the Shares pursuant to Rule 144 promulgated under the Securities Act or pursuant to another exemption from registration under the Securities Act, the Company shall have received an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company and the Transfer Agent that such sale may be made in compliance with the Securities Act (such opinion of counsel to be deemed to be delivered in connection with Rule 144 transfers made in accordance with Section 4.4 hereof). Such Purchaser is aware of the provisions of Rule 144 promulgated under the Securities Act which provide a safe harbor for the limited resale of stock purchased in a private placement subject to the satisfaction of certain conditions (if applicable), including, among other things, the existence of a public market for the stock, the availability of certain current public information about the Company, the resale occurring after certain holding periods have been met, and for Affiliates of the Company, the sale being conducted through a “broker’s transaction” or a transaction directly with a “market maker” and the number of shares of the stock being sold during any three-month period not exceeding specified limitations. Such Purchaser further acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time such Purchaser wishes to sell the Shares and, if so, such Purchaser may be precluded from selling the Shares under Rule 144 even if the required holding period has been satisfied.
3.5Residency. Such Purchaser is a resident of or an entity organized under the jurisdiction specified below its address on the signature page hereto. The Purchaser is not a resident of or an entity organized under the laws of Canada or a jurisdiction therein.
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3.6Ownership of Capital Stock. Except as disclosed in the Disclosure Documents and excluding the Shares, such Purchaser and its Affiliates beneficially own no shares of capital stock of the Company as of the date hereof.
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3.7Stock Legends. Such Purchaser acknowledges that certificates evidencing the Shares shall bear restrictive legends in substantially the following form (and including related stock transfer instructions and record notations) and any other legends that may be required by the TSXV:
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THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, AND IN CONNECTION WITH ANY SALE OR TRANSFER PURSUANT TO (C) OR (D) AS EVIDENCED BY A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT.
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UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE FOUR (4) MONTHS PLUS A DAY FROM [INSERT THE CLOSING DATE].
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3.8No Legal, Tax or Investment Advice. Such Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company to such Purchaser in connection 

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with the purchase of the Shares constitutes legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.
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3.9No General Solicitation; Pre-Existing Relationship. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine, e-mail or by electronic means on the internet, or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement (as such terms are used in Regulation D under the Securities Act). Such Purchaser also represents that such Purchaser was contacted regarding the sale of the Shares by the Company (or an authorized agent or representative of the Company) with which such Purchaser had a substantial pre-existing relationship.
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3.10Purchase Entirely for Own Account. The Shares to be received by such Purchaser hereunder will be acquired for such Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable Canadian and U.S. federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Purchaser to hold the Shares for any period of time.
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3.11Experience of Such Purchaser. Such 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 the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.
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3.12Disclosure of Information. Such Purchaser has had an opportunity to receive all information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Shares. Such Purchaser acknowledges receipt of copies of the Disclosure Documents (or access thereto via EDGAR or SEDAR). Neither such inquiries nor any other due diligence investigation conducted by such Purchaser shall modify, limit or otherwise affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement.
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3.13Interested Stockholders. Each Purchaser that is an “Interested Stockholder” (as such term is defined in Section 78.423 of the Nevada Revised Statutes) represents and warrants that either (a) it has been an Interested Stockholder for at least three years prior to the date hereof or (b) the transaction that resulted in such Purchaser becoming an Interested Stockholder was approved by the Company’s board of directors or a duly authorized committee thereof.
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3.14No Rule 506 Disqualifying Activities. Such Purchaser has not taken any of the actions set forth in, and is not subject to, the disqualification provisions of Rule 506(d)(1) under the Securities Act.
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3.15Brokers and Finders. No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company or such Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.
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3.16Regulation M. Such Purchaser is aware that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Company Common Stock and other activities with respect to Company Common Stock and has not undertaken and will not undertake any actions in violation of Regulation M.

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3.17Canadian Distribution. The Purchaser acknowledges that the Shares have not been qualified for distribution by a prospectus in Canada and may not be offered or sold in Canada during the course of the distribution except pursuant to a prospectus filed with a securities commission in Canada or pursuant to an exemption from the prospectus requirements.
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3.18Personal Information. The Purchaser acknowledges that this Agreement requires the Purchaser to provide certain Personal Information to the Company and its agents and advisers as reasonably necessary in connection with the Offering. Such information is being collected and will be used by the Company for the purposes of completing the Offering of the Shares, which includes, without limitation, determining the Purchaser’s eligibility to purchase the Shares under applicable Canadian and U.S. securities laws and completing filings required by the applicable securities commission or other securities regulatory authority. The Purchaser agrees that the Purchaser’s Personal Information may be disclosed by the Company to: (i) stock exchanges and applicable securities regulatory authorities, including the applicable securities commission; (ii) the Company’s Transfer Agent; (iii) the applicable taxing authorities; and (iv) any of the other parties involved in the proposed Offering, including legal counsel, and may be included in record books in connection with the Offering. By executing and delivering this Agreement, the Purchaser consents to the foregoing collection, use, and disclosure of the Purchaser’s Personal Information. The Purchaser also consents to the filing of copies or originals of any of the Purchaser Documents described in Section 1.4(b) hereof as may be required to be filed with any stock exchange or securities commission in connection with the transactions contemplated hereby.
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ARTICLE IV COVENANTS OF THE PARTIES
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4.1Further Transfers. Each Purchaser covenants that the Shares will only be sold, offered for sale, pledged, loaned, or otherwise disposed of pursuant to an effective registration statement under, and in compliance with the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in compliance with any applicable state securities laws. In connection with any transfer of Shares other than pursuant to an effective registration statement, the Company may require such Purchaser to provide to the Company an opinion of counsel of recognized standing, the form and substance of which opinion shall be reasonably satisfactory to the Company and the Transfer Agent, to the effect that such transfer does not require registration under the Securities Act (such opinion of counsel to be deemed to be delivered in connection with Rule 144 transfers made in accordance with Section 4.4 hereof).
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4.2No Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Shares pursuant to this Agreement in a manner that would require the registration under the Securities Act of the sale of the Shares to the Purchaser, or that will be integrated with the offer or sale of the Shares pursuant to this Agreement for purposes of the rules and regulations of Nasdaq or the TSXV such that it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction. The Purchaser shall take no action to become a group such that any transactions contemplated by this Agreement would require shareholder approval prior to Closing.
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ARTICLE V CONDITIONS TO CLOSING
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5.1Conditions Precedent to the Obligations of the Purchaser. The obligation of the Purchaser to acquire the Shares at the Closing is subject to the satisfaction or waiver by the Purchaser, at or before the Closing, of each of the following conditions:
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(a)Representations and Warranties. The representations and warranties of the Company contained in Article II shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties made by the Company in Article II hereof not qualified as to materiality shall be true and correct in all material respects as of the date hereof and the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date.
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(b)Performance. The Company shall have performed and complied, in all material respects, with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before the Closing, including, without limitation, the delivery by the Company of the items contemplated by Section 1.4(a).
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(c)No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.
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(d)No Nasdaq or TSXV Objection. Neither Nasdaq nor the TSXV shall have raised any objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions.
(e)Approval of TSXV. The TSXV shall have conditionally approved the issuance of
the Shares.
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5.2Conditions Precedent to the Obligations of the Company. The obligation of the Company to issue the Shares at the Closing is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:
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(a)Representations and Warranties. The representations and warranties of the Purchaser contained in Article III shall be true and correct in all respects as of the Closing (unless as of a specific date therein in which case they shall be accurate as of such date).
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(b)Performance. The Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Purchaser at or prior to the Closing, including, without limitation, the delivery by the Purchaser of the items contemplated by Section 1.4(b).
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(c)No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.
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(d)No Nasdaq or TSXV Objection. Neither Nasdaq nor the TSXV shall have raised any objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions.
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(e)Approval of TSXV. The TSXV shall have conditionally approved the issuance of
the Shares.
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ARTICLE VI TERMINATION
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6.1 Termination. In addition to the provisions of Section 7.6, in the event that the Closing shall not have occurred with respect to the Purchaser on or before ten (10) Business Days from the date hereof due to the Company’s or the Purchaser’s failure to satisfy the conditions set forth in Section 5 above (and the nonbreaching party’s failure to waive such unsatisfied condition(s)), the nonbreaching party shall have the option to terminate this Agreement with respect to such breaching party at the close of business on such date without liability of any party to any other party.
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ARTICLE VII MISCELLANEOUS
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7.1Survival of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the Closing and the delivery of the Shares.
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7.2No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’ fee or commission in connection with this transaction. The Company agrees to indemnify and to hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. The Purchaser agrees to indemnify and hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible.
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7.3Fees and Expenses. Each party shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
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7.4Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
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7.5Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email address specified in this Section 7.5 prior to 4:00 p.m. (Eastern time) on a Trading Day,
(b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email address specified in this Section on a day that is not a Trading Day or later than 4:00 p.m. (Eastern time) on any Trading Day, (c) the Trading Day following the date of deposit with a nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The addresses, facsimile numbers and email addresses for such notices and communications are those set forth below, or such other address or facsimile number as may be designated in writing hereafter, in the same manner, by any such Person:
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	If to the Company:
	Assure Holdings Corp.
4600 South Ulster Street, Suite 1225
Denver, CO 80237
Attention: Mr. John Allen Farlinger, Chairman & CEO
Email: john.farlinger@assureiom.com Fax No.:

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	with copies (which copies shall not constitute notice to the Company) to:
	Dorsey & Whitney LLP
1400 Wewatta Street, Suite 400
Denver, CO 80202
Attention: Kenneth G. Sam, Esq. Email: sam.kenneth@dorsey.com Fax No.: (416) 367-7371

	If to the Purchaser:
	To the addresses as set forth on the signature page hereto.

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7.6Amendments; Waivers. This Agreement and any term hereof may be amended, terminated or waived only with the written consent of the Company and the Purchaser. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.
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7.7Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.
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7.8Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser; provided, however, that no such consent shall be required in connection with any assignment (i) occurring by operation of law in connection with any merger or consolidation to which the Company is a party, (ii) in connection with the acquisition of all or substantially all of the assets of the Company or (iii) any other similar business combination transaction involving the Company. The Purchaser may assign its rights under this Agreement in connection with the sale or transfer of some or all of its Shares; provided, that (i) as a condition of such sale or transfer, such transferee agrees in writing to be bound by all of the terms and conditions of this Agreement as a party hereto and (ii) such sale or transfer shall have been made in accordance with the applicable securities laws.
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7.9Persons Entitled to Benefit of Agreement. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.
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7.10Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the state and federal courts located in the State of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding 

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and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. If any party hereto shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
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7.11Counterparts; Execution. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
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7.12Severability. If any provision hereof should be held invalid, illegal or unenforceable in any respect, then, to the fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect and shall be liberally construed in order to carry out the intentions of the parties as nearly as may be possible, and (b) the parties shall use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of such provision(s) in this Agreement.
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7.13Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable in shares of Company Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Company Common Stock), combination or other similar recapitalization or event occurring after the date hereof, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event.
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[Signature pages to follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
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THE COMPANY:
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	ASSURE HOLDINGS CORP.

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By: /s/ John Farlinger​ ​

	Name: John Farlinger

	Title: Chief Executive Officer

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[Signature Page to Securities Purchase Agreement]
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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
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	PURCHASERS:

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By:
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	Name:

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	Title:

	Number of Shares Purchased:_____________
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Address for Notice:
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Telephone No.: ​ ​

	Facsimile No.: ​ ​

	E-mail Address: ​ ​

	Attention: ​ ​

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[Signature Page to Securities Purchase Agreement]
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Exhibit A
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STOCK REGISTRATION QUESTIONNAIRE
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Appendix I to Exhibit A
Mandatory Private Placement Questionnaire 
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Exhibit B
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QUALIFICATION QUESTIONNAIRE
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Exhibit C
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“BAD ACTOR” QUESTIONNAIRE FORM
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Rule 506 Disqualification Event Questionnaire 

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​Exhibit 10.48

 

MEMBERSHIP INTEREST PURCHASE
AGREEMENT

 

Between

 

JUSTIN DEE

 

And

 

DARKPULSE, INC.

 

dated effective as of

 

October
1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	1	 

     

    

 

MEMBERSHIP INTEREST PURCHASE
AGREEMENT

 

This Membership
Interest Purchase Agreement (this “Agreement”), dated effective as of October 1, 2021 (the “Effective Date”),
is entered into between Justin Dee, a member owning a majority equity interest of TerraData Unmanned, PLLC, a Florida limited liability
company (the “Seller”), and DarkPulse, Inc., a Delaware corporation (the “Buyer” or “DarkPulse”).

 

RECITALS

 

WHEREAS,
The Seller owns 60% of the outstanding membership interests (the “Membership Interest”) in TerraData Unmanned, PLLC,
a limited liability company organized and existing under the laws of the State of Florida (the “Company”); and

 

WHEREAS,
the Seller wishes to sell to the Buyer, and the Buyer wishes to purchase from the Seller, the Membership Interest, subject to the terms
and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01 “Action” means a claim,
action, suit, proceeding, or governmental investigation.

 

Section 1.02
“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person.

 

Section 1.03 “Assignment and Assumption”
shall have the meaning set forth in Section 5.01(a).

 

Section 1.04 “Business
Day” means any day of the year other than a Saturday or Sunday or any day on which banks in the State of New York are required
or permitted to be closed.

 

Section 1.05 “Cash Consideration”
shall have the meaning set forth in Section 2.02(b).

 

Section 1.06 “Certificate of Formation”
shall have the meaning set forth in Section 3.03.

 

Section
1.07 “Change of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition from
the Buyer by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of in excess of 50% of the voting securities of the Buyer (other than by the Sellers or its Affiliates), (b) the Buyer merges into or
consolidates with any other Person, or any Person merges into or consolidates with the Buyer and, after giving effect to such transaction,
the stockholders of the Buyer immediately prior to such transaction own less than 50% of the aggregate voting power of the Buyer or the
successor entity of such transaction, or (c) the Buyer sells, licenses or transfers all or substantially all of the assets of the Company.

 

Section 1.08 “Closing” means the
closing of the transactions contemplated by this Agreement.

 

 

 

    	 	2	 

     

    

 

Section 1.09 “Closing Date” means
the date of execution of this Agreement.

 

Section 1.10 “Code” means the Internal
Revenue Code of 1986, as amended.

 

Section
1.11 “Common Stock” means the common stock of the Buyer, par value $0.0001, and any other class of securities into
which such securities may hereafter be reclassified or changed.

 

Section 1.12 “Common Stock Consideration”
shall have the meaning set forth in Section 2.02(a).

 

Section 1.13
“Common Stock Equivalents” means any securities of the Buyer or its subsidiaries which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

Section 1.14
“Confidential Information” means any information with respect to the Company, including methods of operation, customer
lists, products, prices, fees, costs, technology, inventions, trade secrets, know-how, software, marketing methods, plans, personnel,
suppliers, competitors, markets or other specialized information or proprietary matters. “Confidential Information”
does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public
on the date of this Agreement or (ii) becomes generally available to the public other than as a result of a disclosure not otherwise permissible
hereunder.

 

Section 1.15
“Contract” means any contract, agreement, indenture, note, bond, mortgage, loan, instrument, lease, license, commitment
or other arrangement, understanding, undertaking, commitment or obligation, whether written or oral.

 

Section
1.16 The term “control” (including the terms “controlled by” and “under common control with”)
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract, or otherwise.

 

Section 1.17
“Disclosure Schedules” means the Disclosure Schedules delivered by the Buyer concurrently with the execution and
delivery of this Agreement.

 

Section
1.18 “Encumbrance” means any mortgage, pledge, lien, charge, security interest, community property interest, claim,
or other encumbrance.

 

Section 1.19 “Exchange Act” the
U.S. Securities Exchange Act of 1934, as amended.

 

Section
1.20 “Exempt Issuance” means the issuance and sale of (a) shares of Common Stock or options to employees, officers
or directors of the Buyer pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members
of the Buyer’s board of directors or a majority of the members of a committee of non-employee directors established for such purpose
for services rendered to the Buyer, (b) securities upon the exercise or exchange of securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of this Agreement, and (c) securities issued pursuant to acquisitions or
strategic transactions approved by a majority of the disinterested directors of the Buyer, provided that any such issuance shall only
be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of
an asset in a business synergistic with the business of the Buyer and shall provide to the Buyer significant benefits in addition to the
investment of funds.

 

Section 1.21 “GAAP” means generally
accepting accounting principles in the United States of America.

 

 

 

    	 	3	 

     

    

 

Section 1.22
“Governing Documents” means, with respect to an entity, the entity’s articles of incorporation, articles
of organization, certificate of incorporation, certificate of formation, charter, bylaws, operating agreement, or other certificates,
instruments, documents, or agreements adopted to govern the formation or internal affairs of the entity, as applicable, including any
and all amendments or restatements to such documents.

 

Section 1.23
“Governmental Authorities” means any court, tribunal, arbitrator, agency, commission, department, ministry, official,
authority, or other instrumentality of any national, state, county, city, or other political subdivision.

 

Section 1.24 “Indemnified Party”
shall have the meaning set forth in Section 7.04.

 

Section 1.25 “Indemnifying Party”
shall have the meaning set forth in Section 7.04.

 

Section 1.26 “Liability” shall have
the meaning set forth in Section 4.09.

 

Section
1.27 “Loss” means all claims, judgments, damages, liabilities, settlements, losses, costs, and expenses, including
reasonable attorneys’ fees and disbursements.

 

Section 1.28
“Material Adverse Effect” means any result, occurrence, fact, change, event or effect that, individually or in
the aggregate, would reasonably be expected to have a material adverse effect on the long-term projected business, operations, assets,
liabilities, condition (financial or otherwise) or results of, in each case, of the Buyer and its subsidiaries taken as a whole.

 

Section 1.29 [Reserved].

 

Section
1.30 “Permits” means all permits, licenses, franchises, approvals, registrations, certificates, variances, and
similar rights obtained, or required to be obtained, from governmental authorities.

 

Section
1.31 “Person” means an individual, corporation, partnership, joint venture, limited liability company, governmental
authority, unincorporated organization, trust, association, or other entity.

 

Section 1.32 “Purchase Price” shall
have the meaning set forth in Section 2.02.

 

Section 1.33 “Securities Act” means
the U.S. Securities Act of 1933, as amended.

 

Section 1.34 “SEC Reports” shall
have the meaning set forth in Section 4.06.

 

ARTICLE
II

PURCHASE AND SALE

 

Section 2.01
Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing, the Seller shall sell to the Buyer, and the
Buyer shall purchase from the Seller, all of Seller’s rights, title, and interests in and to the Membership Interest, free and clear
of any Encumbrance, for the consideration specified in Section 2.02. At the Closing, the Company shall become a subsidiary of the
Buyer. For purposes of this Agreement, all of the Seller’s rights, title, and interests in and to the Membership Interest shall
include, but are not limited to: (a) Seller’s capital accounts in the Company; (b) Seller’s rights to share in the profits
and losses of the Company; (c) Seller’s rights to receive distributions from the Company; and (d) the exercise of all member rights,
including the voting rights attributable to the Membership Interest.

 

 

 

    	 	4	 

     

    

 

Section 2.02
Purchase Price. The aggregate purchase price for the Membership Interest (the “Purchase Price”) is comprised of
the following payments:

 

(a)  
Closing Date Consideration. On the Closing Date, the Buyer will deliver to the Seller: 3,725,386 shares of Common Stock
of the Buyer (the “Common Stock Consideration”);

 

(b)  
Post-Closing Cash Consideration. Within 12 weeks of the Closing Date, the Buyer will pay to the Seller $400,000 to an account
to be designated by the Seller, in writing (the “Cash Consideration”); and

 

(c) 
 Adjustments to Cash Consideration. The Cash Consideration may be adjusted by the Buyer to pay for any taxes owed by the
Company. If adjusted, the Buyer shall make any delinquent payments within thirty (30) days of the payment of the Cash Consideration.

 

Section
2.03 Closing. The Closing shall take place simultaneously on the Closing Date remotely via the electronic exchange of signatures.
The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. (EST) on the Closing Date.

 

Section
2.04 Transfer Taxes. The Seller shall pay, and shall reimburse the Buyer for, any sales, use, or transfer taxes, documentary charges,
recording fees, or similar taxes, charges, fees, or expenses, if any, that become due and payable as a result of the transactions contemplated
by this Agreement.

 

Section 2.05
Withholding Taxes. The Buyer and the Company shall be entitled to deduct and withhold from payments of the Cash Consideration to be
made hereunder all taxes that the Buyer and the Company may be required to deduct and withhold under any provision of tax law. All such
withheld amounts shall be treated as delivered to the Seller to the extent such withheld amounts are timely remitted to the appropriate
Governmental Authority; provided, however, that with respect to any payment of the Cash Consideration to be made hereunder, a reasonable
amount of time prior to any such payment, the Buyer or the Company, as applicable, shall (i) notify the Seller, in writing, of any anticipated
withholding from the amounts payable hereunder, (ii) consult with the Seller in good faith to determine whether such deduction and withholding
is required under applicable law, and (iii) cooperate with the Seller in good faith to minimize the amount of any applicable withholding.

 

Section 2.06
Right of First Refusal. The Seller grants to the Buyer a right of first refusal on any sale of the remaining membership interests
(40%) of the Company (the “Seller Interests”) owned by the Seller (the “Right of First Refusal”).
The Buyer shall have a right of first refusal to purchase the Seller Interests at a purchase price and on those terms and conditions equal
to that purchase price and those terms and conditions offered to the Seller by a third party in an arm’s length transaction (“Third
Party Offer”). The Seller shall give written notice to the Buyer of a bona fide Third Party Offer. Such notice shall detail
the purchase price and other material terms and conditions. The Buyer shall have one hundred and twenty (120) days from the date of such
written notice to exercise its Right of First Refusal and purchase the Seller Interests.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES
OF THE SELLER

 

The Seller represents
and warrants to the Buyer that the statements contained in this ARTICLE III are true and correct as of the Closing Date. For purposes
of this ARTICLE III, “Seller’s knowledge,” “knowledge of the Seller,” and any similar phrases shall mean
the actual or constructive knowledge of Sellers, after reasonable inquiry.

 

Section 3.01
Capacity and Authority of the Seller; Enforceability. The Seller has full capacity, power and authority to enter into this Agreement
and the documents to be delivered hereunder, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby.
This Agreement and the documents to be delivered hereunder have been duly executed and delivered by the Seller, and (assuming due authorization,
execution, and delivery by the Buyer) this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding
obligations of the Seller, enforceable against the Seller in accordance with their respective terms.

 

 

 

    	 	5	 

     

    

 

Section
3.02 Organization, Authority, and Qualification/Organization of the Company. The Company is a limited liability company duly organized,
validly existing, and in good standing under the laws of the State of Florida. The Company has full limited liability company power and
authority to own, operate, or lease the properties and assets now owned, operated, or leased by it and to carry on its business as it
has been and is currently conducted. The Company is duly licensed or qualified to do business and is in good standing in each jurisdiction
in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification
necessary.

 

Section
3.03 No Conflicts; Consents. The execution, delivery, and performance by the Seller of this Agreement and the documents to be delivered
hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the Governing
Documents of the Company; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule, or regulation applicable
to the Seller or the Company; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default
under, or give rise to a right of termination, acceleration, or modification of, any obligation or loss of any benefit under any contract
or other instrument to which the Seller or the Company is a party; (d) result in any violation, conflict with, or constitute a default
under the Company’s Governing Documents, including the certificate of formation of the Company filed with the Florida Secretary
of State on December 13, 2017 (as amended or restated, the “Certificate of Formation”); or (e) result in the creation
or imposition of any Encumbrance on the Membership Interest. No consent, approval, waiver, or authorization is required to be obtained
by the Seller or the Company from any Person in connection with the execution, delivery, and performance by the Seller of this Agreement
and the consummation of the transactions contemplated hereby.

 

Section 3.04 Legal Proceedings;
No Material Adverse Effect. There is no Action of any nature pending or, to Seller’s knowledge, threatened: (a) against or
by the Seller relating to or affecting the Membership Interest; or (b)
against or by the Seller or the Company that challenges or seeks to prevent, enjoin, or otherwise delay the transactions contemplated
by this Agreement. There is no Action against any current, or to the Seller’s knowledge, former member, manager, or employee of
the Company with respect to which the Company has, or is reasonably likely to have, an indemnification obligation. No event has occurred
or circumstances exist that may give rise to, or serve as a basis for, any such Action. No circumstance or state of affairs exists that
would reasonably be expected to result in a material adverse effect on the Company’s long-term project assets, liabilities, condition
(financial or otherwise) or results of operations.

 

Section 3.05 Ownership of
Membership Interest.

 

(a) 
The Seller is the sole legal, beneficial, record, and equitable owner of the Membership Interest, free and clear of all Encumbrances
whatsoever. The Membership Interest constitutes 60% of the issued and outstanding equity interests in the Company. There are no outstanding
warrants, options, agreements or any other instruments that give any Person the right to purchase, subscribe for or otherwise acquire
any equity interests in the Company.

 

(b)  
The Membership Interest was issued in compliance with applicable laws. The Membership Interest was not issued in violation of the
Governing Documents of the Company or any other agreement, arrangement, or commitment to which Seller or the Company are a party and are
not subject to or in violation of any preemptive or similar rights of any Person.

 

(c) 
Other than the Governing Documents of the Company, there are no voting trusts, proxies, or other agreements or understandings in
effect with respect to the voting or transfer of any part of the Membership Interest.

 

Section 3.06
Governing Documents. Attached hereto as Exhibit A the Certificate of Formation, as amended, of the Company, which document
is in full force and effect and is the only document in effect with respect to the matters described therein.

 

Section
3.07 Brokers. No broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in
connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Seller.

 

 

 

    	 	6	 

     

    

 

Section 3.08 Compliance
with Laws; Permits.

 

(a) 
The Company has complied, and is now complying, in all material respects, with all statutes, laws, ordinances, regulations, rules,
codes, treaties, or other requirements of any governmental authority applicable to it or its business, properties, or assets.

 

(b) 
All Permits that are required for the Company to conduct its business have been obtained and are valid and in full force and effect.
No event has occurred that would reasonably be expected to result in the revocation or lapse of any such Permit.

 

Section 3.09
Taxes. To the Seller’s knowledge: (a) all tax returns (including information returns) required to be filed on or before the
Closing Date by the Company have been timely filed; (b) all such tax returns are true, complete, and correct in all respects; (c) all
taxes due and owing by the Company (whether or not shown on any tax return) have been timely paid; (d) all deficiencies asserted, or assessments
made, against the Company as a result of any examinations by any taxing authority have been fully paid; and (e) there are no pending or
threatened actions by any taxing authority.

 

Section
3.10 Due Diligence. The Seller is an “accredited investor” (as such term is defined under Rule 501 of Regulation D under
the Securities Act) and has reviewed the public filings of the Buyer. The Seller and its representatives, if any, have been given the
opportunity to conduct satisfactory due diligence of the Buyer, and have been given the opportunity to speak with the Buyer’s management
during its due diligence.

 

Section
3.11 Investment Purpose. The Seller is acquiring the Common Stock Consideration solely for its own account for investment purposes
and not with a view to, or for offer or sale in connection with, any distribution thereof. The Seller acknowledges that the Common Stock
Consideration is not registered under the Securities Act, or registered under any state securities laws, and that the Common Stock Consideration
may not be transferred or sold except pursuant to the registration provisions of the Securities Act, or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable.

 

Section 3.12
Restricted Securities. The Seller understands that the Common Stock Consideration have not been and will not be registered
pursuant to the Securities Act, or any state securities act, and thus are “restricted securities” as defined in Rule 144 promulgated
by the SEC. Accordingly, the Seller hereby acknowledges that he is prepared to hold the Common Stock Consideration for an indefinite period.

 

Section
3.13 Limitations on Resale; Restrictive Legend. The Seller acknowledges that he will not sell, assign, hypothecate, or otherwise
transfer any rights to, or any interest in, the Common Stock Consideration except (i) pursuant to an effective registration statement
under the Securities Act, or (ii) in any other transaction which, in the opinion of counsel acceptable to the Buyer, is exempt from registration
under the Securities Act, or the rules and regulations of the SEC thereunder. The Seller also acknowledges that an appropriate legend
will be placed upon each of the certificates representing the Common Stock Consideration stating that they have not been registered under
the Securities Act and setting forth or referring to the restrictions on transferability and sale of the shares.

 

Section
3.14 Information. The Seller has been furnished (i) with all requested materials relating to the business, finances, management,
and operations of the Buyer; (ii) with information deemed material to making an informed investment decision; and (iii) with additional
requested information necessary to verify the accuracy of any documents furnished to the Seller by the Buyer. The Seller has been afforded
the opportunity to ask questions of the Buyer and its management and to receive answers concerning the terms and conditions of the sale
of the Common Stock Consideration.

 

 

 

    	 	7	 

     

    

 

Section
3.15 Knowledge and Experience in Business and Financial Matters. The Seller has such knowledge and experience in business and
financial matters that he is capable of evaluating the risks of the prospective investment, and that the financial capacity of the Seller
is of such proportion that the total cost of the Seller’s commitment in the Common Stock Consideration would not be material when
compared with his total financial capacity.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES
OF THE BUYER

 

The Buyer represents
and warrants to the Seller that the statements contained in this ARTICLE IV are true and correct as of the Closing Date. For purposes
of this ARTICLE IV, “Buyer’s knowledge,” “knowledge of the Buyer,” and any similar phrases shall mean the
actual or constructive knowledge of any director or officer of the Buyer, after reasonable inquiry.

 

Section 4.01
Capacity/Organization and Authority of Buyer; Enforceability. The Buyer is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Delaware. The Buyer has full corporate power and authority to enter into this Agreement and
the documents to be delivered hereunder, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby.
The execution, delivery, and performance by the Buyer of this Agreement and the documents to be delivered hereunder and the consummation
of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of the Buyer. This Agreement
and the documents to be delivered hereunder have been duly executed and delivered by the Buyer and, assuming due authorization, execution,
and delivery by the Seller, this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding obligations
of the Buyer enforceable against the Buyer in accordance with their respective terms.

 

Section 4.02 No Conflicts;
Consents. The execution, delivery, and performance by the Buyer of this Agreement and the documents to be delivered hereunder, and
the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation,
bylaws, or other governing documents of the Buyer; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance,
rule, or regulation applicable to the Buyer; or (c) conflict with, or result in (with or without notice or lapse of time or both) any
violation of, or default under, or give rise to a right of termination, acceleration, or modification of, any obligation or loss of any
benefit under any contract or other instrument to which the Buyer is a party. Except as stated in Schedule 4.02
of the Disclosure Schedules hereto, no consent, approval, waiver, or authorization is required to be obtained by the Buyer from
any Person in connection with the execution, delivery, and performance by the Buyer of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section 4.03
Investment Purpose. The Buyer is acquiring the Membership Interest solely for its own account for investment purposes and not with
a view to, or for offer or sale in connection with, any distribution thereof. The Buyer acknowledges that the Membership Interest is not
registered under the Securities Act, or registered under any state securities laws, and that the Membership Interest may not be transferred
or sold except pursuant to the registration provisions of the Securities Act, or pursuant to an applicable exemption therefrom and subject
to state securities laws and regulations, as applicable.

 

Section
4.04 Brokers. No broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in
connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Buyer.

 

Section 4.05
Legal Proceedings. There is no Action of any nature pending or, to the Buyer’s knowledge, threatened against or by the Buyer
that (i) challenges or seeks to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement or (ii) could result
in any material liability to the Buyer. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any
such Action.

 

 

 

    	 	8	 

     

    

 

Section
4.06 SEC Reports; Financial Statements. The Buyer has filed all reports, schedules, forms, statements and other documents required
to be filed by the Buyer under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the
two years preceding the date hereof (or such shorter period as the Buyer was required by law or regulation to file such material) (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with a prospectus and a
prospectus supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received
a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act,
as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The financial statements of the Buyer included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.
Such financial statements have been prepared in accordance with GAAP, except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present
in all material respects the financial position of the Buyer and its consolidated subsidiaries as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

Section
4.07 No Material Adverse Effect. Since the date of the Buyer’s latest Quarterly Report on Form 10-Q, there has been no event,
occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect.

 

Section 4.08 Capitalization.

 

(a)  
Schedule 4.08(a) of the Disclosure Schedules sets forth the outstanding capitalization of the Buyer as of the date
of this Agreement.

 

(b)  
Except as set forth on Schedule 4.08(b) of the Disclosure Schedule, there is no: (i) outstanding subscription, option, call, warrant
or right (whether or not currently exercisable) to acquire any securities of the Buyer; (ii) outstanding security, instrument or obligation
that is or may become convertible into or exchangeable for any securities of the Buyer; (iii) condition or circumstance that is reasonably
likely to give rise to or provide a basis for the assertion of a claim by any person to the effect that such Person is entitled to acquire
or receive any securities of the Buyer; or (iv) outstanding or authorized equity appreciation, phantom equity, profit participation or
other similar rights with respect to the Buyer.

 

Section
4.09 Absence of Undisclosed Liabilities. The Buyer does not have any liability, indebtedness, obligation or expense of any kind, whether
accrued, absolute, contingent, matured or unmatured (whether or not required to be reflected in the financial statements in accordance
with GAAP) (each a “Liability”), individually or in the aggregate, except for: (a) Liabilities disclosed, reflected
or reserved against in the latest Quarterly Report on Form 10-Q; (b) normal and recurring current Liabilities that have been incurred
by the Buyer since the date of its latest Quarterly Report on Form 10-Q in the ordinary course of business and which are not in excess
of $100,000 in the aggregate or disclosed in the Buyer’s Current Reports on Form 8-K (c) Liabilities for performance of obligations
of the Company under existing contracts (other than for breach thereof); (d) Liabilities incurred in connection with the transactions
contemplated by this Agreement; and (e) Liabilities which would not, individually or in the aggregate, reasonably be expected to be material
to the Company.

 

ARTICLE
V

CLOSING DELIVERABLES

 

Section 5.01 Seller’s Deliverables.
At the Closing, the Seller shall deliver to the Buyer the following:

 

(a)   The assignment
and assumption agreement, in the form attached hereto as Exhibit B (the “Assignment and Assumption”),
executed by the Seller.

 

 

 

    	 	9	 

     

    

 

(c)  
A statement from the Company meeting the requirements of Treasury Regulations Section 1.1445-11T(d)(2)(i) certifying that transfers
of interests in the Company are not subject to withholding under Section 1445 of the Code and the Treasury Regulations thereunder or a
certification dated as of the Closing Date sworn under penalty of perjury and in form and substance required under the Treasury Regulations
issued pursuant to Section 1445(b)(3) of the Code, stating that the Company is not and has not been a “United States real property
holding corporation” (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(A)(ii)
of the Code, as applicable.

 

 (d)   A Form W-8 completed by the Seller.

 

Section 5.02 Buyer’s
Deliverables.

 

 (a)    At the Closing, the Buyer shall deliver the following to the Seller:

 

 1. The Common Stock Consideration;

 

 2. The Assignment and Assumption, executed by Buyer.

 

3. A certificate
of the principal executive officer of the Buyer certifying as to: (i) the resolutions of the board of directors of the Buyer, duly adopted
and in full force and effect, which authorize the execution, delivery, and performance of this Agreement and the transactions contemplated
hereby; and (ii) the names and signatures of the officers of Buyer authorized to sign this Agreement and the documents to be delivered
hereunder.

 

 (b)   Within 12 weeks of Closing, the Buyer shall deliver the to the Seller the Cash Consideration.

 

ARTICLE VI

TAX MATTERS

 

Section 6.01 Tax Return
and Tax Audit Procedures. The Seller shall facilitate the making or otherwise cause the Company to make an election under Section
6226 of the Code with respect to any tax proceeding relating to a taxable period ending on or before the Closing Date as to which such
an election is available. Sellers shall prepare or cause to be prepared any Internal Revenue Service Form 1065 or Form 1120, as applicable
(and any similar form or forms for state and local income tax purposes), that is required to be filed by or with respect to the Company
after the Closing Date with respect to any taxable period ending on or before the Closing Date. If the Seller is not authorized under
applicable law to execute and file aforementioned tax return, the Buyer shall execute and file (or cause to be filed) such tax returns,
as prepared by the Seller, with the appropriate taxing authority. The Buyer shall not, and shall not cause or permit the Company to (i)
amend any tax returns filed with respect to any taxable period ending on or before the Closing Date or (ii) make any tax election that
has retroactive effect to any such year, in each case, without the prior written consent of the Seller. The Buyer agrees that, as applicable,
(x) the Company will join the consolidated income tax return group of which the Buyer is the parent corporation for U.S. federal income
tax purposes (and for purposes of any similar applicable state, local or foreign laws) at the end of the Closing Date pursuant to Treasury
Regulation Section 1.1502-76(b)(1)(ii)(A) and (y) as a result, the Company will have a short tax year ending on (and including) the Closing
Date and will be included in the consolidated group’s U.S. federal (and similar applicable state, local or foreign) income tax
returns starting the day after the Closing Date.

 

ARTICLE VII

INDEMNIFICATION

 

Section
7.01 Survival of Representations and Covenants. All representations, warranties, covenants, and agreements contained herein and all
related rights to indemnification shall survive the Closing.

 

 

 

    	 	10	 

     

    

 

Section 7.02
Indemnification by the Seller. Subject to the other terms and conditions of this ARTICLE VII, the Seller shall defend, indemnify,
and hold harmless the Buyer, its Affiliates, and their respective directors, managers, officers, and employees from and against:

 

(a)  
a Loss arising from or relating to any inaccuracy in or breach of any of the representations or warranties of the Seller contained
in this Agreement or any document delivered in connection herewith; or

 

(b)  
any Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by
the Seller pursuant to this Agreement or any document delivered in connection herewith.

 

Section
7.03 Indemnification by the Buyer. Subject to the other terms and conditions of this ARTICLE VII, the Buyer shall defend, indemnify,
and hold harmless the Seller from and against all Losses arising from or relating to:

 

(a)  
any inaccuracy in or breach of any of the representations or warranties of the Buyer contained in this Agreement or any document
delivered in connection herewith; or

 

(b)  
any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by the Buyer pursuant to this Agreement
or any document delivered in connection herewith.

 

The Buyer shall
have no liability (for indemnification or otherwise) with respect to claims under Section 7.03 until the total of all damages with
respect to such matters exceeds $10,000 and then only for an amount up to $100,000.

 

Section 7.04 Indemnification
Procedures. No claim for indemnification may be asserted after the date that is 24 months after the date hereof. Whenever any claim
shall arise for indemnification hereunder, the party entitled to indemnification (the “Indemnified Party”) shall promptly
provide written notice of such claim to the other party (the “Indemnifying Party”). In connection with any claim giving
rise to indemnity hereunder resulting from or arising out of any Action by a Person who is not a party to this Agreement, the Indemnifying
Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with
counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of any
such Action, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense of any such Action,
the Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including,
but not limited to, settling such Action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party
may deem appropriate and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying
Party of its indemnification obligations hereunder. The Indemnifying Party shall not settle any Action without the Indemnified Party’s
prior written consent, which consent shall not be unreasonably withheld or delayed.

 

Section 7.05
Payments. Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VII, the
Indemnifying Party shall satisfy its obligations within 15 Business Days of such agreement or final, non-appealable adjudication by wire
transfer of immediately available funds. In addition to any rights of setoff or other similar rights that the Buyer may have at common
law or otherwise, and notwithstanding anything to the contrary herein, the Buyer shall have the right to withhold and deduct from any
payment under Section 2.02(b) that would be otherwise payable hereunder any sum that (i) is owed to the Buyer under this ARTICLE
VII, subject to the limitations in this ARTICLE VII or (ii) the Buyer reasonably and in good faith believes may be owed to it or any Buyer
Indemnified Party under this ARTICLE VII, subject to the limitations in this ARTICLE VII. The Buyer shall exercise the foregoing right
of setoff by delivering a written notice to the Seller. If the amount of any Losses relating to claims for indemnification made by the
Buyer that is setoff against any payment under Section 2.02(b) is finally determined, and no longer subject to appeal, not to be
owed to the Buyer pursuant to the terms hereof, such setoff amount shall be promptly funded with interest, and in any event within 20
Business Days, by the Buyer to the Seller and distributed as set forth in this ARTICLE VII.

 

 

 

    	 	11	 

     

    

 

Section
7.06 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the parties
as an adjustment to the Purchase Price for tax purposes, unless otherwise required by applicable law.

 

Section
7.07 Effect of Investigation. The Buyer’s right to indemnification or other remedy based on the representations, warranties,
covenants, and agreements of the Seller contained herein will not be affected by any investigation conducted by the Buyer, or any knowledge
acquired by the Buyer at any time, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty,
covenant, or agreement.

 

Section
7.08 Exclusive Remedies. The rights and remedies provided in this ARTICLE VII are exclusive and in substitution for any other rights
and remedies available at law or in equity or otherwise.

 

ARTICLE
VIII

MISCELLANEOUS

 

Section 8.01
Expenses. Except as otherwise provided in Section 2.05, all costs and expenses incurred in connection with this Agreement and
the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section
8.02 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to,
execute and deliver such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section
8.03 Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and
shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 8.03):

 

	If to Seller:	Justin Dee
	 	3906 SW 154th Street 
	 	Archer, FL 32618
	 	E-mail: justin@terradataunmanned.com
	 	 
	If to Buyer:	DarkPulse, Inc.
	 	1345 Ave of the Americas
	 	2nd Floor
	 	New York, NY 10105
	 	 
	with a copy to: (which shall not constitute notice)	Email: doleary@darkpulse.com
	 	Business Legal Advisors, LLC
	 	14888 Auburn Sky Drive
	 	Draper, UT 84020
	 	Email: brian@businesslegaladvisor.com
	 	Attention: Brian Higley

 

 

 

    	 	12	 

     

    

 

Section 8.04
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 8.05
Severability. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity,
illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal, or unenforceable,
the parties hereto shall negotiate in good faith to modify the Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section
8.06 Entire Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement of the
parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the terms and provisions
in the body of this Agreement and those in the documents delivered in connection herewith, the Exhibits, and the Disclosure Schedules
(other than an exception expressly set forth as such in the Disclosure Schedules), the terms and provisions in the body of this Agreement
shall control.

 

Section 8.07
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the
other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its
obligations hereunder.

 

Section
8.08 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or
equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
8.09 Amendment and Modification. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by
each party hereto.

 

Section
8.10 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and
signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or
default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or
after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

 

Section
8.11 Governing Law. This Agreement and all related documents shall be governed by and construed in accordance with the internal laws
of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or
any other jurisdiction).

 

Section 8.12 Submission
to Jurisdiction. Any legal suit, action, proceeding, or dispute arising out of or related to this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located
in the City of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any
such suit, action, proceeding, or dispute.

 

Section 8.13
Attorney Fees. In the event of any dispute between the parties concerning the terms and provisions of this Agreement, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

 

 

    	 	13	 

     

    

 

Section 8.14 Waiver of Jury
Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 8.15
Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy to which they are entitled at law or in equity. Each party hereto: (a) agrees that it shall not oppose the granting of
such specific performance or relief; and (b) hereby irrevocably waives any requirements for the security or posting of any bond in connection
with such relief.

 

Section 8.16
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as of the date set forth above.

 

 

	 	SELLER:
	 	 
	 	 
	 	By: /s/ Justin Dee                                   
	 	Name: Justin Dee, an Individual
	 	 
	 	BUYER:
	 	 
	 	DARKPULSE, INC.
	 	a
Delaware corporation
	 	 
	 	By: /s/ Dennis
  O’Leary                                    
	 	Name: Dennis O’Leary
	 	Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	15	 

     

    

 

EXHIBIT A

 

Certificate of Formation

 

[TO BE ATTACHED]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	16	 

     

    

 

EXHIBIT B

 

ASSIGNMENT AND ASSUMPTION

OF MEMBERSHIP INTEREST

(TerraData Unmanned, PLLC)

 

 

THIS ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP INTEREST (this
“Assignment”) is dated as of October 1, 2021, by and among Justin Dee, an individual (the “Assignor”)
and DARKPULSE, INC., a Delaware corporation (the “Assignee”), recites and provides as follows:

 

RECITALS:

 

WHEREAS,
the Assignor is the owner of an aggregate sixty percent (60.0%) Membership Interest in TerraData Unmanned, PLLC, a Florida limited liability
company (the “Company”); and

 

WHEREAS,
pursuant to the Membership Purchase Agreement dated October 1, 2021 between the Assignor and the Assignee (the “Purchase Agreement”),
the Assignor proposes to assign, transfer and sell to Assignee a sixty percent (60.0%) Membership Interest in the Company (the “Assigned
Interest”) by the execution and delivery of this Assignment and Assumption Agreement. The Assignor now wishes to assign and
transfer to the Assignee all of the Assignor’s right, title and interest in and to the Assigned Interest.

 

ASSIGNMENT AND ASSUMPTION AGREEMENT:

 

For and in consideration
of the Purchase Price (as defined in the Purchase Agreement), and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.                  
Assignment. The Assignor hereby sells, conveys, assigns and transfers to the Assignee all of the Assignor’s rights,
title and interests in and to the Assigned Interest.

 

2.                  
Acceptance, Assumption and Indemnity by Assignee. The Assignee (a) accepts the assignment of all of the Assignor’s
rights, titles and interests in and to the Assigned Interest. From and after the date hereof, the Assignor shall not have any obligations
or liabilities with respect to the Assigned Interest, including without limitation, the obligation to make capital contributions.

 

3.                  
Representations of Assignee. Assignee has been advised that the Assigned Interest is not registered under the Securities
Act of 1933, as amended (the “Securities Act”), nor under the Florida Securities and Investor Protection Act and represents,
warrants and agrees as follows: (a) that Assignee is entering into an agreement and is acquiring the securities represented for Assignee's
own account, solely for investment purposes, and not with a view to resale of said securities; (b) that Assignee has such knowledge and
experience in business and financial matters which enables Assignee to be capable of evaluating the risks and merits of this investment;
(c) that Assignee is able to bear the economic risks of this investment; (d) that any security that may be issued will not be resold or
otherwise transferred or assigned without appropriate compliance with the registration provisions of the Securities Act and applicable
State blue sky laws or exemption therefrom; and (e) that Assignee has been provided with or permitted access to all information which
Assignee deems material to formulating an investment decision and that such information has been sufficient to make an informed investment
decision.

 

4.                  
Release and Termination. The Assignee hereby releases the Assignor from all obligations related to the Assigned Interest.

 

5.                  
Further Assurances. The Assignor, at no cost to Assignor, and Assignee hereby covenant and agree to execute and deliver,
or cause to be executed and delivered, and to do or make, or cause to be done or made, any and all instruments, papers, deeds, acts or
things, supplemental, confirmatory or otherwise, as may be reasonably required for the purpose of effecting the assignment described herein.

 

6.                  
Completeness and Modification. This Assignment constitutes the entire agreement between the parties hereto as to the subject
matter hereof and, in addition to the Purchase Agreement, supersedes all prior discussions, understandings or agreements between the parties
hereto.

 

7.                  
Counterparts. To facilitate execution, this Assignment may be executed in as many counterparts as may be required. It shall
not be necessary that the signature on behalf of both parties hereto appear on each counterpart hereof, and it shall be sufficient that
the signature on behalf of each party hereto appear on one or more such counterparts. All counterparts shall collectively constitute a
single agreement. This Assignment (or counterpart thereof) signed by one or more of the parties and delivered by facsimile shall be effective
as an original.

 

(SIGNATURE PAGE TO FOLLOW)

 

 

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Assignment to be duly executed by their duly authorized representatives as of the date of this Assignment.

 

 

	 	ASSIGNOR:
	 	 
	 	 
	 	By: /s/ Justin Dee                                   
	 	Name: Justin Dee, an Individual
	 	 
	 	ASSIGNEE:
	 	 
	 	DARKPULSE, INC.
	 	 
	 	By: /s/ Dennis
  O’Leary                                    
	 	Name: Dennis O’Leary
	 	Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	18	 

     

    

 

Schedule 4.02

 

1.       On
October 1, 2021, the Buyer received the written consent of FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC, a Delaware limited liability company,
to enter into the Agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	19	 

     

    

 

Schedule 4.08(a)

 

Capitalization
of the Buyer

 

 

As of the Closing Date, the capitalization
of the Buyer is as follows:

 

		1.	Issued and Outstanding Common Stock – 4,934,525,459 shares.

 

		2.	Issued and Outstanding Series D Preferred Stock – 88,235 shares.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	20

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