Document:

Exhibit 10.1

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT
(the “Agreement”), dated as of March 30, 2022, by and between LOGIQ, INC., a Delaware corporation (the “Company”),
and IONIC VENTURES, LLC, a California limited liability company (the “Investor”).

 

WHEREAS:

 

Subject to the terms and conditions
set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to Forty
Million Dollars ($40,000,000) of common stock of the Company, par value $0.0001 per share (the “Common Stock”). The
shares of Common Stock to be purchased hereunder, including, without limitation, the Initial Purchase Shares (as defined in Section 2(a)),
are referred to herein as the “Purchase Shares”.

 

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 Investor hereby agree as follows:

 

		1.	CERTAIN DEFINITIONS.

 

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

 

(a) Available
Amount” means, initially, Forty Million Dollars ($40,000,000) in the aggregate, which amount shall be reduced by the Purchase
Amount each time the Investor purchases Common Stock pursuant to Section 2 hereof.

 

(b) Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal, state or similar laws for the relief of debtors.

 

(c) “Base
Prospectus” means the Company’s final base prospectus, dated October 28, 2021 to the Shelf Registration Statement, which
is expected to be updated on March 30, 2022 by the Prospectus Supplement including the documents incorporated by reference therein.

 

(d) Business
Day” means any day on which the Principal Market is open for trading, including any day on which the Principal Market is open
for trading for a period of time less than the customary time.

 

(e) Closing
Sale Price” means, for any security as of any date, the last closing Sale Price for such security on the Principal Market as
reported by the Principal Market.

 

(f) Confidential
Information” means any information disclosed by either party to the other party, either directly or indirectly, in writing,
orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which
is designated as “Confidential,” “Proprietary” or some similar designation. Information communicated orally shall
be considered Confidential Information if such information is confirmed in writing as being Confidential Information within ten (10) Business
Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing party by third parties.
Confidential Information shall not, however, include any information which (i) was publicly known and made generally available in the
public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after
disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party; (iii) is already in the
possession of the receiving party without confidential restriction at the time of disclosure by the disclosing party as shown by the receiving
party’s files and records immediately prior to the time of disclosure; (iv) is obtained by the receiving party from a third party
without a breach of such third party’s obligations of confidentiality; (v) is independently developed by the receiving party without
use of or reference to the disclosing party’s Confidential Information, as shown by documents and other competent evidence in the
receiving party’s possession; or (vi) is required by law to be disclosed by the receiving party, provided that the receiving party
gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting
the information from public disclosure.

 

     

     

    

 

(g) Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(h) DTC”
means The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

(i) DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without
restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified Deposit/Withdrawal
at Custodian (“DWAC”) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar
program hereafter adopted by DTC performing substantially the same function.

 

(j) Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(k) Floor
Price” means $0.25, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share
split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend,
share split or other similar transaction, the Floor Price shall mean the lower of (i) the adjusted price and (ii) $0.25.

 

(l) Material
Adverse Effect” means any material adverse effect on (i) the business, properties, assets, liabilities, operations (including
results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, taken as a whole, (ii) the transactions
contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into in connection
herewith or therewith or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations
under any of the Transaction Documents.

 

(m) Maturity
Date” means the first day of the month immediately following the twenty-four (24) month anniversary of the Primary Commencement
Date.

 

(n) PEA
Period” means the period commencing at 9:30 a.m., Eastern time, on the tenth (10th) Business Day immediately prior to the filing
of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is defined
in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately following the effective
date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is
defined in the Registration Rights Agreement).

 

(o) Person”
means an individual or entity including but not limited to any limited liability company, an exempted company, a partnership, an exempted
limited partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency
thereof.

 

(p) Principal
Market” means the OTCQX; provided, however, that in the event the Company’s Common Stock are ever listed or traded on
The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the New York Stock Exchange, the NYSE American,
the OTCBB or the NYSE Arca (or any nationally recognized successor to any of the foregoing), then the “Principal Market” shall
mean such other market or exchange on which the Company’s Common Stock are then listed or traded.

 

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(q) “Prospectus”
means the Base Prospectus, as supplemented from time to time by any Prospectus Supplement, including the documents and information incorporated
by reference therein.

 

(r) Prospectus
Supplement” means the prospectus supplement of the Company relating to the Primary Shares and the Warrant Shares, including the
accompanying Base Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities Act
and in accordance with Section 5(a) hereof, together with all documents and information incorporated therein by reference

 

(s) Purchase
Amount” means, with respect to any Regular Purchase made hereunder, the portion of the Available Amount to be purchased by the
Investor pursuant to Section 2 hereof.

 

(t) Purchase
Notice” means a Regular Purchase Notice with respect to any Regular Purchase.

 

(u) Registration
Rights Agreement” means that certain Registration Rights Agreement, of even date herewith, by and between the Company and the
Investor.

 

(v) Regular
Purchase Measurement Period” means the period starting on the date that the Investor receives the Pre-Settlement Regular Purchase
Shares and ending on such date that the aggregate dollar volume of the Common Stock traded on the Principal Market equals five (5) times
the Purchase Amount, in the aggregate, subject to a five (5) Trading Day minimum; provided, however, that each day on which Investor has
requested Purchase Shares which cannot be delivered to Investor shall be excluded from such calculation.

 

(w) Regular
Purchase Notice” means, with respect to any Regular Purchase pursuant to Section 2 hereof, an irrevocable written notice
from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares as specified by the Company therein.

 

(x) Regular
Purchase Notice Date” means, with respect to a Regular Purchase made pursuant to Section 2 hereof, the Business Day on
which the Investor receives, after 4:00 p.m., Eastern time, but prior to 5:00 p.m., Eastern time, on such Business Day, a valid Regular
Purchase Notice for such Regular Purchase in accordance with this Agreement.

 

(y)
“Regular Purchase Price” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, 97%
(the “RPP Percentage”) of the arithmetic average of the five (5) lowest VWAPs during a Regular Purchase Measurement
Period (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share split or other similar
transaction that occurs on or after the date of this Agreement).

 

(z) Required
Delivery Date” means any date on which the Company or the Transfer Agent is required to deliver Common Stock to Investor hereunder
and under the Registration Rights Agreement, including, without limitation, Pre-Settlement Regular Purchase Shares, Settlement Regular
Purchase Shares, and Warrant Shares.

 

(aa) “Sale Price”
means any trade price for the Common Stock on the Principal Market as reported by the Principal Market.

 

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(bb) “SEC”
means the U.S. Securities and Exchange Commission.

 

(cc) “Shelf Registration
Statement” means the Company’s Registration Statement on Form S-3 which was declared effective by the SEC on October 8,
2021 (Registration No. 333-259851) under the Securities Act.

 

(dd) “Securities”
means, collectively, the Primary Shares, the Primary Settlement Purchase Shares, the Purchase Shares, the Warrants and the Warrant Shares.

 

(ee) “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(ff)  “Subsidiary”
means any U.S. Person the Company wholly owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting
stock, voting shares or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K
promulgated under the Securities Act.

 

(gg) “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any
day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the
Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded during the period
beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time; provided that “Trading Day” shall not
include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does
not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York
time) unless such day is otherwise designated as a Trading Day in writing by the Investor or (y) with respect to all determinations other
than price determinations relating to the Common Stock, any day on which the Principal Market (or any successor thereto) is open for trading
of securities.

 

(hh) “Transaction
Documents” means, collectively, this Agreement and the schedules and exhibits hereto, the Registration Rights Agreement and
the schedules and exhibits thereto, the Warrant, and each of the other agreements, documents, certificates and instruments entered into
or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

(ii)
“Transfer Agent” means Nevada Agency and Transfer Company, the registrar and transfer agent for the Company.

 

(jj) “VWAP”
means the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market or by another
reputable source such as Bloomberg, L.P.

 

		2.	PURCHASES OF COMMON STOCK.

 

Subject to the terms and conditions
set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the obligation to purchase from the
Company, Purchase Shares as follows:

 

(a) Primary
Commencement and Initial Purchase of Shares. Upon the satisfaction of the conditions set forth in Sections 7(a) and 8(a) hereof (the
“Primary Commencement” and the date of satisfaction of such conditions the “Primary Commencement Date”),
the Company shall immediately deliver a Regular Purchase Notice for a Regular Purchase in accordance with this Agreement to Investor for
an amount equal to Three Million Dollars ($3,000,000) (such purchase the “Initial Purchase”, the Pre-Settlement Regular
Purchase Shares issued in connection thereunder, the “Primary Shares” and the Settlement Regular Purchase Shares issuable
in connection with the Initial Purchase, the “Primary Settlement Purchase Shares”).

 

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(b) Secondary
Commencement of Regular Sales of Common Stock.

 

(i) Regular
Purchase Notice. Upon the satisfaction of the conditions set forth in Sections 7(b) and 8(b) hereof (the “Secondary Commencement”
and the date of satisfaction of such conditions the “Secondary Commencement Date”), the Company shall have the right,
but not the obligation, to direct the Investor, by its delivery to the Investor of a Regular Purchase Notice from time to time in accordance
with this Agreement, to purchase not less than $200,000 and not greater than $3,000,000 in Common Stock per Regular Purchase Notice at
option of the Company in accordance with the terms herein (each such purchase a “Regular Purchase”).

 

(ii) Frequency.
Subject also to Section 10, the Company may deliver a Regular Purchase Notice to the Investor as often as every Business Day, so long
as (i) on any Regular Purchase Notice Date, the Closing Sale Price of the Common Stock is not below the Floor Price, (ii) Purchase Shares
for all prior Regular Purchases have theretofore been received by the Investor in accordance with this Agreement, and (iii) no current
Regular Purchase Measurement Period is running unless the Company and the Investor mutually agree otherwise in writing. Notwithstanding
the foregoing, the Company shall not deliver a Regular Purchase Notice to the Investor during the PEA Period.

 

(iii) Pre-Settlement.
No later than two (2) Trading Days (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation
for the settlement of a trade initiated on the Regular Purchase Notice Date of such Common Stock issuable pursuant to the Regular Purchase)
after the Regular Purchase Notice Date, the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares such number
of Common Stock (the “Pre-Settlement Regular Purchase Shares”) equal to the product of (A) the quotient of (y) the
Purchase Amount divided by (z) the Pre-Settlement Regular Purchase Price (as defined below), and as to which the Holder shall be the owner
thereof as of such time of delivery of such Regular Purchase Notice Date, multiplied by (B) 125% (the “Pre-Settlement Percentage”);
provided, however, that the Pre-Settlement Percentage may be increased in the Investor’s discretion at any time during the Regular
Purchase Measurement Period. The “Pre-Settlement Regular Purchase Price” means 80% of the Closing Price on the date immediately
preceding the Regular Purchase Notice Date. All such determinations to be appropriately adjusted for any share split, share dividend,
share combination or other similar transaction during any such measuring period.

 

(iv) Payment
for Regular Purchase Shares. If the Company delivers a valid Regular Purchase Notice to Investor and delivers the Pre-Settlement Regular
Purchase Shares in accordance with the terms herein, then the Investor shall pay to the Company an amount equal to the Purchase Amount
with respect to such Regular Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds on the
first Business Day following the date that the Investor receives the Pre-Settlement Regular Purchase Shares, if such Purchase Shares are
received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern
time, the following Business Day.

 

(v) Settlement.
No later than two (2) Trading Days after the Regular Purchase Measurement Period (the “Regular Purchase Settlement Date”),
the Company shall cause the Transfer Agent to deliver to the Investor as DWAC Shares such number of Common Stock (the “Settlement
Regular Purchase Shares”) equal to the Purchase Amount divided by the Regular Purchase Price. The number of shares of Common
Stock to be delivered on the Regular Purchase Settlement Date shall be reduced by the number of Pre-Settlement Regular Purchase Shares
delivered. Notwithstanding anything herein to the contrary, if the number of Pre-Settlement Regular Purchase Shares delivered to the Investor
exceeds the number of Settlement Regular Purchase Shares, then the Investor shall return such excess shares.

 

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(vi) Event
of Default. If an Event of Default occurs between the Regular Purchase Notice Date and any time through the Regular Purchase Settlement
Date, then (i) the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default remains uncured and (ii)
the Investor shall be entitled to all the rights hereunder as if such Event of Default occurred immediately prior to such Regular Purchase
Notice Date.

 

(c) Compliance
with Principal Market Rules. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not be required
or permitted to issue, and the Investor shall not be required to purchase, any Common Stock under this Agreement if such issuance would
violate the rules or regulations of the Principal Market. The Company may, in its sole discretion, determine whether to obtain shareholder
approval to issue Common Stock equivalent to more than 19.99% of its outstanding Common Stock hereunder if such issuance would require
shareholder approval under the rules or regulations of the Principal Market.

 

(d) Beneficial
Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell,
and the Investor shall not purchase or acquire, any Common Stock under this Agreement which, when aggregated with all other
Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and
Rule 13d-3 promulgated thereunder) would result in the beneficial ownership by the Investor and its affiliates of more than 9.99%
of the then issued and outstanding Common Stock of the Company (the “Beneficial Ownership Limitation”). Upon the written
or oral request of the Investor, the Company shall promptly (but not later than twenty-four (24) hours) confirm orally or in writing to
the Investor the amount of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations
required hereby and the application hereof.

 

(e) Excess
Share Limitation. If the Company delivers any Purchase Notice for a Purchase Amount in excess of the limitations contained in this
Section 2, such Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase Shares
set forth in such Purchase Notice exceeds the number of Purchase Shares which the Company is permitted to include in such Purchase Notice
in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares with respect to such Purchase
Notice; provided, however, that the Investor shall remain obligated to purchase the number of Purchase Shares which the
Company is permitted to include in such Purchase Notice.

 

(f) Adjustments
for Shares. All share-related numbers contained in this Section 2 shall be adjusted to take into account any reorganization,
recapitalization, non-cash dividend, share split or other similar transaction effected with respect to the Common Stock, except as specifically
stated herein.

 

		3.	INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and
warrants to the Company that as of the date hereof and as of the Secondary Commencement Date:

 

(a) Investment
Purpose. The Investor is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling
such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention
of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or
indirect arrangement or understandings with any other Persons to distribute or regarding the distribution of such Securities in violation
of the Securities Act or any applicable state securities law (this representation and warranty not limiting the Investor’s right
to sell Common Stock representing the Securities at any time pursuant to the Registration Statement described herein or otherwise in compliance
with applicable federal and state securities laws). The Investor is acquiring the Securities hereunder in the ordinary course of its business.

 

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(b)
Accredited Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation
D promulgated under the Securities Act.

 

(c) Reliance
on Exemptions. The Investor understands that the Securities may be offered and sold to it in reliance on specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth
and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire
the Securities.

 

(d) Information.
Investor and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities that have been requested by Investor. Investor and its advisors, if any,
have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations
conducted by Investor or its advisors, if any, or its representatives shall modify, amend or affect Investor’s right to rely on
the Company’s representations and warranties contained herein. Investor understands that its investment in the Securities involves
a high degree of risk. Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

 

(e) No
Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the Securities
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f) Transfer
or Sale. The Investor understands that (i) the Securities may not be offered for sale, sold, assigned or transferred unless (A) registered
pursuant to the Securities Act or (B) an exemption exists permitting such Securities to be sold, assigned or transferred without such
registration and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144
and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through
whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with
some other exemption under the Securities Act or the rules and regulations of the SEC thereunder.

 

(g) Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and is a valid
and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability to general
principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(h) Residency.
The Investor is a resident of the State of California.

 

(i) No
Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has any of
the Investor, its agents, representatives or affiliates engaged in or effected, and shall not engage in or effect, in any manner whatsoever,
directly or indirectly, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of
the Common Stock (excluding transactions properly marked “short exempt”) or (ii) hedging transaction, which establishes a
net short position with respect to the Common Stock.

 

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		4.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and
warrants to the Investor that as of the date hereof and as of the Secondary Commencement Date:

 

(a) Organization
and Qualification. Each of the Company and each of its Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction in which it was formed and have the requisite corporate power and authority
to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company and its Subsidiaries
is duly qualified as a foreign entity to conduct business and is in good standing in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.
The Company has no Subsidiaries except as set forth on Schedule 4(a). The Company has furnished or made available to the Investor true
and correct copies of the Company’s Certificate of Incorporation and Bylaws (together, the “Charter”), summaries
of the terms of all securities convertible into or exercisable for Common Stock, if any, and copies of any documents containing the material
rights of the holders thereof in respect thereto.

 

(b) Authorization;
Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance with the terms hereof and thereof,
(ii) the execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions contemplated
hereby and thereby, including without limitation, the issuance of the Warrant and the Warrant Shares (as defined below in Section 5(f))
and the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement, have been duly authorized by the
Company’s Board of Directors (the “Signing Resolutions”); the Signing Resolutions are valid, in full force and
effect, have been made available or furnished to Investor, and have not been modified or supplemented in any respect; and except as set
forth in this Agreement, and no further consent or authorization is required by the Company, its Board of Directors or its shareholders,
(iii) this Agreement has been, and each other Transaction Document shall be on the Secondary Commencement Date, duly executed and delivered
by the Company and (iv) this Agreement constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall
constitute, the valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

(c) Equity
Capitalization.

 

		(i)	As of March 28, 2022, the authorized share capital of the Company consists of 250,000,000 shares of Common Stock, of which

 

		(ii)	26,363,516 shares are issued and outstanding and 2,000,000 shares are reserved for issuance pursuant to securities exercisable or
exchangeable for, or convertible into, Common Stock. No Common Stock are held in the treasury of the Company. All of such outstanding
shares are duly authorized and have been validly issued and are fully paid and nonassessable. All shares underlying convertible securities
are duly authorized and, upon issuance in accordance with the terms of the agreements governing such convertible securities, will be validly
issued, fully paid and nonassessable. Schedule 4(c)(ii) sets forth the number of shares of Common Stock that are (A) reserved for
issuance pursuant to convertible securities and (B) as of the date hereof, owned by Persons who are “affiliates” (as defined
in Rule 405 of the Securities Act and calculated based on the assumption that only officers, directors and holders of at least 10% of
the Company’s issued and outstanding Common Stock are “affiliates” without conceding that any such Persons are “affiliates”
for purposes of federal securities laws) of the Company or any of its Subsidiaries. To the Company’s knowledge, no Person owns 10%
or more of the Company’s issued and outstanding Common Stock (calculated based on the assumption that all convertible securities,
whether or not presently exercisable or convertible, have been fully exercised or converted (as the case may be) taking account
of any limitations on exercise or conversion (including “blockers”) contained therein without conceding that such identified
Person is a 10% shareholder for purposes of federal securities laws).

 

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		(iii)	Except as set forth on Schedule 4(c)(iii), (i) none of the
Company’s or any Subsidiary’s shares are subject to preemptive rights or any other similar rights or any liens, encumbrances
and defects (“Liens”) suffered or permitted by the Company or any Subsidiary, (ii) neither the Company nor any Subsidiary
has any outstanding debt securities, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any of the Company’s or any of its Subsidiary’s
shares, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound
to issue additional Common Stock of the Company or any shares of capital stock of its Subsidiaries or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any of the Company’s
shares or of capital stock of any of its Subsidiaries, (iv) there are no agreements or arrangements under which the Company or any of
its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act (except the Registration Rights
Agreement), (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii)
the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.

 

(d) Issuance
of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement, the Purchase Shares
shall be validly issued, fully paid and nonassessable and free from all taxes, Liens, charges, restrictions, rights of first refusal and
preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock.
All currently authorized but unissued shares of Common Stock shall be reserved for issuance as Primary Shares, Primary Settlement Purchase
Shares, Purchase Shares and Warrant Shares hereunder and under the terms of the Registration Rights Agreement and, (i) 2,926,000 shares
of Common Stock (subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend, share split or other similar
transaction) shall automatically be duly authorized and initially reserved for issuance upon purchase under this Agreement as Primary
Shares, (ii) 6,000,000 shares of Common Stock (subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend,
share split or other similar transaction) shall automatically be duly authorized and initially reserved for issuance upon purchase under
this Agreement as Primary Settlement Purchase Shares, (iii) 40,000,000 shares of Common Stock (subject to equitable adjustment for any
reorganization, recapitalization, non-cash dividend, share split or other similar transaction) shall automatically be duly authorized
and initially reserved for issuance upon purchase under this Agreement as additional Purchase Shares (i.e., excluding the Primary Shares
and Primary Settlement Purchase Shares), and (iv) 631,579 shares of Common Stock (subject to equitable adjustment for any reorganization,
recapitalization, non-cash dividend, share split or other similar transaction) shall automatically be duly authorized and initially reserved
for issuance as Warrant Shares (as defined below in Section 5(f)) in accordance with this Agreement. The Warrant Shares shall be,
upon exercise of the Warrant in accordance with the terms of the Warrant, validly issued, fully paid and nonassessable and free from all
taxes, Liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock. Subject to the accuracy of the representations and warranties of Investor
in this Agreement, the offer and issuance by the Company of the Warrant and the Purchase Shares is exempt from registration under the
Securities Act.

 

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(e) Indebtedness
and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as disclosed on Schedule 4(e), has any outstanding
debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness of
the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (ii) is a party to any
contract, agreement or instrument, the violation of which, or default under which, by the other party or parties to such contract, agreement
or instrument could reasonably be expected to result in a Material Adverse Effect, (iii) has any financing statements securing obligations
in any amounts filed in connection with the Company or any of its Subsidiaries; (iv) is in violation of any term of, or in default under,
any contract, agreement or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually
or in the aggregate, in a Material Adverse Effect, or (v) is a party to any contract, agreement or instrument relating to any Indebtedness,
the performance of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. For purposes
of this Agreement: (x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money,
(B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation,
“capital leases” in accordance with U.S. GAAP) (other than trade payables entered into in the ordinary course of business
consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other
similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced
incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with
the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default
are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in
connection with U.S. GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness
referred to in clauses (A) through (F) above secured by (or for which the holder of such indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person,
even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H)
all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G) above;
and (y) “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent
of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such
liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability
will be protected (in whole or in part) against loss with respect thereto.

 

(f) No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance of the Securities)
will not (i) result in a violation of the Charter or (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, indenture or instrument to which the Company or any of its Subsidiaries is a party, or result in a violation of any law,
rule, regulation, order, judgment or decree (including, without limitation all applicable foreign, federal and state securities laws and
regulations and the rules and regulations of the Principal Market and including all applicable foreign, federal and state laws, rules
and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
is bound or affected. Neither the Company nor any Subsidiary is in violation or default of or under (i) any provision of the Charter or,
in the case of the Subsidiaries, under its respective certificate or articles of incorporation, any certificate of designation, preferences
and rights of any outstanding series of preferred stock or classes of shares, organizational charter or bylaws, respectively, (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition,
covenant or instrument to which it is a party or bound or to which its property is subject, or (iii) any judgment, order or decree of
any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company
or any of its properties. Other than the filing with the SEC of one or more Registration Statements in accordance with the requirements
of the Registration Rights Agreement, the filing of a Form D with the SEC, any other filings as may be required by any state securities
agencies, and the submission of a Listing of Additional Shares Notification with the Principal Market, the Company is not required to
obtain any consent, Authorization or order of, or make any filing or registration with, any court or governmental agency or any regulatory
or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction
Documents in accordance with the terms hereof or thereof. Except as set forth elsewhere in this Agreement, all consents, Authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected
on or prior to the Primary Commencement.

 

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(g) Financial
Statements. The financial statements of the Company (the “Financial Statements”) have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”)
(except (i) as may be otherwise specified in such Financial Statements or the notes thereto and (ii) in the case of any unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements), and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments which will
not be material, either individually or in the aggregate. The reserves, if any, established by the Company or the lack of reserves, if
applicable, are reasonable based upon facts and circumstances known by the Company on the date hereof and there are no loss contingencies
that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which
are not provided for by the Company in its financial statements or otherwise. No information provided by or on behalf of the Company to
Investor (including, without limitation, information referred to in Section 3(d) of this Agreement or in the disclosure schedules
to this Agreement) contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the
statements therein not misleading, in the light of the circumstance under which they are or were made. The Company is not currently contemplating
to amend or restate any of the Financial Statements (including, without limitation, any notes or any letter of the independent accountants
of the Company with respect thereto), nor is the Company currently aware of facts or circumstances which would require the Company to
amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in material compliance
with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend
that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of
the Financial Statements. Neither the Company nor any of its Subsidiaries has received any accountant, Governmental Entity or other Person
relating to any potential material weakness or significant deficiency in any part of the internal controls over financial reporting of
the Company or any of its Subsidiaries. The SEC has not commenced any enforcement proceedings against the Company or any of its Subsidiaries.

 

(h) Absence
of Certain Changes. Except as disclosed on Schedule 4(h), since the date of the Company’s most recent audited Financial
Statements, there has been no material adverse change and no material adverse development in the business, assets, liabilities, properties,
operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries. Since
the date of the Company’s most recent audited Financial Statements, neither the Company nor any of its Subsidiaries has (i) declared
or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or (iii) made
any capital expenditures, individually or in the aggregate, outside of the ordinary course of business. Neither the Company nor any of
its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization,
receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any of their
respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably
lead a creditor to do so. The Company and its Subsidiaries, individually and on a consolidated basis, are not as of the date hereof, and
after giving effect to the transactions contemplated hereby to occur at each Closing, will not be Insolvent (as defined below). For purposes
of this Section 4(h), “Insolvent” means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis,
(A) the present fair saleable value of the Company’s and its Subsidiaries’ assets is less than the amount required to pay
the Company’s and its Subsidiaries’ total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable
to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or
(C) the Company and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond their ability to pay as
such debts mature; and (ii) with respect to the Company and each Subsidiary, individually, (A) the present fair saleable value of the
Company’s or such Subsidiary’s (as the case may be) assets is less than the amount required to pay its respective total Indebtedness,
(B) the Company or such Subsidiary (as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends
to incur or believes that it will incur debts that would be beyond its respective ability to pay as such debts mature. Neither the Company
nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage in any business or in any transaction,
for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably small capital with which to conduct
the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

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(i) Litigation.
There is no material action, suit, arbitration, proceeding, inquiry or investigation before or by the Principal Market, any court, public
board, other Governmental Entity, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against
or affecting the Company or any of its Subsidiaries, the Common Stock or any of the Company’s or its Subsidiaries’ officers
or directors, whether of a civil or criminal nature or otherwise, in their capacities as such. To the Company’s knowledge, no director,
officer or employee of the Company or any of its Subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation in
reasonable anticipation of litigation. Without limitation of the foregoing, there has not been, there is not pending, and to the knowledge
of the Company, there is not contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or any current
or former director or officer of the Company or any of its Subsidiaries. The SEC has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act. After reasonable inquiry
of its employees, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment, injunction,
decree, determination or award of any Governmental Entity.

 

(j) Acknowledgment
Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that Investor is acting solely in the
capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby
and that Investor is not (i) an officer or director of the Company or any of its Subsidiaries, (ii) an “affiliate” (as defined
in Rule 144) of the Company or any of its Subsidiaries or (iii) to the Company’s knowledge, a “beneficial owner” (as
defined for purposes of Rule 13d-3 of the Exchange Act of more than 10% of the Common Stock. The Company further acknowledges that Investor
is not acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect
to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by Investor or any of its representatives
or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to Investor’s
purchase of the Securities. The Company further represents to Investor that the Company’s and each Subsidiary’s decision to
enter into the Transaction Documents to which each is a party has been based solely on the independent evaluation by the Company, each
Subsidiary and their respective representatives.

 

(k) No
Integrated or Aggregated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on its
or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of the offer and sale of any of the Securities under the Securities Act, whether through
integration with prior offerings or otherwise, or cause the transactions contemplated hereby to be aggregated with prior offerings by
the Company in a manner that would require shareholder approval for purposes of the Securities Act or under any applicable shareholder
approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which
any of the securities of the Company are listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor
any Person acting on their behalf will take any action or steps that would require registration of the issuance of any of the Securities
under the Securities Act or cause the offering of any of the Securities to be integrated with other offerings of securities of the Company.

 

(l)
Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications
and registrations therefor (“Intellectual Property Rights”) necessary to conduct their respective businesses as now
conducted. Each of the patents owned by the Company or any of its Subsidiaries is set forth on Schedule 4(l). The Company does not have
any knowledge of any infringement by the Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim, action
or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the Company
or any of its Subsidiaries regarding its Intellectual Property Rights except where such claim, action or proceeding is not likely to result
in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is aware of any facts or circumstances which might give
rise to any of the foregoing infringements or claims, actions or proceedings. The Company and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights.

 

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(m) Environmental
Laws.

 

(i) The
Company and its Subsidiaries (A) are in compliance with any and all Environmental Laws (as defined below), (B) have received all permits,
licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) are in
compliance with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (A), (B) and
(C), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term
”Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health
or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including,
without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well
as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders,
permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(ii) No
Hazardous Materials:

 

		(1)	have been disposed of or otherwise released from any Real Property of the Company or any of its Subsidiaries in violation of any Environmental
Laws; or

 

		(2)	are present on, over, beneath, in or upon a Real Property or any portion thereof in quantities that would
constitute a violation of any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred
that violates any Environmental Laws, which violation would have a Material Adverse Effect.

 

(iii) Neither
the Company nor any of its Subsidiaries knows of any other Person who or entity which has stored, treated, recycled, disposed of or otherwise
located on any Real Property any Hazardous Materials, including, without limitation, such substances as asbestos and polychlorinated biphenyls.

 

(iv) None
of the Real Properties are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related Liens.

 

(n) Title.

 

(i) Real
Property. Each of the Company and its Subsidiaries holds good title to all real property, leases in real property, facilities or other
interests in real property owned or held by the Company or any of its Subsidiaries (the “Real Property”) owned by the
Company or any of its Subsidiaries (as applicable). Such Real Property is free and clear of all Liens and is not subject to any rights
of way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a) Liens for current
taxes not yet due, (b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the property subject
thereto and (c) those that are not likely to result in a Material Adverse Effect. Any Real Property held under lease by the Company or
any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not interfere in any material respect with the use made and proposed to be made of such property and buildings by the Company or any of
its Subsidiaries.

 

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(ii) Fixtures
and Equipment. Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold interest in, the tangible
personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or such
Subsidiaries in connection with the conduct of their respective businesses (the “Fixtures and Equipment”). The Fixtures
and Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses to which they are being put,
are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient for the conduct of the
Company’s and/or its Subsidiaries’ businesses (as applicable) in the manner as conducted prior to each Closing. Each of the
Company and its Subsidiaries owns all of their respective Fixtures and Equipment free and clear of all Liens except for (a) liens for
current taxes not yet due and (b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the
property subject thereto.

 

(o) Insurance.
Neither Company nor any of its Subsidiaries have insurance coverage against losses and risks to their respective businesses.

 

(p) Employee
Relations. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any member
of a union. The Company and its Subsidiaries believe that their relations with their employees are good. No executive officer (as defined
in Rule 501(f) promulgated under the Securities Act) or other key employee of the Company or any of its Subsidiaries has notified the
Company or any such Subsidiary that such officer or employee intends to leave the Company or any such Subsidiary or otherwise terminate
such officer’s or employee’s employment with the Company or any such Subsidiary. No executive officer or other key employee
of the Company or any of its Subsidiaries is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or agreement or any
restrictive covenant, and the continued employment of each such executive officer or other key employee (as the case may be) does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries
are in compliance with all federal, state, local and foreign laws and regulations respecting labor, employment and employment practices
and benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would not, either individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(q) Violations;
Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default under the Charter,
any certificate of designation, preferences or rights of any outstanding series of preferred shares or other special shares of the Company
or any of its Subsidiaries or the certificate of formation, memorandum of association, articles of association, articles of incorporation,
certificate of incorporation, bylaws or other organizational documents of any of the Subsidiaries, as applicable. The Company is not in
violation of any of the rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances
that could reasonably lead to delisting or suspension of the Common Stock by the Principal Market in the foreseeable future. Since December
31, 2020, (i) the Common Stock have been listed or designated for quotation on the Principal Market, (ii) trading in the Common Stock
has not been suspended by the SEC or the Principal Market and (iii) the Company has received no communication, written or oral, from the
SEC or the Principal Market regarding the suspension or delisting of the Common Stock from the Principal Market. The Company and each
of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to
conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Company nor any such Subsidiary has
received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. There
is no agreement, commitment, judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the
Company or any of its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting or materially
impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries
or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in
the aggregate, which have not had and would not reasonably be expected to have a Material Adverse Effect.

 

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(r) Subsidiary
Rights. The Company has the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive dividends
and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary.

 

(s) Tax
Status. The Company and each of its Subsidiaries (i) has made or filed all foreign, federal and state income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all material taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company
and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim. The Company is
not operated in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297 of the United States Internal
Revenue Code, as amended (the “Code”). The transactions contemplated hereby do not constitute an “ownership change”
within the meaning of Section 382 of the Code, thereby preserving the Company’s ability to utilize such NOLs.

 

(t) Transactions
with Affiliates. None of the officers or directors of the Company and, to the knowledge of the Company, none of the Company’s
shareholders, the officers or directors of any shareholder of the Company, or any family member or affiliate of any of the foregoing,
has either directly or indirectly any interest in, or is a party to, any transaction that is required to be disclosed as a related party
transaction pursuant to Item 404 of Regulation S-K promulgated under the Securities Act.

 

(u) Application
of Takeover Protections; Rights Agreement. The Company and its Board of Directors have taken all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
shareholder rights plan or other similar anti-takeover provision under the Charter or other organizational documents or the laws of the
jurisdiction of its incorporation or otherwise which is or could become applicable to the Investor as a result of the transactions contemplated
by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Investor’s ownership of
the Securities. The Company and its Board of Directors have taken all necessary action, if any, in order to render inapplicable any shareholder
rights plan or similar arrangement relating to accumulations of beneficial ownership of Common Stock or a change in control of the Company
or any of its Subsidiaries.

 

(v) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents that will be timely
publicly disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor
or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company
understands and confirms that the Investor will rely on the foregoing representation in effecting purchases and sales of securities of
the Company. All of the disclosure furnished by or on behalf of the Company to the Investor regarding the Company, its business and the
transactions contemplated hereby, including the disclosure schedules to this Agreement, is true and correct and does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve (12) months
preceding the date of this Agreement taken as a whole have been prepared in good faith based upon reasonable assumptions and represented,
at the time such press releases were disseminated, the Company’s best estimate of future performance (it being recognized that such
statements are forward-looking statements and are not to be viewed as facts and that the actual results during the period or periods covered
by any such forward-looking statements may differ from the projected or forecasted performance). The Company acknowledges and agrees that
the Investor neither makes nor has made any representations or warranties with respect to the transactions contemplated hereby other than
those specifically set forth in Section 3 hereof.

 

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(w) Foreign
Corrupt Practices. Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or affiliate of the Company or any of the Subsidiaries is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA; and the Company, the Subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith. The operations of the Company and the Subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental
agency, including, without limitation, Title 18 U.S. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international
anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force
on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or
organization continues to concur, all as amended, and any Executive order, directive or regulation pursuant to the authority of any of
the foregoing, or any orders or licenses issued thereunder (collectively, the “Money Laundering Laws”), and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of
its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. Neither the Company
nor any of its Subsidiaries, nor to the knowledge of the Company any of the directors, officers or employees, agents, affiliates or representatives
of the Company or its Subsidiaries, is an individual or entity that is, or is owned or controlled by an individual or entity that is:
(i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),
nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the
Balkans, Belarus, Burma/Myanmar, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, Libya, North Korea, Sudan,
Syria, Venezuela and Zimbabwe). Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds of the
transactions contemplated hereby, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other individual or entity: (i) to fund or facilitate any activities or business of or with any individual or entity or in any country
or territory that, at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other manner that will result
in a violation of Sanctions by any individual or entity (including any individual or entity participating in the transactions contemplated
hereby, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries
has knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

 

(x) DTC
Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer (FAST)
Program and the Common Stock can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer (FAST)
Program.

 

(y) Accounting
Controls; Sarbanes-Oxley. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances
that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C) access
to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The
Company has concluded that its internal control over financial reporting is effective and the Company is not aware of any “significant
deficiencies” or “material weaknesses” (each as defined by the rules adopted by the SEC) in its internal control over
financial reporting, or any fraud, whether or not material, that involves management or other employees of the Company and its Subsidiaries
who have a significant role in the Company’s internal controls; and since the end of the latest audited fiscal year, there has been
no change in the Company’s internal control over financial reporting (whether or not remediated) that has materially affected, or
is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Board of Directors has,
subject to the exceptions, cure periods and the phase in periods specified in the applicable stock exchange rules of the Principal Market
(“Exchange Rules”), validly appointed an audit committee to oversee internal accounting controls whose composition
satisfies the applicable independence and other requirements of the Exchange Rules and the rules under the Exchange Act, and the Board
of Directors has adopted a charter for the audit committee that satisfies the requirements of the Exchange Rules and the rules under the
Exchange Act. No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors, officers,
shareholders, customers or suppliers of the Company, on the other hand, which is required to be described in the Registration Statement
which is not so described. The Company has not, directly or indirectly, extended or maintained credit, or arranged for the extension of
credit, or renewed an extension of credit, in the form of a personal loan to or for any of its directors or executive officers in violation
of Applicable Laws, including Section 402 of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.
The Company and each Subsidiary is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended,
and any and all applicable rules and regulations promulgated by the SEC thereunder.

 

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(z) No
General Solicitation; Placement Agent’s Fees. Except as disclosed on Schedule 4(z), neither the Company, nor any of its
Subsidiaries or affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with the offer or sale of the Securities. Except as disclosed on Schedule 4(z),
the Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions
(other than for Persons engaged by Investor or its investment advisor) relating to or arising out of the transactions contemplated hereby.
Except as disclosed on Schedule 4(z), the Company shall pay, and hold Investor harmless against, any liability, loss or expense
(including, without limitation, attorneys’ fees and out-of-pocket expenses) arising in connection with any such claim. Except as
disclosed on Schedule 4(z), neither the Company nor any of its Subsidiaries has engaged any placement agent, broker, finder or
other agent in connection with the offer or sale of the Securities.

 

(aa) Off Balance Sheet
Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated
or other off balance sheet entity that is required to be disclosed by the Company in its Exchange Act filings and is not so disclosed
or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

(bb) Investment Company
Status. The Company is not, and upon consummation of the sale of the Securities will not be, an “investment company,”
an affiliate of an “investment company,” a company controlled by an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company” as such terms
are defined in the United States Investment Company Act of 1940, as amended.

 

(cc) [Intentionally
Omitted]

 

(dd) Accountants; No
Disagreements. To the knowledge of the Company, the Company’s accountants are an independent registered public accounting firm
as required by the Securities Act registered with the PCAOB. There are no material disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company
and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform
any of its obligations under any of the Transaction Documents.

 

(ee) No Market Manipulation.
Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their behalf has, directly
or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid
any compensation for soliciting purchases of, any of the Securities, (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company or any of its Subsidiaries, or (iv) paid or agreed to pay any Person for research
services with respect to any securities of the Company or any of its Subsidiaries.

 

(ff) U.S. Real Property
Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and so long as any of the Securities are
held by Investor, shall become, a United States real property holding corporation within the meaning of Section 897 of the Code, and the
Company and each Subsidiary shall so certify upon Investor’s request.

 

(gg) Registration Eligibility.
The Company is eligible to register the Securities for resale by Investor using Form S-1 promulgated under the Securities Act.

 

(hh) Bank Holding Company
Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company
nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, 5% or more of the outstanding shares of any class
of voting securities or 25% or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal
Reserve. Neither the Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

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(ii) Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i) under the Securities Act.

 

(jj) Illegal or Unauthorized
Payments; Political Contributions. Neither the Company nor any of its Subsidiaries nor, to the best of the Company’s knowledge
(after reasonable inquiry of its officers and directors), any of the officers, directors, employees, agents or other representatives of
the Company or any of its Subsidiaries or any other business entity or enterprise with which the Company or any Subsidiary is or has been
affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services,
whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization, or
the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving the
direct or indirect use of funds of the Company or any of its Subsidiaries.

 

(kk) Benefit Plans.
Each benefit and compensation plan, agreement, policy and arrangement that is maintained, administered or contributed to by the Company
or any Subsidiary for current or former employees or directors of, or independent contractors with respect to, the Company has been maintained
in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, and the Company has complied
in all material respects with all applicable statutes, orders, rules and regulations in regard to such plans, agreements, policies and
arrangements. Each stock option granted under any equity incentive plan of the Company (each, a “Stock Plan”) was granted
with a per share exercise price no less than the market price per common share on the grant date of such option in accordance with the
rules of the Principal Market, and no such grant involved any “back-dating,” “forward-dating” or similar practice
with respect to the effective date of such grant; each such option (i) was granted in compliance in all material respects with Applicable
Laws and with the applicable Stock Plan(s), (ii) was duly approved by the Board of Directors or a duly authorized committee thereof, and
(iii) has been (or will be, if granted after December 31, 2021) properly accounted for in the Company’s Financial Statements
and disclosed, to the extent required, in the Company’s filings or submissions with the SEC, and the Principal Market. The Company
has not knowingly granted, and there is no and has been no policy or practice of the Company to knowingly grant, share options prior to,
or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding
the Company or its Subsidiaries or their financial results or prospects.

 

(ll) Regulatory.
During the 12-month period immediately preceding the date hereof, the Company and each of its Subsidiaries: (A) is and at all times has
been in material compliance with all applicable U.S. and foreign statutes, rules, regulations, or guidance applicable to Company and its
Subsidiaries (“Applicable Laws”), except as would not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect; (B) have not received any notice of adverse finding, warning letter, untitled letter or other correspondence
or notice from the U.S. Food and Drug Administration or any nation, state, province, region, county, prefecture, city, town, township,
village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental
or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court
or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial,
legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any
entity or enterprise owned or controlled by a government or a public international organization or any of the foregoing (“Governmental
Entity”) alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances,
authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”);
(C) possess all material Authorizations and such material Authorizations are valid and in full force and effect and are not in violation
of any term of any such material Authorizations; (D) have not received notice of any claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any Governmental Entity or third party alleging that any product, operation or activity
is in violation of any Applicable Laws or Authorizations and have no knowledge that any such Governmental Entity or third party is considering
any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) have not received notice that any Governmental
Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and the Company has no knowledge
that any such Governmental Entity is considering such action; and (F) have filed, obtained, maintained or submitted all material reports,
documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws
or material Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent
submission).

 

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(mm) No Disqualification
Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the
Company participating in the transactions contemplated hereby, 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) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject to
any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised
reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

 

(nn) Other Covered Persons
. Except as set forth on Schedule 4(nn), the Company is not aware of any Person that has been or will be paid (directly or indirectly)
remuneration for solicitation of Investor or potential purchasers in connection with the sale of any Regulation D Securities.

 

(pp) Absence of Schedules.
In the event that on the date hereof and on the Secondary Commencement Date, the Company does not deliver any disclosure schedule contemplated
by this Agreement, the Company hereby acknowledges and agrees that each such undelivered disclosure schedule shall be deemed to read as
follows: “Nothing to Disclose”.

 

(qq) No Undisclosed
Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred or exists, or is
reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses, properties,
liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be
disclosed by the Company under applicable securities laws on a registration statement on Form S-1 filed with the SEC relating to an issuance
and sale by the Company of its Common Stock and which has not been publicly announced or (ii) could have a Material Adverse Effect.

 

(rr) Money Laundering.
The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001 and all other applicable
U.S. and non-U.S. anti-money laundering laws and regulations, including, without limitation, the laws, regulations and Executive Orders
and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i) Executive Order 13224
of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(ss) Management.
Except as set forth in Schedule 4(ss) hereto, during the past five year period, no current officer or director or, to the knowledge
of the Company, no former officer or director or current 10% or greater equity holder of the Company or any of its Subsidiaries has been
the subject of:

 

(i) a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent or
similar officer for such Person, or any partnership in which such Person was a general partner at or within two years before the filing
of such petition or such appointment, or any corporation or business association of which such Person was an executive officer at or within
two years before the time of the filing of such petition or such appointment;

 

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(ii) a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do not relate
to driving while intoxicated or driving under the influence);

 

(iii) any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining any such Person from, or otherwise limiting, the following activities:

 

		(1)	acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other Person regulated by the United States Commodity Futures Trading Commission or an associated Person of
any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated Person, director or
employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct
or practice in connection with such activity;

 

		(2)	engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation
of securities laws or commodities laws;

 

(iv) any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting
for more than sixty (60) days the right of any such Person to engage in any activity described in the preceding sub paragraph, or to be
associated with Persons engaged in any such activity;

 

(v) a
finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities law, regulation
or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently reversed, suspended
or vacated; or

 

(vi) a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal
commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or vacated.

 

(tt) No Additional Agreements. The Company does not have any agreement or understanding with Investor with respect to the transactions contemplated by the Transaction
Documents other than as specified in the Transaction Documents.

 

(vv) Public Utility
Holding Act. None of the Company nor any of its Subsidiaries is a “holding company,” or an “affiliate” of
a “holding company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(ww) Federal Power Act.
None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility” under the Federal Power Act,
as amended.

 

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(xx) Shelf
Registration Statement. The Company has prepared and filed the Shelf Registration Statement with the SEC in accordance with the Securities
Act. The Shelf Registration Statement was declared effective by order of the SEC on October 8, 2021. The Shelf Registration Statement
is effective pursuant to the Securities Act and available for the issuance of the Primary Shares and Warrant Shares thereunder. No stop
order suspending the effectiveness of the Shelf Registration Statement has been issued by the SEC, and no proceeding for that purpose
or pursuant to Section 8A of the Securities Act against the Company or related to the offering of the Securities has been initiated or,
to the knowledge of the Company, threatened by the SEC. The “Plan of Distribution” section of the Prospectus permits the issuance
of the Primary Shares and Warrant Shares under the terms of this Agreement and the Warrant. At the time the Shelf Registration Statement
and any amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule
430B(f)(2) of the Securities Act, the Shelf Registration Statement and any amendments thereto complied and will comply in all material
respects with the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Base Prospectus
and any Prospectus Supplement thereto, at the time such Base Prospectus or such Prospectus Supplement thereto was issued and on the Primary
Commencement Date, complied and will comply in all material respects with the requirements of the Securities Act and did not and will
not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading; provided that this representation and warranty does not apply
to statements in or omissions from any Prospectus Supplement made in reliance upon and in conformity with information relating to the
Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Company meets all of the requirements
for the use of a registration statement on Form S-3 pursuant to the Securities Act for the offering and sale of the Primary Shares and
the issuance of the Warrant Shares contemplated by this Agreement, and the Warrant, in reliance on General Instruction I.B.1 and I.B.4(a)(3),
respectively, and the SEC has not notified the Company of any objection to the use of the form of the Shelf Registration Statement pursuant
to Rule 401(g)(1) of the Securities Act. The Company hereby confirms that the issuance of the Primary Shares and Warrant Shares to the
Investor in accordance with this Agreement would not result in non-compliance with the Securities Act or any of the General Instructions
to Form S-3. The Shelf Registration Statement, as of its effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant
to the Securities Act. At the earliest time after the filing of the Shelf Registration Statement that the Company or another offering
participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) relating to any of the Primary Shares,
or Warrant Shares, the Company was, and as of the date of this Agreement the Company is, not an Ineligible Issuer (as defined in Rule
405 of the Securities Act). The Company has not distributed any offering material in connection with the offering, issuance and sale of
any of the Primary Shares and Warrant Shares, other than the Shelf Registration Statement or any amendment thereto, the Prospectus or
any Prospectus Supplement required pursuant to applicable law or the Transaction Documents. The Company has not made an offer relating
to the Primary Shares or Warrant Shares that would constitute a “free writing prospectus” as defined in Rule 405 under the Securities
Act.

 

(yy) Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided Investor or Investor’s agents or counsel
with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company
or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents.
The Company understands and confirms that Investor will rely on the foregoing representations in effecting transactions in securities
of the Company. All disclosure provided to Investor in the Transaction Documents regarding the Company and its Subsidiaries, their businesses
and the transactions contemplated hereby and thereby, including the disclosures schedules to this Agreement, furnished by or on behalf
of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were
made, not misleading. All of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries
to Investor pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct
in all material respects as of the date on which such information is so provided and will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of
its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial
or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement
by the Company but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on
behalf of the Company or any of its Subsidiaries and made available to Investor have been prepared in good faith based upon reasonable
assumptions and represented, at the time each such financial projection or forecast was delivered to Investor, the Company’s best
estimate of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as facts
and that the actual results during the period or periods covered by any such financial projections or forecasts may differ from the projected
or forecasted results). The Company acknowledges and agrees that Investor has not made and is not making any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.

 

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		5.	COVENANTS.

 

(a) Filing
of Current Report and Initial Prospectus Supplement. (i) The Company agrees that it shall, within the time required under the Exchange
Act, file with the SEC a Current Report on Form 8-K relating to the transactions contemplated by, and describing the material terms and
conditions of, the Transaction Documents (the “Current Report”). The Company further agrees that it shall, within the
time required under Rule 424(b) under the Securities Act, file with the SEC the Prospectus Supplement pursuant to Rule 424(b) under the
Securities Act specifically relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction
Documents, containing information previously omitted at the time of effectiveness of the Shelf Registration Statement in reliance on Rule
430B under the Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be disclosed
in the Shelf Registration Statement and the Prospectus as of the date of the Prospectus Supplement, including, without limitation, information
required to be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Company shall permit the Investor
to review and comment upon the Current Report and the Prospectus Supplement at least two (2) Business Days prior to their filing with
the SEC, the Company shall give due consideration to all such comments. The Investor shall use its commercially reasonable efforts to
provide any comments upon the Current Report and the Initial Prospectus Supplement within one (1) Business Day from the date the Investor
receives a substantially complete draft thereof from the Company. The Investor shall furnish to the Company such information regarding
itself, the Securities held by it and the intended method of distribution thereof, including any arrangement between the Investor and
any other Person relating to the sale or distribution of the Securities, as shall be reasonably requested by the Company in connection
with the preparation and filing of the Current Report and the Prospectus Supplement, and shall otherwise cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Prospectus Supplement
with the SEC.

 

(b) The
Company shall file with the SEC a registration statement on Form S-1 (the “Registration Statement”) covering the resale
of no less than 6,000,000 Purchase Shares in accordance with the terms of the Registration Rights Agreement. The Company shall permit
the Investor to review and comment upon the final pre-filing draft version of each of the Prospectus Supplement and the Registration Statement
at least five (5) Business Days prior to its filing with the SEC, and the Company shall not file the Prospectus Supplement or the Registration
Statement with the SEC in a form to which the Investor reasonably objects.

 

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(c) Blue
Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to register
or qualify (i) the issuance of the Warrant, the Warrant Shares and the issuance and sale of the Primary Shares and the Purchase Shares
to the Investor under this Agreement and (ii) any subsequent resale of all Warrant Shares and all Primary Shares and Purchase Shares by
the Investor, in each case, under applicable securities or “Blue Sky” laws of the states of the United States in such states
as is reasonably requested by the Investor from time to time, and shall provide evidence of any such action so taken to the Investor.

 

(d) Listing/DTC.
The Company shall promptly secure the listing of all of the Common Stock representing the Primary Shares, the Purchase Shares and Warrant
Shares to be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and upon each other national
securities exchange or automated quotation system, if any, upon which the Common Stock is then listed, and shall maintain, so long as
any Common Stock shall be so listed, such listing of all such Securities from time to time issuable hereunder. The Company shall maintain
the listing of the Common Stock on the Principal Market and shall comply in all respects with the Company’s reporting, filing and
other obligations under the bylaws or rules and regulations of the Principal Market. Neither the Company nor any of its Subsidiaries shall
take any action that would reasonably be expected to result in the delisting or suspension of the Common Stock on the Principal Market.
The Company shall promptly, and in no event later than the following Business Day, provide to the Investor copies of any notices it receives
from any Person regarding the continued eligibility of the Common Stock for listing on the Principal Market; provided, however, that the
Company shall not provide the Investor copies of any such notice that the Company reasonably believes constitutes material non-public
information, and the Company would not be required to publicly disclose such notice in any report or statement filed with the SEC under
the Exchange Act (including on Form 8-K) or the Securities Act. The Company shall pay all fees and expenses in connection with satisfying
its obligations under this Section 5(d). The Company shall take all action necessary to ensure that its Common Stock can be transferred
electronically as DWAC Shares.

 

(e) Prohibition
of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending on the date of
termination of this Agreement as provided in Section 11, the Investor and its agents, representatives and affiliates shall not
in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Rule
200 of Regulation SHO of the Exchange Act) of the Common Stock (excluding transactions properly marked “short exempt”) or
(ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

 

(f) Issuance
of Warrant. In consideration for the Investor’s execution and delivery of this Agreement, the Company shall issue to Investor
a Warrant in the form of Exhibit C attached hereto (the “Warrant"), which may be exercised for up to 631,579
shares of Common Stock (the “Warrant Shares”) from time to time in accordance with the Warrant, and the Company shall
cause the Transfer Agent to issue Warrant Shares directly to the Investor in accordance with the Warrant and the Irrevocable Transfer
Agent Instructions (as defined below). For the avoidance of doubt, the Warrant and all of the Warrant Shares issuable upon exercise of
the Warrant shall be fully earned as of the date of this Agreement, whether or not the Secondary Commencement shall occur or any Purchase
Shares are purchased by the Investor under this Agreement and irrespective of any termination of this Agreement.

 

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(g) Due
Diligence; Non-Public Information. The Investor shall have the right, from time to time as the Investor may reasonably deem appropriate,
to perform reasonable due diligence on the Company during normal business hours upon five (5) Business Days’ prior written notice.
The Company and its directors or officers and employees shall provide information and reasonably cooperate with the Investor in connection
with any reasonable request by the Investor related to the Investor’s due diligence of the Company. Each party hereto agrees not
to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information for any
purpose other than in connection with, or in furtherance of, the transactions contemplated hereby in full compliance with applicable securities
laws; provided, however that a party may disclose Confidential Information that is required by law to be disclosed by the receiving party,
provided that the receiving party gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance
in obtaining an order protecting the information from public disclosure. Each party hereto acknowledges that the Confidential Information
shall remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any
Confidential Information disclosed by the other party. The Company confirms that neither it nor any other Person acting on its behalf
shall provide the Investor or its agents or counsel with any information that constitutes material, non-public information, unless a simultaneous
public announcement thereof is made by the Company in the manner contemplated by Regulation FD under the Exchange Act. In the event of
a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined in the reasonable good faith judgment
of the Investor), in addition to any other remedy provided herein or in the other Transaction Documents, the Investor shall have the right
to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information
without the prior approval by the Company; provided the Investor shall have first provided notice to the Company that it believes it has
received information that constitutes material, non-public information, the Company shall have at least twenty-four (24) hours to publicly
disclose such material, non-public information prior to any such disclosure by the Investor, and the Company shall have failed to publicly
disclose such material, non-public information within such time period. The Investor shall not have any liability to the Company, any
of its Subsidiaries, or any of their respective directors, officers, employees, shareholders or agents, for any such disclosure. The Company
understands and confirms that the Investor shall be relying on the foregoing covenants in effecting transactions in securities of the
Company.

 

(h)
Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given
time and the dates and Purchase Amounts for each Regular Purchase or shall use such other method, reasonably satisfactory to the Investor
and the Company.

 

(i) Taxes
and Fees. The Company shall pay any and all transfer, stamp or similar taxes and fees that may be payable with respect to the issuance
and delivery of any Common Stock to the Investor made under this Agreement.

 

(j) Aggregation.
 From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company shall use its
reasonable best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any offers or sales of any
security or solicit any offers to buy any security, under circumstances that would cause this offering of the Securities by the Company
to the Investor to be aggregated with other offerings by the Company in a manner that would require shareholder approval pursuant to the
rules of the Principal Market on which any of the securities of the Company are listed or designated, unless shareholder approval is obtained
before the closing of such subsequent transaction in accordance with the rules of such Principal Market.

 

(k) Use
of Proceeds. The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion of the Company.

 

(l) Other
Transactions. The Company shall not enter into, announce or recommend to its shareholders any agreement, plan, arrangement or transaction
in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform
its obligations under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Securities
to the Investor in accordance with the terms of the Transaction Documents.

 

(m) Integration.
From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company shall use its reasonable
best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any offers or sales of any security or
solicit any offers to buy any security, under circumstances that would require registration of the offer and sale of any of the Securities
under the Securities Act.

 

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(n) Limitation
on Variable Rate Transactions. From the date hereof until the earlier of (i) the date that the Company has purchased $10,000,000 in
Common Stock hereunder, or (ii) the Maturity Date, the Company shall be prohibited from effecting or entering into an agreement to effect
any issuance by the Company of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate
Transaction, other than in connection with an Exempt Issuance. The Investor shall be entitled to seek injunctive relief against the Company
to preclude any such issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic
loss and without any bond or other security being required. “Common Stock Equivalents” means any securities of the
Company which entitle the holder thereof to acquire at any time Common Stock, including, without limitation, Common Stock, any debt, preferred
shares, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Common Stock. “Variable Rate Transaction” means a transaction in which the
Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable for, or include the right
to receive additional Common Stock or Common Stock Equivalents either (A) at a conversion price, exercise price, exchange rate or other
price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial issuance
of such equity or debt securities (including, without limitation, pursuant to any “cashless exercise” provision), or (B) with
a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such equity
or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company
or the market for the Common Stock (including, without limitation, any “full ratchet” or “weighted average” anti-dilution
provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, share
split, reverse share split or other similar transaction), (ii) issues or sells any equity or debt securities, including without limitation,
Common Stock or Common Stock Equivalents, either (A) at a price that is subject to being reset at some future date after the initial
issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (other than standard anti-dilution protection for any reorganization, recapitalization,
non-cash dividend, share split, reverse share split or other similar transaction), or (B) that is subject to or contains any put, call,
redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes”
put or call right) that provides for the issuance of additional equity securities of the Company or the payment of cash by the Company,
or (iii) enters into any agreement, including, but not limited to, an “equity line”, “at-the-market offering”
that is not an Exempt Issuance or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the
Company may sell Common Stock or Common Stock Equivalents at a future determined price. “Exempt Issuance” means the
issuance of (a) Common Stock, options, restricted stock units or other equity incentive awards to employees, officers, consultants, directors
or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Board of Directors of the Company
or a majority of the members of a committee of directors established for such purpose, (b) any Securities issued to the Investor pursuant
to this Agreement, (c) Common Stock, Common Stock Equivalents or other securities issued to the Investor pursuant to any other existing
or future contract, agreement or arrangement between the Company and the Investor, (d) Common Stock, Common Stock Equivalents or other
securities upon the exercise, exchange or conversion of any Common Stock, Common Stock Equivalents or other securities held by the Investor
at any time, (e) any securities issued upon the exercise or exchange of or conversion of any Common Stock Equivalents issued and outstanding
on the date hereof, provided that such securities or Common Stock Equivalents referred to in this clause (e) have not been amended since
the date hereof to increase the number of such securities or Common Stock underlying such securities or to decrease the exercise price,
exchange price or conversion price of such securities, (f) Common Stock Equivalents that are convertible into, exchangeable or exercisable
for, or include the right to receive Common Stock at a conversion price, exercise price, exchange rate or other price (which may be below
the then current market price of the Common Stock) that is fixed at the time of initial issuance of such Common Stock Equivalents (subject
only to standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, share split, reverse share split
or other similar transaction), which fixed conversion price, exercise price, exchange rate or other price shall not at any time after
the initial issuance of such Common Stock Equivalent be based upon or varying with the trading prices of or quotations for the Common
Stock or subject to being reset at some future date, and (g) securities issued pursuant to acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions approved by the Board of Directors of the Company or a majority of the members of a committee
of directors established for such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions
can have a Variable Rate Transaction component, 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 asset in a business synergistic with the business of
the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.

 

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		6.	IRREVOCABLE TRANSFER AGENT INSTRUCTIONS; FAILURE TO TIMELY DELIVER.

 

(a) Warrant
Shares; Primary Irrevocable Transfer Agent Instructions. No later than the date of filing of the Prospectus Supplement, the Company
shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions, in the form agreed to prior to the date
hereof (the “Primary Irrevocable Transfer Agent Instructions”), to issue the Primary Shares in accordance with the terms
of this Agreement and the Warrant Shares in accordance with the Warrant and the terms of this Agreement. All Primary Shares and Warrant
Shares to be issued to or for the benefit of the Investor pursuant to this Agreement shall be issued as DWAC Shares. The Company warrants
to the Investor that, while the Agreement is effective, no instruction other than the Primary Irrevocable Transfer Agent Instructions
referred to in this Section 6 will be given by the Company to the Transfer Agent with respect to the Primary Shares and the Warrant Shares,
and the Primary Shares and the Warrant Shares shall otherwise be freely transferable on the books and records of the Company.

 

(b) Secondary
Irrevocable Transfer Agent Instructions. The Company shall issue to the Transfer Agent, and any subsequent transfer agent, irrevocable
transfer agent instructions (the “Secondary Irrevocable Transfer Agent Instructions”) to issue Purchase Shares (including,
without limitation, Primary Settlement Purchase Shares) in accordance with the terms of this Agreement and the Registration Rights Agreement.
All Purchase Shares (including, without limitation, the Primary Settlement Purchase Shares) to be issued from and after the Secondary
Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued only as DWAC Shares. The Company represents
and warrants to the Investor that, while this Agreement is effective, no instruction other than as contemplated by the Secondary Irrevocable
Transfer Agent Instructions and any Notice of Effectiveness of Registration Statement (as defined in the Registration Rights Agreement)
will be given by the Company to the Transfer Agent with respect to the Purchase Shares (including, without limitation, the Primary Settlement
Purchase Shares) from and after Secondary Commencement, and no instruction or other communication to the Transfer Agent with respect to
the issuance of the Purchase Shares (including, without limitation, the Primary Settlement Purchase Shares) shall be made without the
approval of the Investor. The Company shall provide confirmation of receipt by the Transfer Agent of all instructions pursuant to the
Secondary Irrevocable Transfer Agent Instructions with respect to Purchase Shares (including, without limitation, the Primary Settlement
Purchase Shares) within one Business Day of delivery of any Purchase Notice. The Purchase Shares (including, without limitation, the Primary
Settlement Purchase Shares) covered by the Registration Statement shall otherwise be freely transferable on the books and records of the
Company.

 

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(c) Failure to Timely
Deliver. If the Company fails, for any reason or for no reason, to issue and deliver (or cause to be delivered) to Investor (or
its designee) by each Required Delivery Date hereunder, either (I) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, a certificate for the number of Common Stock to which Investor is entitled and register such
Common Stock on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program, to credit the balance account of Investor or Investor’s designee with DTC for such number of Common Stock
submitted for legend removal by Investor pursuant to Section 5(c) above or (II) if the Registration Statement covering the resale of
the Conversion Shares submitted for legend removal by Investor (the “Unavailable Shares”) is not available for
the resale of such Unavailable Shares and the Company fails to promptly, but in no event later than as required pursuant to the
Registration Rights Agreement (x) so notify Investor and (y) deliver the Common Stock electronically without any restrictive legend
by crediting such aggregate number of Common Stock submitted for legend removal by Investor to Investor’s or its
designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system (the event described in the immediately
foregoing clause (II) is hereinafter referred as a “Notice Failure” and together with the event described in
clause (I) above, a “Delivery Failure”), then, in addition to all other remedies available to Investor, the
Company shall pay in cash to Investor on each day after the Required Delivery Date and during such Delivery Failure an amount equal
to 2% of the product of (A) the aggregate number of Common Stock not issued to Investor on or prior to the Required Delivery Date
and to which Investor is entitled, multiplied by (B) the highest trading price of the applicable Common Stock between the Required
Delivery Date and the actual date the shares are delivered. In addition to the foregoing, if on or prior to the Required Delivery
Date either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall
fail to issue and deliver a certificate to Investor and register such Common Stock on the Company’s share register or, if the
Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit the balance account of Investor or
Investor’s designee with DTC for the number of Common Stock to which Investor submitted for legend removal by Investor
pursuant to clause (ii) below or otherwise or (II) a Notice Failure occurs, and if on or after such Trading Day Investor purchases
(in an open market transaction or otherwise) Common Stock to deliver in satisfaction of a sale by Investor of Common Stock submitted
for legend removal by Investor that Investor is entitled to receive from the Company (a “Buy-In”), then the
Company shall, within two (2) Business Days after Investor’s request and in Investor’s discretion, either (i) pay cash
to Investor in an amount equal to Investor’s total purchase price (including brokerage commissions, borrow fees and other
out-of-pocket expenses, if any, for the Common Stock so purchased) (the “Buy-In Price”), at which point
the Company’s obligation to so deliver such certificate or credit Investor’s balance account shall terminate and such
shares shall be cancelled, or (ii) promptly honor its obligation to so deliver to Investor a certificate or certificates or credit
the balance account of Investor or Investor’s designee with DTC representing such number of Common Stock that would have been
so delivered if the Company timely complied with its obligations hereunder and pay cash to Investor in an amount equal to the excess
(if any) of the Buy-In Price over the product of (A) such number of Common Stock that the Company was required to deliver to
Investor by the Required Delivery Date multiplied by (B) the price at which Investor sold such Common Stock in anticipation of the
Company’s timely compliance with its delivery obligations hereunder. Nothing shall limit Investor’s right to pursue any
other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Common Stock (or to
electronically deliver such Common Stock) as required pursuant to the terms hereof.

 

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		7.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF PURCHASE SHARES.

 

(a)  The
right of the Company hereunder to commence sales of the Primary Shares on the Primary Commencement Date is subject to the satisfaction
of each of the following conditions:

 

(i) The
Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(ii) No
stop order with respect to the Shelf Registration Statement shall be pending or threatened by the SEC.

 

(iii) All
Primary Shares and Warrant Shares to be issued by the Company to the Investor under the Transaction Documents shall have been approved
for listing on the Principal Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official
notice of issuance; and

 

(iv) The
representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and as of the
Primary Commencement Date as though made at that time.

 

(b) The
right of the Company hereunder to commence sales of the Purchase Shares on the Secondary Commencement Date is subject to the satisfaction
of each of the following conditions:

 

(a) The
Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(b) The
Registration Statement covering the resale of the Common Stock representing the Purchase Shares shall have been declared effective under
the Securities Act by the SEC and no stop order with respect to the Registration Statement shall be pending or threatened by the SEC;

 

(c) All
Securities to be issued by the Company to the Investor under the Transaction Documents shall have been approved for listing on the Principal
Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official notice of issuance; and

 

(d) The
representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and as of the
Secondary Commencement Date as though made at that time.

 

		8.	CONDITIONS TO THE INVESTOR’S OBLIGATION TO COMMENCE PURCHASES OF PURCHASE SHARES.

 

(a) The
obligation of the Investor to buy the Primary Shares under this Agreement is subject to the satisfaction of each of the following conditions
on or prior to the Primary Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation
to satisfy such conditions after the Primary Commencement has occurred:

 

(i) The Company
shall have executed each of the Transaction Documents (including, without limitation, the Warrant) and delivered the same to the Investor;

 

(ii) The Common
Stock shall be listed or quoted on the Principal Market, trading in the Common Stock shall not have been within the last 180 days suspended
by the SEC or the Principal Market, and all Common Stock representing the Primary Shares and the Warrant Shares to be issued by the Company
to the Investor pursuant to this Agreement shall have been approved for listing or quotation on the Principal Market in accordance with
the applicable rules and regulations of the Principal Market, subject only to official notice of issuance;

 

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(iii) The Investor
shall have received an opinion letter of Procopio, Cory, Hargreaves & Savitch LLP, the Company’s legal counsel, dated as of
the Primary Commencement Date, in form and substance which are customary for deals of this nature and satisfactory for counsel to the
Investor and previously agreed upon by the Investor and such counsel;

 

(iv) The representations
and warranties of the Company shall be true and correct in all material respects (except to the extent that any of such representations
and warranties is already qualified as to materiality in Section 4 above, in which case, such representations and warranties shall be
true and correct without further qualification) as of the date hereof and as of the Primary Commencement Date as though made at that time
(except for representations and warranties that speak as of a specific date, which shall be true and correct as of such date) and the
Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction Documents
to be performed, satisfied or complied with by the Company at or prior to the Primary Commencement Date. The Investor shall have received
a certificate, executed by the Chief Executive Officer of the Company, dated as of the Primary Commencement Date, to the foregoing effect
in the form attached hereto as Exhibit A;

 

(v) As of the Primary
Commencement Date, the Company shall have reserved 2,926,000 shares of Common Stock out of its authorized and unissued Common Stock, solely
for the purpose of effecting purchases of Primary Shares and the issuance of the Warrant Shares hereunder;

 

(vi) The Primary
Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and the Company’s Transfer
Agent (or any successor transfer agent);

 

(vii) The Company
shall have delivered to the Investor certificates evidencing the incorporation and good standing of the Company in Delaware and (ii) a
certificate or its equivalent evidencing the good standing of the Company as a foreign corporation in each jurisdiction where the Company
is duly qualified to conduct business, in each case, as of a date within ten (10) Business Days of the Primary Commencement Date;

 

(viii) The Company
shall have delivered to the Investor a certificate executed by the Secretary of the Company, dated as of the Primary Commencement Date,
in the form attached hereto as Exhibit B;

 

(ix) The Shelf Registration
Statement shall continue to be effective and no stop order with respect to the Shelf Registration Statement shall be pending or threatened
by the SEC. The Company shall have a maximum dollar amount certain of Common Stock registered under the Shelf Registration Statement which
is sufficient to issue to the Investor not less than (i) the full Available Amount worth of the Primary Shares plus (ii) all of the Warrant
Shares. The Current Report and the Prospectus Supplement each shall have been filed with the SEC, as required pursuant to Section 5(a),
and copies of the Prospectus shall have been delivered to the Investor in accordance with the terms of the Registration Rights Agreement.
The Prospectus shall be current and available for issuances and sales of all of the Primary Shares and the Warrant Shares by the Company
to the Investor. Any other Prospectus Supplements required to have been filed by the Company with the SEC under the Securities Act at
or prior to the Primary Commencement Date shall have been filed with the SEC within the applicable time periods prescribed for such filings
under the Securities Act. All reports, schedules, registrations, forms, statements, information and other documents required to have been
filed by the Company with the SEC at or prior to the Primary Commencement Date pursuant to the reporting requirements of the Exchange
Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act;

 

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(x) No Event of
Default has occurred, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

 

(xi) All federal,
state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction Documents and
necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated
thereby in accordance with the terms thereof shall have been complied with, and all consents, Authorizations and orders of, and all filings
and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local regulatory or self-regulatory
agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated
thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation, in each case those required
under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or applicable rules and regulations
of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities regulators;

 

(xii) No statute,
regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any federal,
state, local or foreign court or Governmental Entity of competent jurisdiction which prohibits the consummation of or which would materially
modify or delay any of the transactions contemplated by the Transaction Documents;

 

(xiii) No action,
suit or proceeding before any federal, state, local or foreign arbitrator or any court or Governmental Entity of competent jurisdiction
shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign Governmental Entity of
competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors or affiliates of
the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages
in connection with such transactions; and

 

(xiv) The Company
shall have provided the Investor with the information requested by the Investor in connection with its due diligence requests in accordance
with the terms of Section 5(g) hereof.

 

(b) The
obligation of the Investor to buy Purchase Shares under this Agreement is subject to the satisfaction of each of the following conditions
on or prior to the Secondary Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing
obligation to satisfy such conditions after the Secondary Commencement has occurred:

 

		(i)	The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

		(ii)	The Common Stock shall be listed or quoted on the Principal Market, trading in the Common Stock shall not have been within the last
180 days suspended by the SEC or the Principal Market, and all Common Stock representing Securities to be issued by the Company to the
Investor pursuant to this Agreement shall have been approved for listing or quotation on the Principal Market in accordance with the applicable
rules and regulations of the Principal Market, subject only to official notice of issuance;

 

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		(iii)	The Investor shall have received an opinion letter of Procopio, Cory, Hargreaves & Savitch LLP, the Company’s legal counsel,
dated as of the Secondary Commencement Date, in form and substance which are customary for deals of this nature and satisfactory for counsel
to the Investor and previously agreed upon by the Investor and such counsel;

 

		(iv)	The representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any
of such representations and warranties is already qualified as to materiality in Section 4 above, in which case, such representations
and warranties shall be true and correct without further qualification) as of the date hereof and as of the Secondary Commencement Date
as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct
as of such date) and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by
the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Secondary Commencement Date. The
Investor shall have received a certificate, executed by the Chief Executive Officer of the Company, dated as of the Secondary Commencement
Date, to the foregoing effect in the form attached hereto as Exhibit A;

 

		(v)	As of the Secondary Commencement Date, the Company shall have reserved 6,000,000 shares of Common Stock out of its authorized and
unissued Common Stock, solely for the purpose of effecting the issuance of Primary Settlement Purchase Shares hereunder;

 

		(vi)	As of the Secondary Commencement Date, the Company shall have reserved 40,000,000 shares of Common Stock out of its authorized and
unissued Common Stock, solely for the purpose of effecting purchases of Purchase Shares hereunder;

 

		(vii)	The Secondary Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and
the Company’s Transfer Agent (or any successor transfer agent);

 

		(viii)	The Company shall have delivered to the Investor certificates evidencing the incorporation and good standing of the Company in Delaware
and (ii) a certificate or its equivalent evidencing the good standing of the Company as a foreign corporation in each jurisdiction where
the Company is duly qualified to conduct business, in each case, as of a date within ten (10) Business Days of the Secondary Commencement
Date;

 

		(ix)	The Company shall have delivered to the Investor a certificate executed by the Secretary of the Company, dated as of the Secondary
Commencement Date, in the form attached hereto as Exhibit B;

 

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		(x)	The Registration Statement covering the resale of the Common Stock representing Primary Settlement Purchase Shares and the Purchase
Shares shall have been declared effective under the Securities Act by the SEC and no stop order with respect to the Registration Statement
shall be pending or, to the knowledge of the Company, threatened by the SEC. The Company shall have prepared and filed with the SEC, not
later than one (1) Business Day after the effective date of the Registration Statement, a final and complete prospectus (the preliminary
form of which shall be included in the Registration Statement) and shall have delivered to the Investor a true and complete copy thereof.
Such prospectus shall be current and available for the resale by the Investor of all of the Common Stock representing Securities covered
thereby;

 

		(xi)	No Event of Default has occurred, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

 

		(xii)	All federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction
Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, Authorizations and orders of,
and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local
regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation
of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation,
in each case those required under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or
applicable rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities
regulators;

 

		(xiii)	No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed
by any federal, state, local or foreign court or Governmental Entity of competent jurisdiction which prohibits the consummation of or
which would materially modify or delay any of the transactions contemplated by the Transaction Documents;

 

		(xiv)	No action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or Governmental Entity of competent
jurisdiction shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign Governmental
Entity of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors or affiliates
of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material
damages in connection with such transactions; and

 

		(xv)	The Company shall have provided the Investor with the information requested by the Investor in connection with its due diligence requests
in accordance with the terms of Section 5(g) hereof.

 

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		9.	INDEMNIFICATION.

 

In consideration of the Investor’s
execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all
of its affiliates, shareholders, officers, directors, members, managers, employees and direct or indirect investors and any of the foregoing
Person’s agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated
by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such
Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of or relating to: (a) any
misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other certificate,
instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company contained
in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (c) any cause of action,
suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement
of the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (d) any violation of the
Securities Act, the Exchange Act, state securities or “Blue Sky” laws, or the rules and regulations of the Principal Market
in connection with the transactions contemplated by the Transaction Documents by the Company or any of its Subsidiaries, affiliates, officers,
directors or employees, (e) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference,
in the Shelf Registration Statement, Prospectus Supplement, or Registration Statement, or any amendment thereto or any omission or alleged
omission to state therein, or in any document incorporated by reference therein, a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that (I) the indemnity contained in clause (c) of this
Section 9 shall not apply to any Indemnified Liabilities which directly and primarily result from the fraud, gross negligence or
willful misconduct of an Indemnitee, (II) the indemnity contained in clauses (d) and (e) of this Section 9 shall not apply to any
Indemnified Liabilities to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement
or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by or on behalf
of the Investor expressly for use in any Registration Statement and (III) the indemnity in this Section 9 shall not apply to amounts
paid in settlement of any claim if such settlement is effected without the prior written consent of the Company, which consent shall not
be unreasonably withheld, conditioned or delayed. To the extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which
is permissible under applicable law, provided that no seller of Securities guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Securities who was not guilty of fraudulent
misrepresentation. Payment under this indemnification shall be made within thirty (30) days from the date the Indemnitee makes written
request for it. A certificate containing reasonable detail as to the amount of such indemnification submitted to the Company by the Indemnitee
shall be conclusive evidence, absent manifest error, of the amount due from the Company to the Indemnitee. If any action shall be brought
against any Indemnitee with respect to which indemnity may be sought pursuant to this Agreement, such Indemnitee shall promptly notify
the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably
acceptable to the Indemnitee. Any Indemnitee shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnitee, except to the extent that (i) the
employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period
of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate
counsel, a material conflict on any material issue between the position of the Company and the position of such Indemnitee, in which case
the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.

 

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		10.	EVENTS OF DEFAULT.

 

An “Event of Default”
shall be deemed to have occurred at any time as any of the following events occurs:

 

(a) the
effectiveness of the applicable registration statement registering the sale or resale (as applicable) of the Common Stock representing
Securities lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or such registration statement
(or the prospectus forming a part thereof) is unavailable to the Investor for resale of any or all of the Common Stock representing Securities
to be issued to the Investor under the Transaction Documents, and such lapse or unavailability continues for a period of ten (10) consecutive
Business Days or for more than an aggregate of thirty (30) Business Days in any 365-day period, but excluding a lapse or unavailability
where (i) the Company terminates a registration statement after the Investor has confirmed in writing that all of the Common Stock representing
Securities covered thereby have been resold or (ii) the Company supersedes the Registration Statement with another registration statement,
including (without limitation) by terminating the Registration Statement when it is effectively replaced with a new registration statement
covering Common Stock representing Securities (provided in the case of this clause (ii) that all of the Common Stock representing Securities
covered by the superseded (or terminated) registration statement that have not theretofore been resold are included in the superseding
(or new) registration statement;

 

(b) the
suspension of the Common Stock from trading on the Principal Market for a period of one (1) Business Day, provided that the Company may
not direct the Investor to purchase any Common Stock during any such suspension;

 

(c) the
delisting of the Common Stock from the OTCQX provided, however, that the Common Stock is not immediately thereafter trading on the OTCQB,
The Nasdaq Capital Market, New York Stock Exchange, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE American, or the
NYSE Arca (or nationally recognized successor to any of the foregoing);

 

(d) the
failure for any reason by Company or the Transfer Agent to deliver, as DWAC Shares, (i) the Pre-Settlement Purchase Shares to the Investor
within two (2) Trading Days after the Regular Purchase Notice Date or (ii) the Settlement Regular Purchase Shares to the Investor within
two (2) Trading Days after the Regular Purchase Measurement Period;

 

(e) the
Company breaches any representation or warranty in any material respect, or breaches any covenant or other term or condition under any
Transaction Document, and except in the case of a breach of a covenant which is reasonably curable, only if such breach continues for
a period of at least three (3) consecutive Business Days;

 

(f) if
any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law for so long as such proceeding
is not dismissed;

 

(g) if
the Company is at any time insolvent, or, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii)
consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it
or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors or (v) the Company
is generally unable to pay its debts as the same become due;

 

(h) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation of the
Company or any Subsidiary for so long as such order, decree or similar action remains in effect; or

 

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(i) if
at any time the Company is not eligible to transfer its Common Stock as DWAC Shares.

 

In addition to any other rights
and remedies under applicable law and this Agreement, so long as an Event of Default has occurred and is continuing, or if any event which,
after notice and/or lapse of time, would become an Event of Default, has occurred and is continuing, the Company shall not deliver to
the Investor any Regular Purchase Notice.

 

		11.	TERMINATION

 

This Agreement may be terminated
only as follows:

 

(a) If
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against
the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general
assignment for the benefit of its creditors any of which is not cured within the applicable cure period (any of which would be an Event
of Default as described in Sections 10(f), 10(g) and 10(h) hereof), this Agreement shall automatically terminate
without any liability or payment to the Company (except as set forth below) without further action or notice by any Person.

 

(b) In
the event that either the Primary Commencement shall not have occurred prior to Mach 31, 2022 or the Secondary Commencement shall not
have occurred on or before December 31, 2022, due to the failure to satisfy the conditions set forth in Sections 7(b) and 8(b)
above, respectively, either the Company or the Investor shall have the option to terminate this Agreement at the close of business on
such date or thereafter without liability of any party to any other party (except as set forth below); provided, however, that the right
to terminate this Agreement under this Section 11(b) shall not be available to any party if such party is then in breach
of any covenant or agreement contained in this Agreement or any representation or warranty of such party contained in this Agreement fails
to be true and correct such that the conditions set forth in Section 7(d) could not then be satisfied.

 

(c) At
any time after the Secondary Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no
reason by delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without
any liability whatsoever of any party to any other party under this Agreement. This Agreement shall automatically terminate on the date
that the Company sells and the Investor purchases the full Available Amount as provided herein, without any action or notice on the part
of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

(d) If,
for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this Agreement
by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of any
party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

Except as set forth in Sections
11(a) (with respect to an Event of Default under Sections 10(g), 10(h) and 10(i)), 11(d)
and 11(e), any termination of this Agreement pursuant to this Section 11 shall be effected by written notice from
the Company to the Investor, or the Investor to the Company, as the case may be, setting forth the basis for the termination hereof. The
representations and warranties and covenants of the Company and the Investor contained in Sections 3, 4, 5, and 6
hereof, the indemnification provisions set forth in Section 9 hereof and the agreements and covenants set forth in Sections
10, 11 and 12 shall survive the Secondary Commencement and any termination of this Agreement. No termination of this
Agreement shall (i) affect the Company’s or the Investor’s rights or obligations under (A) this Agreement with respect to
pending Regular Purchases and the Company and the Investor shall complete their respective obligations with respect to any pending Regular
Purchases under this Agreement and (B) the Registration Rights Agreement, which shall survive any such termination, or (ii) be deemed
to release the Company or the Investor from any liability for intentional misrepresentation or willful breach of any of the Transaction
Documents.

 

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		12.	MISCELLANEOUS.

 

(a) Governing
Law; Jurisdiction; Jury Trial. Questions concerning the construction, validity, enforcement and interpretation of this Agreement and
the other Transaction Documents shall be governed by the internal laws of the State of New York, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in New York, New York, for the adjudication of any dispute hereunder or under the other Transaction
Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(b) Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original signature.

 

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

 

(d) Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction.

 

(e) Entire
Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their
affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction Documents
and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein
and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant
or undertaking with respect to such matters. The Company acknowledges and agrees that is has not relied on, in any manner whatsoever,
any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents.

 

    36

     

    

 

(f) Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile or email (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business
Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the
same. The addresses for such communications shall be:

 

If to the Company:

 

Logiq, Inc.

85 Broad Street, 16-079

New York, NY 10004

Telephone: (808) 829-1057

Attention: Brent Y. Suen, CEO

Email: brent@logiq.com

 

With a copy to (which shall not constitute
notice or service of process):

 

Procopio, Cory, Hargreaves & Savitch LLP

12544 High Bluff Drive, Suite 400

San Diego, California 92130

Telephone: (858) 720-6320

 Attention: Christopher L. Tinen, Esq. 

Email: Christopher.Tinen@procopio.com

 

If to the Investor:

 

As set forth on Schedule 12(f).

 

With a copy to (which shall
not constitute notice or service of process):

 

K&L Gates LLP

599 Lexington Avenue

 New York, NY 10022-6030

 Telephone: (212) 536-4085

Attention: Matthew Ogurick, Esq.

Email: matthew.ogurick@klgates.com

 

If to the Transfer Agent:

 

Nevada Agency and Transfer Company

50 West Liberty Street

Reno, Nevada 89501

Telephone: (775) 332-0626

Attention: Tiffany Baxter

Email:  tiffany@natco.com 

 

or at such other address, email
address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given
to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or email account containing the time, date, and recipient facsimile number or email address, as applicable or (C) provided by
a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    37

     

    

 

(g) Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.
The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor,
including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(h) No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and, except as set forth in Section 9, is not for the benefit of, nor may any provision hereof be enforced by, any
other Person.

 

(i) Publicity.
The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall consult with the Investor
and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel on,
any press release, SEC filing or any other public disclosure by or on behalf of the Company relating to the Investor, its purchases hereunder
or any aspect of the Transaction Documents or the transactions contemplated thereby, not less than 24 hours prior to the issuance, filing
or public disclosure thereof. The Investor must be provided with a final version of any such press release, SEC filing or other public
disclosure at least 24 hours prior to any release, filing or use by the Company thereof. The Company agrees and acknowledges that its
failure to fully comply with this provision constitutes a Material Adverse Effect.

 

(j) Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to
consummate and make effective, as soon as reasonably possible, the Secondary Commencement, and to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k) No
Financial Advisor, Placement Agent, Broker or Finder. Except as set forth on Schedule 12(k), the Company represents
and warrants to the Investor that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions
contemplated hereby. The Investor represents and warrants to the Company that it has not engaged any financial advisor, placement agent,
broker or finder in connection with the transactions contemplated hereby. The Company shall be responsible for the payment of any fees
or commissions, if any, of any financial advisor, placement agent, broker or finder relating to or arising out of the transactions contemplated
hereby. The Company shall pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation,
attorneys’ fees and out of pocket expenses) arising in connection with any such claim.

 

(l) No
Strict Construction. 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.

 

    38

     

    

 

(m) Remedies,
Other Obligations, Breaches and Injunctive Relief. The parties’ remedies provided in this Agreement, including, without
limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all other remedies available
to the parties under this Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief),
no remedy of any party contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing
herein shall limit the parties’ right to pursue actual damages for any failure by the Company to comply with the terms of this Agreement.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investor and that the remedy
at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach,
the Investor shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required.

 

(n) Enforcement
Costs. If: (i) due to a breach or anticipatory breach of this Agreement by a party hereto, this Agreement is enforced by the Investor
through any legal proceeding; (ii) an attorney is retained to represent a party hereto in any bankruptcy, reorganization, receivership
or other proceedings affecting creditors’ rights and involving a claim under this Agreement; or (iii) an attorney is retained to
represent a party hereto in any other proceedings whatsoever in connection with this Agreement, then the party against which enforcement
is sought shall pay to the enforcing party, as incurred by such party, all reasonable costs and expenses including attorneys’ fees
incurred in connection therewith, in addition to all other amounts due hereunder.

 

(o) Amendment
and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement may be amended or waived by the parties from and after
the date that is one (1) Business Day immediately preceding the filing of the Registration Statement with the SEC. Subject to the immediately
preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto
and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.

 

** Signature Page Follows **

 

    39

     

    

 

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

 

	 	THE COMPANY:
	 	 	 
	 	LOGIQ, INC.
	 	 	 
	 	By: 	/s/ Brent Y. Suen
	 	Name: 	Brent Y. Suen
	 	Title:	Chief Executive Officer

 

	 	INVESTOR:
	 	 
	 	IONIC VENTURES, LLC
	 	 	 
	 	By: 	/s/
    Brendan O’Neil                 
	 	Name: 	Brendan O’Neil
	 	Title:	Authorized Signatory
	 	 	 

 

    40

     

    

 

 SCHEDULES

 

 EXHIBITS

 

	Exhibit A	Form of Officer’s Certificate 
	Exhibit B	Form of Secretary’s Certificate
	Exhibit C	Form of Warrant

 

 

41Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of March 30, 2022 (the “Signing Date”), by and between LOGIQ, INC.,
a Delaware corporation (the “Company”), and IONIC VENTURES, LLC, a California limited liability company (together
with it permitted assigns, the “Buyer”). Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

The Company has agreed, upon
the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer up to Forty Million Dollars ($40,000,000) of Purchase
Shares, and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the
“Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE, in
consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.   DEFINITIONS.

 

As used in this Agreement, the
following terms shall have the following meanings:

 

a.   “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

b.   “Investor”
means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement in accordance with Section
9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee
or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions
of this Agreement.

 

c.   “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

d.   “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing one or more
registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any
successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering
of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

e.   “Registrable
Securities” means all of the Warrant Shares, Primary Shares, Primary Settlement Purchase Shares and Purchase Shares that may,
from time to time, be issued or become issuable to the Investor under the Purchase Agreement (without regard to any limitation or restriction
on purchases) which have not already been registered, and any and all shares of Common Stock issued or issuable with respect to the Warrant
Shares, Primary Shares, Primary Settlement Shares, and Purchase Shares or the Warrant and Purchase Agreement as a result of any share
split, share dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the
Purchase Agreement.

 

f.   “Registration
Statement” means one or more registration statements of the Company covering only the sale of the Registrable Securities.

 

     

     

    

 

2.   REGISTRATION.

 

a.   Mandatory
Registration. The Company shall, within ten (10) business days of the filing of the Company’s Annual Report for the fiscal year
ended December 31, 2021 on Form 10-K with the SEC (the “Filing Deadline”), file with the SEC an initial Registration
Statement covering the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable
SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under
the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor
in consultation with their respective legal counsel, subject to the aggregate number of authorized shares then available for issuance
in its Certificate of Incorporation. The initial Registration Statement shall register only the Registrable Securities, unless otherwise
approved by Investor. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement
and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and the Company
shall give due consideration to all such comments. The Investor shall furnish all information reasonably requested by the Company for
inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement and any amendment declared effective
by the SEC at the earliest possible date. The Company shall use reasonable best efforts to keep the Registration Statement effective pursuant
to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered
thereby at all times until the date on which the Investor shall have resold all the Registrable Securities covered thereby and no Available
Amount remains under the Purchase Agreement (the “Registration Period”). The Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading.

 

b.   Rule
424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant
to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales
of the Registrable Securities under the Registration Statement. The Investor and its counsel shall have a reasonable opportunity to review
and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all such comments.
The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1) Business Day from the date the Investor
receives the final pre-filing version of such prospectus. By 8:30 a.m. (New York time) on the Business Day immediately following each
Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the 1933 Act the final prospectus to be used
in connection with sales pursuant to the applicable Registration Statement (whether or not such a prospectus is technically required by
such rule).

 

c.   Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover
all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section
2(a)) as soon as practicable, but in any event not later than twelve (12) calendar days after the necessity therefor arises, subject
to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its reasonable best
efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

 

    2

     

    

 

d.   Offering.
If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement
filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become
effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if after
the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required by the
Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall
reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent of the Investor
and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall
so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities
pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c) until
such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectus
contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary,
the Company’s obligations to register Registrable Securities (and any related conditions to the Investor’s obligations) shall
be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed in this Section 2(d).

 

3.   RELATED
OBLIGATIONS.

 

With respect to the Registration
Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on any New Registration
Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with
the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a.   The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration
statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective
at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to
the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until
such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by
the Investor as set forth in such registration statement.

 

b.   The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments
and supplements thereto at least five (5) Business Days prior to their filing with the SEC, and not file any document in a form to which
Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New
Registration Statement and any amendments or supplements thereto within three (3) Business Days from the date the Investor receives the
final version thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the SEC
to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

 

c.   Upon
request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at
least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a copy of the prospectus
included in such registration statement and all amendments and supplements thereto (or such other number of copies as the Investor may
reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance
of doubt, any filing available to the Investor via the SEC’s EDGAR system shall be deemed “furnished to the Investor”
hereunder.

 

    3

     

    

 

d.   The
Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement under
such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii)
prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify
the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

e.   As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening
of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice
contain any material, non-public information regarding the Company), and promptly prepare a supplement or amendment to such registration
statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other
number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor in writing (i) when a prospectus
or any prospectus supplement or post-effective amendment has been filed, and when a registration statement or any post-effective amendment
has become effective (notification of such effectiveness shall be delivered to the Investor by email or facsimile on the same day of such
effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to any registration statement or related
prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a registration
statement would be appropriate.

 

f.   The
Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration
statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor
of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

 

g.   The
Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class
or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules
of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market. The Company shall
pay all fees and expenses in connection with satisfying its obligation under this Section 3.

 

    4

     

    

 

h.   The
Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any restrictive
legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be
in such denominations or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

 

i.   The
Company shall at all times engage a transfer agent (the “Transfer Agent”) with respect to its Common Stock.

 

j.   If
reasonably requested by the Investor, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective amendment
such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement
or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

k.   The
Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

 

l.   Within
two (2) Business Days after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the Transfer Agent for such Registrable Securities
(with copies to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached
hereto as Exhibit A. Thereafter, if requested by the Investor at any time, the Company shall require its counsel to deliver to
the Investor a written confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason
(including, without limitation, the issuance of a stop order) and whether or not the registration statement is current and available to
the Investor for sale of all of the Registrable Securities.

 

m.   The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities
pursuant to any registration statement.

 

4.   OBLIGATIONS
OF THE INVESTOR.

 

a.   The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any
registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable Securities
held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the
registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request.

 

b.   The
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of
any registration statement hereunder.

 

    5

     

    

 

c.   The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described
in Section 3(f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition of Registrable
Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of Section 3(e). Notwithstanding
anything to the contrary, the Company shall cause its Transfer Agent to promptly deliver Common Stock without any restrictive legend in
accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the
kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

5.   EXPENSES
OF REGISTRATION.

 

All reasonable expenses, other
than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2
and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees
and disbursements of counsel for the Company, shall be paid by the Company. The Company shall reimburse K&L Gates LLP for its fees
and disbursements in connection with registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement which amount
shall be limited to $10,000 with respect to the Registrable Securities in this Agreement, and shall be exclusive of any fees payable pursuant
to any other registration rights agreement.

 

6.   INDEMNIFICATION.

 

a.   To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person,
if any, who controls the Investor, the members, managers, directors, officers, partners, employees, agents, representatives of the Investor
and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint or several, (collectively,
“Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation
or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC,
whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement,
any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the
offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final
prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission
or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under
which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating
to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement or (iv) any
material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).
The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information
about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation
of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus
was timely made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus,
shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that
are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact
contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus
was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly
advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding
such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause
to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to
Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Investor pursuant to Section 9.

 

    6

     

    

 

b.   In
connection with the Registration Statement or any New Registration Statement, the Investor agrees to indemnify, hold harmless and defend,
to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers
who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified Party”),
against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise,
insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the
extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor set forth on Exhibit
B attached hereto and furnished to the Company by the Investor expressly for use in connection with such registration statement; and,
subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the
agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld; provided,
further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages
as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such registration statement.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and
shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

c.   Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written
notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually
satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that
an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of
the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified
Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying
party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that
the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent
of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person
of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within
a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend
such action.

 

    7

     

    

 

d.   The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received, or Indemnified Damages are incurred.

 

e.   The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified
Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to applicable
law.

 

7.   CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and
(ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

8.   REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that
may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, so long as the Investor owns Registrable Securities, to use reasonable best efforts
to:

 

a.   make
and keep public information available, as those terms are understood and defined in Rule 144;

 

    8

     

    

 

b.   file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144;

 

c.   furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the
most recent annual report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

 

d.   take
such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to
Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the
Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s
broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that damages
may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not
it is pursuing any remedies at law, be entitled to seek equitable relief in the form of a preliminary or permanent injunctions, without
having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

 9. ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor may not assign its
rights under this Agreement without the written consent of the Company.

 

10.   AMENDMENT
OF REGISTRATION RIGHTS.

 

No provision of this Agreement
may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the initial filing
of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended
other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party
against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11.   MISCELLANEOUS.

 

a.   A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities,
the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

 

    9

     

    

 

b.   Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or email
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one
(1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to
receive the same. The addresses for such communications shall be:

 

If to the Company:

 

Logiq, Inc.

85 Broad Street, 16-079

New York, NY 10004

Telephone: (808) 829-1057

Attention: Brent Y. Suen, CEO

Email: brent@logiq.com

 

With a copy (for informational purposes only) to:

 

Procopio, Cory, Hargreaves & Savitch LLP

12544 High Bluff Drive, Suite 400

San Diego, California 92130

Telephone: (858) 720-6320

 Attention: Christopher L. Tinen, Esq. 

Email: Christopher.Tinen@procopio.com

 

If to the Transfer Agent:

 

Nevada Agency and Transfer Company

50 West Liberty Street

Reno, Nevada 89501

Telephone: (775) 332-0626

 Attention: Tiffany Baxter

 Email: tiffany@natco.com 

 

If to Buyer:

 

As set forth in the Securities Purchase Agreement.

 

If to Legal Counsel:

 

K&L Gates LLP

599 Lexington Avenue

New York, NY 10022-6030

Telephone: (212) 536-4085

Attention: Matthew Ogurick, Esq.

Email: matthew.ogurick@klgates.com

 

or at such other address and/or facsimile number
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3)
Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email account containing
the time, date, recipient facsimile number or email address, as applicable, and an image of the first page of such transmission or (C)
provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile
or email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    10

     

    

 

c.   The
corporate laws of the State of New York shall govern all issues concerning the relative rights of the parties. All other questions concerning
the construction, validity, enforcement and interpretation of this Agreement, the Registration Rights Agreement and the other Transaction
Documents shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in New York, New York for the adjudication of any dispute hereunder or under the other Transaction Documents or in connection
therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing
a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d.   This
Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof
and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

 

e.   Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties hereto.

 

f.   The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g.   This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and
the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or
by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

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

 

i.   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.

 

j.   This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

 

* * * * * *

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written.

 

	 	THE COMPANY:
	 	 	 
	 	LOGIQ, INC.
	 	 	 
	 	By:	/s/ Brent Suen
	 	Name:	Brent Y. Suen
	 	Title:	Chief Executive Officer
	 	 	 
	 	BUYER:
	 	 	 
	 	IONIC VENTURES, LLC
	 	 
	 	BY: 	 
	 	 	 
	 	By:	/s/ Brendan O’Neil
	 	Name:	Brendan O’Neil
	 	Title:	Authorized Signatory

 

    12

     

    

 

EXHIBIT A

 

TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

     

     

    

 

EXHIBIT B

 

TO REGISTRATION RIGHTS AGREEMENT

 

Information About the Investor Furnished to
The Company by The Investor 

Expressly for Use in Connection with The Registration
Statement

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