Document:

Exhibit 10.7 

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made and entered
into effective as of [●], 2021 (“Agreement”), by and between Verity Acquisition Corporation, a Cayman Islands exempted
company (“Company”), and the undersigned indemnitee (“Indemnitee”).

 

WHEREAS, the adoption of the
Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability of officers
and directors; and

 

WHEREAS, the Board of Directors
of the Company (“Board”) has determined that the ability to attract and retain such persons is in the best interests of the
Company’s stockholders; and

 

WHEREAS, it is reasonable,
prudent and necessary for the Company to obligate itself contractually to indemnify, hold harmless, exonerate and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that such persons will serve or continue to serve the
Company free from undue concern that they will not be adequately indemnified; and

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Company’s Amended and Restated Memorandum and Articles of Association and any resolutions
adopted pursuant thereto and shall neither be deemed to be a substitute therefor nor to diminish or abrogate any rights of Indemnitee
thereunder; and

 

WHEREAS, Indemnitee is willing
to serve on behalf of the Company on the condition that he be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, and subject to the provisions of the letter agreement dated as of [___________] [
], 2021, the Company and Indemnitee do hereby covenant and agree as follows:

 

1. Definitions. For purposes of this
Agreement:

 

1.1 “Change in
Control” means a change in control of the Company occurring after the date hereof of a nature that would be required to be reported
in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated
under the Securities Exchange Act of 1934, as amended (“Exchange Act”), whether or not the Company is then subject to such
reporting requirement provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if after
the date hereof (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a person
who is an officer or director of the Company on the date hereof (and any of such person’s affiliates), is or becomes “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50%
or more of the combined voting power of the then outstanding securities of the Company without the prior approval of at least two-thirds
of the members of the Board in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party
to a merger, consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which (A) members of the Board
in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter or (B) the voting securities
of the Company outstanding immediately prior to such transaction do not continue to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving
entity outstanding immediately after such transaction with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted
the Board (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period or
whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board.

 

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1.2 “Corporate
Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request
of the Company. In addition, service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed
to be serving or to have served at the request of the Company as a director, officer, employee, agent or fiduciary of any other enterprise
if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such enterprise and (A) such enterprise is or
at the time of such service was an affiliate of the Company, (B) such enterprise is or at the time of such service was an employee benefit
plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company or (C) the Company or an affiliate of the
Company directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve
in such capacity

 

1.3 “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee.

 

1.4 “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state,
local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
or being or preparing to be a witness in a Proceeding.

 

Expenses also shall include
Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the principal, premium, security
for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

1.5 “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is,
nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any other matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” does not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel shall be selected by
(a) the Disinterested Directors or (b) a committee of the Board consisting of two or more Disinterested Directors or if (a) and (b) above
are not possible, then by a majority of the full Board.

 

1.6 “Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding,
, whether conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative, except
one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

 

2. Services by Indemnitee.

 

Indemnitee agrees to serve
as a director, officer or employee of the Company. Indemnitee may at any time and for any reason resign from such position (subject to
any other contractual obligation or any obligation imposed by operation of law).

 

3. Indemnification - General.

 

Except with respect to actions
finally adjudicated to be a result of actual fraud or intentional misconduct of the Indemnitee, the Company shall indemnify, and, subject
to Section 26 hereof, advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable law
in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from time
to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights
set forth in the other Sections of this Agreement.

 

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4. Proceedings Other Than Proceedings
by or in the Right of the Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is threatened to be made,
a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this
Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid
in settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter
therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful; provided, in no event shall
Indemnitee be entitled to be indemnified, held harmless or advanced any amounts hereunder in respect of any Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (if any) that Indemnitee may incur by reason of his or her own actual fraud or intentional
misconduct. Indemnitee shall not be found to have committed actual fraud or intentional misconduct for any purpose of this Agreement unless
or until a court of competent jurisdiction shall have made a finding to that effect.

 

5. Proceedings by or in the Right of the
Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened to be made,
a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in settlement and Expenses
actually and reasonably incurred by him or on his behalf in connection with the defense or settlement of any such Proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the
foregoing, no indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled
or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company,
unless and only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine,
upon application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount and Expenses
as the court deems proper.

 

6. Indemnification for Expenses of Party
Who is Wholly or Partly Successful.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible
hereunder, amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when eligible hereunder, amount
paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,” includes, but is not limited
to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any express
finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of any claim or threat of a Proceeding
without the institution of the same and without any promise or payment made to induce a settlement.

 

7. Indemnification for Expenses as a Witness.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a witness
in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

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8. Advancement of Expenses and Other Amounts.

 

Subject to Section 26 hereof,
the Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred
by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement,
incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any Expenses,
judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee is not entitled
to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement. In connection
with any request for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement, Indemnitee shall not be required
to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. The Company’s obligation in respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement
in connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or
is convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and interest free.
Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement.

 

9. Procedure for Determination of Entitlement
to Indemnification.

 

9.1 To obtain indemnification
under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly
upon receipt of any such request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

9.2 Upon written request
by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred, by Independent Counsel (unless Indemnitee
shall request that such determination be made by the Board or the stockholders, in which case in the manner provided for in clauses (ii)
or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; (ii) if a Change of
Control shall not have occurred, at the election of the Company, (A) by the Board by a majority vote of a quorum consisting of Disinterested
Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable, by a majority of a committee of the
Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee, or (D) by the stockholders of the Company, by a majority vote of a quorum consisting of stockholders
who are not parties to the proceeding, or if no such quorum is obtainable, by a majority vote of stockholders who are not parties to such
proceeding; or (iii) as provided in Section 10.2 of this Agreement. The Company promptly will advise Indemnitee in writing with respect
to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which
indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be
made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee
harmless therefrom.

 

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9.3 If a Change of Control
shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made
by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other party advising it of the identity
of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven days after such
written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to
such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the
factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not serve as Independent Counsel
unless and until a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written
request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel shall have been selected and not objected to, either
the Company or Indemnitee may petition a court of competent jurisdiction, for resolution of any objection which shall have been made by
the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions pursuant to this
Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless of the
manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding pursuant
to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

 

10. Presumptions and Effects of Certain
Proceedings.

 

10.1 In making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 9.1 of this Agreement, and the Company shall have the burden of proof to overcome that presumption by clear and convincing
evidence in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the
failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has
not met the applicable standard of conduct.

 

10.2 If the person, persons
or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled to indemnification shall
not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i)
a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable
law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if
the person, persons or entity making the determination with respect to entitlement to indemnification in good faith require(s) such additional
time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however, that the foregoing
provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held
within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15
days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having
been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will
be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Company shall
afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification in any Company
proxy statement relating to such stockholder determination. Subject to the fiduciary duties of its members under applicable law, the Board
will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to indemnify or reimburse
the Indemnitee.

 

10.3 The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be
in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause
to believe that his conduct was unlawful.

 

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10.4 For purposes of
this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his conduct
was unlawful, if his action is based on (i) the records or books of account of the Company, or another enterprise, including financial
statements, (ii) information supplied to him by the officers of the Company or another enterprise in the course of their duties, (iii)
the advice of legal counsel for the Company or another enterprise, or of an independent certified public accountant or an appraiser or
other expert selected with reasonable care by the Company or another enterprise. The term “another enterprise” as used in
this Section shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which
the Indemnitee is or was serving at the request of the Company as a director, officer, partner, trustee, employee or agent. The provisions
of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed
to have met the applicable standard of conduct set forth herein. Whether or not the foregoing provisions of this Section 10.4 are satisfied,
it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe
Indemnitee’s conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence.

 

10.5 The knowledge and/or
actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of
the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

11. Remedies of Indemnitee.

 

11.1 In the event that
(i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination of indemnification is
to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have been made and delivered
in a written opinion within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the Company of a written request therefor,
or (v) payment of indemnification is not made within thirty (30) days after a determination has been made that Indemnitee is entitled
to indemnification or such determination is deemed to have been made pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be
entitled to an adjudication in an appropriate court of the State of New York, or in any other court of competent jurisdiction, of his
entitlement to such indemnification or advancement of Expenses, judgments, penalties, fines or, when eligible hereunder, amounts paid
in settlement. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

  

11.2 In the event that
a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall
not be prejudiced by reason of that adverse determination.

 

11.3 If a determination
shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable law.

 

11.4 The Company shall
be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions
of this Agreement.

 

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11.5 In the event that
Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement
or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company’s
Amended and Restated Memorandum and Articles of Association now or hereafter in effect, or for recovery under directors’ and officers’
liability insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred by
him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee
is entitled to receive less than all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in
connection with such judicial adjudication shall be appropriately prorated. In addition, the Company shall, if so requested by Indemnitee,
advance the foregoing expenses to Indemnitee, subject to and in accordance with Section 8.

 

12. Procedure Regarding Indemnification.

 

With respect to any Proceedings,
the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the procedure to be followed
in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise of the Proceeding without the
written consent of the Company (which consent may not be unreasonably withheld or delayed). The Company shall be entitled to participate
in defending, settling or compromising any Proceeding and to assume the defense of such Proceeding with counsel of its choice and shall
assume such defense if requested by the Indemnitee. Notwithstanding the election by, or obligation of, the Company to assume the defense
of a Proceeding, the Indemnitee shall have the right to participate in the defense of such Proceeding and to employ counsel of Indemnitee's
choice, but the fees and expenses of such counsel shall be at the expense of the Indemnitee unless (i) the employment of such counsel
has been authorized in writing by the Company, or (ii) the Indemnitee has reasonably concluded that there may be defenses available to
him which are different from or additional to those available to the Company (in which latter case the Company shall not have the right
to direct the defense of such Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more than
one additional firm of attorneys selected by the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding,
then counsel for the Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send
to Indemnitee copies of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such Proceeding
without the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief provided shall
be other than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.

  

13. Non-Exclusivity; Survival of Rights; Insurance; Subrogation;
Contribution.

 

13.1 The rights of indemnification
and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Company’s Amended and Restated Memorandum and Articles of Association, any
agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or
any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law and the Company’s Amended and
Restated Memorandum and Articles of Association, whether by statute or judicial decision, permits greater indemnification, hold harmless
or exoneration rights or advancement of Expenses than would be afforded currently under the Company’s Amended and Restated Memorandum
and Articles of Association or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically
be deemed to be amended to require that the Company indemnifies the Indemnitee to the fullest extent permitted by applicable law and the
Company’s Amended and Restated Memorandum and Articles of Association. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

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13.2 To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries
of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies.
If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness,
deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such
Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter use commercially
reasonable efforts to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.

 

13.3 In the event of
any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
reasonably necessary to enable the Company to bring suit to enforce such rights.

 

13.4 The Company shall
not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee
has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5 If a determination
is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor, under this Agreement,
then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liability with the Indemnitee (or would
be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement
by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and
the Indemnitee on the other hand from the transaction from which Proceeding arose, and (ii) the relative fault of the Company on the one
hand and of the Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments, fines or amounts
paid in settlement, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the
Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or amounts paid in
settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this Section were determined by pro
rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations. The determination
as to the amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application of both the
Indemnitee and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the
Board by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable
for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

14. Duration of Agreement.

 

This Agreement shall continue
until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director and/or
officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification
or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder and or any proceeding commenced by Indemnitee
pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the Company and its successors and assigns and shall inure
to the benefit of Indemnitee and his spouse, heirs, executors, personal representatives and administrators. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a
substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

    8

     

    

  

15. Severability.

 

If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any
way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law and the Company’s
Amended and Restated Memorandum and Articles of Association; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and the Company’s Amended and Restated Memorandum and Articles of Association and to give the maximum
effect to the intent of the parties hereto; and (b) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable.

 

16. Entire Agreement.

 

This Agreement constitutes
the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all prior agreements,
understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such subject matter (the
“Prior Agreements”); provided, however, that if this Agreement shall ever be held void or unenforceable for any reasons whatsoever,
and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not be deemed to have superseded any Prior Agreements;
(ii) all of such Prior Agreements shall be deemed to be in full force and effect notwithstanding the execution of this Agreement; and
(iii) the Indemnitee shall be entitled to maximum indemnification benefits provided under any Prior Agreements, as well as those provided
under applicable law, the Company’s Amended and Restated Memorandum and Articles of Association, a vote of stockholders or resolution
of directors.

 

17. Exception to Right of Indemnification
or Advancement of Expenses.

 

17.1 Except as provided
in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments, penalties, fines and amounts
paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or made by him against the Company.

 

17.2 Indemnitee shall
not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein,
arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or Company similar successor
statute.

 

18. Covenant Not to Sue; Limitation of
Actions; Release of Claims.

 

No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, his spouse,
heirs, executors, personal representatives or administrators after the expiration of two (2) years from the date of accrual of such cause
of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released unless
asserted by the filing of a legal action within such two (2) year period; provided, however, that if any shorter period of limitation
is otherwise applicable to any such cause of action, such shorter period shall govern.

  

19. Identical Counterparts.

 

This Agreement may be executed
in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement.

 

20. Headings.

 

The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

21. Modification and Waiver.

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

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22. Notice by Indemnitee.

 

Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties, fines or amounts
paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver of Indemnitee’s
rights under this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to be paid by the Company
to be greater than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain for itself or Indemnitee
coverage or proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results in prejudice to the
Company.

 

23. Notices.

 

All notices, requests, demands
and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted
for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed:

 

If to Indemnitee, to: [_]

  

If to the Company, to:

 

Verity Acquisition Corporation

Office E, 7/F, 45 Pottinger Street,

Central, Hong Kong

 

or to such other address or such other person
as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes in notices
shall be effective only upon receipt.

  

24. Governing Law.

 

The parties agree that this
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts
made and performed in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee each hereby
irrevocably consents to the jurisdiction of the courts of the State of New York and the federal courts within the State for all purposes
in connection with any action or proceeding that arises out of or relates to this Agreement and agrees that any action instituted under
this Agreement shall be brought only in the United States District Court for the Southern District of New York and any New York State
court within that District.

 

25. Mutual Acknowledgment.

 

Both the Company and Indemnitee
acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying its directors
and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required
in the future in certain circumstances to undertake with the Securities and Exchange Commission to submit the question of indemnification
to a court for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

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26. Waiver of Claims to Trust Account.

 

Notwithstanding anything herein
to the contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of
the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising
out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever. Accordingly,
Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the
Company has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) the Company consummates a Business
Combination.

 

27. Miscellaneous.

 

Use of the masculine pronoun
shall be deemed to include usage of the feminine pronoun where appropriate.

 

[Signature Page Follows]

 

    11

     

    

 

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

 

	 	VERITY ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:  	Bing Lin
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 	 

 

[Signature Page to Indemnification Agreement]

 

 

12Exhibit 10.8

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION
BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION
OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING
(AS DEFINED BELOW) TO ANYONE OTHER THAN TO (I) MAXIM GROUP LLC (“MAXIM”) OR AN UNDERWRITER OR SELECTED DEALER PARTICIPATING
IN THE OFFERING OR (II) AN OFFICER OR PARTNER OF MAXIM OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE
5110(e)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR
TO THE FIRST ANNIVERSARY OF THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT OF VERITY ACQUISITION CORPORATION (“COMPANY”)
AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN))] AND [●]1.
VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION OF THE COMPANY’S TRUST ACCOUNT (AS DESCRIBED IN
THE REGISTRATION STATEMENT) IF THE COMPANY HAS NOT COMPLETED A MERGER, SHARE EXCHANGE, ASSET ACQUISITION, RECAPITALIZATION, REORGANIZATION
OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) WITHIN THE REQUIRED TIME PERIODS OR [●]2.

 

UNIT PURCHASE OPTION FOR THE PURCHASE OF UP TO
[●]3 UNITS OF VERITY ACQUISITION CORPORATION

 

		1.	Purchase Option.

 

THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Maxim Group LLC (“Holder”), as registered owner of this Purchase Option, to Company, a
Cayman Islands company, Holder is entitled, at any time or from time to time on or after the first anniversary of the effective date (“Effective
Date”) of the Registration Statement (“Commencement Date”), (as described in the Company’s registration
statement (“Registration Statement”) pursuant to which Units are offered for sale to the public in Company’s
initial public offering (“Offering”)) until five years from the Effective Date of the Registration Statement (“Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to Eight Hundred Seventy-Five Thousand
(875,000) units (or up to One Million Six Thousand Two Hundred Fifty (1,006,250) units with full exercise of the over-allotment option
in the offering) (“Units”) of the Company, each Unit consisting of one (1) ordinary share of the Company, no par value
(“Ordinary Share(s)”), one-half (1/2) of one redeemable warrant (“Warrant(s)”), each whole Warrant
entitles the holder thereof to purchase one ordinary share at a price of $11.50 per full share (subject to adjustment) and one (1) right
to receive one-tenth (1/10) of an Ordinary Share upon the consummation of a Business Combination (“Right(s)”). Each
Right is the same as the right included in the units being registered for sale to the public by way of the Registration Statement (“Public
Rights”). Each Warrant is the same as the whole warrant included in the Units being registered for sale to the public by way
of the Registration Statement (the “Public Warrants”). If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance
with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
the Purchase Option. This Purchase Option is initially exercisable at $11.00 per Unit so purchased; provided, however, that upon the occurrence
of any of the events specified in Section 6 hereof, the rights granted
by this Purchase Option, including the exercise price per Unit and the number of Units (and Ordinary Shares, Warrants and Rights) to be
received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

 

 

1
Insert date that is one (1) year from the effective date of the registration statement.

2
Insert date that is five (5) years from the commencement of sales of the offering.

3
5% of the total number of units sold in the offering.

 

     

     

    

 

		2.	Exercise of Purchase option.

 

		2.1.	Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must
be duly executed and completed and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for
the Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented hereby
shall not be exercised at or before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and
be void without further force or effect, and all rights represented hereby shall cease and expire.

 

		2.2.	Legend. Each certificate for the securities purchased under this Purchase Option shall bear a legend
as follows, unless such securities have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by
this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The
securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the
Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

		2.3.	Cashless Exercise.

 

		2.3.1.	Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the
                                                                number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Ordinary Shares and
                                                                Warrants) in the manner required by Section 2.1, and subject to Section 6.1 hereof, the Holder shall have the right (but not the
                                                                obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units (“Cashless Exercise
                                                                Right”) as follows: upon exercise of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment
                                                                by the Holder of any of the Exercise Price in cash) that number of Units (or that number of Ordinary Shares, Warrants and Rights
                                                                comprising that number of Units) equal to the number of Units to be exercised multiplied by the quotient obtained by dividing (x)
                                                                the “Value” (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as
                                                                defined below). The “Value” of the portion of the Purchase Option being converted shall equal the remainder
                                                                derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase
                                                                Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the
                                                                Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at any date means: (A) in the
                                                                event that the Units, Ordinary Shares, Public Warrants, and Public Rights are still trading, (i) if the Units are listed on a
                                                                national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price of
                                                                the Units in the principal trading market for the Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory
                                                                Authority (“FINRA”), as the case may be, for the three trading days preceding the date in question; or (ii) if
                                                                the Units are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are
                                                                traded in the residual over-the-counter market, the average reported last sale price for Units for the three trading days preceding
                                                                the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; (B) in the event that the
Units are not still trading but the Ordinary Shares, Public Warrants, and Public Rights underlying the Units are still trading, the aggregate
of (i) the product of (x) the Current Market Price of the Ordinary Share and (y) the number of the Ordinary Shares underlying one Unit
(which shall include the portion of an Ordinary Share the holder of a Unit would automatically receive in connection with the Right included
in each such Unit), plus (ii) the product of (x) the Current Market Price of the Public Warrants and (y) the number of Warrants included
in one Unit; or (C) in the event that neither the Units nor the Public Warrants are still trading, the aggregate of (i) the product of
(x) the Current Market Price of the Ordinary Shares and (y) the number of the Ordinary Shares underlying one Unit (which shall include
the portion of an Ordinary Share the holder of a Unit would automatically receive in connection with the Right included in each such Unit),
plus (ii) the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of Ordinary Shares issuable
upon exercise of the Warrants underlying one Unit from (y) the product of (aa) the Current Market Price of the Ordinary Shares multiplied
by (bb) the number of Ordinary Shares underlying the Warrants included in each such Unit. The “Current Market Price”
shall mean (i) if the Ordinary Shares (or Public Warrants, as the case may be) are listed on a national securities exchange or quoted
on the OTC Bulletin Board (or successor exchange), the average reported last sale price of the Ordinary Shares (or Public Warrants) in
the principal trading market for the Ordinary Share (or Public Warrants) as reported by the exchange, Nasdaq or FINRA, as the case may
be, for the three trading days preceding the date in question; (ii) if the Ordinary Shares (or Public Warrants) are not listed on a national
securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market,
the average reported last sale price for the Ordinary Share (or Public Warrants) on for the three (3) trading days preceding the date
in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair
market value of the Ordinary Share cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of
the Company shall determine, in good faith. In the event the Public Warrants have expired and are no longer exercisable, no “Value”
shall be attributed to Warrants underlying this Purchase Option.

 

    2

     

    

 

		2.3.2.	Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any
business day on or after the Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly
executed exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right
and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right

 

		2.4.	No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase
Option, in no event will the Company be required to net cash settle the exercise of the Purchase Option or Warrants underlying the Purchase
Option. The holder of the Purchase Option and the Warrants underlying the Purchase Option will not be entitled to exercise the Purchase
Option or the Warrants underlying such Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right
or a registration statement is effective, or an exemption from the registration requirements is available at such time and, if the holder
is not able to exercise the Purchase Option or the underlying Warrants, the Purchase Option and/or the underlying Warrants, as applicable,
will expire worthless.

 

		3.	Transfer of purchase option.

 

		3.1.	General Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof,
agrees that it will not sell, transfer, assign, pledge or hypothecate this Purchase Option (or the Ordinary Shares and Warrants underlying
this Purchase Option), or cause the Purchase Option (or the Ordinary Shares and Warrants underlying this Purchase Option) to be the subject
of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Purchase
Option by any person, for a period of 180 days (pursuant to Rule 5110(e)(1) of the Conduct Rules of FINRA) beginning on the date of commencement
of sales of the Offering to anyone other than (i) Maxim or an underwriter or selected dealer in connection with the Offering, or (ii)
a bona fide officer or partner of Maxim or of any such underwriter or selected dealer. On and after the 181st day after the date of commencement
of sales of the Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In
order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within
five (5) business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option of
like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.

 

		3.2.	Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be
transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Hunter Taubman Fischer & Li LLC shall
be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange
Commission (the “Commission”) and compliance with applicable state securities law has been established.

 

		4.	New Purchase Option to be Issued.

 

		4.1.	Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option
may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this
Purchase Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise
Price (except to the extent that the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section
2.3 above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor
to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder
as to which this Purchase Option has not been exercised or assigned

 

		4.2.	Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result
of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

    3

     

    

 

		5.	REGISTRATION RIGHTS.

 

		5.1.	Demand Registration.

 

		5.1.1.	5.1.1 Grant of Right. The Company, upon written demand (“Initial Demand Notice”)
of the Holder(s) of at least 51% of the Purchase Option and/or the underlying Units and/or the underlying securities (“Majority
Holders”), agrees to use its best efforts to register (the “Demand Registration”) under the Act on one occasion,
all or any portion of the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Option, including the Units, Ordinary Shares, Warrants, Rights and the Ordinary Shares underlying the Warrants
and Rights and (ii) the securities issued to the Holder prior to or concurrently with the Offering and all the securities underlying such
securities (collectively, the “Registrable Securities”). On such occasion, the Company will use its best efforts to
file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities as expeditiously
as possible within sixty (60) days after receipt of the Initial Demand Notice and use its best efforts to have such registration statement
or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time during
a period of four and one-half years beginning 180 days after the date of commencement of sales of the Offering. The Initial Demand Notice
shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The
Company will notify all holders of the Purchase Option and/or Registrable Securities of the demand within ten days from the date of the
receipt of any such Initial Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a
“Demanding Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice
from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the
Demand Registration, subject to Section 5.1.4. The Company shall not be required to effect more than one (1) Demand Registrations under
this Section 5.1 in respect of all Registrable Securities. Notwithstanding the provisions of this Section 5.1.1, the Holder shall be entitled
to a Demand Registration Statement under this Section 5.1.1 on only one occasion and such demand registration right shall terminate on
the fifth anniversary of the commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(B) and (C).

 

		5.1.2.	Effective Registration. Notwithstanding Section 5.1.5, a registration will not count as a Demand
Registration until the registration statement filed with the Commission, with respect to such Demand Registration, has been declared effective
and the Company has complied with all of its obligations under this Purchase Option with respect thereto.

 

		5.1.3.	Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company
as part of the Initial Demand Notice, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the
form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall
be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities
in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the
Majority Holders.

 

		5.1.4.	Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration that
is to be an underwritten offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares
of Registrable Securities which the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities
which the Company desires to sell and the Ordinary Shares, if any, as to
which registration has been requested pursuant to written contractual piggy-back registration rights held by other shareholders of the
Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include
in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders
(pro rata in accordance with the number of shares that each such person has requested be included in such registration, regardless of
the number of shares held by each such person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(i) and (ii), the Ordinary Shares or other securities registrable pursuant to the terms of the Registration Rights Agreement between the
Company and the initial investors in the Company and Maxim, dated as of [●] (the “Registration Rights Agreement”
and such registrable securities, the “Investor Securities”) as to which “piggy-back” registration has been
requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Ordinary Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with
such persons and that can be sold without exceeding the Maximum Number of Shares.

 

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		5.1.5.	Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting
or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders
may elect to withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request
to withdraw prior to the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the Company
does not have to continue its obligations under Section 5.1, provided that, any such withdrawal will not count as the Demand Registration
if the Demanding Holders pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

 

		5.1.6.	Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities,
including the expenses of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities,
but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register
the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall
the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be
obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in
such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall use its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights
granted under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such
registration statement or post-effective amendment.

 

		5.2.	Piggy-Back Registration.

 

		5.2.1.	Piggy-Back Rights. If at any time during the seven year period beginning on the date of commencement
of sales of the Offering the Company proposes to file a registration statement under the Act with respect to an offering of equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own
account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without
limitation, pursuant to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x)
give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than
ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of
Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall use its best
efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested
to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit the
sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders
of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.
Notwithstanding the provisions of this Section 5.2.1, such piggyback registration rights shall terminate on the seventh anniversary of
the commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(D).

 

		5.2.2.	Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration
that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount
or number of Ordinary Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration
has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder,
the Registrable Securities as to which registration has been requested under this Section 5.2, and the Ordinary Shares, if any, as to
which registration has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the
Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

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		(a)	If the registration is undertaken for the Company’s account: (A) first, Ordinary Shares or other
securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any,
comprised of Registrable Securities and Investor
Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights
of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that
the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities for
the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights
with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

		(b)	If the registration is a “demand” registration undertaken at the demand of holders of Investor
Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the
shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares;
and

 

		(c)	If the registration is a “demand” registration undertaken at the demand of persons other than
either the holders of Registrable Securities or of Investor Securities, (A) first, the Ordinary Shares or other securities for the account
of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell
that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A) and (B), collectively the Ordinary Shares or other securities comprised of Registrable Securities
and Investor Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the Registration Rights
Agreement, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be
sold without exceeding the Maximum Number of Shares.

 

		5.2.3.	Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request
for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw
prior to the effectiveness of the registration statement. The Company (whether on its own determination or as the result of a withdrawal
by persons making a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the
effectiveness of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 5.2.4.

 

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		5.2.4.	Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities,
including the expenses of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities
but the Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed
registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written
notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until such
time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall exercise the
“piggy-back” rights provided for herein by giving written notice within ten days of the receipt of the Company’s notice
of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant
to the above “piggyback” rights to remain effective for at least nine months from the date that the Holders of the Registrable
Securities are first given the opportunity to sell all of such securities.

 

		5.3.	General Terms.

 

		5.3.1.	Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be
sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section
15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss,
claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between
the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect
as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in Section 5 of the Underwriting Agreement
between the Company, Maxim and the other underwriters named therein dated the Effective Date (“Underwriting Agreement”).
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on
behalf of such Holders, or their successors or assigns for specific inclusion in such registration statement or arising from any omission
or the alleged omission to state a material fact required to be stated therein or necessary to make the statement contained therein not
misleading in connection with the registration of the Registrable Securities, to the same extent and with the same effect as the provisions
contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

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		5.3.2.	Exercise of Purchase Option. Nothing contained in this Purchase Option shall be construed as requiring
the Holder(s) to exercise their Purchase Option or Warrants underlying such Purchase Option prior to or after the initial filing of any
registration statement or the effectiveness thereof.

 

		5.3.3.	Documents Delivered to Holders. The Company shall furnish Maxim, for as long as it is a Holder,
as representative of the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the participating
Holders, of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto),
and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent public
accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the
case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings
of securities. The Company shall also deliver promptly to Maxim, as representative of the Holders participating in the offering, the correspondence
and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit Maxim, as representative
of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent
auditors, all to such reasonable extent and at such reasonable times and as often as Maxim, as representative of the Holders, shall reasonably
request. The Company shall not be required to disclose any confidential information or other records to Maxim, as representative of the
Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form
and substance reasonably satisfactory to the Company), with the Company with respect thereto.

 

		5.3.4.	Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing
underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing
underwriter shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the
Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties
to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made
to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements
with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders,
however, shall agree to such covenants and indemnification and contribution obligations for selling shareholders as are customarily contained
in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and otherwise
cooperate fully in the preparation of the registration statement and other documents relating to any offering in which they include securities
pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the
Registrable Securities.

 

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		5.3.5.	Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company
shall have no obligation pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities
held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period
prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii)
where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated
as if such Holder were an affiliate within the meaning of Rule 144).

 

		5.3.6.	Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of
the happening of any event as a result of which the prospectus included in the 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 not misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies
of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of
the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then
in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

		6.	ADJUSTMENTS.

 

		6.1.	Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units
underlying the Purchase Option shall be subject to adjustment from time to time as hereinafter set forth:

 

		6.1.1.	Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section
6.3 below, the number of outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or by a split-up of Ordinary
Shares or other similar event, then, on the effective date thereof, the number of Ordinary Shares underlying each of the Units purchasable
hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number of Ordinary Shares, and the
exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance
with the terms of the Warrants.

 

		6.1.2.	Aggregation of Shares. If after the date hereof, and subject to the provisions of Section
                                                                6.3, the number of outstanding Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares
                                                                or other similar event, then, on the effective date thereof, the number of Ordinary Shares underlying each of the Units purchasable
                                                                hereunder shall be decreased in proportion to such decrease in outstanding shares and the Exercise Price shall be proportionately
                                                                increased. In such case, the number of Ordinary Shares, and the exercise price applicable thereto, underlying the Warrants
                                                                underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants.

 

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		6.1.3.	Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization
of the outstanding Ordinary Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of
such Ordinary Shares, or in the case of any merger or consolidation of the Company with or into another company (other than a consolidation
or merger in which the Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding
Ordinary Shares), or in the case of any sale or conveyance to another company or entity of the property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right
thereafter (until the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate
Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, by a Holder of the number of Ordinary Shares of the Company obtainable upon exercise of this Purchase Option and the underlying
Warrants immediately prior to such event; and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1
or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section
6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

		6.1.4.	Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of
any change pursuant to this Section, and a Purchase Option issued after such change may state the same Exercise Price and the same number
of Units as are stated in the Purchase Option as initially issued. The acceptance by any Holder of the issuance of a new Purchase Option
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date
or the computation thereof.

 

		6.2.	Substitute Purchase Option. In case of any consolidation of the Company with, or merger of the
Company with, or merger of the Company into, another entity (other than a consolidation or merger which does not result in any reclassification
or change of the outstanding Ordinary Shares), the entity formed by such consolidation or merger shall execute and deliver to the Holder
a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the
right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and
amount of shares and other securities and property receivable upon such consolidation or merger, by a holder of the number of Ordinary
Shares of the Company for which such Purchase Option might have been exercised immediately prior to such consolidation, merger, sale or
transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in Section
6. The above provision of this Section shall similarly apply to successive consolidations or mergers.

 

		6.3.	Elimination of Fractional Interests. The Company shall not be required to issue certificates representing
fractions of Ordinary Shares or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash
in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding
any fraction up or down to the nearest whole number of Warrants, Ordinary Shares or other securities, properties or rights.

 

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		7.	RESERVATION AND LISTING. The Company shall at all times reserve and keep available out of its authorized
but unissued Ordinary Shares, solely for the purpose of issuance upon exercise of the Purchase Option or the Warrants, such number of
Ordinary Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees
that, upon exercise of the Purchase Option and payment of the Exercise Price therefor, all Ordinary Shares and other securities issuable
upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.
The Company further covenants and agrees that upon exercise of the Warrants underlying the Purchase Option and payment of the respective
Warrant exercise price therefor, all Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any shareholders. As long as the Purchase Option shall be outstanding,
the Company shall use its best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise of the Purchase Option, (ii)
Warrants issuable upon exercise of the Purchase Option, (iii) Ordinary Shares issuable upon exercise of the Warrants included in the Units
issuable upon exercise of the Purchase Option, (iv) Rights issuable upon exercise of the Purchase Option and (v) Ordinary Shares underlying
the Rights included in the Units issuable upon exercise of the Purchase Option to be listed and/or quoted (subject to official notice
of issuance) on all securities exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group, Inc. or any successor trading
market) on which the Ordinary Shares or the Public Warrants may then be listed and/or quoted.

 

		8.	CERTAIN NOTICE REQUIREMENTS.

 

		8.1.	Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the
Holders the right to vote or consent as a shareholder for the election of directors or any other matter, or as having any rights whatsoever
as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Option and its exercise, any of the
events described in Section 8.2 shall occur, then, in each such event, the Company shall give written notice of such event at least fifteen
days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case
may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders
of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

		8.2.	Events Requiring Notice. The Company shall be required to give the notice described in this Section
8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose
of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
or (ii) the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or
(iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all
or substantially all of its property, assets and business shall be proposed.

 

		8.3.	Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change
in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”).
The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Executive Officer.

 

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		8.4.	Transmittal of Notices. All notices, requests, consents and other communications under this Purchase
Option shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier
service: (i) if to the registered Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or
(ii) if to the Company, to the following address or to such other address as the Company may designate by notice to the Holders:

 

Bing Lin

Chief Executive Officer

Verity Acquisition Corporation

Office E, 7/F, 45 Pottinger Street

Central, Hong Kong

Tel: +852 63585597

 

		9.	MISCELLANEOUS.

 

		9.1.	Amendment. The Company and Maxim, for as long as it is a Holder, may from time to time supplement
or amend this Purchase Option without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any
provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in
regard to matters or questions arising hereunder that the Company and Maxim may deem necessary or desirable and that the Company and Maxim
deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of
and be signed by the party against whom enforcement of the modification or amendment is sought.

 

		9.2.	Headings. The headings contained herein are for the sole purpose of convenience of reference, and
shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

		9.3.	Entire Agreement. This Purchase Option (together with the other agreements and documents being
delivered pursuant to or in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to
the subject matter hereof.

 

		9.4.	Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be binding
upon the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person
shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase
Option or any provisions herein contained.

 

		9.5.	Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and
                                                              construed and enforced in accordance with the internal laws of the State of New York, without giving effect to conflict of laws
                                                              principles thereof. Each of the Holder and the Company hereby agrees that any action, proceeding or claim against it arising out of,
                                                              or relating in any way to this Purchase Option shall be brought and enforced in the New York Supreme Court, County of New York, or
                                                              in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
                                                              jurisdiction shall be exclusive. Each of the Holder and the Company hereby waives any objection to such exclusive jurisdiction and
                                                              that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting
                                                              a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth
                                                              in Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
                                                              proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover
                                                              from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or
                                                              incurred in connection with the preparation therefore.

 

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		9.6.	Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions
of this Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of
this Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision
of this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall
be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other
or subsequent breach or non-compliance.

 

		9.7.	Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

 

		9.8.	Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase
Option, Holder agrees that, at any time prior to the complete exercise of this Purchase Option by Holder, if the Company and Maxim enter
into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Options will be
exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange
Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company has caused this Purchase Option to
be signed by its duly authorized officer as of the ____ day of __________, 202_.

 

	 	VERITY ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name:	 Bing Lin
	 	 	Title: 	Chief Executive Officer
	 	 	 

 

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Form to be used to exercise Purchase Option

 

Bing Lin

Chief Executive Officer

Verity Acquisition Corporation

Office E, 7/F, 45 Pottinger Street

Central, Hong Kong

Tel: +852 63585597

 

 

Date: [●], 20__

 

The undersigned hereby elects irrevocably to exercise
all or a portion of the within Purchase Option and to purchase ____ Units of Verity Acquisition Corporation and hereby makes payment of
$____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the securities as to
which this Purchase Option is exercised in accordance with the instructions given below.

 

Or

 

The undersigned hereby elects irrevocably to convert
its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______). Please
issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions given below.

 

________________________

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any
change whatever

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

_________________________________________

(Print in Block Letters)

 

Address

 

_______________________________________________________________________________________________

_______________________________________________________________________________________

 

     

     

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of Verity
Acquisition Corporation (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

 

	Dated:___________________, 20__	 
	 	Signature

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any
change whatever.

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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