Document:

wts_Ex10_3

		
			Exhibit 10.3
		

		
			 
		

		
			2018 PERFORMANCE STOCK UNIT AWARD AGREEMENT
		

		
			FOR COMPANY EMPLOYEES
		

		
			UNDER THE WATTS WATER TECHNOLOGIES, INC.
		

		
			SECOND AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN
		

		
			This award of performance stock units (“Performance Stock Units”) of Watts Water Technologies, Inc. (the “Company”) made to the grantee (the “Grantee”), as set forth in the Performance Stock Unit award notification provided through the Grantee’s stock plan account on the E*TRADE website, is subject to the provisions of the Company’s Second Amended and Restated 2004 Stock Incentive Plan (the “Plan”) and the terms and conditions contained in this 2018 Performance Stock Unit Award Agreement (the “Agreement”) and shall constitute Deferred Stock (as defined in the Plan) which is earned based on performance as provided herein.  By accepting the award of Performance Stock Units on the E*TRADE website, the Grantee agrees to the terms and conditions of this Agreement.
		

		
			1.         Nature and Acceptance of Award.  This Performance Stock Unit award entitles the Grantee to receive a share of Class A Common Stock of the Company (“Stock”) for each Performance Stock Unit that is earned and vested as determined pursuant to Sections 3 and 5 below. The target number of Performance Stock Units the Grantee shall be eligible to earn and become vested in with respect to this Agreement is set forth on the E*TRADE website (the “Target Award”). The Grantee shall have no rights to the Performance Stock Units or to receive the Stock upon settlement of the Performance Stock Units under this Agreement unless he or she shall have accepted the Performance Stock Unit award through the E*TRADE website.  Unless and until the shares of Stock are actually issued to the Grantee upon settlement of the Performance Stock Units in accordance with this Agreement, the Grantee shall not by reason of being granted the Performance Stock Units be deemed to be a shareholder of the Company or to have any other right to the Stock, except as otherwise provided in this Agreement.
		

		
			2.         Restrictions and Conditions.
		

		
			(a)        The Performance Stock Units granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee.
		

		
			(b)        Except as otherwise provided herein, if the Grantee’s employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason (other than death or disability) prior to the last day of the Performance Period, all Performance Stock Units shall be immediately and automatically forfeited to the Company upon termination of employment, without payment of any consideration to the Grantee.  The Grantee shall have no further rights with respect to the Performance Stock Units or to receive shares of Stock with respect thereto.
		

		
			(c)        Notwithstanding the foregoing, if the Grantee’s employment or service is terminated by reason of death or disability (as determined by the Administrator):
		

		
			(i)         if the date of termination of service is within the last twelve months of the Performance Period, then the determination of number of Performance
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			Stock Units earned and vested will be conducted as if the Participant had not terminated employment; and
		

		
			(ii)       if the date of termination of service is within the first twenty-four months of the Performance Period, then the number of Performance Stock Units earned and vested shall be determined by multiplying the Target Award by a fraction, the numerator of which is the number of days from the start of the Performance Period to and including the date of termination of service, and the denominator of which is the number of days in the Performance Period.
		

		
			3.         Determination of Number of Performance Stock Units Earned.
		

		
			(a)        No Performance Stock Units shall be earned or vested unless the Company’s ROIC (as defined below) equals or exceeds ___% (the “Minimum Performance Goal”).
		

		
			(b)        If the Minimum Performance Goal is obtained, then the number of Performance Stock Units that will be earned and vested, if any, for the Performance Period shall be determined as follows:
		

		
			Earned Performance Stock Units = Payout Percentage x Target Award
		

		
			The “Payout Percentage” is based on the Company’s achievement with respect to (i) “ROIC” (as defined below) and “Revenue CAGR” (as defined below) (the “Performance Goals”), as determined at the end of the Performance Period in accordance with the following table:
		

		
			 
		

			
					
						3 Year
Revenue
CAGR

					
					
						ROIC

					
						 

				
	
					
						Below
Threshold

					
					
						Threshold

					
					
						Target

					
					
						Maximum

				
	
					
						Payout Percentage

				
	
					
						Below Threshold

					
					
						0%

					
					
						60%

					
					
						75%

					
					
						100%

				
	
					
						Threshold

					
					
						60%

					
					
						60%

					
					
						75%

					
					
						125%

				
	
					
						Target

					
					
						80%

					
					
						80%

					
					
						100%

					
					
						150%

				
	
					
						Maximum

					
					
						100%

					
					
						100%

					
					
						150%

					
					
						200%

				

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			 
		

		
			Achievement between (i) below threshold and threshold, (ii) threshold and target and (iii) target and maximum will be interpolated linearly.  All Performance Stock Units that are not earned at the end of the Performance Period shall be forfeited.
		

		
			(c)        Defined Terms.
		

		
			(i)         “Revenue CAGR” shall mean the 3-year compound annual growth rate in the Company’s revenue during the Performance Period. For the purposes of calculating Revenue CAGR under this Agreement, the revenue shall be adjusted to reflect proforma revenue in the base year 2017 (adjusted for acquisitions and divestitures).
		

		
			(ii)       “Average Invested Capital” shall mean the average of invested capital as of December 31, 2019 and the invested capital as of December 31, 2020 where the invested capital is defined as the sum of the Company’s long-term debt plus the current portion of long-term debt, less cash, cash equivalents and investments, plus stockholder equity.
		

		
			(iii)      “Performance Period” shall mean January 1, 2018 through and including December 31, 2020.
		

		
			(iv)       “ROIC” shall mean the Company’s return on Average Invested Capital calculated as a percentage for the twelve month period ending on the last day of the Performance Period by dividing net operating profit after tax by Average Invested Capital.  For the purposes of calculating ROIC under this Agreement, “net operating profit” shall be adjusted to exclude the impact of all restructuring, foreign exchange, impairments, legal settlements, employee separation costs, product liability charges, and retroactive tax law changes to the extent such items were not contemplated and included in the Company’s 2018-2022 Strategic Plan, upon which the ROIC goals were based.
		

		
			(d)        The Revenue CAGR and ROIC goals shall be adjusted to reflect the impact of any acquisition or disposition of an entity, business or business segment during the Performance Period.
		

		
			4.         Settlement and Payment of Performance Stock Units.
		

		
			(a)        Except as otherwise provided for payment upon a Sale Event or under Section 2(c)(ii), any earned Performance Stock Units shall be settled and shares of Stock issued to the Grantee as soon as administratively practicable following the Administrator’s certification of the achievement of the Performance Goals at the end of the Performance Period (such date of settlement being the “Payment Date”); provided, that the Payment Date shall occur no later than March 15 of the year following the end of the Performance Period.  Performance Stock Units earned under Section 2(c)(ii) shall be settled and shares of Stock issued to the Grantee or the Grantee’s beneficiary as soon as administratively practicable following the Grantee’s termination of service, but no later than March 15 of the year following the year of Grantee’s termination of service.
		

		
			(b)        Notwithstanding anything herein to the contrary, the Company may postpone the issuance of the shares of Stock until it is satisfied that the issuance of such Stock
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			 
		

		
			will not violate any applicable law. The actual issuance of the shares of Stock shall be subject to such terms and conditions as the Company may establish from time to time in order to comply with applicable law.
		

		
			(c)        Notwithstanding anything herein to the contrary, the Administrator may adjust the calculation of Revenue CAGR and/or ROIC to exclude certain items that were not contemplated and included in the Company’s 2018-2022 Strategic Plan if, in its sole judgment, such adjustment is appropriate.
		

		
			5.         Sale Event.  In the event of a Sale Event during the Performance Period, the Performance Stock Units will be deemed to have been earned at the greater of (a) the Target Award, or (b) the number of Performance Stock Units that would be earned based on the actual performance of the Company determined as if the Company’s last quarter end prior to the date of the Sale Event was the last day of the Performance Period.  The Performance Stock Units will become payable in shares of Stock or cash, as the Administrator may determine, within sixty (60) days following the Sale Event.
		

		
			6.         Dividend Equivalent Rights.  If the Company pays a cash dividend on its Stock during the Performance Period, then the Grantee has the right to receive a cash payment at the time the earned and vested Performance Stock Units are settled determined by (a) multiplying the value of the dividends paid on a share of Stock during the Performance Period by the number of Performance Stock Units actually earned and vested at the end of the Performance Period (“Dividend Equivalents”). The right to Dividend Equivalents will cease and be forfeited upon the forfeiture and cancellation of the Performance Stock Units under this Agreement.
		

		
			7.         Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.
		

		
			8.         Limitations on Transferability.  This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.
		

		
			9.         Tax Withholding.  The Grantee acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Grantee any federal, state, local or other taxes of any kind required by law to be withheld with respect to the grant, settlement or payment of the Performance Stock Units.  The Grantee shall satisfy such tax withholding obligations on the Performance Stock Units by transferring to the Company, on each date on which such tax liability shall arise, such number of shares of Stock as have a Fair Market Value equal to the amount of the Company’s minimum required tax withholding obligation.  Such delivery of Stock to the Company shall be deemed to happen automatically, without any action required on the part of the Grantee, and the Company is hereby authorized to take such actions as are necessary to effect such delivery.
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			 
		

		
			10.       Non-Competition, Non-Solicitation and Non-Disparagement.  In consideration of the Company entering into this Agreement with the Grantee, the Grantee agrees that throughout his or her term of employment with the Company and for a period of twelve (12) months following the Grantee’s date of termination with the Company, the Grantee shall not, directly or indirectly, divert or attempt to divert or assist others in diverting any business of the Company by soliciting, contacting or communicating with any customer or supplier of the Company with whom the Grantee has direct or indirect contact or upon termination of employment has had direct or indirect contact during the twelve (12) month period immediately preceding the Grantee’s date of termination with the Company. The Grantee further agrees that for a period of twelve (12) months following his or her date of termination with the Company the Grantee shall not, directly or indirectly, solicit, induce, attempt to induce or assist others in attempting to induce any employee of the Company with whom the Grantee has worked or had material contact with, during the twelve (12) month period immediately preceding the termination of the Grantee’s employment, to leave the employment of the Company or a subsidiary of the Company or to accept employment or affiliation with any other company or firm of which the Grantee becomes an employee, owner, partner or consultant. The Grantee agrees that throughout his or her term of employment with the Company and for a period of twelve (12) months following the Grantee’s date of termination that the Grantee will not make any statements, orally or in writing, cause to be published or in any way disseminate any information concerning the Company or any subsidiaries of the Company concerning the Company’s business, business operations or business practices that in any way, in form or substance, harms, disparages or otherwise casts an unfavorable light upon the Company or any subsidiaries of the Company or upon any of their reputations or standing in the business community or the community as a whole.
		

		
			11.       Compensation Recovery Policy.  Notwithstanding anything contained in this Agreement to the contrary, all Performance Stock Units awarded under this Agreement, and any shares of Stock issued upon settlement hereunder shall be subject to forfeiture or repayment pursuant to the terms of the Company’s Compensation Recovery Policy as in effect from time to time, including any amendments necessary for compliance with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
		

		
			12.       Miscellaneous.
		

		
			(a)        Notice hereunder shall be given to the Company at its principal place of business, and shall be given to the Grantee at the address on file with the Company, or in either case at such other address as one party may subsequently furnish to the other party in writing.
		

		
			(b)        This Agreement does not confer upon the Grantee any rights with respect to continuation of employment by the Company or any Subsidiary.
		

		 

		

			5INVESTMENT
AGREEMENT

 

This
INVESTMENT AGREEMENT (the “Agreement”), dated as of November 3, 2017 (the “Execution Date”),
is entered into by and between KinerjaPay Corp. (the “Company”), a Delaware corporation, with its principal
executive offices at JI. Multatuli, No. 8A, Medan, Indonesia 20151, and Tangiers Global, LLC (the “Investor”),
a Wyoming limited liability company, with its principal executive offices at Caribe Plaza Office Building 6th Floor, Palmeras
St. #53, San Juan, PR 00901. The Company and the Investor are sometimes referred to individually, as a “Party” and
collectively, as the “Parties.”

 

RECITALS:

 

WHEREAS,
the Parties desire that, upon the terms and subject to the conditions contained herein, the Investor shall invest up to Ten Million
($10,000,000) Dollars (the “Commitment Amount”) to purchase the Company’s common stock, par value of $0.0001
per share (the “Common Stock”);

 

WHEREAS,
such investments will be made in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities
Act of 1933, as amended (the “1933 Act”), Rule 506 of Regulation D promulgated by the United States Securities
and Exchange Commission (the “SEC”) under the 1933 Act, and/or upon such other exemption from the registration requirements
of the 1933 Act as may be available with respect to any or all of the investments in Common Stock to be made hereunder; and

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Parties hereto are executing and delivering a Registration
Rights Agreement substantially in the form attached hereto as Exhibit A (the “Registration Rights Agreement”)
pursuant to which the Company has agreed to provide certain registration rights under the 1933 Act, and the rules and regulations
promulgated by the SEC thereunder, and applicable state securities laws.

 

NOW
THEREFORE, in consideration of the foregoing recitals, which shall be considered an integral part of this Agreement, the covenants
and agreements set forth hereafter, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and the Investor hereby agree as follows:

 

SECTION
I.

DEFINITIONS

 

For
all purposes of and under this Agreement, the following terms shall have the respective meanings below, and such meanings shall
be equally applicable to the singular and plural forms of such defined terms.

 

“1933
Act” shall have the meaning set forth in the recitals.

 

    	 

    	- 2
                                                                                                                                                                                                                     - 

    

 

“1934
Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
of the SEC thereunder, all as the same will then be in effect.

 

“Affiliate”
shall mean any individual or entity that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with another individual or entity as such terms are used in and construed under Rule 405 under the
1933 Act.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Articles
of Incorporation” shall have the meaning set forth in Section 4.3.

 

“By-laws”
shall have the meaning set forth in Section 4.3.

 

“Certificate”
shall have the meaning set forth in Section 2.5.

 

“Closing”
shall have the meaning set forth in Section 2.5.

 

“Closing
Date” shall have the meaning set forth in Section 2.5.

 

“Commitment
Fee Note” shall have the meaning set forth in Section 10.17

 

“Common
Stock” shall have the meaning set forth in the recitals.

 

“Company”
shall have the meaning set forth in the preamble.

 

“DTC”
shall have the meaning set forth in Section 2.5.

 

“DWAC”
shall mean Deposit and Withdrawal at Custodian service provided by the Depository Trust Company.

 

“Effective
Date” shall mean the date the SEC declares effective under the 1933 Act the Registration Statement covering the Securities.

 

“Environmental
Laws” shall have the meaning set forth in Section 4.13.

 

“Execution
Date” shall have the meaning set forth in the preamble.

 

“FAST”
shall have the meaning set forth in Section 2.5.

 

“Investor”
shall have the meaning set forth in the preamble.

 

“Material
Adverse Effect” shall have the meaning set forth in Section 4.1.

 

“Maximum
Common Stock Issuance” shall have the meaning set forth in Section 2.6.

 

    	 

    	- 3
                                                                                                                                                                                                                     - 

    

 

“Open
Period” shall mean the period beginning on and including the Trading Day immediately following the Effective Date and
ending on the earlier to occur of (i) the date which is thirty-six (36) months from the Effective Date; or (ii) termination of
the Agreement in accordance with Section 8.

 

“PCAOB”
shall have the meaning set forth in Section 4.6.

 

“Pricing
Period” shall mean, with respect to a particular Put Notice, the five (5) consecutive Trading Days including and immediately
following the applicable Put Notice Date.

 

“Principal
Market” shall mean the New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, the OTC Bulletin Board, OTCQB or the OTC Markets Group, whichever is the principal market on which
the Common Stock is traded.

 

“Purchase
Amount” shall mean the total amount being paid by the Investor on a particular Closing Date to purchase the Securities,
calculated by multiplying the Purchase Price by the Put Amount.

 

“Purchase
Price” shall mean the 85% of the lowest trading price of the Common Stock during the Pricing Period applicable to the
Put Notice, provided, however, an additional 10% will be added to the discount of each Put if (i) the Company is not DWAC eligible
and (ii) an additional 15% will be added to the discount of each Put if the Company is under DTC “chill” status on
the applicable Put Notice Date.

 

“Put”
shall have the meaning set forth in Section 2.2.

 

“Put
Amount” shall have the meaning set forth in Section 2.3.

 

“Put
Notice” shall mean a written notice sent to the Investor by the Company stating the Put Amount in U.S. dollars that
the Company intends to sell to the Investor pursuant to the terms of the Agreement and stating the current number of Shares issued
and outstanding on such date.

 

“Put
Notice Date” shall mean the Trading Day on which the Investor receives a Put Notice, determined as follows: a Put Notice
shall be deemed delivered on (a) the Trading Day it is received by electronic mail or otherwise by the Investor if such notice
is received prior to 9:30 a.m. (Pacific time), or (b) the immediately succeeding Trading Day if it is received by electronic mail
or otherwise after 9:30 a.m. (Pacific time) on a Trading Day. No Put Notice may be deemed delivered on a day that is not a Trading
Day.

 

“Put
Settlement Sheet” shall mean a written letter to the Company by the Investor, evidencing acceptance of the Put and providing
instructions for delivery of the Securities to the Investor.

 

    	 

    	- 4
                                                                                                                                                                                                                     - 

    

 

“Put
Shares Due” shall mean the Shares to be sold to the Investor pursuant to the Put.

 

“Registered
Offering Transaction Documents” shall mean this Agreement and the Registration Rights Agreement between the Company
and the Investor as of the date herewith.

 

“Registration
Rights Agreement” shall have the meaning set forth in the recitals.

 

“Registration
Statement” means the registration statement of the Company filed under the 1933 Act covering the resale of the Securities
issuable hereunder by the Investor, in the manner described in such Registration Statement.

 

“Resolutions”
shall have the meaning set forth in Section 7.5.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“SEC
Documents” shall have the meaning set forth in Section 4.6.

 

“Securities”
shall mean the shares of Common Stock issued pursuant to the terms of the Agreement.

 

“Shares”
shall mean the shares of the Company’s Common Stock.

 

“Subsidiaries”
shall have the meaning set forth in Section 4.1.

 

“Trading
Day” shall mean any day on which the Principal Market for the Common Stock is open for trading, from the hours of 9:30
am until 4:00 pm.

 

“VWAP”
shall mean, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by (i)
Bloomberg Financial L.P. or (ii) Stock Charts/Quote Media if the Investor does not promptly provide the Company the Bloomberg
quote/pricing charts for the days involved upon the Company’s request (based on a Trading Day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)) and (b) in all other cases, the fair market value of a share of Common Stock as determined
by an independent appraiser selected in good faith by the Investor and to the Company.

 

“Waiting
Period” shall have the meaning set forth in Section 2.3.

 

    	 

    	- 5
                                                                                                                                                                                                                     - 

    

 

SECTION
II

PURCHASE
AND SALE OF COMMON STOCK

 

2.1
PURCHASE AND SALE OF COMMON STOCK. Subject to the terms and conditions set forth herein, the Company shall issue and sell
to the Investor, and the Investor shall purchase from the Company, up to that number of Shares having an aggregate Purchase Price
of Ten Million ($10,000,000) Dollars.

 

2.2
DELIVERY OF PUT NOTICES. Subject to the terms and conditions of the Registered Offering Transaction Documents, and from
time to time during the Open Period, the Company may, in its sole discretion, deliver a Put Notice to the Investor which states
the share amount (designated in whole shares of the Company’s Common Stock), which the Company intends to sell to the Investor
on a Closing Date (the “Put”). The Put Notice shall be in the form attached hereto as Exhibit B and
incorporated herein by reference. Upon receipt of the Put Notice, the Investor shall deliver to the Company a Put Settlement Sheet
on the Put Notice Date. The Put Settlement Sheet shall be in the form attached hereto as Exhibit C and incorporated herein
by reference.

 

2.3
PUT FORMULA. The maximum amount that the Company shall be entitled to Put to the Investor per any applicable Put Notice
an amount of shares of Common Stock up to or equal to two hundred percent (200%) of the average of the daily trading volume (U.S.
market only) of the Common Stock for the ten (10) consecutive Trading Days immediately prior to the applicable Put Notice Date
(the “Put Amount”) so long as such amount is at least Five Thousand Dollars ($5,000) and does not exceed Two
Hundred Fifty Thousand Dollars ($250,000), as calculated by multiplying the Put Amount by the average daily VWAP for the ten (10)
consecutive Trading Days immediately prior to the applicable Put Notice Date. During the Open Period, the Company shall not be
entitled to submit a Put Notice until after the previous Closing has been completed. Notwithstanding the foregoing, the Company
may not deliver a Put Notice on or earlier of the tenth (10th) Trading Day immediately following the preceding Put Notice Date
(the “Waiting Period”).

 

2.4
CONDITIONS TO INVESTOR’S OBLIGATION TO PURCHASE SHARES. Notwithstanding anything to the contrary in this Agreement,
the Company shall not be entitled to deliver a Put Notice and the Investor shall not be obligated to purchase any Shares at a
Closing unless each of the following conditions are satisfied:

 

	 	i.	a
    Registration Statement shall have been declared effective and shall remain effective and usable and available for the resale
    of all the Put Shares Due at all times until the Closing with respect to the applicable Put Notice; 
	 	 	 
	 	ii.	at
    all times during the period beginning on the related Put Notice Date and ending on and including the related Closing Date,
    the Common Stock shall have been listed or quoted for trading on the Principal Market and shall not have been suspended from
    trading thereon during the Pricing Period; 
	 	 	 
	 	iii.	the
    Company has complied with its obligations and is otherwise not in material breach of or in material default under, this Agreement,
    the Registration Rights Agreement or any other agreement executed in connection herewith which has not been cured prior to
    delivery to the Investor of the applicable Put Notice; 
	 	 	 
	 	iv.	no
    injunction shall have been issued and remain in force, or action commenced by a governmental authority which has not been
    stayed or abandoned, prohibiting the purchase or the issuance of the Securities; and 
	 	 	 
	 	v.	the
    issuance of the Securities will not violate any shareholder approval requirements of the Principal Market. 

 

    	 

    	- 6
                                                                                                                                                                                                                     - 

    

 

If
any of the events described in clauses (i) through (v) above occurs during a Pricing Period, then the Investor shall have no obligation
to purchase the Put Amount of Common Stock set forth in the applicable Put Notice.

 

2.5
MECHANICS OF PURCHASE OF SHARES BY INVESTOR. Subject to the satisfaction of the conditions set forth in Sections 2.6
and 7 of this Agreement, the closing of the purchase by the Investor of Securities (a “Closing”) shall
occur on the date which is no earlier than five (5) Trading Days following and no later than seven (7) Trading Days following
the applicable Put Notice Date (each a “Closing Date”). On each such Closing Date, if the Company’s transfer
agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”)
program and that the Securities are eligible for inclusion in the FAST program, the Company shall use all commercially reasonable
efforts to cause its transfer agent to electronically transmit the Securities to be issued to the Investor on such date by crediting
the account of the Investor’s prime broker (as specified by the Investor in a Put Settlement Sheet) with DTC through its
DWAC service. If the Company is not DWAC eligible or the Company is under DTC “chill” on such Closing Date, the Company
shall deliver to the Investor pursuant to this Agreement, certificates representing the Securities to be issued to the Investor
on such date and registered in the name of the Investor (the “Certificate”). On such Closing Date, after receipt
of confirmation of delivery of such Securities to the Investor, the Investor shall disburse the funds constituting the Purchase
Amount to the Company’s designated account by wire transfer of (i) immediately available funds if the Investor receives
the Securities by 9:30 a.m. (Pacific time) or (ii) next day available funds if the Investor receives the Securities thereafter.

 

2.6
OVERALL LIMIT ON COMMON STOCK ISSUABLE. Notwithstanding anything contained herein to the contrary, if during the Open Period
the Company becomes listed on an exchange that limits the number of shares of Common Stock that may be issued without shareholder
approval, then the number of Shares issuable by the Company and purchasable by the Investor, shall not exceed that number of the
shares of Common Stock that may be issuable without shareholder approval (the “Maximum Common Stock Issuance”).
If such issuance of shares of Common Stock could cause a delisting on the Principal Market, then the Maximum Common Stock Issuance
shall first be approved by the Company’s shareholders in accordance with applicable law and the By-laws and the Articles
of Incorporation of the Company, if such issuance of shares of Common Stock could cause a delisting on the Principal Market. The
Parties understand and agree that the Company’s failure to seek or obtain such shareholder approval shall in no way adversely
affect the validity and due authorization of the issuance and sale of Securities or the Investor’s obligation in accordance
with the terms and conditions hereof to purchase a number of Shares in the aggregate up to the Maximum Common Stock Issuance limitation,
and that such approval pertains only to the applicability of the Maximum Common Stock Issuance limitation provided in this Section
2.6.

 

2.7
LIMITATION ON AMOUNT OF OWNERSHIP. Notwithstanding anything to the contrary in this Agreement, in no event shall the Investor
be entitled to purchase that number of Shares, which when added to the sum of the number of shares of Common Stock beneficially
owned (as such term is defined under Section 13(d) and Rule 13d-3 of the 1934 Act), by the Investor, would exceed 9.99% of the
number of shares of Common Stock outstanding on the Closing Date, as determined in accordance with Rule 13d-1(j) of the 1934 Act.

 

    	 

    	- 7
                                                                                                                                                                                                                     - 

    

 

SECTION
III

INVESTOR’S
REPRESENTATIONS, WARRANTIES AND COVENANTS

 

The
Investor represents and warrants to the Company, and covenants, that:

 

3.1
SOPHISTICATED INVESTOR. The Investor has, by reason of its business and financial experience, such knowledge, sophistication
and experience in financial and business matters and in making investment decisions of this type that it is capable of (i) evaluating
the merits and risks of an investment in the Securities and making an informed investment decision; (ii) protecting its own interest;
and (iii) bearing the economic risk of such investment for an indefinite period of time.

 

3.2
AUTHORIZATION; ENFORCEMENT. This Agreement has been duly and validly authorized, executed and delivered on behalf of the
Investor and is a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject
as to enforceability to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

3.3
SECTION 9 OF THE 1934 ACT. During the term of this Agreement, the Investor will comply with the provisions of Section 9
of the 1934 Act, and the rules promulgated thereunder, with respect to transactions involving the Common Stock. The Investor agrees
not to short sell the Company’s stock either directly or indirectly through its affiliates, principals or advisors, the
Common Stock during the term of this Agreement. The Investor will only sell Company stock that it has in its possession.

 

3.4
ACCREDITED INVESTOR. The Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D of the 1933 Act.

 

3.5
NO CONFLICTS. The execution, delivery and performance of the Registered Offering Transaction Documents by the Investor
and the consummation by the Investor of the transactions contemplated hereby and thereby will not result in a violation of limited
liability company agreement or other organizational documents of the Investor.

 

3.6
OPPORTUNITY TO DISCUSS. The Investor has received all materials relating to the Company’s business, finance and operations
which it has requested. The Investor has had an opportunity to discuss the business, management and financial affairs of the Company
with the Company’s management.

 

3.7
INVESTMENT PURPOSES. The Investor is purchasing the Securities for its own account for investment purposes and not with
a view towards distribution and agrees to resell or otherwise dispose of the Securities solely in accordance with the registration
provisions of the 1933 Act (or pursuant to an exemption from such registration provisions).

 

3.8
NO REGISTRATION AS A DEALER. The Investor is not and will not be required to be registered as a “dealer” under
the 1934 Act, either as a result of its execution and performance of its obligations under this Agreement or otherwise.

 

3.9
GOOD STANDING. The Investor is a limited liability company, duly organized, validly existing and in good standing in the
State of Wyoming.

 

3.10
TAX LIABILITIES. The Investor understands that it is liable for its own tax liabilities.

 

    	 

    	- 8
                                                                                                                                                                                                                     - 

    

 

3.11
REGULATION M. The Investor will comply with Regulation M under the 1934 Act, if applicable.

 

3.12
General Solicitation. The Investor is not purchasing the Securities as a
result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine
or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general
advertisement.

 

3.13
TRANSFER RESTRICTIONS. The Securities may only be disposed of in compliance with federal and state securities laws. In
connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company
or to an affiliate of the Investor, the Company may require the transferor thereof to provide to the Company an opinion of counsel
selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under
the 1933 Act; provided, however, that in connection with any transfer of Securities pursuant to Rule 144, the Company may require
the transferor to provide a customary Rule 144 sellers representation letter. As a condition of transfer, any such transferee
shall agree in writing to be bound by the terms of this Agreement and shall have the rights of the Investor under this Agreement
and the Registration Rights Agreement, as to issued Securities only.

 

SECTION
IV

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except
as set forth in the Schedules attached hereto, or as disclosed on the Company’s SEC Documents, the Company represents and
warrants to the Investor that:

 

4.1
ORGANIZATION AND QUALIFICATION. The Company is a corporation duly organized and validly existing in good standing under
the laws of the State of Delaware, and has the requisite corporate power and authorization to own its properties and to carry
on its business as now being conducted. Both the Company and the companies it owns or controls (“Subsidiaries”)
are duly qualified to do business and are in good standing in every jurisdiction in which its ownership of property or the nature
of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or
be in good standing would not have a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect”
means a change, event, circumstance, effect or state of facts that has had or is reasonably likely to have, a material adverse
effect on the business, properties, assets, operations, results of operations, financial condition or prospects of the Company
and its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements and instruments
to be entered into in connection herewith, or on the authority or ability of the Company to perform its obligations under the
Registered Offering Transaction Documents.

 

4.2
AUTHORIZATION; ENFORCEMENT; COMPLIANCE WITH OTHER INSTRUMENTS.

 

	 	i.	The
    Company has the requisite corporate power and authority to enter into and perform the Registered Offering Transaction Documents,
    and to issue the Securities in accordance with the terms hereof and thereof. 

 

    	 

    	- 9
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	 	ii.	The
    execution and delivery of the Registered Offering Transaction Documents by the Company and the consummation by it of the transactions
    contemplated hereby and thereby, including without limitation the issuance of the Securities pursuant to this Agreement, have
    been duly and validly authorized by the Company’s board of directors and no further consent or authorization is required
    by the Company, its board of directors, or its shareholders. 
	 	 	 
	 	iii.	The
    Registered Offering Transaction Documents have been duly and validly executed and delivered by the Company. 
	 	 	 
	 	iv.	The
    Registered Offering Transaction Documents constitute the valid and binding obligations of the Company enforceable against
    the Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or
    applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
    the enforcement of creditors’ rights and remedies. 

 

4.3
CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of: (i) 10,000,000 shares of
preferred stock, par value $0.0001 (“Preferred Stock”), none of which are issued or outstanding; and (ii) 500,000,000
shares of common stock, par value $0.0001 (“Common Stock”), of which 11,661,036 shares of Common Stock are issued
and outstanding as of the date hereof. All of such outstanding shares have been, or upon issuance will be, validly issued and
are fully paid and non-assessable.

 

Except
as disclosed in the Company’s publicly available filings with the SEC , also referred to as the Company’s SEC Documents,
or as otherwise set forth on Schedule 4.3:

 

	 	i.	no
    shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances
    suffered or permitted by the Company; 
	 	 	 
	 	ii.	there
    are no outstanding debt securities; 
	 	 	 
	 	iii.	there
    are no outstanding shares of capital stock, options, warrants, scrip, rights to subscribe to, calls or commitments of any
    character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or
    any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
    is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants,
    scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
    into, any shares of capital stock of the Company or any of its Subsidiaries; 
	 	 	 
	 	iv.	there
    are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of
    any of their securities under the 1933 Act (except the Registration Rights Agreement); 
	 	 	 
	 	v.	there
    are no outstanding securities of the Company or any of its Subsidiaries which contain any redemption or similar provisions,
    and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is
    or may become bound to redeem a security of the Company or any of its Subsidiaries; 

 

    	 

    	- 10
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	 	vi.	there
    are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of
    the Securities as described in this Agreement; 
	 	 	 
	 	vii.	the
    Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan
    or agreement; and 
	 	 	 
	 	viii.	there
    is no dispute as to the classification of any shares of the Company’s capital stock. 

 

The
Company has furnished to the Investor, or the Investor has had access through EDGAR to, true and correct copies of the Company’s
Certificate of Incorporation, as in effect on the date hereof (the “Certificate of Incorporation”), and the
Company’s By-laws, as in effect on the date hereof (the “By-laws”), and the terms of all securities convertible
into or exercisable for Common Stock and the material rights of the holders thereof in respect thereto.

 

4.4
ISSUANCE OF SHARES. As of the Effective Date, the Company will have reserved the amount of Shares included in the Registration
Statement for issuance pursuant to the Registered Offering Transaction Documents, which will have been duly authorized and reserved
(subject to adjustment pursuant to the Company’s covenant set forth in Section 5.5 below) pursuant to this Agreement.
Upon issuance in accordance with this Agreement, the Securities will be validly issued, fully paid for and non-assessable and
free from all taxes, liens and charges with respect to the issuance thereof. In the event the Company cannot reserve a sufficient
number of Shares for issuance pursuant to this Agreement, the Company will use its best efforts to authorize and reserve for issuance
the number of Shares required for the Company to perform its obligations hereunder as soon as reasonably practicable.

 

4.5
NO CONFLICTS. The execution, delivery and performance of the Registered Offering Transaction Documents by the Company and
the consummation by the Company of the transactions contemplated hereby and thereby will not (i) result in a violation of the
Articles of Incorporation or the By-laws; or (ii) conflict with, or constitute a material default (or an event which with notice
or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which the Company or any
of its Subsidiaries is a party, or to the Company’s knowledge result in a violation of any law, rule, regulation, order,
judgment or decree (including United States federal and state securities laws and regulations and the rules and regulations of
the Principal Market or principal securities exchange or trading market on which the Common Stock is traded or listed) applicable
to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound
or affected. Neither the Company nor its Subsidiaries is in violation of any term of, or in default under, the Articles of Incorporation
or the By-laws or their organizational charter or by-laws, respectively, or any contract, agreement, mortgage, indebtedness, indenture,
instrument, judgment, decree or order or any statute, rule or regulation applicable to the Company or its Subsidiaries, except
for possible conflicts, defaults, terminations, amendments, accelerations, cancellations and violations that would not individually
or in the aggregate have or constitute a Material Adverse Effect. The business of the Company and its Subsidiaries is not being
conducted, and shall not be conducted, in violation of any law, statute, ordinance, rule, order or regulation of any governmental
authority or agency, regulatory or self-regulatory agency, or court, except for possible violations the sanctions for which either
individually or in the aggregate would not have a Material Adverse Effect. Except as specifically contemplated by this Agreement
and as required under the 1933 Act or any securities laws of any states, to the Company’s knowledge, the Company is not
required to obtain any consent, authorization, permit or order of, or make any filing or registration (except the filing of a
registration statement as outlined in the Registration Rights Agreement between the Parties) with, any court, governmental authority
or agency, regulatory or self-regulatory agency or other third party in order for it to execute, deliver or perform any of its
obligations under, or contemplated by, the Registered Offering Transaction Documents in accordance with the terms hereof or thereof.
All consents, authorizations, permits, orders, filings and registrations which the Company is required to obtain pursuant to the
preceding sentence have been obtained or effected on or prior to the date hereof and are in full force and effect as of the date
hereof. The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.
The Company is not, and will not be, in violation of the listing requirements of the Principal Market as in effect on the date
hereof and on each of the Closing Dates and is not aware of any facts which would reasonably lead to delisting of the Common Stock
by the Principal Market in the foreseeable future.

 

    	 

    	- 11
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4.6
SEC DOCUMENTS; FINANCIAL STATEMENTS. As of the date hereof, the Company has filed all reports, schedules, forms, statements
and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the
foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and
documents incorporated by reference therein, and amendments thereto, being hereinafter referred to as the “SEC Documents”).
The Company has delivered to the Investor or its representatives, or they have had access through EDGAR to, true and complete
copies of the SEC Documents. As of their respective filing dates, the SEC Documents complied in all material respects with the
requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC or the time they were amended, if amended, contained any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. As of their respective dates, the
financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable
accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have
been prepared in accordance with generally accepted accounting principles, by a firm that is a member of the Public Companies
Accounting Oversight Board (“PCAOB”) consistently applied, during the periods involved (except (i) as may be
otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to
the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the
financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then
ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). No other written information provided
by or on behalf of the Company to the Investor which is not included in the SEC Documents, including, without limitation, information
referred to in Section 4.3of this Agreement, contains any untrue statement of a material fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstance under which they are or were made, not misleading.
The Company’s knowledge, neither the Company nor any of its Subsidiaries or any of their officers, directors, employees
or agents have provided the Investor with any material, nonpublic information which was not publicly disclosed prior to the date
hereof and any material, nonpublic information provided to the Investor by the Company or its Subsidiaries or any of their officers,
directors, employees or agents prior to any Closing Date shall be publicly disclosed by the Company prior to such Closing Date.

 

4.7
ABSENCE OF CERTAIN CHANGES. Except as otherwise set forth in the SEC Documents, the Company does not intend to change the
business operations of the Company in any material way. The Company has not taken any steps, and does not currently expect to
take any steps, to seek protection pursuant to any bankruptcy law nor does the Company or its Subsidiaries have any knowledge
or reason to believe that its creditors intend to initiate involuntary bankruptcy proceedings.

 

4.8
ABSENCE OF LITIGATION AND/OR REGULATORY PROCEEDINGS. Except as set forth in the SEC Documents, there is no action, suit,
proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or
body pending or, to the knowledge of the executive officers of Company or any of its Subsidiaries, threatened against or affecting
the Company, the Common Stock or any of the Company’s Subsidiaries or any of the Company’s or the Company’s
Subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a Material Adverse
Effect.

 

    	 

    	- 12
                                                                                                                                                                                                                     - 

    

 

4.9
ACKNOWLEDGMENT REGARDING INVESTOR’S PURCHASE OF SHARES. The Company acknowledges and agrees that the Investor is
acting solely in the capacity of an arm’s length purchaser with respect to the Registered Offering Transaction Documents
and the transactions contemplated hereby and thereby. The Company further acknowledges that the Investor is not acting as a financial
advisor or fiduciary of the Company (or in any similar capacity) with respect to the Registered Offering Transaction Documents
and the transactions contemplated hereby and thereby and any advice given by the Investor or any of its respective representatives
or agents in connection with the Registered Offering Transaction Documents and the transactions contemplated hereby and thereby
is merely incidental to the Investor’s purchase of the Securities, and is not being relied on by the Company. The Company
further represents to the Investor that the Company’s decision to enter into the Registered Offering Transaction Documents
has been based solely on the independent evaluation by the Company and its representatives.

 

4.10
NO UNDISCLOSED EVENTS, LIABILITIES, DEVELOPMENTS OR CIRCUMSTANCES. Except as set forth in the SEC Documents or required
with respect to the Registered Offering Transaction Documents, as of the date hereof, no event, liability, development or circumstance
has occurred or exists, or to the Company’s knowledge is contemplated to occur, with respect to the Company or its Subsidiaries
or their respective business, properties, assets, prospects, operations or financial condition, that would be required to be disclosed
by the Company under applicable securities laws on a registration statement filed with the SEC relating to an issuance and sale
by the Company of its Common Stock and which has not been publicly announced.

 

4.11
EMPLOYEE RELATIONS. Neither the Company nor any of its Subsidiaries is involved in any union labor dispute nor, to the
knowledge of the Company or any of its Subsidiaries, is any such dispute threatened. Neither the Company nor any of its Subsidiaries
is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that relations with their employees
are good. No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends
to leave the Company’s employ or otherwise terminate such officer’s employment with the Company.

 

4.12
INTELLECTUAL PROPERTY RIGHTS. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted.
Except as set forth in the SEC Documents, none of the Company’s trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses, approvals, government authorizations, trade secrets or
other intellectual property rights necessary to conduct its business as now or as proposed to be conducted have expired or terminated,
or are expected to expire or terminate within two (2) years from the date of this Agreement. The Company and its Subsidiaries
do not have any knowledge of any infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent
rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade secret or other similar
rights of others, or of any such development of similar or identical trade secrets or technical information by others and, except
as set forth in the SEC Documents, there is no claim, action or proceeding being made or brought against, or to the Company’s
knowledge, being threatened against, the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights,
invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement; and
the Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing. The
Company and its Subsidiaries have taken commercially reasonable security measures to protect the secrecy, confidentiality and
value of all of their intellectual properties.

 

    	 

    	- 13
                                                                                                                                                                                                                     - 

    

 

4.13
ENVIRONMENTAL LAWS. The Company and its Subsidiaries (i) are, to the knowledge of the management and directors of the Company
and its Subsidiaries, in compliance with any and all applicable foreign, federal, state and local laws and regulations relating
to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”); (ii) have, to the knowledge of the management and directors of the Company, received
all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses
as currently conducted; and (iii) are in compliance, to the knowledge of the management and directors of the Company, with all
terms and conditions of any such permit, license or approval where, in each of the three (3) foregoing cases, the failure to so
comply would have, individually or in the aggregate, a Material Adverse Effect.

 

4.14
TITLE. The Company and its Subsidiaries have good and marketable title to all personal property owned by them which is
material to the business of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects
except such as are described in the SEC Documents or such as do not materially affect the value of such property and do not interfere
with the use made and proposed to be made of such property by the Company or any of its Subsidiaries. Any real property and facilities
held under lease by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings
by the Company and its Subsidiaries.

 

4.15
INSURANCE. Each of the Company’s Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the
businesses in which the Company and its Subsidiaries are engaged. Neither the Company nor any of its Subsidiaries has been refused
any insurance coverage sought or applied for and neither the Company nor its Subsidiaries has any reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.

 

4.16
REGULATORY PERMITS. The Company and its Subsidiaries have in full force and effect all certificates, approvals, authorizations
and permits from the appropriate federal, state, local or foreign regulatory authorities and comparable foreign regulatory agencies,
necessary to own, lease or operate their respective properties and assets and conduct their respective businesses in the manner
currently being conducted, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to
the revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals,
authorizations or permits which if not obtained, or such revocations or modifications which, would not have a Material Adverse
Effect.

 

4.17
INTERNAL ACCOUNTING CONTROLS. Except as otherwise set forth in the SEC Documents, the Company and each of its Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed
in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles by a firm with membership to the
PCAOB and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company’s management has determined that
the Company’s internal accounting controls were not effective as of the date of this Agreement as further described in the
SEC Documents.

 

    	 

    	- 14
                                                                                                                                                                                                                     - 

    

 

4.18
NO MATERIALLY ADVERSE CONTRACTS, ETC. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate
or other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

4.19
TAX STATUS. The Company and each of its Subsidiaries has made or filed all United States federal and state income and all
other tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent
that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all
unpaid and unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount,
shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and has set
aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such
returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company know of no basis for any such claim.

 

4.20
CERTAIN TRANSACTIONS. Except as set forth in the SEC Documents and except for transactions pursuant to which the Company
makes payments in the ordinary course of business upon terms no less favorable than the Company could obtain from disinterested
third parties and other than the grant of stock options disclosed in the SEC Documents, none of the officers, directors, or employees
of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than for services as
employees, consultants, officers and directors), including any contract, agreement or other arrangement providing for the furnishing
of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from
any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other entity
in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner,
such that disclosure would be required in the SEC Documents..

 

4.21
DILUTIVE EFFECT. The Company understands and acknowledges that the number of shares of Common Stock issuable upon purchases
pursuant to this Agreement will increase in certain circumstances including, but not necessarily limited to, the circumstance
wherein the trading price of the Common Stock declines during the period between the Effective Date and the end of the Open Period.
The Company’s executive officers and directors have studied and fully understand the nature of the transactions contemplated
by this Agreement and recognize that they have a potential dilutive effect on the shareholders of the Company. The board of directors
of the Company has concluded, in its good faith business judgment, and with full understanding of the implications, that such
issuance is in the best interests of the Company. The Company specifically acknowledges that, subject to such limitations as are
expressly set forth in the Registered Offering Transaction Documents, its obligation to issue shares of Common Stock upon purchases
pursuant to this Agreement is absolute and unconditional regardless of the dilutive effect that such issuance may have on the
ownership interests of other shareholders of the Company.

 

    	 

    	- 15
                                                                                                                                                                                                                     - 

    

 

4.22
LOCK-UP. The Company shall cause its officers, insiders, directors, and affiliates or other related parties under control
of the Company, to refrain from selling Common Stock during each Pricing Period.

 

4.23
NO GENERAL SOLICITATION. Neither the Company, nor any of its affiliates, nor any person acting on its behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or
sale of the Common Stock to be offered as set forth in this Agreement.

 

4.24
NO BROKERS, FINDERS OR FINANCIAL ADVISORY FEES OR COMMISSIONS. No brokers, finders or financial advisory fees or commissions
will be payable by the Company, its agents or Subsidiaries, with respect to the transactions contemplated by this Agreement.

 

SECTION
V

COVENANTS
OF THE COMPANY

 

5.1
BEST EFFORTS. The Company shall use all commercially reasonable efforts to timely satisfy each of the conditions set forth
in Section 7 of this Agreement.

 

5.2
REPORTING STATUS. During the Open Period and until one of the following occurs, the Company shall file all reports required
to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status, or take an action or fail to
take any action, which would terminate its status as a reporting company under the 1934 Act: (i) this Agreement terminates pursuant
to Section 8 and the Investor has the right to sell all of the Securities without volume restrictions pursuant to Rule
144 promulgated under the 1933 Act, or such other exemption, or (ii) the date on which the Investor has sold all the Securities
and this Agreement has been terminated pursuant to Section 8.

 

5.3
USE OF PROCEEDS. The Company will use the proceeds from the sale of the Securities (excluding amounts paid or to be paid
by the Company for fees as set forth in the Registered Offering Transaction Documents, if any) for general corporate and working
capital purposes and acquisitions or assets, businesses or operations or for other purposes that the board of directors of the
Company, in its good faith deem to be in the best interest of the Company.

 

5.4
FINANCIAL INFORMATION. During the Open Period, the Company agrees to make available to the Investor via EDGAR or other
electronic means the following documents and information on the forms set forth: (i) within five (5) Trading Days after the filing
thereof with the SEC, a copy of its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, any Current Reports on Form
8-K and any Registration Statements or amendments filed pursuant to the 1933 Act; (ii) copies of any notices and other information
made available or given to the shareholders of the Company generally, contemporaneously with the making available or giving thereof
to the shareholders; and (iii) within two (2) calendar days of filing or delivery thereof, copies of all documents filed with,
and all correspondence sent to, the Principal Market, any securities exchange or market, or the Financial Industry Regulatory
Association, unless such information is material nonpublic information.

 

5.5
RESERVATION OF SHARES. The Company shall take all action necessary to at all times have authorized, and reserved the amount
of Shares included in the Registration Statement for issuance pursuant to the Registered Offering Transaction Documents. In the
event that the Company determines that it does not have a sufficient number of authorized shares of Common Stock to reserve and
keep available for issuance as described in this Section 5.5, the Company shall use all commercially reasonable efforts
to increase the number of authorized shares of Common Stock by seeking shareholder approval for the authorization of such additional
shares.

 

    	 

    	- 16
                                                                                                                                                                                                                     - 

    

 

5.6
LISTING. The Company shall use all commercially reasonable efforts to promptly secure and maintain the listing of all of
the Registrable Securities (as defined in the Registration Rights Agreement) on the Principal Market and each other national securities
exchange and automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice
of issuance) and shall maintain, such listing of all Registrable Securities from time to time issuable under the terms of the
Registered Offering Transaction Documents. Neither the Company nor any of its Subsidiaries shall take any action which would be
reasonably expected to result in the delisting or suspension of the Common Stock on the Principal Market (excluding suspensions
of not more than one (1) Trading Day resulting from business announcements by the Company). The Company shall promptly provide
to the Investor copies of any notices it receives from the Principal Market regarding the continued eligibility of the Common
Stock for listing on such automated quotation system or securities exchange. The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 5.6.

 

5.7
FILING OF FORM 8-K. On or before the date which is four (4) Trading Days after the Execution Date, or as soon thereafter
as reasonably practicable, the Company shall file a Current Report on Form 8-K with the SEC describing the terms of the transaction
contemplated by the Registered Offering Transaction Documents in the form required by the 1934 Act, if such filing is required.

 

5.8
CORPORATE EXISTENCE. The Company shall use all commercially reasonable efforts to preserve and continue the corporate existence
of the Company.

 

5.9
NOTICE OF CERTAIN EVENTS AFFECTING REGISTRATION; SUSPENSION OF RIGHT TO MAKE A PUT. The Company shall promptly notify the
Investor upon the occurrence of any of the following events in respect of a Registration Statement or related prospectus in respect
of an offering of the Securities: (i) receipt of any request for additional information by the SEC or any other federal or state
governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration
Statement or related prospectus; (ii) the issuance by the SEC or any other federal or state governmental authority of any stop
order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose; (iii)
receipt of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Securities for sale in any jurisdiction or the initiation or notice of any proceeding for such purpose; (iv) the happening of
any event that makes any statement made in such Registration Statement or related prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration
Statement, related prospectus or documents so that, in the case of a Registration Statement, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the related prospectus, it will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (v) the Company’s reasonable determination that a post-effective
amendment or supplement to the Registration Statement would be appropriate, and the Company shall promptly make available to Investor
any such supplement or amendment to the related prospectus. The Company shall not deliver to Investor any Put Notice during the
continuation of any of the foregoing events in this Section 5.9.

 

5.10
TRANSFER AGENT. Upon effectiveness of the Registration Statement, and for so long as the Registration Statement is effective,
following delivery of a Put Notice, the Company shall deliver instructions to its transfer agent to issue Shares to the Investor
that are covered for resale by the Registration Statement free of restrictive legends.

 

    	 

    	- 17
                                                                                                                                                                                                                     - 

    

 

5.11
ACKNOWLEDGEMENT OF TERMS. The Company hereby represents and warrants to the Investor that: (i) it is voluntarily entering
into this Agreement of its own freewill, (ii) it is not entering this Agreement under economic duress, (iii) the terms of this
Agreement are reasonable and fair to the Company, and (iv) the Company has had independent legal counsel of its own choosing review
this Agreement, advise the Company with respect to this Agreement, and represent the Company in connection with this Agreement.

 

SECTION
VI

CONDITIONS
OF THE COMPANY’S ELECTION TO SELL

 

There
is no obligation hereunder of the Company to issue and sell the Securities to the Investor. However, an election by the Company
to issue and sell the Securities hereunder, from time to time as permitted hereunder, is further subject to the satisfaction,
at or before each Closing Date, of each of the following conditions set forth below. These conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion.

 

6.1
The Investor shall have executed this Agreement and the Registration Rights Agreement and delivered the same to the Company.

 

6.2
The Investor shall have delivered to the Company a Put Settlement Sheet in the form attached here to as Exhibit C on the
Put Notice Date.

 

6.3
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

SECTION
VII

FURTHER
CONDITIONS OF THE INVESTOR’S OBLIGATION TO PURCHASE

 

The
obligation of the Investor hereunder to purchase Securities is subject to the satisfaction, on or before each Closing Date, of
each of the following conditions set forth below.

 

7.1
The Company shall have executed the Registered Offering Transaction Documents and delivered the same to the Investor.

 

7.2
The Common Stock shall be authorized for quotation on the Principal Market and trading in the Common Stock shall not have been
suspended by the Principal Market or the SEC, at any time beginning on the date hereof and through and including the respective
Closing Date (excluding suspensions of not more than one (1) Trading Day resulting from business announcements by the Company,
provided that such suspensions occur prior to the Company’s delivery of the Put Notice related to such Closing).

 

7.3
The representations and warranties of the Company shall be true and correct in all material respects as of the date when made
and as of the applicable Closing Date as though made at that time and the Company shall have materially performed, satisfied and
complied with the covenants, agreements and conditions required by the Registered Offering Transaction Documents to be performed,
satisfied or complied with by the Company on or before such Closing Date. The Investor may request an update as of such Closing
Date regarding the representation contained in Section 4.3.

 

    	 

    	- 18
                                                                                                                                                                                                                     - 

    

 

7.4
The Company shall have executed and delivered to the Investor the certificates representing, or have executed electronic book-entry
transfer of, the Securities (in such denominations as the Investor shall request) being purchased by the Investor at such Closing.

 

7.5
The board of directors of the Company shall have adopted resolutions consistent with Section 4.2(ii) (the “Resolutions”)
and such Resolutions shall not have been materially amended or rescinded prior to such Closing Date.

 

7.6
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

7.7
The Registration Statement shall be effective on each Closing Date and no stop order suspending the effectiveness of the Registration
statement shall be in effect or to the Company’s knowledge shall be pending or threatened. Furthermore, on each Closing
Date (i) neither the Company nor the Investor shall have received notice that the SEC has issued or intends to issue a stop order
with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has threatened to do so (unless the SEC’s concerns have been
addressed), and (ii) no other suspension of the use or withdrawal of the effectiveness of such Registration Statement or related
prospectus shall exist.

 

7.8
At the time of each Closing, the Registration Statement (including information or documents incorporated by reference therein)
and any amendments or supplements thereto shall not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading or which would require public disclosure
or an update supplement to the prospectus.

 

7.9
If applicable, the shareholders of the Company shall have approved the issuance of any Shares in excess of the Maximum Common
Stock Issuance in accordance with Section 2.6 or the Company shall have obtained appropriate approval pursuant to the requirements
of Delaware law and the Company’s Articles of Incorporation and By-laws.

 

7.10
The conditions to such Closing set forth in Section 2.4 shall have been satisfied on or before such Closing Date.

 

7.11
The Company shall have certified to the Investor the number of Shares of Common Stock outstanding when a Put Notice is given to
the Investor. The Company’s delivery of a Put Notice to the Investor constitutes the Company’s certification of the
existence of the necessary number of shares of Common Stock reserved for issuance.

 

    	 

    	- 19
                                                                                                                                                                                                                     - 

    

 

SECTION
VIII

TERMINATION

 

This
Agreement shall terminate upon any of the following events:

 

	 	i.	when
    the Investor has purchased an aggregate of Ten Million Dollars ($10,000,000) in the Common Stock of the Company pursuant to
    this Agreement;
	 	 	 
	 	ii.	on
    the date which is thirty-six (36) months after the Effective Date; or
	 	 	 
	 	iii.	at
    such time that the Registration Statement is no longer in effect; or
	 	 	 
	 	iv.	at
    any time at the election of the Company upon 15 days written notice.

 

Any
and all shares, or penalties, if any, due under this Agreement shall be immediately payable and due upon termination of this Agreement.

 

SECTION
IX

SUSPENSION

 

This
Agreement shall be suspended upon any of the following events, and shall remain suspended until such event is rectified:

 

	 	i.	The
    trading of the Common Stock is suspended by the SEC, the Principal Market or FINRA for a period of two (2) consecutive Trading
    Days during the Open Period; or,
	 	 	 
	 	ii.	During
    the Open Period the Common Stock ceases to be registered under the 1934 Act or listed or traded on the Principal Market or
    the Registration Statement is no longer effective (except as permitted hereunder). 

 

Immediately
upon the occurrence of one of the above-described events, the Company shall send written notice of such event to the Investor.

SECTION
X

MISCELLANEOUS

 

10.1
Law Governing this Agreement. This Agreement
shall be governed by, and construed and interpreted in accordance with, the substantive laws of the Commonwealth of Puerto Rico
without giving effect to any conflict of laws rule or principle that might require the application of the laws of another jurisdiction.
Any dispute, claim, suit, action or other legal proceeding arising out of the transactions contemplated by this Agreement or the
rights and obligations of each of the Parties shall be brought only in a competent court in San Juan, Puerto Rico or in the federal
courts of the United States of America located in San Juan, Puerto Rico. The Parties to this Agreement hereby irrevocably waive
any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The Parties executing this Agreement and other agreements referred to herein
or delivered in connection herewith agree to submit to the in personam jurisdiction of such courts. The prevailing Party shall
be entitled to recover from the other Party its reasonable attorney’s fees and costs. In the event that any provision of
this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each Party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement
or any other Transaction Documents by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such Party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by law.

 

    	 

    	- 20
                                                                                                                                                                                                                     - 

    

 

10.2
LEGAL FEES; AND MISCELLANEOUS FEES. Except as otherwise set forth in the Registered
Offering Transaction Documents (including but not limited to Section 5 of the Registration Rights Agreement), each Party shall
pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by
such Party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. Any attorneys’
fees and expenses incurred by either the Company or the Investor in connection with the preparation, negotiation, execution and
delivery of any amendments to this Agreement or relating to the enforcement of the rights of any Party, after the occurrence of
any breach of the terms of this Agreement by another party or any default by another party in respect of the transactions contemplated
hereunder, shall be paid on demand by the Party which breached the Agreement and/or defaulted, as the case may be. The Company
shall pay all stamp and other taxes and duties levied in connection with the issuance of any Securities.

 

10.3
COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one
and the same instrument. This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar
electronic means with the same force and effect as if such signature page were an original thereof.

 

10.4
HEADINGS; SINGULAR/PLURAL. The headings of this Agreement are for convenience of reference and shall not form part of,
or affect the interpretation of, this Agreement. Whenever required by the context of this Agreement, the singular shall include
the plural and masculine shall include the feminine.

 

10.5
SEVERABILITY. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

10.6
ENTIRE AGREEMENT; AMENDMENTS. This Agreement is the FINAL AGREEMENT between the Company and the Investor with respect to
the terms and conditions set forth herein, and, the terms of this Agreement may not be contradicted by evidence of prior, contemporaneous,
or subsequent oral agreements of the Parties.

 

    	 

    	- 21
                                                                                                                                                                                                                     - 

    

 

10.7
NOTICES. Any notices or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by electronic mail (provided confirmation of transmission is mechanically or electronically generated and kept on file by the
sending Party); or (iii) one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the Party to receive the same. The addresses and email addresses for such communications shall be:

 

	If
        to the Company:

         

         

         

         

         

        With
        a copy to:
	 	KinerjaPay
        Corp.

        JI.
        Multatuli, No. 8A

        Medan,
        Indonesia 20151

        Attn:
        Edwin Ng, CEO and Chairman

        Email:
        edwinwng23@gmail.com

         

        Office
        of Richard Rubin

        40
        Wall Street, 28th Floor

        New
        York, NY 10005

        Attn:
        Richard Rubin, Esq.

        Email:
        rrubin@parkavenuegroup.us

	 	 	 
	If
    to the Investor:	 	Tangiers
        Global, LLC

        Caribe
        Plaza Office Building 6th Floor

        Palmeras
        St. #53

        San
        Juan, PR 00901

        Email: admin@tangierscapital.com

 

Each Party shall provide five (5) business days prior written notice to the other Party of any change in address or email address.

 

10.8
NO ASSIGNMENT. This Agreement may not be assigned.

 

10.9
NO THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Parties hereto and is not for the benefit
of, nor may any provision hereof be enforced by, any other person.

 

10.10
SURVIVAL. The representations and warranties of the Company and the Investor contained in Sections 3 and 4, the
agreements and covenants set forth in Section 5and this Section 11, shall survive each of the Closings and the termination
of this Agreement.

 

10.11
PUBLICITY. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making
public statements with respect to the transactions contemplated hereby and no Party shall issue any such press release or otherwise
make any such public statement without the prior consent of the other Party, which consent shall not be unreasonably withheld
or delayed, except that no prior consent shall be required if such disclosure is required by law, as determined solely by the
Company in consultation with its counsel. The Investor acknowledges that this Agreement and all or part of the Registered Offering
Transaction Documents may be deemed to be “material contracts” as that term is defined by Item 601(b)(10) of Regulation
S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration statements filed
under the 1933 Act or the 1934 Act. The Investor further agrees that the status of such documents and materials as material contracts
shall be determined solely by the Company, in consultation with its counsel.

 

    	 

    	- 22
                                                                                                                                                                                                                     - 

    

 

10.12
EXCLUSIVITY. The Company shall not pursue an equity line transaction similar to the transactions contemplated in this Agreement
with any other person or entity until the earlier of (i) the Effective Date and (ii) termination of this Agreement in accordance
with Section 8.

 

10.13
FURTHER ASSURANCES. Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

10.14
NO STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the Parties to
express their mutual intent, and no rules of strict construction will be applied against any Party, as the Parties mutually agree
that each has had a full and fair opportunity to review this Agreement and seek the advice of counsel on it.

 

10.15
REMEDIES. The Investor shall have all rights and remedies set forth in this Agreement and the Registration Rights Agreement
and all rights and remedies which such holders have been granted at any time under any other agreement or contract and all of
the rights which the Investor has by law. Any person having any rights under any provision of this Agreement shall be entitled
to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any default or
breach of any provision of this Agreement, including the recovery of reasonable attorney’s fees and costs, and to exercise
all other rights granted by law.

 

10.16
PAYMENT SET ASIDE. To the extent that the Company makes a payment or payments to the Investor hereunder or under the Registration
Rights Agreement or the Investor enforces or exercises its rights hereunder or thereunder, and such payment or payments or the
proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee,
receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law
or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to
be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred.

 

10.17
COMMITMENT FEE. Upon the Execution Date of this Agreement, the Company shall be required to issue to the Purchaser a 10%
$75,000 promissory note as a commitment fee (the “Commitment Fee Note”). The Commitment Fee Note will have
a 7.5 month maturity. In the event that the S-1 is declared effective within 90 days following document execution, $25,000 will
be automatically deducted from the balance of the Commitment Fee Note. In the event that the S-1 is declared effective within
135 days (but more than 90 days) following document execution, $7,500 will be automatically deducted from the balance of the Commitment
Fee Note. The Company agrees that the issuance of the Commitment Fee Note is a material obligation and that the Commitment Fee
Note is considered fully earned as of the Execution Date of this Agreement, regardless of whether or not the Company files the
S-1 or is successful in having it deemed effective by the SEC.

 

    	 

    	- 23
                                                                                                                                                                                                                     - 

    

 

SECTION
XI

NON-DISCLOSURE
OF NON-PUBLIC INFORMATION

 

The
Company shall not disclose non-public information to the Investor, its advisors, or its representatives.

 

Nothing
in the Registered Offering Transaction Documents shall require or be deemed to require the Company to disclose non-public information
to the Investor or its advisors or representatives, and the Company represents that it does not disseminate non-public information
to any investors who purchase stock in the Company in a public offering, to money Managing Members or to securities analysts,
provided, however, that notwithstanding anything herein to the contrary, the Company will, as hereinabove provided, immediately
notify the advisors and representatives of the Investor and, if any, underwriters, of any event or the existence of any circumstance
(without any obligation to disclose the specific event or circumstance) of which it becomes aware, constituting non-public information
(whether or not requested of the Company specifically or generally during the course of due diligence by such persons or entities),
which, if not disclosed in the prospectus included in the Registration Statement would cause such prospectus to include a material
misstatement or to omit a material fact required to be stated therein in order to make the statements, therein, in light of the
circumstances in which they were made, not misleading. Nothing contained in this Section 12 shall be construed to mean
that such persons or entities other than the Investor (without the written consent of the Investor prior to disclosure of such
information) may not obtain non-public information in the course of conducting due diligence in accordance with the terms of this
Agreement and nothing herein shall prevent any such persons or entities from notifying the Company of their opinion that based
on such due diligence by such persons or entities, that the Registration Statement contains an untrue statement of material fact
or omits a material fact required to be stated in the Registration Statement or necessary to make the statements contained therein,
in light of the circumstances in which they were made, not misleading.

 

SECTION
XII

ACKNOWLEDGEMENTS
OF THE PARTIES

 

Notwithstanding
anything in this Agreement to the contrary, the Parties hereto hereby acknowledge and agree to the following: (i) the Investor
makes no representations or covenants that it will not engage in trading in the securities of the Company, other than the Investor
will not short or pre-sell, either directly or indirectly through its affiliates, principals or advisors, the Common Stock at
any time during the Open Period; (ii) the Company shall comply with its obligations under Section 5.8 in a timely manner; (iii)
the Company has not and shall not provide material non-public information to the Investor unless prior thereto the Investor shall
have executed a written agreement regarding the confidentiality and use of such information; and (iv) the Company understands
and confirms that the Investor will be relying on the acknowledgements set forth in clauses (i) through (iii) above if the Investor
effects any transactions in the securities of the Company.

 

[Signatures
on Following Page]

 

    	 

    	- 24
                                                                                                                                                                                                                     - 

    

 

Your
signature on this Signature Page evidences your agreement to be bound by the terms and conditions of the Investment Agreement
as of the date first written above. The undersigned signatory hereby certifies that he has read and understands the Investment
Agreement, and the representations made by the undersigned in this Investment Agreement are true and accurate, and agrees to be
bound by its terms.

 

	 	TANGIERS GLOBAL, LLC
	 	 	 
	 	By:	/s/
Michael Sobeck
	 	Name:	Michael
Sobeck
	 	Title:	Managing
Member

 

	 	KINERJAPAY CORP.
	 	 	 
	 	By:	/s/
    Edwin Ng
	 	Name:	Edwin
Ng
	 	Title:	Chairman
and CEO

 

[SIGNATURE
PAGE OF INVESTMENT AGREEMENT]

 

    	 

     

    

 

LIST
OF EXHIBITS

 

EXHIBIT
A         Registration Rights Agreement

EXHIBIT
B         Put Notice

EXHIBIT
C         Put Settlement Sheet

 

    	 

     

    

 

EXHIBIT
A

REGISTRATION
RIGHTS AGREEMENT

See
attached.

 

    	 

     

    

 

EXHIBIT
B

FORM
OF PUT NOTICE

 

Date:

 

RE:
Put Notice Number __

 

Dear
Mr.__________,

 

This
is to inform you that as of today, KinerjaPay Corp., a Delaware corporation (the “Company”), hereby elects to exercise
its right pursuant to the Investment Agreement to require Tangiers Global, LLC to purchase shares of its common stock. The Company
hereby certifies that:

 

Put
Amount in Shares__________.

 

The
Pricing Period runs from _______________ until _______________.

 

The
current number of shares of common stock issued and outstanding is: _________________.

 

The
number of shares currently available for resale on the S-1 is: ________________________.

 

Regards,

KinerjaPay
Corp.

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

    	 

     

    

 

EXHIBIT
C

 

PUT
SETTLEMENT SHEET

 

 

Date:
________________

 

Dear
________,

 

Pursuant
to the Put given by KinerjaPay Corp., a Delaware corporation (the “Company”), to Tangiers Global, LLC (the “Investor”)
on _________________, 201_, we are now submitting the purchase price for the shares of common stock.

 

Purchase
Price per Share _________________.

 

Shares
Being Purchased ___________________.

 

Total
Purchase Price _____________________.

 

Please
have a certificate bearing no restrictive legend issued to the Investor immediately and sent via DWAC to the following account:

 

[INSERT]

 

If
not DWAC eligible, please send FedEx Priority Overnight to:

 

[INSERT
ADDRESS]

 

Once
these shares are received by us, we will have the funds wired to the Company.

 

Regards,

 

TANGIERS
GLOBAL, LLC

 

	By:	 	 
	Name:	 	 
	Title: 	Managing Member	 

 

    	 

     

    

 

SCHEDULE
4.3

 

See
attached.

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