Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT
(this "Agreement"), dated as of November 22, 2021, by and between KISSES FROM ITALY INC., a Florida corporation
(the "Company"), and MACRAB LLC, a Florida limited liability company
(together with its assigns, the “Investor”). Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the standby equity commitment agreement by and between the parties hereto, dated as of the date hereof
(as amended, restated, supplemented or otherwise modified from time to time, the "Purchase Agreement").

 

WHEREAS:

 

The Company has agreed, upon
the terms and subject to the conditions of the Purchase Agreement, to sell to the Investor up to Seven Million Five Hundred Thousand Dollars
($7,500,000.00) of Put Shares (as defined in the Purchase Agreement) and to induce the Investor to enter into the Purchase Agreement,
the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the "Securities Act"), and applicable state securities laws.

 

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

 

1.       DEFINITIONS.

 

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

 

a.       "Investor"
shall have the meaning set forth above.

 

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

 

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

d.       "Registrable
Securities" means all of the Put Shares which have been, or which may, from time to time be issued, including without limitation
all of the shares of Common Stock which have been issued or will be issued to the Investor under the Purchase Agreement (without regard
to any beneficial ownership limitation therein), the Warrant Shares (as defined in the Purchase Agreement) (the “Warrant Shares”)
(without regard to any beneficial ownership limitation therein), and shares of Common Stock issued to the Investor as a result of any
stock split, stock dividend, recapitalization, exchange or similar event or otherwise.

 

e.       "Registration
Statement" means one or more registration statements of the Company covering only the sale of the Registrable Securities.

 

 

 

    	 	1	 

     

    

 

2.       REGISTRATION.

 

a.       Mandatory
Registration. The Company shall, within sixty (60) calendar days from the date of this Agreement, file with the SEC an initial Registration
Statement covering the maximum number of Registrable Securities (beginning with the Warrant Shares with respect to Investor) as shall
be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale
of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities Act at then prevailing
market prices (and not fixed prices), subject to the aggregate number of authorized shares of the Company’s Common Stock then available
for issuance in its Certificate of Incorporation. The initial Registration Statement shall register only the Registrable Securities.
The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration
Statement and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC,
and the Company shall give due consideration to all reasonable comments. The Investor shall furnish all information reasonably requested
by the Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement declared effective
by the SEC within one hundred twenty (120) calendar days from the date hereof (or at the earliest possible date if prior to one hundred
twenty (120) calendar days from the date hereof), and any amendment declared effective by the SEC at the earliest possible date. The Company
shall use reasonable best efforts to keep the Registration Statement effective, including but not limited to pursuant to Rule 415 promulgated
under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times
until the earlier of (i) the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to
Rule 144 promulgated under the Securities and (ii) the date on which the Investor shall have sold all the Registrable Securities covered
thereby and the Maximum Commitment Amount (as defined in the Purchase Agreement) under the Purchase Agreement has been drawn down by the
Company pursuant to a Registration Statement (the "Registration Period"). The Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading. In the event that the Registration Statement becomes stale, the Company shall immediately file one or more
post-effective amendments to obtain an effective Registration Statement.

 

b.       Rule
424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file (in each case, at the
earliest possible date) with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements,
if any, to be used in connection with sales of the Registrable Securities under the Registration Statement. The Company shall file such
initial prospectus covering the Investor’s sale of the Registrable Securities on the same date that the Registration Statement is
declared effective by the SEC. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectus
prior to its filing with the SEC, and the Company shall give due consideration to all such comments. The Investor shall use its reasonable
best efforts to comment upon such prospectus within one (1) Business Day from the date the Investor receives the final pre-filing version
of such prospectus.

 

c.       Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover
all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section
2(a)) as soon as practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises, subject to any
limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use it reasonable best efforts
to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof. In
the event that any of the Put Shares or Warrant Shares are not included in the Registration Statement, or have not been included in any
New Registration Statement and the Company files any other registration statement under the Securities Act (other than on Form S-4, Form
S-8, or with respect to other employee related plans or rights offerings) (“Other Registration Statement”) then the
Company shall include in such Other Registration Statement first all of such Warrant Shares that have not been previously registered,
second all of such Put Shares that not have been previously registered, and third any other securities the Company wishes to include in
such Other Registration Statement.   The Company agrees that it shall not file any such Other Registration Statement unless
all of the Registrable Securities have been included in such Other Registration Statement or otherwise have been registered for resale
as described above.

 

 

    	 	2	 

     

    

 

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

 

3.       RELATED
OBLIGATIONS.

 

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

 

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

 

b.       The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments
and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which
Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New
Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the
final version thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the SEC
to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

 

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

 

 

 

    	 	3	 

     

    

 

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

 

e.       As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening
of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment
to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the
Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor
in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement
or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email or
facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to
any registration statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective
amendment to a registration statement would be appropriate.

 

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

 

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

 

h.       The
Company shall cooperate with the Investor to facilitate the timely preparation and delivery of the Registrable Securities (not bearing
any restrictive legend) either by DWAC, DRS, or in certificated form if DWAC or DRS is unavailable, to be offered pursuant to any registration
statement and enable such Registrable Securities to be in such denominations or amounts as the Investor may reasonably request and registered
in such names as the Investor may request.

 

i.       The
Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

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

 

 

    	 	4	 

     

    

 

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

 

l.       Within
one (1) Business Day after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the Company
shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies
to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached hereto as Exhibit
A. Thereafter, if requested by the Investor at any time, the Company shall require its counsel to deliver to the Investor a written
confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason (including, without
limitation, the issuance of a stop order) and whether or not the registration statement is current and available to the Investor for sale
of all of the Registrable Securities.

 

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

 

4.       OBLIGATIONS
OF THE INVESTOR.

 

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

 

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

 

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

 

5.       EXPENSES
OF REGISTRATION.

 

All reasonable expenses, other
than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3,
including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements
of counsel for the Company, shall be paid by the Company.

 

 

 

 

    	 	5	 

     

    

 

6.       INDEMNIFICATION.

 

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

 

 

 

 

    	 	6	 

     

    

 

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

 

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

 

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

 

7.       CONTRIBUTION.

 

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

 

8.       REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that
may at any time permit the Investor to sell securities of the Company to the public without registration ("Rule 144"),
the Company agrees, at the Company’s sole expense, to:

 

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

 

 

    	 	7	 

     

    

 

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

 

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

 

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

 

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

 

9.        
ASSIGNMENT OF REGISTRATION RIGHTS.

 

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

 

10.       AMENDMENT
OF REGISTRATION RIGHTS.

 

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

 

11.       MISCELLANEOUS.

 

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

 

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

 

If to the Company:

 

Kisses
From Italy Inc.

80 SW
8th Street, Suite 2000

Miami,
FL 33130

Email: michael@kissesfromitaly.com

 

If to the Investor:

 

MacRab LLC

738 Mandalay Grove Ct.

Merritt Island, FL 32953

E-mail: Mmcfarlane@macrab.com

 

 

    	 	8	 

     

    

 

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

 

c.       The
corporate laws of the State of Florida shall govern all issues concerning this Agreement. All other questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Florida, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Florida or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Florida. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state courts sitting in Brevard County, Florida and federal courts sitting in Brevard County, Florida, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement
in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

i.       The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

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

 

 

* * * * * *

 

    	 	9	 

     

    

 

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

 

 

 

THE COMPANY:

 

KISSES FROM ITALY INC. 

 

 

By: /s/ Michele Di Turi

Name: Michele Di Turi

Title: Chief Executive Officer

 

 

INVESTOR:

 

MACRAB LLC

 

 

By: /s/ Mackey McFarlane

Name: Mackey McFarlane

Title: Member

 

 

 

[Signature Page to registration rights agreement]

 

 

 

    	 	10	 

     

    

 

EXHIBIT A

 

TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

______, 2021

 

ClearTrust, LLC

16540 Pointe Village Dr., Suite 205

Lutz, FL 33558

 

Re: Effectiveness of Registration Statement

 

Ladies and Gentlemen:

 

We are counsel to KISSES
FROM ITALY INC., a Florida corporation (the “Company”), and have represented the Company in connection with that
certain Purchase Agreement, dated as of November 22, 2021 (the “Purchase Agreement”), entered into by and between the
Company and MacRab LLC, a Florida limited liability company (the “Investor”) pursuant to which the Company has agreed
to issue to the Investor shares of the Company's Common Stock, $0.001 par value (the “Common Stock”), in an amount
up to Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the “Put Shares”), in accordance with the terms
of the Purchase Agreement. In connection with the transactions contemplated by the Purchase Agreement, the Company has registered with
the U.S. Securities & Exchange Commission the following shares of Common Stock:

 

(1)   
__________, which includes the Put Shares to be issued to the Investor upon purchase from the Company by the Investor from time
to time in accordance with the Purchase Agreement and the Warrant Shares (as defined in the Purchase Agreement) (the “Warrant
Shares”).

 

Pursuant to the Purchase
Agreement, the Company also has entered into a registration rights agreement, of even date with the Purchase Agreement with the Investor
(the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Put
Shares and Warrant Shares under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the
Company's obligations under the Purchase Agreement and the Registration Rights Agreement, on [_____], 2021, the Company filed a Registration
Statement (File No. 333-[_________]) (the “Registration Statement”) with the Securities and Exchange Commission (the
“SEC”) relating to the resale of the Put Shares and the Warrant Shares.

 

In connection with the foregoing,
we advise you that a member of the SEC's staff has advised us by telephone that the SEC has entered an order declaring the Registration
Statement effective under the Securities Act at [_____] [A.M./P.M.] on [__________], 2021 and we have no knowledge, after telephonic inquiry
of a member of the SEC's staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose
are pending before, or threatened by, the SEC and the Put Shares and Warrant Shares are available for resale under the Securities Act
pursuant to the Registration Statement and may be issued without any restrictive legend.

 

Very truly yours,

[Company Counsel]

 

 

By:____________________

 

 

cc:MacRab LLCEX-4.1

 Exhibit 4.1 

SERVICES AGREEMENT FOR BRAZILIAN DEPOSITARY RECEIPT (BDRs) ISSUING DEPOSITARY BANK 

By this Services Agreement for Brazilian Depositary Receipt Issuing Depositary Bank, hereinafter simply referred to as “Agreement”, the parties of
which are: 
 (a) BANCO BRADESCO S.A., financial institution with its principal place of business in Núcleo Cidade de Deus, Vila Yara, no
number, Osasco, State of São Paulo, enrolled with the National Corporate Taxpayers Register of the Ministry of Economy (CNPJ/ME) under No. 60.746.948/0001-12, herein presented by its legal representatives undersigned
(“BRADESCO”); and 
 (b) NU HOLDINGS LTD., foreign company organized under the laws of Cayman Islands, with office in Campbells
Corporate Services Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands, enrolled with the CNPJ/ME under No. 24.410.913/0001-44,
herein duly presented by its legal representative (“PRINCIPAL”); 
 BRADESCO and PRINCIPAL jointly referred to as
“Parties” or individually as “Party”. 
 RECITALS: 

I. WHEREAS BRADESCO is a financial institution qualified and authorized, by the Central Bank of Brazil and the Brazilian Securities Commission
(“CVM”), to provide services for the issue, deposit and bookkeeping of securities deposit certificates, pursuant to articles 27, 34, sole paragraph, and 43 of Law No. 6,404, of December 15, 1976, as amended (“LSA”), and
CVM Resolution No. 33, of May 19, 2021; according to the relevant legislation, in particular, but not limited to, CVM Instruction No. 332, of April 4, 2000 (“ICVM 332”), and Resolution No. 3, of August 11,
2020, and the authorizations granted to it by the relevant authorities; 
 II. WHEREAS PRINCIPAL is a company with principal place of business
abroad, issuer of shares that shall back BDRs, in process of registration with CVM as a foreign issuer, as well as of its BDR Program – Level III Sponsored pursuant to Article 3, item III, of ICVM 332; and 

III. WHEREAS PRINCIPAL resolves to contract BRADESCO for the provision of Depositary Institution services within the scope of the BDR
Program, which shall be backed by shares issued by it. 
 The Parties named and qualified above, undersigned, duly represented by their legal
representatives, as set forth in their organizational documents or other documents, hereby agree to this Agreement, pursuant to the following sections and conditions: 

SECTION ONE 
 DEFINITIONS

 “Share(s)” – Class A Common Share(s) issued by PRINCIPAL. 

“Central Bank” – Central Bank of Brazil. 

“BDRs” – Brazilian Depositary Receipts, to be issued by BRADESCO under the terms of this Agreement and the applicable
legislation, within the scope of a BDR Program – Level III, sponsored by PRINCIPAL. Each BDR shall (i) represent a percentage of a Share, which shall be timely defined at the time of launch of the initial public offering, and which
shall be deposited with the Custodian, (ii) be issued by BRADESCO in registered book-entry form, integers, without fractions, and (iii) be negotiable on an organized
over-the-counter market and on a stock exchange. Each BDR shall grant its holder all rights and benefits proportional to the percentage of Shares it represents, provided
that the exercise of the rights granted to the Beneficiaries shall be subject to the terms and conditions set forth in this Agreement. 

 “Beneficiaries” – Individual or legal entity in whose name a BDR may be registered in
BRADESCO’s deposit accounts held for this purpose. 
 “B3” – B3 S.A. - Brasil, Bolsa e Balcão. 

“Brazilian Civil Code” – Law No. 10,406, of January 10, 2002, as amended. 

“Custodian” – The Bank of New York Mellon, as agent of BRADESCO, for the purposes of this Agreement, and any other company that
may in the future be appointed custodian by BRADESCO, subject to prior written acceptance by the CUSTODIAN. 
 “CVM” –
Brazilian Securities Commission. 
 “Business Days” – Days in which banks are open in the Cities of São Paulo and New York.

 “Proportion of BDRs’ Backing” – a percentage of a Share, defined according to the initial public offering. 

SECTION TWO 
 PURPOSE

 2.1. The purpose of this Agreement is to regulate the terms and conditions under which BRADESCO shall provide the Depositary Institution
services, with the obligation to proceed with the issue, deposit and bookkeeping of PRINCIPAL’s Brazilian depositary receipts (the BDRs), under the terms of the applicable legislation. 

SECTION THREE 

DESCRIPTION OF THE SERVICES 
 3.1.
Registration of the BDR Program with CVM – BRADESCO, as an issuing and depositary institution, together with PRINCIPAL, shall provide for registration with CVM of the Sponsored BDR Program – Level III. 

3.2. Issue of BDRs – BRADESCO shall issue BDRs, in registered book-entry form, backed by PRINCIPAL’s Shares that are deposited
in its name with the Custodian. 
 3.2.1. For the issue of BDRs, the Beneficiary, under its responsibility, may, at any time, instruct a
Brazilian brokerage firm that acts together with a foreign brokerage firm to carry out the purchase and/or deposit of Shares abroad, with the purpose of backing the issue of BDRs in Brazil, making the deposit of the Shares with the Custodian. 

3.2.2. In the purchase of Shares abroad, which shall back the issue of BDRs, the brokerage firm shall provide for the contracting and closing
of exchange, with the specific nature for the BDR Program, in addition to the submission of the purchase brokerage bill and other documents that may be required by the financial institution responsible for closing the exchange. 

3.2.3 Upon receiving the information related to the foreign exchange operations mentioned in Section 3.2.2 above, BRADESCO shall
register the corresponding currency operations and the relevant changes in the ownership records of the BDRs in the registry books: (i) the Custodian shall receive the information from the Brazilian custody agent or brokerage firm,
stating which custody agent and customer in Brazil should receive the BDRs; (ii) upon receipt of the information, the Custodian shall inform BRADESCO of the Shares received by the Custodian through communication from
PRINCIPAL or any other accepted in this Agreement; (iii) the fees related to the issue of BDRs shall be transferred to the Beneficiary as described in item 4 of Exhibit I to this Agreement; and (iv) all documents relevant to the
BDRs purchase process shall be sent to BRADESCO. 
 3.3. Only after delivery of: (i) Beneficiaries’ information (communication from
PRINCIPAL); (ii) issue fee; (iii) instruction to issue BDRs; (iv) copy of the FX agreement for payment of Shares abroad; (v) copy of the brokerage bill, and (vi) verification of documents, BRADESCO shall issue the
relevant BDRs. 

 3.4. Information to the Central Bank, CVM and Relevant Authorities – BRADESCO shall
communicate to the Central Bank and other relevant authorities, in the manner and within the term provided for in the regulations in force, about the operations that occurred in relation to the BDRs, including, without limitation, the name of the
Beneficiaries, as amended from time to time, and the cancellation of BDRs. 
 3.4.1. BRADESCO agrees to provide CVM, at any time and
within the term that may be determined by the latter, any information and documents relating to the approved BDR Program and the issued BDRs, keeping the statements that reflect the daily operation of issued and canceled BDRs up to date and
available. 
 3.5. Implementation of data – BRADESCO shall implement in its system the name and qualification of the Beneficiaries, the
respective number, type and form of the BDRs and any existing liens, according to the reports provided by the Custodian through communication from PRINCIPAL, by PRINCIPAL, or by B3, as set forth section 3.2.2 above. 

3.6. Registration of BDRs – BRADESCO shall maintain, on behalf of each Beneficiary, or on behalf of B3, for investors who wish to hold their BDRs
in custody, a registration of the BDRs, being responsible for the bookkeeping, control and custody of the books, keeping CVM informed and available to it any and all facts related to the BDRs or PRINCIPAL. 

3.6.1. The BDRs may be kept in custody at B3, and it is possible to withdraw from custody for registration in PRINCIPAL’s BDRs
Registry Book maintained by BRADESCO. 
 3.6.2. Ownership of the BDRs shall be presumed through the extract to be provided by
BRADESCO to the BDR holders who maintain their certificates in the BDRs Registry Book, and through the custody extract to be provided by B3 to the BDR holders who hold their certificates in custody at the latter institution. 

3.7. Information to PRINCIPAL – BRADESCO shall provide PRINCIPAL with access to the records of the BDRs, and shall also provide
PRINCIPAL, if requested by its representative, with the following documents: 
 (i) daily list of the names of the Beneficiaries and
the gross, net and withholding income tax amounts, relating to the payment of dividends and other income; 
 (ii) ratio of the total gross,
net and withholding income tax amounts, relating to the payment of dividends and other income, according to the frequency required by tax legislation; 

(iii) list or magnetic tape annually provided with the name of the Beneficiaries and the gross, net and withholding income tax amounts,
relating to the payment of dividends and other income; 
 (iv) list of each trade carried out by the holder of the BDRs, with the information
provided by the non-organized over-the-counter market or by the stock exchange where they are traded; 

(v) monthly list of the names of the Beneficiaries and the position of each one; 

(vi) daily list, and at the end of the preferential and unsubscribed terms, of the name and qualification of the subscribers, the number of
PRINCIPAL’s Shares subscribed relevant to the BDRs, and the amounts received; 
 (vii) list of the names of BDR holders relating
to any date chosen by PRINCIPAL and, in particular, on specific cut-off dates for the purpose of attending PRINCIPAL’s corporate events, including, but not limited to, that of Beneficiaries
for shareholders’ meetings. 

 (vii.i) exclusively in relation to the BDRs held in custody at B3, the availability to
PRINCIPAL is subject to the submission of the necessary information, in a timely manner, by B3 to BRADESCO. 
 3.7.1. Other
specific information and services requested or in a specific layout to be provided/required by PRINCIPAL, or that are not within the information made available by BRADESCO during the services provided, shall be subject to the
availability of BRADESCO’s systems, and shall be carried out upon acceptance by PRINCIPAL of budget to be carried out for the execution of the services. 

3.8. Information to Beneficiaries, usufructuaries and trustees – BRADESCO shall provide Beneficiaries, usufructuaries and trustees
with the following documents: 
 (i) BDRs account statement whenever requested and, if not, once a year; 

(ii) dividend payment notice; 

(iii) reports for the purpose of income tax return; 

(iv) within a maximum period of one (1) business day counted as from the date of receipt of the information from PRINCIPAL, reports
in order to make the decisions public, as well as all other corporate actions and communications from PRINCIPAL (information to owners or holders of their shares, voting procedures, tabulation of votes, etc.) that affect BDRs or the rights
and prerogatives attached thereto. 
 3.8.1. BRADESCO undertakes to develop and have available the electronic reporting system set
forth in item (iii) of section 3.8, provided that BRADESCO shall not send any printed correspondence to investors without PRINCIPAL’s knowledge and authorization. 

3.9. Bookkeeping and record of books and documents – BRADESCO shall book the opening and closing instruments, promoting the registration with the
relevant agency through BDRs registry books. 
 3.9.1. The BDRs registry book shall record the total number of BDRs, as well as issues,
cancellations and amendments arising from corporate events, such as stock splits, reverse splits, redemptions, stock dividends, among others. 

3.9.2. BRADESCO shall from time to time reconcile the BDRs recorded in the BDRs Registry Book with the total number of Shares deposited
with the Custodian. 
 3.9.3. The BDRs registry book shall contain the individual BDR holders, as well as the total number of BDRs on behalf
of B3, as the trustee of the certificates, which shall be blocked for deposit in a custody account in such entity. 
 3.10. BRADESCO shall carry out
the storage and microfilming of corporate books related to the service provided and the films used in the microfilming of PRINCIPAL’s books and documents. 

3.11. Dividends and Distributions: 

3.11.1. Cash Distributions – Whenever BRADESCO receives any cash dividend or other cash distribution on any
PRINCIPAL’s Shares, BRADESCO, through the execution of a FX agreement, shall convert such dividend or distribution into BRL and distribute the net amount thus received to the Beneficiaries entitled thereto, in proportion to the
number of BDRs held by them respectively; provided, however, that in the event that PRINCIPAL or BRADESCO is required to withhold and actually withheld such cash dividend or such other cash distribution, an amount due to taxes, the
amount distributed to the BDRs Beneficiary shall be reduced accordingly. BRADESCO shall only distribute the amount that may be distributed without allocating to any Beneficiary a 

 
fraction of a penny by rounding it to the next whole penny of a lower value. PRINCIPAL shall not pay interest or any other compensation for the period between the date on which dividends
and other cash distributions are paid abroad and the date on which the funds are credited to the Beneficiaries in Brazil, provided that PRINCIPAL simultaneously discloses abroad and in Brazil the information on the payment of dividends and
other cash distributions. 
 3.11.2. Distributions in PRINCIPAL’s Shares (Stock Dividend/Stock Split) – With due regard for
the corporate acts of PRINCIPAL, in the event that any allocation of any PRINCIPAL’s Shares occurs in shares, BRADESCO shall automatically convert, and provided that permitted by applicable law, the same into BDRs,
subject to the terms and conditions of this Agreement, registering them on behalf of the right-holder in proportion to the number of BDRs held by the right-holder respectively. However, with due regard for PRINCIPAL’s bylaws or articles
of association, in the event of allocating a fraction of BDR to one or more Beneficiaries, BRADESCO shall sell the number of PRINCIPAL’s Shares received representing the sum of the fractional parties allocated and shall distribute
the net amount received as set forth in Section 3.11.1. 
 3.11.3. PRINCIPAL shall not pay interest or any other
compensation for the period between the date on which the fractions insufficient to form a BDR are assigned and transferred to BRADESCO and the date on which the funds obtained from the sale of the fractions are delivered to the
Beneficiaries. 
 3.11.4. Other distributions – Whenever BRADESCO receives distributions other than those set forth above,
BRADESCO shall distribute them to eligible Beneficiaries in proportion to the number of BDRs held by them respectively, provided that in accordance with applicable law. If, in BRADESCO’s opinion, such division may not be carried
out proportionately, BRADESCO may choose any method it deems equitable and feasible for the purpose of executing such distribution. 

3.11.5. Method of Payment to the Beneficiaries – Payments to the Beneficiaries shall be made within three (3) business days
after receipt by BRADESCO, in Brazil, of said funds, in the following modalities: 
 (i) by credit to B3, in the case of Beneficiaries
who hold BDRs in custody at B3. B3, in turn, shall carry out the distribution to custody agents and brokerage firms, who/which shall be responsible for making the credits to the Beneficiaries registered in their records; 

(ii) by crediting the current account, as indicated, that the Beneficiary maintains with BRADESCO; 

(iii) by remittance of DOC – Credit Transfer Document or TED – Electronic Funds Transfer for credit to a current or payment account,
as indicated, that the Beneficiary maintains with another financial or payment institution, BRADESCO not being responsible for the delay in crediting the amount caused by the financial institution to which the DOC or TED shall be sent. 

(iv) personally to the Beneficiary, upon his/her attendance at any of the locations indicated in Section 10, when he/she does not have a
bank or payment account. 
 (v) BRADESCO shall not remit dividends abroad. 

3.12. Preemptive Rights and Subscription of PRINCIPAL’s Shares, Securities and any other rights applicable to the BDRs – After being informed
about the granting of preemptive rights to subscribe for bonds and securities, BRADESCO shall notify the Beneficiaries and B3 about the granting of this right, requesting the Beneficiaries to express their interest in exercising the right or
disposing of it, and PRINCIPAL shall responsible for disclosing this fact to the Brazilian market as provided for in the applicable regulations. 

 3.12.1. PRINCIPAL or the Custodian shall be responsible for informing BRADESCO
of the number of bonds and securities that may be subscribed, as well as the proportion for the exercise of this right by the Beneficiaries. PRINCIPAL or the Custodian shall also be responsible for informing BRADESCO of other
information relating to the exercise of preemptive rights, such as (i) the issue price of the bonds and securities, which shall be converted into national currency and subject to the relevant fees; (ii) the period for exercising the
subscription right; (iii) the deadline for BDR holders to express their interest to BRADESCO; (iv) the treatment of any unsubscribed shares; and (v) other information that has been disclosed abroad. 

3.12.2. The subscription price of bond and securities to be paid by BDR holders shall consist of the sum of the following items:
(i) subscription price in foreign currency converted into national currency at the PTAX sale rate, published by the Central Bank, on the day prior to sending the subscription information that BRADESCO discloses to the market;
(ii) exchange rate change verified up to the payment date, added to the issue fee per BDR, indicated in item 4 of Exhibit I to this Agreement. 

3.12.3. For BDR holders that are held in custody at B3, the latter shall individually credit the subscription rights to each BDR holder,
through brokerage firms or custody users, who/which shall inform their customers, who/which shall choose to subscribe or sell the subscription rights in Brazil, or even not exercise any of the options above. BDR holders that have their certificates
registered in the BDRs registry book shall receive from BRADESCO the subscription instrument, through which they shall be able to exercise their right or transfer it to another investor. 

3.12.4. The brokerage firm or custody agent shall exercise the right on behalf of the Beneficiaries before B3, making the payment to the
latter, which shall settle the transaction, crediting the corresponding amounts to BRADESCO, including the amount referring to the fees described in sub-item 3.12.2. The BDRs subscribed with
BRADESCO shall be settled in the institution itself. 
 3.12.5. BRADESCO shall receive from the brokerage firms, which provide
custody services through B3, the amounts necessary to pay for the subscription, plus the fees indicated in sub-item 3.12.2, and shall provide for closing of exchange for remittance abroad of the amounts due in
favor of the Custodian. 
 3.12.6. The Custodian shall receive the amount corresponding to the issue price of the Shares in foreign currency
and shall be responsible for making the respective payment to PRINCIPAL, receiving the Shares, which shall be deposited on behalf of BRADESCO with the Custodian, backing the BDRs to be issued in Brazil. 

3.12.7. PRINCIPAL shall not pay interest or any other compensation for the period between the date on which the bonds and securities are
subscribed and the date on which they are delivered to the Beneficiaries. 
 3.13. Stock split, reserve split and stock dividend – With due
regard for the provisions of PRINCIPAL’s by-laws or articles of association, BRADESCO shall amend the registration of the BDRs in cases of stock split, reverse split or stock dividend
credit, in proportion to the rights corresponding to them. 
 3.14. Beneficiaries shall not be offered rights or any other prerogatives that are or result in
being illegal or not accepted by current Brazilian legislation, or the availability of which to the Beneficiaries is impracticable. 
 3.15. Cancellation
of BDRs – With due regard for the provisions of PRINCIPAL’s by-laws or articles of association, BDRs may be canceled at any time, upon delivery of BDRs to BRADESCO for the purpose
of obtaining PRINCIPAL’s Shares represented by them, payment of the applicable taxes and fees and the execution of a BDRs cancellation instrument and other documents that may be necessary to comply with all legal obligations, and the
relevant Beneficiaries shall receive, as soon as possible, PRINCIPAL’s Shares represented by the delivered BDRs, provided that it shall not be possible to cancel the number of BDRs that result in a fraction of Company’s Share. 

 3.15.1 As soon as any Beneficiary has delivered their BDRs to BRADESCO, as set forth
in Section 3.15. above, BRADESCO shall instruct the Custodian to deliver PRINCIPAL’s Shares represented by the canceled BDRs to such Beneficiary, the delivery of which shall take place at the Custodian’s central office
or at any other place agreed between the Custodian and the relevant Beneficiary. 
 3.16. Exercise of Voting Rights – The Beneficiaries shall
have the right to instruct BRADESCO to exercise the vote corresponding to the Shares deposited with the Custodian, exclusively in relation to matters in which such Shares have voting rights, as set forth in PRINCIPAL’s bylaws.

 3.16.1. PRINCIPAL, when calling a general shareholders’ meeting in which the Shares have voting rights, shall send the call
notice to BRADESCO, already translated into Portuguese, on the same date of its disclosure to the market, so that BRADESCO may notify the Beneficiaries. 

3.16.2. Upon receipt of the call notice as set forth in Section 3.16.1 above, BRADESCO, as soon as possible, shall send a
communication to the Beneficiaries, at the addresses they maintain with BRADESCO and/or registered with B3 and the relevant brokerage firms or custody agents, which shall contain: (a) the information included in the call notice received
by BRADESCO, (b) a statement that the Beneficiaries shall have the right to send their expression of vote to BRADESCO no later than five (5) business days before the meetings are held, by filling in the voting instructions
according to the form to be sent together with the aforementioned communication; the voting instructions may be delivered via facsimile, mail or in person, to the addresses to be indicated by BRADESCO in the relevant communication, within the
aforementioned period. 
 3.16.3. BRADESCO, upon receiving the correspondence in a timely manner to pass on the information, with the
relevant voting instructions, shall tabulate and send the information to the Custodian, through a message from PRINCIPAL, correspondence in a .pdf file, SWIFT message or facsimile, within the shortest possible period before the meetings are
held or according to the applicable regulatory period. The Custodian, upon receiving the information, shall vote or appoint a proxy to vote at the relevant shareholders’ meeting, in accordance with the voting instructions received from
BRADESCO. 
 3.16.4. BRADESCO and its agents shall not be responsible for failure resulting from
non-receipt of the voting instructions or non-receipt of such instructions in a timely manner. 

3.16.5. In any case, BRADESCO shall not have the right to exercise, on a discretionary basis, the voting rights relating to the Shares
backing the BDRs. 
 3.16.6. If BRADESCO does not receive voting instructions from all Beneficiaries by the stipulated date,
BRADESCO shall exercise the voting rights considering only the instructions received from the Beneficiaries who expressed their interest within the specified period. 

3.17. Service location – The Beneficiaries shall be serviced at the locations mentioned in Section Ten of this Agreement. 

3.17.1. BRADESCO may change the service locations, upon written communication to PRINCIPAL and the Beneficiaries. 

3.18. Chargeable Fees from the Beneficiaries – Within the scope of this Agreement, BRADESCO may charge the Beneficiaries the fees agreed
from time to time with PRINCIPAL, which shall be included in this Agreement as Exhibit I. 

 3.19. Maintenance of Authorizations and Records—During the term of effectiveness of this Agreement,
BRADESCO agrees to maintain in full force all government authorizations necessary for the provision of the services subject matter of this Agreement. 

SECTION FOUR 

OBLIGATIONS OF THE PARTIES 
 4.1. In
addition to the obligations already listed throughout this Agreement, PRINCIPAL agrees to: 
 4.1.1. On the stipulated date, PRINCIPAL agrees
to credit the current account to be designated by BRADESCO with the amount of the compensation indicated in Section Six regarding the provision of the services herein agreed, as well as agrees to: 

4.1.2. Ensure that the Shares backing the BDRs remain deposited on behalf of BRADESCO in the account that it maintains with the Custodian. 

4.1.3. Deliver to the Custodian the funds related to dividends, stock dividends and other cash distributions corresponding to the BDRs. 

4.1.4. Keep BRADESCO permanently informed about its resolutions related to the services herein agreed. 

4.1.5. Communicate to BRADESCO, on the date they are called abroad, of the holding of any corporate events, including meetings, in a timely manner so
that BRADESCO may comply with the terms of this Agreement. 
 4.1.6. Do not perform or grant powers for a third party to perform any act related to
the service contracted herein without the prior consent of BRADESCO. 
 4.1.7. Pay and/or collect all future taxes and fees that may be due, on their
maturity date, to the relevant authorities, the responsibility of which is assigned by the applicable legislation. 
 4.1.8. Simultaneously disclose in
Brazil the information disclosed abroad, including material facts and corporate events decided abroad. 
 4.2. In addition to the events set forth above,
PRINCIPAL agrees to carry out all publications required by the applicable legislation and regulations. If BRADESCO is required to make any publication on behalf of PRINCIPAL under the terms of the applicable regulations,
PRINCIPAL shall refund the amounts spent by BRADESCO for this purpose. 
 4.3. In addition to the obligations already listed throughout this
Agreement, BRADESCO agrees to: 
 4.3.1. Keep the registration of the BDR Program updated with CVM, as well as request from CVM any
changes to the BDR Program requested by PRINCIPAL, using the information provided by PRINCIPAL for this purpose; 
 4.3.2.
Issue the BDRs according to the backing of the Shares deposited with the CUSTODIAN; 
 4.3.3. In relation to the BDRs held in its
custody, register the transfers of BDRs and their relevant annotations in the book-entry system for the registration of BDRs; 
 4.3.4. Upon
PRINCIPAL’s request, register in B3’s system the BDRs that may be admitted to trading in such entity’s trading environments; 

4.3.5. Adopt, in the performance of its duties and in the fulfillment of its obligation, the same standard of care that it exercises in
relation to its own assets, observing the professional principles and standards of normal diligence, prudence and expertise for certificate issue activities; 

 4.3.6. Take responsibility for proven acts or omissions that are attributable to it and that
cause the deterioration or perishing of the BDRs or the rights attached thereto; 
 4.3.7. Transfer to B3 the funds paid to it by
PRINCIPAL, directly or through the CUSTODIAN, relating to the cash distributions to which the BDR holders registered in B3’s system are entitled, as well as the funds obtained from the sale of fractions of BDRs in B3, if
applicable; 
 4.3.8. Maintain in full force all legal authorizations necessary to provide the services set forth in this Agreement; 

4.3.9. Pursuant to article 5, paragraph five, of CVM Instruction 332, provide CVM, at any time and within the period that may be determined by
the latter, with any information and documents relating to the BDR Program and the BDRs; and 
 4.3.10. Observe the procedures for
discontinuing the BDR Program that are established by the stock exchange or entity of the organized over-the-counter market in which they are traded. 

SECTION FIVE 

BENEFICIARIES’ RIGHTS 
 5.1. Each BDR
shall grant its holder all rights and benefits proportional to the percentage of the Share it represents, provided that the Beneficiaries are not PRINCIPAL’s shareholders and the exercise of the rights granted to the Beneficiaries is
subject to the terms and conditions set forth in this Agreement. 
 5.2. The Beneficiaries may, at any time and upon payment of the fee indicated in item 4
of Exhibit II to this Agreement, if applicable, in accordance with the provisions of section 3.14 above, request that the BDRs held by them be canceled and thus receive PRINCIPAL’s Shares represented by the canceled BDRs, provided that
it shall not be possible to cancel the number of BDRs that result in a fraction of Company’s Share. BRADESCO may require the Beneficiaries to present documents that evidence their identity and ownership of the BDRs. BRADESCO may
refuse to cancel the BDRs of the Beneficiaries who/which have not complied with their tax, FX or other obligations relating to the investment in the BDRs. 

SECTION SIX 

COMPENSATION AND COSTS 
 6.1. For the
services provided and as a reimbursement of incurred costs, PRINCIPAL shall pay BRADESCO the compensation indicated in Exhibit II, in accordance with the provisions established therein. 

SECTION SEVEN 
 POWER OF
ATTORNEY AND AUTHORIZATIONS 
 7.1. PRINCIPAL hereby irrevocably and irreversibly appoints and constitutes BRADESCO as its attorney-in-fact, in accordance with articles 653, 683, 686 and its sole paragraph of the Brazilian Civil Code, to which it grants special and specific powers to represent it
in the performance of the acts necessary for the provision of the services contracted herein, especially to record transfers, operations and blocking of assets, execute resolutions of its Annual and Special General Meetings, of the Board of
Directors or its Executive Board, pay willful events, give and receive release, sign instruments of Opening and Closing of Corporate Books intended for the registration of shares, represent it before the BDR holders, departments of the Registry of
Commerce, Boards of Commerce in general, Collection Agencies of the Ministry of Finance, Stock Exchange, B3, Central Bank, CVM, brokerage firms and distribution companies, and financial institutions in general, exclusively aiming at the achievement
of the subject matter of the Agreement, the delegation of powers being permitted, in whole or in party. 

 7.2. BRADESCO shall strictly observe the instructions given to it by PRINCIPAL to execute the
power of attorney granted to it. Therefore, the execution of any other legal transaction alien to this Agreement is forbidden. 
 7.3. BRADESCO is
authorized by PRINCIPAL, irrevocably and irreversibly, to provide information from the database of BDR holders or deposit accounts to regulatory and supervisory agencies and courts when requested, as well as to accept blocking orders for BDRs
registered in the deposit accounts, provided that BRADESCO shall notify PRINCIPAL as soon as it receives a request for information from regulatory and supervisory agencies and courts, as well as any blocking orders for BDRs registered
in the deposit accounts. 
 SECTION EIGHT 

TERM OF EFFECTIVENESS AND TERMINATION 

8.1. This Agreement is executed for an indefinite period of time, provided that, until the eighteenth
(18th) month, counted as from the date of execution of this instrument (“Minimum Term”), the Agreement may not be terminated by any of the Parties. 

8.1.1. After the expiration of the Minimum Term, this Agreement may be terminated, at any time, by any of the Parties, without the right to
compensation or indemnification, upon notice from the interested Party to the other Party, at least one hundred and eighty (180) days in advance, counted as from the receipt of the communication by the other Party. 

8.2. BRADESCO, after the expiration of the Minimum Term, may resign the position of Depositary Institution, as set forth herein, upon notice delivered
to PRINCIPAL, which shall only enter into full force and effect after (i) the expiration of the period of one hundred and eighty (180) days counted as from the delivery date or (ii) the appointment, by PRINCIPAL, of a
new depositary agent (“New Depositary”) and the express acceptance, by the New Depositary, of such appointment, whichever occurs first, provided that the Parties may negotiate, by mutual agreement, to continue this Agreement for a
period longer than the period mentioned in this section. 
 8.3. PRINCIPAL, after the expiration of the Minimum Term, may remove BRADESCO from
the position of Depositary Institution, as set forth herein, upon notice delivered to BRADESCO, which shall only enter into full force and effect after (i) the expiration of the period of one hundred and eighty (180) days counted as
from the delivery date or (ii) the appointment, by PRINCIPAL, of a New Depositary and the express acceptance, by the New Depositary, of such appointment, whichever occurs first. 

8.4. In both cases described in sections 8.2 and 8.3 above, BRADESCO, within a maximum period of two (2) business days counted as from the delivery
of the notice (in the case of Section 8.2) or the receipt thereof (in the case of Section 8.3), shall communicate in writing this fact to the Beneficiaries, by means of correspondence sent to the addresses of the respective brokerage firms
or custody agents, and PRINCIPAL shall disclose such fact to the Brazilian market as provided for in the applicable regulations. 
 8.5. In the event
of BRADESCO’s resignation or removal, in the manner and within the periods set forth in Sections 8.2 and 8.3 above, PRINCIPAL shall use its best efforts to appoint a New Depositary. 

8.5.1. Immediately after the appointment of the New Depositary, PRINCIPAL shall notify BRADESCO of this fact. BRADESCO,
immediately upon receipt of such notice, shall transfer to the New Depositary the registry of Beneficiaries and all rights and powers held by it due to the position of Depositary Institution, including, without limitation, ownership of
PRINCIPAL’s Shares backing the BDRs. 

 8.6. As soon as PRINCIPAL has appointed a New Depositary, BRADESCO, provided that
PRINCIPAL has complied with all its obligations defined in Section Four, agrees to: 
 (i) immediately provide PRINCIPAL or the
New Depositary with all information and documents that it may possess as a result of the services provided; 
 (ii) facilitate the transfer
of the BDRs, books, records and other information relating thereto to PRINCIPAL or the New Depositary, including making its qualified personnel available for such transfer, within a period to be determined at the time; 

(iii) provide the services stipulated herein until the actual transfer thereof to the New Depositary. 

8.7. The Beneficiaries, within a maximum period of ninety (90) days, counted as from the date of BRADESCO’s resign or removal, as Depositary
Institution of the BDR Program, with due regard for the bylaws or articles of association, may request BRADESCO to cancel their BDRs, pursuant to the regulations then in force and the receipt of PRINCIPAL’s Shares backing these
BDRs, provided that it shall not be possible to cancel the number of BDRs that result in a fraction of Company’s Share. 
 8.8. After the expiration of
the period of ninety (90) days for the request to cancel the BDRs mentioned in Section 8.7 above, if there are still issued and outstanding BDRs, BRADESCO shall no longer register any transfer of ownership of these BDRs, as well as
make any distribution to the Beneficiaries of assets and/or funds received by it, for the benefit of the Beneficiaries, as depositary agent of the BDRs. However, BRADESCO shall continue to cancel BDRs and accrue the assets and funds received
by it, for the benefit of the Beneficiaries, as Depositary Institution of the BDRs. 
 8.9. Upon expiration of the period of one (1) year counted as
from the end of the period of ninety (90) days for the request to cancel the BDRs mentioned in Section 8.8 above, BRADESCO shall cancel the BDRs then outstanding and sell PRINCIPAL’s Shares backing these BDRs, as well as
the assets that have been accrued and not distributed to the Beneficiaries, as set forth in Section 8.9 above. The funds thus obtained, together with the funds accrued for the benefit of the Beneficiaries and not distributed to them, as set
forth in Section 8.9 above, shall be deposited in a single bank account, without compensation, and shall be used for payment to the Beneficiaries, who/which may claim to BRADESCO the receipt of the amounts corresponding to their BDRs,
discounting any and all maintenance fees, charges or taxes, of any nature, levied on the funds held in this bank account. 
 8.11. Notwithstanding the
provisions of Sections 8.1 to 8.10 above, this Agreement may be immediately terminated by written communication, with due regard for, however, the provisions of section 8.6 above: 

(i) in case of non-compliance with any contractual obligation; not cured within fifteen
(15) business days of receipt of the notice informing such non-compliance; 
 (ii) if either
Party: 
 a) goes bankrupt, files for judicial reorganization or initiates
out-of-court reorganization procedures, has its bankruptcy, intervention or liquidation required; 

b) has its authorization to provide the services contracted herein revoked. 

SECTION NINE 
 AUTHORIZED
AND CONTACT PERSONS 
 9.1. BRADESCO shall only provide information and/or comply with PRINCIPAL’s orders signed by the legal
representatives, attorneys-in-fact appointed by power of attorney or indicated in the List of Authorized Persons (“Authorized Persons”). 

 9.1.1. Orders may be sent in writing or by electronic means (via Internet, email or
facsimile), provided that the means used may identify the legal representative and/or person authorized by PRINCIPAL. 
 9.1.2. In
cases where communication is sent by electronic means (via Internet, email or facsimile), PRINCIPAL shall confirm receipt of the orders by BRADESCO. 

9.1.3. PRINCIPAL agrees to immediately notify BRADESCO of the changes, inclusions and exclusions of any Authorized Person or data
informed, updating the List of Authorized Persons. 
 9.1.4. Instructions transmitted by the Authorized Persons shall be accepted by
BRADESCO, until notified otherwise in writing by PRINCIPAL. 
 9.1.5. In case of ambiguity in the instructions transmitted by
any of the Authorized Persons, BRADESCO shall: 
 (i) immediately inform in writing the issuer of the instruction regarding this
ambiguity; and 
 (ii) refuse to comply with these instructions until the ambiguity is cured. 

9.2. It is agreed between the Parties that the communications between them, set forth in this Agreement, as necessary to achieve the provision of the services
agreed herein, to be considered valid, shall be made in a clear, complete, secure and timely manner, by the means set forth in this Agreement, always confirming the receipt immediately, directed and received by people with powers to do so. 

9.3. BRADESCO, without any liability, shall comply with the instructions it believes in good faith to have been given by PRINCIPAL’s
Authorized Persons, provided that it has taken all the precautions set forth in this Agreement in order to ensure that the instructions have been given by Persons Authorized. 

9.4. All notices and communications between the Parties required or permitted under this Agreement shall be in writing and delivered to each party by
facsimile, certified letter (return receipt requested) or by personal delivery to the following addresses: 
 (i) If to PRINCIPAL, to
the persons and addresses on the List of Authorized Persons; 
 PRINCIPAL: NUBANK 

Departamentos Jurídico e de Relação com Investidores (Legal and Investor Relations Departments) 

Rua Capote Valente, n° 39 – Pinheiros 
 CEP: 05409-000 
 São Paulo, SP, Brasil. 

Phone: 0-55-11-4020-0185 

Facsimile: 0-55-11-4020-0185 

emails: beatriz.outeiro@nubank.com.br/marco.araujo@nubank.com.br/ ir@nubank.com.br 

(ii) If to BRADESCO: 
 BANCO BRADESCO S.A.

 Núcleo Cidade de Deus—Prédio Amarelo, 1° andar, Vila Yara, s/n° 

CEP: 06029-900. 
 Osasco,
São Paulo, Brasil. 

 Phone:
0-55-11-3684-4522 
 Facsimile: 0-55-11-3684-5645 
 e-mails: bradescocustodia@bradesco.com.br/dac.dr@bradesco.com.br/ dac.escrituraçao@bradesco.com.br 

SECTION TEN 
 SERVICE TO
BDR HOLDERS 
 10.1. The service to BDR holders or their legal representatives shall be made through BRADESCO branches, distributed throughout
the national territory, for the purpose of providing position information, earnings, other information and process registration requests related to BDRs issued by PRINCIPAL, and BDR holders or their legal representatives shall present
themselves with identification and representation documents. 
 SECTION ELEVEN 

CONFIDENTIALITY 
 11.1. The Parties, their
officers, employees and representatives on any account shall maintain confidentiality regarding all information to which they have access as a result of the execution of this Agreement. 

11.2. For the purposes of this Agreement, all documents, general, commercial or operational information, assessments, reviews, interpretations or other data
that have not been published lawfully and without breach of this Agreement, regarding the Parties, their customers and individuals or legal entities with which they maintain a relationship, are considered confidential, jointly or individually
referred to as confidential information. 
 11.3. The following are not considered confidential information: 

(a) information that is or becomes public domain without the interference of either Party; or 

(b) information that is known to either Party or its representatives before the beginning of the negotiations that resulted in this Agreement.

 11.4. The Parties may only reveal any confidential information to a third party upon prior written authorization from the party that owns the information.

 11.5. If either Party, by determination of a public authority or as a result of a court order, has to reveal any confidential information, it shall
proceed as follows: 
 (a) shall immediately inform the Party, which owns the confidential information, regarding the order of the public
authority or the judge, unless the information contains a prohibition in this regard; and 
 (b) shall provide all the information and
subsidies that may be necessary so that the holder of the confidential information, at its discretion, may defend itself against the disclosure of any confidential information. 

11.6. It is forbidden the use of the confidential information for any purpose other than: 

(a) the normal performance of this Agreement; or 

(b) the maintenance of records and files obtained by legislation. 

11.7. In addition to constituting a breach of contract, breach of the confidentiality duty, including that committed by its employees, officers and
representatives on any account, compels the infringing Party to pay indemnity for the damage caused to the Party that owns the information, which shall be duly assessed by final and non-appealable court
decision. 

 11.8. The payment of indemnity does not release the Parties, their officers, employees and representatives
on any account from continuing to comply, as appropriate, with the confidentiality duty, as set forth in this Agreement. 
 11.9. Whatever the cause of
dissolution of this Agreement, the Parties shall continue to be bound, by themselves and their officers, employees and representatives on any account, to observe the confidentiality duty, including for a period of two (2) years after its
termination, under penalty to indemnify the damage caused. 
 SECTION TWELVE 

GENERAL PROVISIONS 
 12.1. The omission or
forbearance of the Parties in demanding strict compliance with the terms and conditions of this Agreement shall not constitute novation or waiver, nor shall it affect their rights, which may be exercised at any time. 

12.2. This Agreement is executed in favor of all Beneficiaries, pursuant to the provisions of article 436 of the Brazilian Civil Code, and Parties are
prohibited from innovating under the terms of article 438 of the Brazilian Civil Code. 
 12.3. This Agreement may be freely amended by means of an
instrument signed by PRINCIPAL and BRADESCO, without consent of the BDR holders. Any inclusions, exclusions or changes to existing sections shall be recorded in an amendment duly signed by the Parties, which shall become an integral
part of this Agreement. 
 12.3.1. Any amendment that substantially impairs any right of the Beneficiaries shall only enter into force with
respect to outstanding BDRs after the expiration of a period of thirty (30) days counted as from the date on which such amendment is notified to the Beneficiaries holding outstanding BDRs through written communication sent to each BDR holder,
at the addresses included in the BDRs registry book, at the respective brokerage firms or custody agents. 
 12.3.2. The consent of the
Beneficiaries, in relation to any amendment that substantially impairs any of their rights, shall be presumed if, after the expiration of the period of thirty (30) days mentioned above, these Beneficiaries continue to hold BDRs. 

12.3.3. The Parties agrees to make an amendment to this Agreement within one (1) business day after the definition of the Proportion of
BDRs’ Backing by PRINCIPAL’s relevant bodies, which shall take place before the launch of the initial public offering. 
 12.4. This
Agreement shall be governed by the laws of the Federative Republic of Brazil. If BRADESCO deems that PRINCIPAL’s and its Beneficiaries’ instructions are in disagreement with such legislation, it shall immediately notify
PRINCIPAL or the Beneficiaries of such understanding. 
 12.5. It is hereby established and defined for both Parties, which irrevocably and
irreversibly execute this instrument, the absence of any liability or guarantee of BRADESCO for the payment of any event subject matter of this Agreement to the Beneficiaries, it being solely responsible for the performance of the acts and
procedures set forth in this Agreement, in accordance with the orders given by PRINCIPAL, and the latter shall defend, exempt and compensate BRADESCO against such liabilities or guarantees, except in cases where BRADESCO has
acted with fault or intentional misconduct. 
 12.6. The Parties, by themselves, their employees or agents, under the penalties of the Law, shall maintain
the most complete and absolute confidentiality of any data, materials, details, information, documents, technical and commercial product specifications of each other, and/or of third parties, that they may have knowledge of or access to, or that may
be entrusted to them, whether or not related to the provision of the service subject matter of this Agreement. Failure to comply with the provisions of this section shall result in legal penalties, the offender and whoever else caused the violation
being accountable, in civil and criminal level, except when the disclosure of such information is required by law, court order or supervisory authority, in which case, the fact shall be immediately communicated to the interested Party. 

 12.7. The Parties shall not maintain any employment relationship with managers, representatives, employees
and/or agents of each other, nor shall any form of association be established between them, therefore each of them shall be particularly and exclusively responsible for the fulfillment of their respective labor, social, social security and
occupational obligations according to the subject matter of this Agreement or any amendments hereof, even if there is legislation, case law and/or any other court or
out-of-court circumstance that may cause a different construction. 
 12.8.
Each Party is prohibited from using the terms of this Agreement, as well as each other’s trademarks, names and patents, whether in marketing or advertising, without the express prior written authorization of the other, and the aggrieved Party
may choose, at its sole discretion, to consider this Agreement automatically terminated, observing the effects of item 8.11, in addition to the infringing Party responding for the application of losses and damages that are assessed, as provided for
in the current legislation. 
 12.9. The Parties hereby irrevocably and irreversibly assume full responsibility for any losses and personal injuries, pain
and suffering or property damages that may be suffered and duly proven by the other Party and/or a third party, due to the provision of the service herein agreed, arising from the fault or intentional misconduct of the other Party, its employees or
agents. 
 12.10. Neither Party may assign or transfer, in whole or in part, to third parties, the rights and obligations arising from this Agreement,
without the prior and express written consent of the other Party. 
 12.11. PRINCIPAL hereby acknowledges that the service contracted herein is
subject to laws, rules, customs, procedures and practices, which may change from time to time. In the event of a change in legislation that, in whole or in part, limits the provision of the service contracted herein, BRADESCO shall request
from PRINCIPAL new instructions as to the procedures to be taken to fulfill the obligations assumed under this Agreement. 
 12.12. The Parties agree
to observe the provisions and obligations of this Agreement, its Exhibit and applicable law, and PRINCIPAL shall be responsible for verifying the responsibilities regarding the issue and distribution of the shares issued by it on behalf of
the relevant holders and all willful events, and BRADESCO for the provision of the services contracted herein. 
 12.13. Acts of God and force majeure
are excluded from the responsibility of the Parties, pursuant to article 393 of the Brazilian Civil Code. 
 12.14. All processes described in Section Three
shall be reviewed by BRADESCO and, if applicable, additional documents may be required from the parties involved for proper registration, as well as the processes are subject to confirmation of the authenticity of the order given, for its
release, and if all requirements are not met in accordance with the legislation in force at the time the registration takes place and also that allow the correct identification of the Beneficiary, BRADESCO may return the process to the
origin, informing the reason for such refusal. 
 12.15. The Parties represent that they were previously presented with a copy of this Agreement, containing
in full all its sections, which has been read and understood in its entirety, agreeing with its express terms. 
 12.16. The Parties agree, for themselves
and their successors, to faithfully comply with this Agreement. 
 12.17. Taxes due as a direct or indirect result of this Agreement, or its performance,
constitute taxpayer’s liability, as defined in the tax legislation. 

 12.18. Except as otherwise provided in this Agreement and/or the applicable legislation, all costs and
expenses, including, but not limited to, attorneys’, financial advisors’ and auditors’ fees and expenses, incurred in connection with this Agreement and the transactions contemplated herein, shall be paid by the Party that incurs
these costs and expenses. 
 12.19. Under no circumstances shall BRADESCO be held responsible for any acts and/or activities described in this
Agreement, which have been performed by third parties retained by PRINCIPAL. 
 12.20. Excluding the obligations imposed on BRADESCO in this
Agreement, the provisions of the Brazilian Civil Code in force and other legislation applicable to this Agreement, BRADESCO shall be held harmless from any other liability arising from acts performed with fault or intentional misconduct by
PRINCIPAL, its managers, representatives and employees, except in the case of clear fault related to BRADESCO’s responsibilities set forth in this Agreement, duly proven intentional misconduct or bad faith. 

12.21. Each of the Parties warrants to the other Party that: (i) it is vested with all powers and authority to execute and fulfill the obligations set
forth herein and carry out the transactions contemplated herein; and (ii) the execution and performance of this Agreement do not result in violation of any third-party rights, applicable law or regulation, neither in violation, non-compliance or default of any agreement, instrument or document of which it is a party or by which has any of its properties bound and/or affected, nor in the need to obtain any authorization under any agreement,
instrument or document of which it is a party or by which it has any of its properties bound and/or affected. 
 12.22. This Agreement constitutes the entire
understanding and agreement between the Parties and supersedes all prior oral or written warrants, conditions, promises, representations, contracts and agreements regarding the subject matter of this Agreement. 

12.23. The Parties jointly and expressly represent that this Agreement was executed observing the principles of honesty and good faith, by free, conscious and
firm manifestation of intent and in perfect equity. 
 12.24. If, as a result of any unappealable court decision, any provision or term of this Agreement is
considered null or void, such nullity or voidability shall not affect the validity of the other sections of this Agreement not affected by the declaration of nullity or annulment. 

12.25. The Parties represent and mutually warrant, including before their providers of goods and services, that: 

a) carry out their activities in accordance with the current legislation applicable to them, and that they hold the necessary approvals for the
execution of this Agreement and for the fulfillment of the obligations set forth herein; 
 b) do not use illegal work and undertake not to
use work practices similar to slavery, or child labor, except for the latter as an apprentice, with due regard for the provisions of the Consolidated Labor Laws, whether directly or indirectly, through their respective providers of goods and
services; 
 c) do not employ minors up to 18-yo, including minor apprentices, in places that are
harmful to their formation, physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and also at nighttime, considering this the period between ten
p.m. (22:00) and five a.m. (5:00); 
 d) do not use practices of negative discrimination and limiting access to the employment relationship
or its maintenance, such as, but not limited to, reasons of sex, origin, race, color, physical condition, religion, marital status, age, family situation or pregnancy status; 

 e) undertake to protect and preserve the environment, as well as to prevent and eradicate
practices harmful to the environment, providing their services in compliance with current legislation regarding the National Policy on the Environment and Environmental Crimes (Política Nacional do Meio Ambiente e dos Crimes
Ambientais), as well as legal, normative and administrative acts relating to the environmental and related area, issued by the Federal, State and Municipal levels. 

12.26. PRINCIPAL, as represented herein, represents to be aware of the provisions of BRADESCO Organization’s Code of Ethical Conduct, the
copy of which is available on the website www.bradesco.com.br/ri, link Corporate Governance / Codes of Ethics, as well as the commitment to comply with it and cause its employees or agents to comply with it. 

12.27. The Parties undertake to take the necessary and appropriate measures, as provided for in BACEN Circular No. 2,852/98, in CVM Instruction
No. 617/19 and subsequent amendments, in order to prevent and fight activities related to crimes of “money laundering” or concealment of assets, rights and amounts identified by Law No. 9,613/98. 

12.28. The Parties irrevocably and irreversibly represent to each other that their controllers, directors, managers and employees know and fully comply with
the provisions of the national or international laws, regulations and normative provisions addressing anti-corruption and bribery, including demanding the same from its service providers, subcontractors and agents. 

12.28.1. The Parties mutually warrant that they shall refrain from any improper, irregular or illegal conduct and that they shall not take any
action, one on behalf of the other, and/or that they shall not perform any act that may directly or indirectly favor each other or any of the companies of their respective economic conglomerates, contrary to applicable laws in Brazil or abroad. 

12.28.2. If any of the Parties becomes involved in any situation related to corruption or bribery, as a result of an action taken by the other
Party or its controllers, directors, managers, employees and service providers, including its subcontractors and agents, the Party causing such situation undertakes to assume the respective burden, including as to submit the documents that may
assist the other Party in its defense. 
 12.28.3. The Parties represent and warrant that, in relation to the obligations directly or
indirectly connected to the activities established in this instrument, any situation involving public or private active corruption and/or bribery, or any other act offering an improper advantage in exchange for formalizing the relevant contracts has
not occurred and shall not occur, and the legal provisions applicable to this type of conduct in force in the jurisdiction in which the Parties are incorporated and in the jurisdictions in which such Parties operate shall be observed. 

12.29. The Parties undertake to comply with all applicable legislation on information security, privacy and data protection, including
(whenever and when applicable) the Federal Constitution, the Consumer Protection Code, the Civil Code, the Brazilian Civil Rights Framework for the Internet (Federal Law No. 12,965/2014), its regulatory decree (Decree No. 8,771/2016), the
General Data Protection Law (Federal Law No. 13,709/2018), and other sector or general rules on the subject, undertaking only to process the data mentioned and/or in the forms set forth this instrument; upon express instructions from the data
controller; or with due legal basis, without transferring them to any third party, unless expressly authorized by the latter or any other instrument that binds them. 

 12.30. The Courts of the Judicial District of the Capital City of the State of São Paulo are elected
to settle any matters arising from this Agreement. 
 (Space intentionally left blank.) 

 In witness whereof, the Parties execute this Agreement in two (2) counterparts of equal content and for
a single effect. 
 Osasco, SP, August 31, 2021. 

BANCO BRADESCO S.A. 
 /s/
Francisco Borges Neto 
 Francisco Borges Neto 

Executive Superintendent 

/José Donizetti De Oliveira 

JOSÉ DONIZETTI DE OLIVEIRA 

Business Management Manager 

08/31/2021 
 NU HOLDINGS LTD.

 /s/ David Velez 
 David
Velez 
 CEO 
 WITNESSES: 

 

			
	 1. /s/ Marcio
José Gomes Faria
 Name: MARCIO JOSÉ GOMES FARIA

Identity Card (RG) No.: 275536336
 Individual Taxpayer’s
Register of the Ministry of Economy (CPF/ME) No.: 14792758831
	  	 2. /s/ Aloma
Miranda
 Name: Aloma Miranda
 Identity Card (RG) No.: 12848544-26
 Individual Taxpayer’s Register of the Ministry of Economy (CPF/ME) No.:
124571907-62

 EXHIBIT I – SERVICE PROVISION COMMISSION 

For the provision of services of BDR Issuing Depositary Bank, we present the following commission structure. 

1. INITIAL CONTRACTING COST 
 When contracting the
provision of services of BDR Issuing Depositary Bank, comprising the processes of implementation, participation in the registrations of the BDR Program with CVM and B3 and compliance with the operating procedures, the issuer shall be charged a
single cost of Fifty-Five thousand reais (BRL 55,000.00). 
 This amount shall be charged from the moment PRINCIPAL issues the Shares and makes them
available, through the Custodian, so that BRADESCO may issue the BDRs. No amount shall be charged to PRINCIPAL until the latter obtains the registration of the initial public offering of the BDRs with CVM. 

2. MAINTENANCE COST OF THE BDR PROGRAM AND REGISTERED INVESTORS. 

2.1. Maintenance: 
 By way of maintenance, the issuing company
shall be charged, for the provision of services of BDR Issuing Depositary Bank (Asset Bookkeeping), the monthly amount according to blocks of the number of investors in NUBANK base, always calculated on the last day of the month, as shown in the
table below: 
  

									
	  	 	BLOCKS	 	ACCRUED
	  	 	Investors	 	BRL/month	 	Investors	 	BRL/month
	
Block 1
	 	500,000	 	58,500.00	 	500,000	 	58,500.00
	
Block 2
	 	500,000	 	50,000.00	 	1,000,000	 	108,500.00
	
Block 3
	 	1,000,000	 	49,000.00	 	2,000,000	 	157,500.00
	
Block 4
	 	1,000,000	 	40,500.00	 	3,000,000	 	198,000.00
	
Block 5
	 	2,000,000	 	49,500.00	 	5,000,000	 	247,500.00
	
Block 6
	 	2,000,000	 	40,500.00	 	7,000,000	 	288,000.00

 2.2. VARIABLE COST 
 If used, the
company shall be charged the costs of the services as shown in the table below: 
  

			
	SERVICES	  	BRL
	
WILLFUL EVENTS (DIVIDENDS, JSCP (INTEREST ON NET EQUITY), STOCK

DIVIDEND, STOCK SPLITS, REVERSE SPLIT, SUBSCRIPTION, REDEMPTION, ETC.)

	 	 
	Calculation of Willful Events (per willful calculation)	  	EXEMPT
	 	 
	PAYMENT MADE (per shareholder and type of payment)	  	 
	 	 
	Bradesco Account Holder	  	1.50
	 	 
	Account Holder of other Banks (not including the Central Bank rate)	  	2.50
	 	 
	At Bradesco Branches	  	2.50

			
	 OPERATIONS (per registration)

 
 Note: Bradesco does not charge
for operations made at B3 (buy/sell).

	 	 
	Approved Event (Stock Dividend, Stock Split, Reverse Split, Subscription, Redemption, Cancellation, Merger, Spin-off and other resolutions)	  	EXEMPT
	 	 
	Registration of Liens (Connections and Releases)	  	3.00
	 	 
	Custody Operation (CBLC (Brazilian Settlement and Custody Company)/CETIP (Center of Custody and Financial
Settlement of Securities) Deposit and Withdrawal)	  	3.00
	 	 
	Transfer between Accounts (Causa Mortis, Off-Board, Gift,
Account Grouping, Court Order, etc.)	  	3.00
	 	 
	Change of Register	  	3.00
	 
	ISSUE OF NOTICES (per issued unit, not including postage
cost)
	 	 
	Credit and Receipt Notices, Proof of JSCP-IN SRF 41, Earnings
Statements, Stock Operation Statement and Subscription Instrument, Business Reply Mail to Investors (surveys and information request).	  	If any, it shall
be agreed with
PRINCIPAL
	 	 
	SUBSCRIPTION (per effective instrument)	  	4.00
	 
	DISTANCE VOTE
	 	 
	 Individuals –
unit cost per vote cast, only Bradesco Bookkeeper Bradesco
 Legal Entities – unit cost per vote cast, only Bradesco Bookkeeper
	  	3.00
 10.00

	 	 
	SPECIFIC SERVICES/REPORTS REQUESTED	  	Upon consultation

 Due to the costs described above, we shall provide to the companies the following services: 

• Service to Investors throughout Bradesco’s network of branches; 

• Maintenance of investor database, documentation of records made by the investors, filing and microfilming of documents used; 

• Preparation and availability of management reports for the base of active Investors, such as: Register, Positions, Operations, Paid Events (dividends /
JSCP), Non-Paid Events (Stock Dividend, Stock Split, Subscription) and Investors in custody at CBLC and custody operations occurred at CBLC in the “format” and “frequency” previously
established by the company; 
 • Access to Bradesco’s Book-Entry Assets System (via internet) to obtain information on Investors (Stock position,
history, operations, payments made and/or pending DIV./JSCP, List of Investors), considering the position in Bradesco’s + B3’s Books. The system also allows the electronic generation of reports in TXT or EXCEL format; 

• To cover the payment of willful events (Own JSC, Dividends and others), the issuing company may credit the amount to a current account, in reserve at
Bradesco, until 10:00 a.m., on the day of the actual payment of the event; 
 • Forms for Bookkeeping Processes (Change of Register, Transfer Order,
Information Request and Research); 
 • Inclusion of your company’s “Logo” in operation statements. 

 2.3. TRANSFER OF COSTS 

Bradesco shall transfer the following costs to the company, when they occur, which are not included in the items above: 

Postage Service Fee: 
 Fee charged by the service
provider for posting documents “Correios” (Post Office), when issuing statements, notices and communications to the shareholders, at the amounts charged on the date on which the documents are sent. 

Fees and Emoluments: 
 Fee charged by the Board of
Commerce or Registry Office responsible for registering the book, at the amount charged on the date on which the registration of the Book occurs. 

DOC / TED Fee: 
 Issue fee of Credit Transfer
Document – DOC or Electronic Funds Transfer – TED charged by the Central Bank of Brazil in the payment of events to the shareholders that are account holders of other banks, at the amounts charged on the date on which the payments occur.

 3. ISSUER’S EXPENSES IN BDRS. 
 3.1.
ISSUER’S EXPENSES ON CORPORATE EVENTS IN BDRs 
 Specifically for the operations of issue and/or cancellation of BDRs arising from Corporate Events
exclusively involving Nubank, such as: Offers, Stock Dividend, Stock Split, Reverse Split, Spin-off, Merger, Consolidation, BDR Repurchase and Cancellation, involving vehicles and/or individuals who/which
directly or indirectly participate in Nubank’s control block, the unit values shall be applied in the operations of issue or cancellation of BDRs, according to the range of the number of BDRs to be issued and/or canceled, as follows: 

 

					
	
RANGE OF THE NUMBER OF BDRS
  
	  	 VALUE PER BDR
(BRL)
  
	  	
MAXIMUM LIMIT PER

RANGE
 (IN BRL)

 

	From 0 to 100,000,000	  	0.0015	  	150,000.00
	From 100,000,001 to 250,000,000	  	0.0008	  	200,000.00
	From 250,000,001 to 500,000,000	  	0.0006	  	300,000.00
	From 500,000,001 to 1,000,000,000	  	0.0004	  	400,000.00
	Above 1,000,000,001	  	0.0002	  	500,000.00

 3.2. EXPENSES WITH THE CUSTODIAN BANK BACKING BDRs 

All expenses related to the services of the Custodian Bank for the maintenance in custody of the Shares backing issued BDRs shall be PRINCIPAL’s
responsibility. 
 4. EXPENSES OF BDR BENEFICIARIES. 

Fees to be charged to BDR Beneficiaries by the Depositary 

			
	SERVICES	  	VALUES IN BRL
	1. Issue and Cancellation per BDR (Operation) *	  	0.10
	2. Transfer of BRDs’ Ownership Off-Board (by over-the-counter transfer process, causa mortis, court order, gift and others).	  	50.00

  

	*	 Issue and Cancellation of BDRs (operation): 

For BDR balance operation processes carried out by the BDR holders through BDR issue/cancellation requests, we shall charge the compensation fee per BDR
issued and/or canceled in the amount of ten centavos (BRL 0.10), to be paid to Bradesco by the beneficiaries of the BDRs. 
 5. COST OF SPECIFIC
SERVICES 
 The company shall be charged, upon submission and approval of a budget, when requested, for the development and/or preparation of specific
reports, which shall be carried out by Bradesco and submitted for approval by the company. 
 6. CHARGE FOR THE SERVICE PROVISION 

The charge is made on the fifteenth (15th) day of each month, or on the first following business day,
following the month of the provision of Issuing and Depositary Bank services, by debiting company’s current account, FX remittance, payment through DOC or TED, or through a Bank-issued invoice by PRINCIPAL on behalf of BRADESCO,
starting after implementing the shareholders in Bradesco’s Asset Bookkeeping System. 
 7. UPDATE OF SERVICE PROVISION COSTS 

The costs shall be annually updated by IGPM – FGV (General Market Price Index – Getúlio Vargas Foundation) and, in case of extinction, we
shall adopt the substitute index contained in the Law. 
 8. PENALTIES 

8.1. The default, by either Party, of any of the payment obligations set forth in this Agreement shall characterize, by operation of law, regardless of any
notice or notification, the arrears of the defaulting Party, subjecting it to the payment of the following arrears charges: (i) interest for late payment of one percent (1%) per month, calculated pro rata temporis from the date on which
the payment was due until the date of its actual payment; (ii) conventional non-compensatory fine of two percent (2%), calculated on the relevant amount due; and (iii) in any event, the amount due
shall be adjusted for inflation from the date of its original maturity based on the accrued index of variation of IPCA (Broad Consumer Price Index) – IBGE (Brazilian Institute of Geography and Statistics), as released by Fundação
Getúlio Vargas or another that may replace it. 
 8.2. Failure to comply with any condition set forth in this Agreement by either Party, which does
not fall under Section 10.1 above, and provided that it is duly proven in a final and unappealable court decision, shall compel the infringing Party to respond for any losses and/or damages resulting from intentional misconduct, fraud and/or
fault, being also responsible for the fines, adjustments for inflation and interest arising therefrom, calculated as provided for in the legislation in force. 

8.3. No delays arising from system and/or communication failures between the Parties shall be penalized, except when caused by negligence or intentional
misconduct, which, nevertheless, shall endeavor to immediately correct such failures.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]