Document:

Exhibit
10.2

 

THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

Freight
Technologies, Inc.

 

Convertible
Promissory Note

 

	Dated:
  January 3, 2023 (the “Issuance Date”)	Up
  to $6,593,407

 

FOR
VALUE RECEIVED, Freight Technologies, Inc., a British Virgin Islands company (hereinafter called the “Maker”
or the “Company”), hereby promises to pay to the order of Freight Opportunities LLC, a limited liability company organized
and existing under the laws of the State of Delaware, or registered assigns (the “Holder”) the principal sum of up
to $6,593,407 (the “Principal Amount”) pursuant to the terms of this Convertible Promissory Note (this “Note”).
The consideration to the Maker for this Note is up to $6,000,000.00 (the “Consideration”) in United States currency,
due to the prorated original issuance discount of 9% (the “OID”) equaling up to $593,407.00. The Holder shall pay
a first tranche of the Consideration (the “First Tranche”) equal to the First Tranche Amount (as defined herein) on
the Closing Date. At the closing of the First Tranche (which shall occur on the Closing Date), the outstanding principal amount under
this Note shall consist of the First Tranche Amount plus the applicable prorated portion of the OID.

 

The
second tranche of Consideration (the “Second Tranche”) under this Note consisting of Second Tranche Amount (as defined
herein) shall be payable by the Holder to the Company no later than sixty (60) Business Days following the Closing Date of the First
Tranche; provided no Event of Default hereunder has occurred and is continuing.

 

The
third tranche of Consideration (the “Third Tranche”) under this Note consisting of Third Tranche Amount (as defined
herein) shall be payable by the Holder to the Company no later than the fifth (5th) Trading Day (i) following the date that
Equity Conditions are satisfied (collectively, the “Third Tranche Conditions”); and (ii) provided that the Ordinary
Shares have a daily VWAP over $1.00 for 20 of the last 30 Trading Days prior to the Closing and the daily dollar trading volume of the
Ordinary Shares shall have exceeded $500,000 for 20 of the last 30 Trading Days prior to the Closing (which conditions may be waived
in the sole and absolute discretion of the Holder, and in such event such Tranche may funded in whole or in part in the sole discretion
of the Holder). Notwithstanding the foregoing, the Holder shall have no obligation to fund the Third Tranche if the Third Tranche Conditions
have not been met by the date that is three (3) years from the Issuance Date. At the closing of the Third Tranche, the outstanding principal
amount under this Note shall consist of the First Tranche Amount, the Second Tranche Amount, and the Third Tranche Amount, plus the applicable
prorated portion of the OID.

 

    	 

     

    

 

The
maturity date of this Note shall be six (6) years from the Issuance Date (the “Maturity Date”), and is the date upon
which the Principal Amount as well as the OID for each tranche, shall be due and payable. This Note may not be repaid in whole or in
part except as otherwise explicitly set forth herein.

 

This
Note may not be repaid in whole or in part except as otherwise explicitly set forth herein. This Note is unsecured.

 

All
payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the Holder at the address
of the Holder set forth in the Purchase Agreement (as hereinafter defined) or at such other place as the Holder may designate from time
to time in writing to the Maker or by wire transfer of funds to the Holder’s account designated in writing by Holder to the Maker.

 

1.1
Purchase Agreement. This Note has been executed and delivered pursuant to, and is one of the Notes issued pursuant to, the Securities
Purchase Agreement, dated as of January 3, 2023 (as the same may be amended from time to time, the “Purchase Agreement”),
by and among the Maker, the other “Investors” (as such term is defined in the Purchase Agreement) and the Holder. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth for such terms in the Purchase Agreement.

 

1.2
Interest. The “Interest Rate” shall reset daily and accrue (a) for payments made in cash, at a rate equal to
the greater of (i) the Prime Rate plus four percent (4%) per annum, or (ii) nine percent (9%) and (b) for payments made in Ordinary Shares,
at a rate equal to the greater of (i) the Prime Rate plus six percent (6%) per annum, or (ii) nine percent (9%). Subject to provisions
of Section 1.2 of this Note, at the option of the Maker, the Maker may, upon not less than five Business Days’ written notice to
the Holder prior to the date on which Interest is due (the “Interest Date”), pay such Interest (i) in cash or (ii)
in such number of fully paid and non-assessable Ordinary Shares as is determined by dividing (x) that portion of the Interest by the
Interest Conversion Rate. Interest hereunder shall be due and payable on the last Trading Day of each fiscal quarter of the Maker during
the term hereof; provided that if the Equity Conditions hereunder are not satisfied, then the Maker shall be required to make such payment
of Interest in cash, which requirement may be waived by the Holder in its sole discretion.

 

1.3
Reserved.

 

1.4
Prepayment. At any time after the Issuance Date and provided that no Event of Default has occurred, but subject in all cases to
the terms of the Purchase Agreement, the Maker may repay any portion of the outstanding Principal Amount upon at least thirty (30) Trading
Days’ written notice (the “Prepayment Notice Period”) of the Holder (the “Prepayment Notice”)
by paying an amount equal to 110% of the Principal Amount then being prepaid (representing a 10% prepayment premium payable to the Holder
which shall not constitute a principal repayment). Notwithstanding the foregoing, if the Maker elects to prepay this Note pursuant to
the provisions of this Section 1.4, the Holder shall continue to have the right to issue a Conversion Notice, or Conversion Notices,
in accordance with Section 3.1 hereof, specifying the Principal Amount that the Holder will convert.

 

    	2

     

    

 

1.5
Delisting from a Trading Market. If at any time the Ordinary Shares cease to be listed on a Trading Market, (i) the Holder may,
after receiving the prior written consent of the Requisite Holder, deliver a demand for payment to the Company and, if such a demand
is delivered, the Company shall, within ten (10) Business Days following receipt of the demand for payment from the Holder, pay all of
the Outstanding Principal Amount or (ii) the Holder may, at its election and upon receiving the prior written consent of the Requisite
Holders, after the six-month anniversary of the Issuance Date or earlier if a Registration Statement covering the Conversion Shares has
been declared effective, upon notice to the Company in accordance with Section 3.1, convert all or a portion of the Outstanding Principal
Amount at the Conversion Price. Notwithstanding anything to the contrary contained herein, any payments made under this Note, including
the provisions of this Section 1.5, shall be subject in all cases to the terms of the Purchase Agreement.

 

1.6
Payment on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment
may be due on the next succeeding Business Day.

 

1.7
Transfer. This Note may be transferred or sold, subject to the provisions of Section 5.8 of this Note, or pledged, hypothecated
or otherwise granted as security by the Holder.

 

1.8
Replacement. Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or
destruction of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of
such Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.9
Use of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

1.10
Reserved.

 

1.11
Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of
the Company, other than Indebtedness owing to the other Investors under the other Notes (as such term is defined in the Purchase Agreement)
(the “Other Notes”) and existing Indebtedness owing pursuant to the Asset-Based Facility , and the obligations of
the Maker under this Note shall rank pari passu with all other Indebtedness owing to the other Investors under the Other Notes.
Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled
to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker (other than
Indebtedness in respect of the Other Notes) or any class of shares of the Maker, an amount equal to the sum of the Outstanding Principal
Amount, plus the Make-Whole Amount. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to
a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit
of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

 

    	3

     

    

 

1.12
Tax Treatment. The Maker and the Holder agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S.
income tax purposes, this Note is not intended to be, and shall not be, treated as Indebtedness. Neither the Maker nor the Holder shall
take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of Taxes, unless
otherwise required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any analogous provision of applicable state, local or non-U.S. law.

 

ARTICLE
2

 

2.1
Events of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events of
default defined in the Purchase Agreement, and any of the additional events described below (unless the Event of Default is waived in
writing by the Requisite Holder):

 

(a)
Following a three (3) Business Day opportunity to cure, any default in the payment of (i) the Principal Amount hereunder when due; or
(ii) liquidated damages in respect of this Note as and when the same shall become due and payable (whether on the Maturity Date or by
acceleration or otherwise);

 

(b)
the Maker shall fail to observe or perform any other material covenant, condition or agreement contained in this Note or any Transaction
Document;

 

(c)
the Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including for
any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion of this
Note into Ordinary Shares;

 

(d)
the Maker shall fail to (i) timely deliver the Ordinary Shares as and when required in Section 3.2; or (ii) make the payment of
any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e)
at any time the Maker shall fail to have the Required Minimum of Ordinary Shares authorized, reserved and available for issuance to satisfy
the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion) of this Note
or upon exercise of the Warrant;

 

(f)
any representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note, the Warrant
or any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as of which
made;

 

    	4

     

    

 

(g)
the Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if any) on
any Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of $250,000
or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in
any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of
which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness
to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;

 

(h)
the Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment
for the benefit of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally; (v) acquiesce
in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of bankruptcy or winding down of its operations
or issue a press release regarding same; or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous
to any of the foregoing;

 

(i)
a proceeding or case shall be commenced in respect of the Maker or any of its Subsidiaries, without its application or consent, in any
court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or
readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial
part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries; or (iii) similar relief
in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii)
shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any order for relief shall be entered
in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction
(foreign or domestic) against the Maker or any of its Subsidiaries or action under the laws of any jurisdiction (foreign or domestic)
analogous to any of the foregoing shall be taken with respect to the Maker or any of its Subsidiaries and shall continue undismissed,
or unstayed and in effect for a period of forty-five (45) days;

 

(j)
one or more final judgments, settlements, or orders for the payment of money aggregating in excess of $250,000 (or its equivalent in
the relevant currency of payment) are rendered against or entered into one or more of the Company and its Subsidiaries, excluding the
matter set forth on Schedule 2.1(j);

 

(k)
the failure of the Maker to instruct its transfer agent to remove any legends from the Ordinary Shares and issue such unlegended certificates
to the Holder within three (3) Trading Days of the Holder’s lawful request so long as the Holder has provided reasonable assurances
to the Maker that such Ordinary Shares can be sold pursuant to Rule 144 or any other applicable exemption;

 

    	5

     

    

 

(l)
the Maker’s Ordinary Shares are no longer publicly traded or cease to be listed on the Trading Market or, after the six month anniversary
of the Issuance Date, any Investor Shares may not be immediately resold under Rule 144 without restriction on the number of shares to
be sold or manner of sale, unless such Investor Shares have been registered for resale under the 1933 Act and may be sold without restriction;

 

(m)
the Maker consummates a “going private” transaction and as a result Ordinary Shares are no longer registered under Sections
12(b) or 12(g) of the 1934 Act;

 

(n)
there shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer agent
for the Ordinary Shares restricting the trading of such Ordinary Shares;

 

(o)
the Depository Trust Company places any restrictions on transactions in the Ordinary Shares or the Ordinary Shares is no longer tradeable
through the Depository Trust Company Fast Automated Securities Transfer program;

 

(p)
any of the Key Executives is indicted or convicted of a felony; or

 

(q)
the occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole which would reasonably
be considered to substantially impair the ability of the Maker to satisfy its obligations in the Transaction Documents.

 

2.2
Remedies Upon an Event of Default.

 

(a)
Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or
(ii) ten (10) Business Days for all other Events of Default; provided, however, that there shall be no cure period for
an Event of Default described in Section 2.1(i), or 2.1(j), the Maker shall be obligated to pay to the Holder the Mandatory
Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs
and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or
the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof (provided all payments shall
be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

 

(b)
Upon the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within two (2) Business Day of
the occurrence of such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event or factual
situation giving rise to the Event of Default and specifying the relevant subsections of Section 2.1 hereof under which such Event of
Default has occurred.

 

    	6

     

    

 

(c)
If an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or (ii)
ten (10) Business Days for all other Events of Default; provided, however, that there shall be no cure period for an Event of Default
described in Section 2.1(i), or 2.1(j), the Holder may at any time at its option, subject to receiving the prior written consent of the
Requisite Holder, declare the Mandatory Default Amount due and payable, and thereupon, the same shall be accelerated and so due and payable,
without presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker;
provided, however, that upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion,
but subject to receiving the prior written consent of the Requisite Holder, may: (a) from time-to-time demand that all or a portion of
the Outstanding Principal Amount be converted into Ordinary Shares at a price per share equal to 0.80 times the Market Price; provided,
that, if at the time of such demand the Market Price is less than the Floor Price, and the Company desires to exercise a right to waive
the Floor Price and issue Conversion Shares at less than the Floor Price, then in lieu of receiving such demanded portion of the Outstanding
Principal Amount in Conversion Shares, the Holder may elect to receive a cash payment derived by multiplying (i) the number of Ordinary
Shares which would have been required to be delivered pursuant to the above provisions by (ii) the VWAP of the Ordinary Shares on the
last Trading Day prior to the date of such demand; and provided, further however, that the conversion right set forth in this clause
(a) shall not be exercisable by the Holder if, prior to such right being exercised, the Event of Default in question if capable of being
cured, has been cured, or (b) exercise or otherwise enforce any one or more of the Holder’s rights, powers, privileges, remedies
and interests under this Note, the Purchase Agreement, the other Transaction Documents or applicable law. Upon the occurrence of an Event
of Default described in clauses Sections 2.1(i) or (j) above, the Mandatory Default Amount shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Maker. No course of delay on the part
of the Holder (including because the Holder has not obtained the consent of the Requisite Holders) shall operate as a waiver thereof
or otherwise prejudice the rights of the Holder. No remedy conferred hereby shall be exclusive of any other remedy referred to herein
or now or hereafter available at law, in equity, by statute or otherwise. All payments shall be subject to the provisions of the Purchase
Agreement with respect to the holders of the Other Notes.

 

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ARTICLE
3

 

3.1
Conversion.

 

(a)
Conversion. This Note shall be convertible (in whole or in part), at the option of the Holder, into such number of fully paid
and non-assessable Ordinary Shares as is determined by dividing (x) that portion of (A) the Outstanding Principal Amount, (B) accrued
and unpaid Interest with respect to such Outstanding Principal Amount of this Note, (C) the Make-Whole Amount, if any, that the Holder
elects to convert (the “Conversion Amount”) by (y) the Conversion Price then in effect on the date on which the Holder
delivers a notice of conversion, in substantially the form attached hereto as Exhibit A (the “Conversion Notice”),
in accordance with Section 5.1 to the Maker. The Holder shall deliver this Note to the Maker at the address designated in the Purchase
Agreement at any such time that this Note is converted. With respect to partial conversions of this Note, the Maker shall keep written
records of the amount of this Note converted as of the date of such conversion (each, a “Conversion Date”).

 

(b)
Conversion Price. The “Conversion Price” means $0.23, and shall be subject to adjustment as provided herein.

 

3.2
Delivery of Conversion Shares. As soon as practicable after any conversion or payment of any amount due hereunder in the form
of Ordinary Shares in accordance with this Note, and in any event within two (2) Trading Days thereafter (such date, the “Share
Delivery Date”), the Maker shall, at its expense, cause to be issued in the name of and delivered to the Holder, or as the
Holder may direct, a certificate or certificates evidencing the number of fully paid and non-assessable Ordinary Shares to which the
Holder shall be entitled on such conversion or payment (the “Conversion Shares”), in the applicable denominations
based on the applicable conversion or payment. In lieu of delivering physical certificates for the Ordinary Shares issuable upon any
conversion of this Note, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program or a similar program, upon request of the Holder, the Company shall cause its transfer agent
to electronically transmit such Ordinary Shares issuable upon conversion of this Note to the Holder (or its designee), by crediting the
account of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided
that the same time periods herein as for share certificates shall apply) as instructed by the Holder (or its designee).

 

3.3
Ownership Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing
Equity Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause the Holder
Group (as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d)
of the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under
the 1934 Act which exceeds the Maximum Percentage (as defined below) of the Equity Interests of such class that are outstanding at such
time. Any purported delivery of Equity Interests in connection with the conversion of this Note prior to the termination of this restriction
in accordance herewith shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the
Holder Group becoming the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered
under the 1934 Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following conversion of this
Note is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not
be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with the
terms hereof. To the extent limitations contained in this Section 3.3 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute the Holder’s determination that the issuance of the full number
of Conversion Shares requested in the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify
or confirm the accuracy of such determination. For purposes of this Section 3.3, (i) the term “Maximum Percentage”
shall mean 4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class
of Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase to
9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically
decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); and (ii) the term “Holder
Group” shall mean the Holder plus any other Person with which the Holder is considered to be part of a group under Section
13 of the 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the 1934 Act. In determining the number
of Equity Interests of a particular class outstanding at any point in time, the Holder may rely on the number of outstanding Equity Interests
of such class as reflected in (x) the Company’s most recent Form 20-F or Form 6-K filed with the Securities and Exchange Commission,
as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company or its transfer agent
to the Holder setting forth the number of Equity Interests of such class then outstanding. For any reason at any time, upon written or
oral request of the Holder, the Company shall, within one (1) Business Day of such request, confirm orally and in writing to the Holder
the number of Equity Interests of any class then outstanding. The provisions of this Section 3.3 shall be construed, corrected
and implemented in a manner so as to effectuate the intended beneficial ownership limitation herein contained.

 

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3.4
Adjustment of Conversion Price.

 

(a)
Until the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as follows
(but shall not be increased, other than pursuant to Section 3.4(a)(i) hereof):

 

(i)
Adjustments for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) effect a split of the outstanding Ordinary Shares, the applicable Conversion Price in effect
immediately prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date), combine the outstanding Ordinary Shares, the applicable Conversion Price
in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 3.4(a)(i)
shall be effective at the close of business on the date the stock split or combination occurs.

 

(ii)
Adjustments for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date
(but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares
entitled to receive a dividend or other distribution payable in Ordinary Shares, then, and in each event, the applicable Conversion Price
in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall
have been fixed, as of the close of business on such record date, by multiplying the applicable Conversion Price then in effect by a
fraction:

 

(1)
the numerator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date; and

 

(2)
the denominator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date plus the number of Ordinary Shares issuable in payment of such dividend or distribution.

 

(iii)
Adjustment for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares entitled
to receive a dividend or other distribution payable in other Ordinary Shares, then, and in each event, an appropriate revision to the
applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the
Holder of this Note shall receive upon conversions thereof, in addition to the number of Ordinary Shares receivable thereon, the number
of securities of the Maker or other issuer (as applicable) or other property that it would have received had this Note been converted
into Ordinary Shares in full (without regard to any conversion limitations herein) on the date of such event and had thereafter, during
the period from the date of such event to and including the Conversion Date, retained such securities (together with any distributions
payable thereon during such period) or assets, giving application to all adjustments called for during such period under this Section
3.4(a)(iii) with respect to the rights of the holders of this Note; provided, however, that if such record date shall have been fixed
and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall
be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

(iv)
Adjustments for Reclassification, Exchange or Substitution. If the Ordinary Shares at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities
of any class of shares or other property, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock
split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii) hereof, or a reorganization,
merger, consolidation, or sale of assets provided for in Section 3.4(a)(viii) hereof), then, and in each event, an appropriate
revision to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so
that the Holder shall have the right thereafter to convert this Note into the kind and amount of shares or other securities or other
property receivable upon reclassification, exchange, substitution or other change, by holders of the number of Ordinary Shares into which
such Note might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to
further adjustment as provided herein.

 

    	9

     

    

 

(v)
Adjustment Due to Dilutive Issuance. If, at any time when any Notes are issued and outstanding, the Company issues or sells, or
in accordance with this Section 3.4(a)(v) hereof is deemed to have issued or sold, except for Ordinary Shares issued in an issuance of
Exempt Securities (as defined in the Purchase Agreement), any Ordinary Shares for a consideration per share (before deduction of reasonable
expenses or commissions or underwriting discounts or allowances in connection therewith) less than the Conversion Price in effect on
the date of such issuance (or deemed issuance) of such Ordinary Shares (a “Dilutive Issuance”), then immediately upon the
Dilutive Issuance, the Conversion Price will be reduced to the amount of the consideration per share received by the Company in such
Dilutive Issuance.

 

The
Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or grants any warrants, rights or
options (not including employee stock option plans), whether or not immediately exercisable, to subscribe for or to purchase Ordinary
Shares or other securities convertible into or exchangeable for Ordinary Shares (“Convertible Securities”) (such warrants,
rights and options to Ordinary Shares or Convertible Securities are hereinafter referred to as “Options”) and the price per
share for which such Ordinary Shares are issuable upon the exercise of such Options is less than the Conversion Price then in effect,
then the Conversion Price shall be equal to such price per share. For purposes of the preceding sentence, the “price per share
for which such Ordinary Shares are issuable upon the exercise of such Options” is determined by dividing (i) the total amount,
if any, received or receivable by the Company as consideration for the issuance or granting of all such Options, plus the minimum aggregate
amount of additional consideration, if any, payable to the Company upon the exercise of all such Options, plus, in the case of Convertible
Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional consideration payable upon the conversion
or exchange thereof at the time such Convertible Securities first become convertible or exchangeable, by (ii) the maximum total number
of Ordinary Shares issuable upon the exercise of all such Options (assuming full conversion of Convertible Securities, if applicable).
No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon the exercise of such
Options or upon the conversion or exchange of Convertible Securities issuable upon exercise of such Options.

 

Additionally,
the Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or sells any Convertible Securities,
whether or not immediately convertible (other than in an issuance of Exempt Securities), and the price per share for which such Ordinary
Shares are issuable upon such conversion or exchange is less than the Conversion Price then in effect, then the Conversion Price shall
be equal to such price per share. For the purposes of the preceding sentence, the “price per share for which such Ordinary Shares
are issuable upon such conversion or exchange” is determined by dividing (i) the total amount, if any, received or receivable by
the Company as consideration for the issuance or sale of all such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange thereof at the time such Convertible Securities first become
convertible or exchangeable, by (ii) the maximum total number of Ordinary Shares issuable upon the conversion or exchange of all such
Convertible Securities. No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon
conversion or exchange of such Convertible Securities.

 

    	10

     

    

 

(vi)
Share Combination Event Adjustment. If at any time and from time to time on or after the Issuance Date there occurs any share split,
share dividend, share combination recapitalization or other similar transaction involving the Ordinary Shares (each, a “Share Combination
Event”, and such date thereof, the “Share Combination Event Date”) and the Event Market Price is less than the Conversion
Price then in effect (after giving effect to the adjustment in clause 3.4(a) above), then on the sixteenth (16th) Trading Day immediately
following such Share Combination Event, the Conversion Price then in effect on such sixteenth (16th) Trading Day (after giving effect
to the adjustment in clause 3.4(a) above) shall be reduced (but in no event increased) to the Event Market Price. For the avoidance of
doubt, if the adjustment in the immediately preceding sentence would otherwise result in an increase in the Conversion Price hereunder,
no adjustment shall be made.

 

(vii)
Other Events. In the event that the Company (or any Subsidiary (as defined in the Securities Purchase Agreement)) shall take any action
to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution
or if any event occurs of the type contemplated by the provisions of this Section 3.4 but not expressly provided for by such provisions
(including, without limitation, the granting of share appreciation rights, phantom share rights or other rights with equity features),
then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Conversion Price
and the number of Conversion Shares(if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant
to this Section 3.4will increase the Conversion Price or decrease the number of Conversion Shares as otherwise determined pursuant to
this Section 3.4 provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder
against such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest
error and whose fees and expenses shall be borne by the Company.

 

(viii)
Consideration for Stock. In case any Ordinary Shares or any Ordinary Share Equivalents shall be issued or sold:

 

(1)
in connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger
in which the previously outstanding Ordinary Shares of the Maker shall be changed to or exchanged for the stock or other securities of
another corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined reasonably and in good
faith by the Board of Directors of the Maker and approved by the Requisite Holder, of such portion of the assets and business of the
non-surviving corporation as such Board of Directors may determine to be attributable to such Ordinary Shares, Convertible Securities,
rights or warrants or options, as the case may be; or

 

    	11

     

    

 

(2)
in the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding Ordinary Shares of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities or
other property of any corporation, the Maker shall be deemed to have issued Ordinary Shares, at a price per share equal to the valuation
of the Maker’s Ordinary Shares based on the actual exchange ratio on which the transaction was predicated, as applicable, and the
fair market value on the date of such transaction of all such stock or securities or other property of the other corporation. If any
such calculation results in adjustment of the applicable Conversion Price, or the number of Ordinary Shares issuable upon conversion
of the Note, the determination of the applicable Conversion Price or the number of Ordinary Shares issuable upon conversion of the Note
immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment of the number of Ordinary
Shares issuable upon conversion of the Note. In the event Ordinary Shares are issued with other shares or securities or other assets
of the Maker for consideration which covers both, the consideration computed as provided in this Section 3.4(a)(viii) shall be
allocated among such securities and assets as determined in good faith by the Board of Directors of the Maker, and approved by the Requisite
Holders.

 

(ix)
Record Date. In case the Maker shall take record of the holders of its Ordinary Shares for the purpose of entitling them to subscribe
for or purchase Ordinary Shares or Convertible Securities, then the date of the issue or sale of the Ordinary Shares shall be deemed
to be such record date.

 

(b)
No Impairment. The Maker shall not, by amendment of its Amended and Restated Memorandum and Articles of Association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Maker, but will
at all times in good faith assist in the carrying out of all the provisions of this Section 3.4 and in the taking of all such
action as may be necessary or appropriate in order to protect the conversion rights of the Holder against impairment. In the event the
Holder shall elect to convert this Note as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or
anyone associated or affiliated with the Holder has been engaged in any violation of law, violation of an agreement to which the Holder
is a party or for any reason whatsoever, unless, an injunction from a court, or notice, restraining and or adjoining conversion of this
Note shall have issued and the Maker posts a surety bond for the benefit of the Holder in an amount equal to one hundred percent (100%)of
the Principal Amount of the Note the Holder has elected to convert, which bond shall remain in effect until the completion of arbitration/litigation
of the dispute and the proceeds of which shall be payable to the Holder (as liquidated damages) in the event it obtains judgment.

 

(c)
Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Price or number of Ordinary
Shares issuable upon conversion of this Note pursuant to this Section 3.4, the Maker at its expense shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment
and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall, upon written request
of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth such adjustments and readjustments,
the applicable Conversion Price in effect at the time, and the number of Ordinary Shares and the amount, if any, of other securities
or property which at the time would be received upon the conversion of this Note. Notwithstanding the foregoing, the Maker shall not
be obligated to deliver a certificate unless such certificate would reflect an increase or decrease of at least one percent (1%) of such
adjusted amount.

 

    	12

     

    

 

(d)
Issue Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be
payable in respect of any issue or delivery of Ordinary Shares on conversion of this Note pursuant thereto; provided, however, that the
Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection with any such
conversion.

 

(e)
Fractional Shares. No fractional Ordinary Shares shall be issued upon conversion of this Note. In lieu of any fractional shares
to which the Holder would otherwise be entitled, the Maker shall pay cash equal such fractional shares multiplied by the Conversion Price
then in effect.

 

(f)
Reservation of Ordinary Shares. The Maker shall at all while this Note shall be outstanding, keep available out of its authorized
Ordinary Shares, the Required Minimum of Ordinary Shares (disregarding for this purpose any and all limitations of any kind on such conversion).
The Maker shall, from time to time, increase the authorized number of Ordinary Shares or take other effective action if at any time the
unissued number of authorized shares shall not be sufficient to satisfy the Maker’s obligations under this Section 3.4(f).

 

(g)
Regulatory Compliance. If any Ordinary Shares for the purpose of conversion of this Note require registration or listing with
or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation or otherwise
before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole cost and expense, in good faith and
as expeditiously as possible, secure such registration, listing or approval, as the case may be.

 

(h)
Effect of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Conversion
Price or any other right of the Holder of this Note would have been adjusted or modified by operation of any provision of this Note had
this Note been issued on the Closing Date, such adjustment or modification shall be deemed to apply to this Note as of the Issuance Date
as if this Note had been issued on the Closing Date.

 

3.5
Prepayment Following a Change of Control.

 

(a)
Mechanics of Prepayment at Option of Holder in Connection with a Change of Control. No later than fifteen (15) days following the entry
by the Company into an agreement for a Change of Control, but in no event prior to the public announcement of such Change of Control,
the Maker shall deliver written notice describing the entry into such agreement (“Notice of Change of Control”) to
the Holder. Within fifteen (15) days after receipt of a Notice of Change of Control, the Requisite Holder may require the Maker to prepay,
effective immediately prior to the consummation of such Change of Control, an amount equal to the Mandatory Default Amount on such date
(the “COC Repayment Price”), by delivering written notice thereof (“Notice of Prepayment at Option of Holder
Upon Change of Control”) to the Maker.

 

    	13

     

    

 

(b)
Payment of COC Repayment Price. Upon the Maker’s receipt of a Notice(s) of Prepayment at Option of Holder Upon Change of
Control from the Holder, the Maker shall deliver the COC Repayment Price to the Holder immediately prior to the consummation of the Change
of Control; provided that the Holder’s original Note shall have been so delivered to the Maker, and, provided, further that all
payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes.

 

3.6
Inability to Fully Convert.

 

(a)
Holder’s Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise
required under this Note, including with respect to repayment of principal in Ordinary Shares as permitted under this Note, the Maker
cannot issue Ordinary Shares for any reason, including, without limitation, because the Maker (x) does not have a sufficient number of
Ordinary Shares authorized and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock
exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Maker or any of its securities
from issuing all of the Ordinary Shares which are to be issued to the Holder pursuant to this Note, then the Maker shall issue as many
Ordinary Shares as it is able to issue and, with respect to the unconverted portion of this Note or with respect to any Ordinary Shares
not timely issued in accordance with this Note, the Holder, solely at Holder’s option, can elect to:

 

(i)
require the Maker to prepay that portion of this Note for which the Maker is unable to issue Ordinary Shares or for which Ordinary Shares
were not timely issued (the “Mandatory Prepayment”) at a price equal to the number of Ordinary Shares that the Maker
is unable to issue multiplied by the Conversion Price on the date of the Conversion Notice (the “Mandatory Prepayment Price”)
(provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes);

 

(ii)
void its Conversion Notice and retain or have returned, as the case may be, this Note that was to be converted pursuant to the Conversion
Notice (provided that the Holder’s voiding its Conversion Notice shall not affect the Maker’s obligations to make any payments
which have accrued prior to the date of such notice); or

 

(iii)
defer issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided that the Principal
Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; and provided, further,
that if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or (ii)
above at any time prior to the issuance of the Conversion Shares upon two (2) Business Days’ notice to the Maker.

 

(b)
Mechanics of Fulfilling Holder’s Election. The Maker shall immediately send to
the Holder, upon receipt of a Conversion Notice from the Holder, which cannot be fully satisfied
as described in Section 3.6(a) above, a notice of the Maker’s inability to fully satisfy the Conversion Notice (the “Inability
to Fully Convert Notice”). Such Inability to Fully Convert Notice shall indicate (i) the reason why the Maker is unable to
fully satisfy the Holder’s Conversion Notice; and (ii) the amount of this Note which cannot
be converted. The Holder shall notify the
Maker of its election pursuant to
Section 3.6(a) above by delivering written notice to the Maker (“Notice in
Response to Inability to Convert”).

 

    	14

     

    

 

(c)
Payment of Mandatory Prepayment Price. If the
Holder shall elect to have
its Note prepaid pursuant to Section
3.6(a)(i) above, the Maker shall pay the Mandatory Prepayment Price to the Holder
within five (5) Business Days of the Maker’s receipt of the Holder’s Notice in Response to Inability
to Convert; provided that
prior to the
Maker’s receipt of
the Holder’s Notice
in Response to
Inability to Convert
the Maker has
not delivered a notice
to the Holder stating, to the satisfaction of
the Holder, that the event or condition
resulting in the Mandatory Prepayment has been
cured and all Conversion Shares issuable to the Holder can and will be delivered to the Holder in accordance with the terms of this Note.
If the Maker shall fail to pay the applicable Mandatory Prepayment Price to the Holder on the date that is two (2) Business Days following
the Maker’s receipt of the Holder’s Notice in Response
to Inability to Convert, in addition
to any remedy the Holder may have
under this Note and the Purchase Agreement, such unpaid amount shall
bear interest at the rate of fifteen percent (15%) per month (prorated for partial
months) until paid in full. Until the full Mandatory Prepayment Price is paid in full to the Holder, the Holder may (i) void the Mandatory
Prepayment with respect to that portion of the Note for which the full Mandatory Prepayment Price has not been paid and (ii) receive
back such Note.

 

(d)
No Rights as Shareholder.
Except as expressly set forth hereunder, nothing contained in this
Note shall be construed as conferring
upon the Holder, prior to the
conversion of this Note, the right to vote or to receive dividends or to consent or to receive notice as a shareholder of the
Company in respect of any meeting of shareholders for the election of directors of the Maker
or of any other matter, or any other rights as a shareholder of the Maker.

 

ARTICLE
4

 

4.1
Covenants. For so long as any Note is outstanding, without the prior written consent
of the Holder:

 

(a)
Compliance with Transaction Documents. The Maker shall, and shall
cause its Subsidiaries to, comply with its
obligations under this Note and the other Transaction Documents.

 

(b)
Payment of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be
paid and discharged, when
due and payable, all lawful
taxes, assessments and governmental charges
or levies imposed upon
the income, profits, property or business of the Maker and the Subsidiaries, except
for such failures to pay that, individually or in the aggregate, have not had and would not
reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax, assessment, charge or levy need
not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the Maker or such Subsidiaries
shall have set aside on its books
adequate reserves with respect thereto, and provided, further, that the Maker
and such Subsidiaries will pay all such taxes,
assessments, charges or levies forthwith upon the commencement of proceedings to foreclose any lien which may have attached as security
therefor.

 

    	15

     

    

 

(c)
Corporate Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate
existence, rights and franchises and all licenses and other rights to use property owned or possessed by it and reasonably deemed to
be necessary to the conduct of its business.

 

(d)
Investment Company Act. The Maker
shall conduct its businesses in a manner so
that it will
not become subject to, or required to be registered under, the
Investment Company Act of 1940, as amended.

 

(e)
Reserved.

 

(f)
Prohibited Transactions. The Maker hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30)
days after such time as this Note has been converted into Conversion Shares or repaid in full.

 

(g)
Minimum Cash. As determined on the first of every calendar month, the Company shall at all times keep on-hand unencumbered, unrestricted
cash in an amount greater than or equal to $250,000.

 

(h)
Indebtedness. The Maker hereby covenants and agrees not to incur or enter into any agreement or arrangement for Indebtedness until
thirty (30) days after such time as this Note has been converted into Conversion Shares or repaid in full.

 

4.2
Set-Off. This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

ARTICLE
5

 

5.1
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section
on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on
such date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d)
upon actual receipt by the party to whom such notice is required to be given. The addresses for notice shall be as set forth in the Purchase
Agreement.

 

5.2
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
reference to principles of conflict of laws or choice of laws. This Note shall not be interpreted or construed with any presumption against
the party causing this Note to be drafted.

 

5.3
Headings. Article and section headings in this Note are included herein for purposes
of convenience of reference only and shall not constitute a part of this Note for any other purpose.

 

    	16

     

    

 

5.4
Remedies, Characterizations, Other Obligations, Breaches and
Injunctive Relief.
The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law
or in equity (including, without limitation, a decree of specific performance and/or other injunctive relief), no remedy contained herein
shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Holder’s
right to pursue actual damages for any failure by the Maker to comply with the terms of this Note. Amounts set forth or provided for
herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the holder
thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Maker (or the performance thereof).
The Maker acknowledges that a breach by it of its obligations hereunder will cause irreparable and material harm to the Holder and that
the remedy at law for any such breach would be inadequate. Therefore, the Maker agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available rights and remedies, at law or in equity, to equitable relief,
including but not limited to an injunction restraining any such breach or threatened breach, without the necessity of showing economic
loss and without any bond or other security being required.

 

5.5
Enforcement Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation,
reasonable attorneys’ fees and expenses.

 

5.6
Binding Effect; Assignment. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors
and assigns of each such party, whether or not such successors or assigns are permitted by the terms herein. The Holder shall have the
right to assign this Note hereunder without notice to or the consent of the Maker.

 

5.7
Amendments; Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and
the Holder and approved by the Requisite Holders (as defined in the Purchase Agreement). No waiver of any default with respect to any
provision, condition or requirement of this Note shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right.

 

5.8
Compliance with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s
own account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose
of this Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall be stamped
or imprinted with a legend in substantially the following form:

 

“THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.”

 

    	17

     

    

 

5.9
Jurisdiction; Venue. Any action, proceeding or claim arising out of, or relating in
any way to this Note shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District
Court for the Southern District of New York. The Company and the Holder irrevocably submit to the jurisdiction of such courts, which
jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient
forum. The prevailing party in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket
expenses relating to such action or proceeding.

 

5.10
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege.

 

5.11
Maker Waivers. Except as otherwise specifically provided herein, the Maker and all
others that may become liable for all or any part of the obligations evidenced by this Note, hereby waive presentment, demand, notice
of nonpayment, protest and all other demands’ and notices in connection with the delivery, acceptance, performance and enforcement
of this Note, and do hereby consent to any number of renewals of extensions of the time or payment hereof and agree that any such renewals
or extensions may be made without notice to any such persons and without affecting their liability herein and do further consent to the
release of any person liable hereon, all without affecting the liability of the other persons, firms or Maker liable for the payment
of this Note, AND DO HEREBY WAIVE TRIAL BY JURY.

 

(a)
No delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall
operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on
any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

(b)
THE MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION,
AND TO THE EXTENT
ALLOWED BY APPLICABLE LAW, HEREBY
WAIVES ITS RIGHT TO NOTICE
AND HEARING WITH RESPECT
TO ANY PREJUDGMENT
REMEDY WHICH THE HOLDER
OR ITS SUCCESSORS
OR ASSIGNS MAY
DESIRE TO USE.

 

5.12
Definitions. Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the
purposes hereof, the following terms shall have the following meanings:

 

    	18

     

    

 

(a)
“Asset-Based Facility” means (i) that certain existing revolving credit facility between the Company and Capital Foundry
or (ii) a similar successor credit facility that is secured by a first priority, senior Lien on the Maker’s accounts receivable
and unbilled accounts receivable and receipts thereon; provided that the financial and other material terms of any such successor credit
facility are, at the Maker’s discretion, no less favorable to the Maker and the Holder than those of the existing Capital Foundry
facility, and that the aggregate dollar amount of the Indebtedness incurred under said facility will not exceed:

 

(i)
$8,000,000 during the 2023 fiscal year;

 

(ii)
$10,000,000 during the 2024 fiscal year; and

 

(iii)
the lower of $20,000,000 or 90% of accounts receivable at any given time thereafter until all Obligations hereunder have been paid in
full.

 

(b)
“Equity Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions
scheduled to occur or occurring by virtue of one or more Conversion Notice of the Holder, if any, (b) the Company shall have paid all
liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) [intentionally deleted] or (ii) all of the Conversion
Shares issuable pursuant to the Transaction Documents (and shares issuable in lieu of cash payments of interest) may be resold pursuant
to Rule 144 without volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to
the Company as set forth in a written opinion letter to such effect, addressed and acceptable to the Company’s share transfer agent
and the Holder, (d) the Ordinary Shares trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents
are listed or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading of the Ordinary Shares
on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued
and otherwise unreserved Ordinary Shares for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f)
there has been no Event of Default and no existing event which, with the passage of time or the giving of notice, would constitute an
Event of Default, (g) the issuance of the shares in question) to the Holder would not violate the limitations set forth in Section 3.3
herein, (h) there has been no public announcement of a pending or proposed event described in Section 3.4(a)(vii) hereof or Change of
Control that has not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company, any
of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material
non-public information, other than any information which may be required to be provided by the Company to the Holder pursuant to the
terms of the Transaction Documents and (j) the average daily trading volume for the Ordinary Shares on the principal Trading Market for
the 10 of the last 15 Trading Days prior to the applicable measuring date shall be at least $250,000, (k) the Company has no knowledge
of any fact that would reasonably be expected to prevent the Conversion Shares from being freely tradable without registration pursuant
to any state securities laws or regulations (in each case, disregarding any limitation on conversion of this Note); (l) the VWAP for
the Ordinary Shares on the principal Trading Market for the 10 of the last 15 Trading Days prior to the applicable measuring date shall
be at least $0.15, and (m) the Ordinary Shares shall be DWAC Eligible.

 

(c)
“Event Market Price” means, with respect to any Share Combination Event Date, the quotient determined by dividing
(x) the sum of the VWAP of the Ordinary Shares for each of the five (5) lowest Trading Days during the twenty (20) consecutive Trading
Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such Share Combination Event
Date, divided by (y) five (5). All such determinations shall be appropriately adjusted for any share dividend, share split, share combination,
recapitalization or other similar transaction during such period.

 

    	19

     

    

 

(d)
“First Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company
account designated by the Company) equal to $1,650,000.00.

 

(e)
“Floor Price” means $0.046.

 

(f)
“Indebtedness” means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances,
current swap agreements, interest rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations
that exceed $500,000 in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any
asset of the Maker, irrespective of whether such obligation or liability is assumed; (e) all obligations for the deferred purchase price
of assets, together with trade debt and other accounts payable that exceed $500,000 in the aggregate in any fiscal year; (f) all synthetic
leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted
or sold with recourse) any of the foregoing obligations of any other person; (h) trade debt; and (i) endorsements for collection or deposit.
Notwithstanding the foregoing, Indebtedness shall not include the balances of the Maker’s accounts payable, accrued expenses, insurance
financing payable and income taxes payable.

 

(g)
“Interest Conversion Rate” means the lower of the (i) Conversion Price or (ii) 75% of the lowest trading price for
the Ordinary Shares for the fifteen (15) Trading Days prior to the applicable calculation date.

 

(h)
“Key Executives” means each of Paul Freudenthaler (CFO) and Javier Selgas (CEO).

 

(i)
“Make-Whole Amount” means, as of any given date and as applicable, in connection with any conversion hereunder at
Holder’s option, an amount equal to the amount of additional Interest that would accrue under this Note after the date of such
conversion through the Maturity Date for such converted portion of this Note at the Interest Rate then in effect assuming for calculation
purposes that the Principal of this Note as of the Closing Date remained outstanding through and including the Maturity Date; which amount
may be paid in cash or Ordinary Shares of the Maker at the Maker’s option; provided, however, that if paid in Ordinary Shares,
the Ordinary Shares shall be valued at the Interest Conversion Rate and the Maker shall be required to pay the Make-Whole amount in cash,
if (i) the stock price at time of conversion is below the Floor Price or (ii) the Equity Conditions are not satisfied.

 

(j)
“Mandatory Default Amount” means an amount equal to the sum of the Outstanding Principal Amount and the Make-Whole
Amount of this Note on the date on which the first Event of Default has occurred hereunder.

 

    	20

     

    

 

(k)
“Market Price” means the average of two lowest closing bid prices of the Ordinary Shares on the Trading Market for
the ten (10) consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable date of determination.

 

(l)
“Outstanding Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving
effect to any conversions or prepayments pursuant to the terms hereof.

 

(m)
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in
the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal
Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or,
if such rate is no longer quoted therein, any similar release by the Federal Reserve Board (as determined by the Administrative Agent
in its reasonable discretion). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced
or quoted as being effective.

 

(n)
“Second Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company
account designated by the Company) equal to $1,100,000.

 

(o)
“Third Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company
account designated by the Company) equal to $3,250,000, subject to adjustment as provided herein.

 

(p)
“Trading Day” means a day on which the Ordinary Shares are traded on a Trading Market.

 

(q)
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the daily volume weighted average
price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then
listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b) if the Ordinary Shares are traded on OTCQB or OTCQX , the volume weighted average sales price of the Ordinary Shares for
such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share
of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

[Signature
Page Follows]

 

    	21

     

    

 

IN
WITNESS WHEREOF, the Maker has caused this Note to be duly executed by its duly authorized officer as of the date first above indicated.

 

	 	Freight
    Technologies, Inc.
	 	 	 
	 	By:	 
	 	Name:	Javier
    Selgas
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

EXHIBIT
A

 

FORM
OF CONVERSION
NOTICE

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ ________________ of the principal amount of the above Note No. ___ into Ordinary Shares
of Freight Technologies, Inc. (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number
of Ordinary Shares beneficially owned or deemed beneficially owned by the Holder on the Conversion Date:

 

	 	[HOLDER]
	 	 	   
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:Exhibit
10.3

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO
THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. THE NUMBER OF ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE
LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 1(a)
OF THIS WARRANT.

 

Freight
Technologies, Inc.

 

Warrant
To Purchase Ordinary Shares

 

Warrant
No.: 1

 

Date
of Issuance: January 3, 2023 (“Issuance Date”)

 

Freight
Technologies, Inc., an exempted company incorporated under the laws of the British Virgin Islands (the “Company”),
hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Freight Opportunities
LLC, the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase
Ordinary Shares (including any Warrants to Purchase Ordinary Shares issued in exchange, transfer or replacement hereof, the “Warrant”),
at any time or times on or after the Issuance Date (the “Initial Exercisability Date”), but not after 11:59 p.m.,
New York time, on the Expiration Date (as defined below), 28,666,985 (subject to adjustment as provided herein) fully paid and non-assessable
Ordinary Shares (as defined below) (the “Warrant Shares”, and such number of Warrant Shares, the “Warrant
Number”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section
19. This Warrant is one of the Warrants to Purchase Ordinary Shares (the “SPA Warrants”) issued pursuant to Section
1 of that certain Securities Purchase Agreement, dated as of January 3, 2023 (the “Subscription Date”), by and among
the Company and the investors (the “Buyers”) referred to therein, as amended from time to time (the “Securities
Purchase Agreement”).

 

    	 

    	 

    

 

1. EXERCISE
OF WARRANT.

 

(a) Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)),
this Warrant may be exercised by the Holder on any day on or after the Initial Exercisability Date (an “Exercise Date”),
in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading
Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise
Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the
“Aggregate Exercise Price”) in cash or via wire transfer of immediately available funds if the Holder did not notify
the Company in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder
shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery
of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this
Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day
following the date on which the Company has received an Exercise Notice and receipt of payment of the Aggregate Exercise Price if exercised
for cash, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice,
in the form attached hereto as Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer
Agent”), which confirmation shall constitute an instruction to the Transfer Agent to process such Exercise Notice in accordance
with the terms herein. On or before the second (2nd) Trading Day following the date on which the Company has received such Exercise Notice
and receipt of payment of the Aggregate Exercise Price if exercised for cash (or such earlier date as required pursuant to the 1934 Act
or other applicable law, rule or regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise
Date), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Ordinary Shares to which
the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program (“FAST”),
upon the request of the Holder, issue and deliver (via reputable overnight courier) to the address as specified in the Exercise Notice,
a certificate, registered in the name of the Holder or its designee, for the number of Ordinary Shares to which the Holder shall be entitled
pursuant to such exercise. Upon delivery of an Exercise Notice and payment of the Aggregate Exercise Price if exercised for cash, the
Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of
delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any
exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater
than the number of Warrant Shares being acquired upon an exercise and upon surrender of this Warrant to the Company by the Holder, then,
at the request of the Holder, the Company shall as soon as practicable and in no event later than two (2) Business Days after any exercise
and receipt of payment and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section
7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Ordinary Shares are to be issued upon
the exercise of this Warrant, but rather the number of Ordinary Shares to be issued shall be rounded up to the nearest whole number.
The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees
and expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is validly made pursuant to a Cashless
Exercise, the Company’s failure to deliver Warrant Shares to the Holder on or prior to the later of (i) two (2) Trading Days after
receipt of the applicable Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or
regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date) and (ii) one (1) Trading Day
after the Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise) (such later date, the “Share
Delivery Date”) shall not be deemed to be a breach of this Warrant. From the Issuance Date through and including the Expiration
Date, the Company shall maintain a transfer agent that participates in FAST.

 

    	2

    	 

    

 

(b) Exercise
Price. For purposes of this Warrant, “Exercise Price” means $1.50, subject to adjustment as provided herein.

 

(c) Company’s
Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, on or prior to the Share Delivery
Date, either (I) if the Transfer Agent is not participating in FAST, to issue and deliver to the Holder (or its designee) a certificate
for the number of Warrant Shares to which the Holder is entitled and register such Warrant Shares on the Company’s share register
or, if the Transfer Agent is participating in FAST, to credit the balance account of the Holder or the Holder’s designee with DTC
for such number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise of this Warrant (as the case may be)
or (II) if a Registration Statement covering the resale of the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable
Warrant Shares”) is not available for the resale of such Unavailable Warrant Shares and the Company fails to promptly, but
in no event later than as required pursuant to the Registration Rights Agreement (x) so notify the Holder and (y) deliver the Warrant
Shares electronically without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure”
and together with the event described in clause (I) above, a “Delivery Failure”), then, in addition to all other remedies
available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the Share Delivery Date and during such Delivery
Failure an amount equal to 2% of the product of (A) the sum of the number of Ordinary Shares not issued to the Holder on or prior to
the Share Delivery Date and to which the Holder is entitled, multiplied by (B) any trading price of the Ordinary Shares selected by the
Holder in writing as in effect at any time during the period beginning on the applicable Exercise Date and ending on the applicable Share
Delivery Date, and (Y) the Holder, upon written notice to the Company, may void its Exercise Notice with respect to, and retain or have
returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that
the voiding of an Exercise Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the
date of such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Date
either (I) the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue
and deliver to the Holder (or its designee) a certificate and register such Ordinary Shares on the Company’s share register or,
if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, the Transfer Agent shall fail to credit
the balance account of the Holder or the Holder’s designee with DTC for the number of Ordinary Shares to which the Holder is entitled
upon the Holder’s exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below or (II) a Notice
Failure occurs, and if on or after such Share Delivery Date the Holder acquires (in an open market transaction, stock loan or otherwise)
Ordinary Shares corresponding to all or any portion of the number of Ordinary Shares issuable upon such exercise that the Holder is entitled
to receive from the Company and has not received from the Company in connection with such Delivery Failure or Notice Failure, as applicable
(a “Buy-In”), then, in addition to all other remedies available to the Holder, the Company shall, within two (2) Business
Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the
Holder’s total purchase price (including brokerage commissions, stock loan costs and other out-of-pocket expenses, if any) for
the Ordinary Shares so acquired (including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In
Price”), at which point the Company’s obligation to so issue and deliver such certificate (and to issue such Ordinary
Shares) or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of Warrant
Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such Warrant Shares)
shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing
such Warrant Shares or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number
of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay cash to the
Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Warrant Shares multiplied
by (B) the lowest Closing Sale Price of the Ordinary Shares on any Trading Day during the period commencing on the date of the applicable
Exercise Notice and ending on the date of such issuance and payment under this clause (ii) (the “Buy-In Payment Amount”).
Nothing shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing Ordinary Shares (or to electronically deliver such Ordinary Shares) upon the exercise of this Warrant as required
pursuant to the terms hereof. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in FAST. In
addition to the foregoing rights, (i) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant
to Section 1 by the applicable Share Delivery Date, then the Holder shall have the right to rescind such exercise in whole or in part
and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant to such
Exercise Notice; provided that the rescission of an exercise shall not affect the Company’s obligation to make any payments that
have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and (ii) if a registration statement covering
the issuance or resale of the Warrant Shares that are subject to an Exercise Notice is not available for the issuance or resale, as applicable,
of such Warrant Shares and the Holder has submitted an Exercise Notice prior to receiving notice of the non-availability of such registration
statement and the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically without any restrictive
legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, the Holder shall have the option,
by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case
may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an
Exercise Notice shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice
pursuant to this Section 1(c) or otherwise, and/or (y) switch some or all of such Exercise Notice from a cash exercise to a Cashless
Exercise.

 

    	3

    	 

    

 

(d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below), if the resale by the Holder
of all, or any part, of the Warrant Shares issuable upon exercise of this Warrant are not available to be issued to the Holder without
legend or other restrictions, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price,
elect instead to receive upon such exercise the higher of (i) 0.85 Ordinary Shares per Warrant Share in such exercise and (ii) “Net
Number” of Ordinary Shares determined according to the following formula (a “Cashless Exercise”):

 

 Net
Number = (A x B) - (A x C)

                                                                           B

 

 For
purposes of the foregoing formula:

 

A=
the total number of shares with respect to which this Warrant is then being exercised.

 

B
= as elected by the Holder: (i) the VWAP of the Ordinary Shares on the Trading Day immediately preceding the date of the applicable Exercise
Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day
or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Exercise Notice or (z) the Bid
Price of the Ordinary Shares as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice
is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to
Section 1(a) hereof, or (iii) the VWAP of the Ordinary Shares on the date of the applicable Exercise Notice if the date of such Exercise
Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular
trading hours” on such Trading Day.

 

C
= the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

    	4

    	 

    

 

If
the Warrant Shares are issued in a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
1933 Act, the Warrant Shares take on the registered characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated
under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant Shares issued in a Cashless Exercise shall
be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the
date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

(e) Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed
and resolve such dispute in accordance with Sections 15 and 2(f).

 

(f) Limitations
on Exercises.

 

(i) Beneficial
Ownership. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise
any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated
as if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively
would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned
by the Holder and the other Attribution Parties shall include the number of Ordinary Shares held by the Holder and all other Attribution
Parties plus the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude Ordinary Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this
Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred
shares or warrants, including other Notes) beneficially owned by the Holder or any other Attribution Party subject to a limitation on
conversion or exercise analogous to the limitation contained in this Section 1(f)(i). For purposes of this Section 1(f)(i), beneficial
ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding
Ordinary Shares the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely
on the number of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Report of
Foreign Issuer on Form 6-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company
or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of Ordinary Shares outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when
the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the
Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause
the Holder’s beneficial ownership, as determined pursuant to this Section 1(f)(i), to exceed the Maximum Percentage, the Holder
must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by
which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall
return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or
oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the
Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution
Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of Ordinary Shares
to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own,
in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined under Section 13(d) of
the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled
ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after
the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the
Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such
increase not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage
to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase
or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of SPA Warrants that is not an
Attribution Party of the Holder. For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of this Warrant in excess
of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section
13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect
on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f)(i)
to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 1(f)(i) or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of
this Warrant.

 

    	5

    	 

    

 

(g) Reservation
of Shares.

 

(i) Required
Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep available for issuance under this
Warrant a number of Ordinary Shares at least equal to 100% of the maximum number of Ordinary Shares as shall be necessary to satisfy
the Company’s obligation to issue Ordinary Shares under the SPA Warrants then outstanding (without regard to any limitations on
exercise but assuming that all Tranches (as defined in the Securities Purchase Agreement) on the initial Closing Date (as defined in
the Securities Purchase Agreement) have been funded) (the “Required Reserve Amount”); provided that at no time shall
the number of Ordinary Shares available pursuant to this Section 1(g)(i) be reduced other than proportionally in connection with any
exercise or redemption of SPA Warrants or such other event covered by Section 2(a) below. The Required Reserve Amount (including, without
limitation, each increase in the number of shares so available) shall be allocated pro rata among the holders of the SPA Warrants based
on number of Ordinary Shares issuable upon exercise of SPA Warrants held by each holder on the Closing Date (without regard to any limitations
on exercise) or increase in the number of available shares, as the case may be (the “Authorized Share Allocation”).
In the event that a holder shall sell or otherwise transfer any of such holder’s SPA Warrants, each transferee shall be allocated
a pro rata portion of such holder’s Authorized Share Allocation. Any Ordinary Shares allocated to any Person which ceases to hold
any SPA Warrants shall be allocated to the remaining holders of SPA Warrants, pro rata based on the number of Ordinary Shares issuable
upon exercise of the SPA Warrants then held by such holders (without regard to any limitations on exercise).

 

(ii) Insufficient
Authorized Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the SPA Warrants
remain outstanding, the Company does not have a sufficient number of authorized and unissued Ordinary Shares to satisfy its obligation
to reserve the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately take all
action necessary to increase the Company’s authorized Ordinary Shares to an amount sufficient to allow the Company to reserve the
Required Reserve Amount for all the SPA Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon
as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the
occurrence of such Authorized Share Failure, the Company shall hold a meeting of its shareholders for the approval of an increase in
the number of authorized Ordinary Shares. In connection with such meeting, the Company shall provide each shareholder with a proxy statement
and shall use its best efforts to solicit its shareholders’ approval of such increase in authorized Ordinary Shares and to cause
its board of directors to recommend to the shareholders that they approve such proposal. Notwithstanding the foregoing, if any such time
of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding
Ordinary Shares to approve the increase in the number of authorized Ordinary Shares, the Company may satisfy this obligation by obtaining
such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. In the event that the Company is prohibited
from issuing Ordinary Shares upon an exercise of this Warrant due to the failure by the Company to have sufficient Ordinary Shares available
out of the authorized but unissued Ordinary Shares (such unavailable number of Ordinary Shares, the “Authorization Failure Shares”),
in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the cancellation of
such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal to the sum of (i) the product of (x)
such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Ordinary Shares on any Trading Day during
the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization Failure Shares
to the Company and ending on the date of such issuance and payment under this Section 1(g); and (ii) to the extent the Holder purchases
(in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by the Holder of Authorization Failure
Shares, any Buy-In Payment Amount, brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection
therewith. Nothing contained in this Section 1(g) shall limit any obligations of the Company under any provision of the Securities Purchase
Agreement.

 

    	6

    	 

    

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise
of this Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a) Share
Dividends and Splits. Without limiting any provision of Section 2(b), Section 3 or Section 4, if the Company, at any time on or after
the Subscription Date, (i) pays a share dividend on one or more classes of its then outstanding Ordinary Shares or otherwise makes a
distribution on any class of shares that is payable in Ordinary Shares, (ii) subdivides (by any share split, share dividend, recapitalization
or otherwise) one or more classes of its then outstanding Ordinary Shares into a larger number of shares or (iii) combines (by combination,
reverse share split or otherwise) one or more classes of its then outstanding Ordinary Shares into a smaller number of shares, then in
each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares outstanding
immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such
event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the
determination of shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii)
of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If any event requiring
an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such
Exercise Price shall be adjusted appropriately to reflect such event.

 

(b) Adjustment
Upon Issuance of Ordinary Shares. If and whenever on or after the Subscription Date, the Company grants, issues or sells (or enters
into any agreement to grant, issue or sell), or in accordance with this Section 2 is deemed to have granted, issued or sold, any Ordinary
Shares (including the issuance or sale of Ordinary Shares owned or held by or for the account of the Company, but excluding any Excluded
Securities granted issued or sold or deemed to have been granted issued or sold) for a consideration per share (the “New Issuance
Price”) less than a price equal to the Exercise Price in effect immediately prior to such granting, issuance or sale or deemed
granting, issuance or sale (such Exercise Price then in effect is referred to herein as, the “Applicable Price”) (the
foregoing, a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect
shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining
the adjusted Exercise Price and the New Issuance Price under this Section 2(b)), the following shall be applicable:

 

(i) Issuance
of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any options
(“Options”) and the lowest price per share for which one Ordinary Share is at any time issuable upon the exercise
of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or
otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary Share shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement
to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section 2(b)(i), the “lowest
price per share for which one Ordinary Share is at any time issuable upon the exercise of any such Options or upon conversion, exercise
or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to any one Ordinary Share upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as
applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable
upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for
which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting,
issuance or sale (or the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion,
exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus
the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Ordinary Shares
or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance
of such Ordinary Shares upon conversion, exercise or exchange of such Convertible Securities.

 

    	7

    	 

    

 

(ii) Issuance
of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Convertible
Securities and the lowest price per share for which one Ordinary Share is at any time issuable upon the conversion, exercise or exchange
thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary Share shall be deemed to be
outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement
to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 2(b)(ii),
the “lowest price per share for which one Ordinary Share is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to one Ordinary Share upon the issuance or sale (or pursuant to the agreement
to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or
otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one Ordinary
Share is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other
Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any
other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Ordinary Shares
upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance
or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be
made pursuant to other provisions of this Section 2(b), except as contemplated below, no further adjustment of the Exercise Price shall
be made by reason of such issuance or sale.

 

(iii) Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than proportional
changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 2(a)), the Exercise Price
in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time
had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased
or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 2(b)(ii),
if the terms of any Option or Convertible Security (including, without limitation, any Option or Convertible Security that was outstanding
as of the Subscription Date) are increased or decreased in the manner described in the immediately preceding sentence, then such Option
or Convertible Security and the Ordinary Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have
been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(b) shall be made if such adjustment
would result in an increase of the Exercise Price then in effect.

 

(iv) Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the issuance
or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”,
and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary Securities” and together with
the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration
per Ordinary Share with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y)
if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one Ordinary Share is at any
time issuable upon the exercise or conversion of the Primary Security in accordance with Sections 2(b)(i) or 2(b)(ii) above and (z) the
average VWAP of the Ordinary Shares on any Trading Day during the five (5) Trading Day period (the “Adjustment Period”)
immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released
prior to the opening of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day
period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such portion
of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included,
the Trading Day immediately prior to such Exercise Date). If any Ordinary Shares, Options or Convertible Securities are issued or sold
or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration
received by the Company therefor. If any Ordinary Shares, Options or Convertible Securities are issued or sold for a consideration other
than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration
consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be
the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt.
If any Ordinary Shares, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any
merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such
portion of the net assets and business of the non-surviving entity as is attributable to such Ordinary Shares, Options or Convertible
Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined
jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an
event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within
five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly
selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest
error and the fees and expenses of such appraiser shall be borne by the Company.

 

    	8

    	 

    

 

(v) Record
Date. If the Company takes a record of the holders of Ordinary Shares for the purpose of entitling them (A) to receive a dividend
or other distribution payable in Ordinary Shares, Options or in Convertible Securities or (B) to subscribe for or purchase Ordinary Shares,
Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or sale of the Ordinary Shares
deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the
granting of such right of subscription or purchase (as the case may be).

 

(c) Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 2, the number of Warrant Shares
that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the
aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price
in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein). Without limiting the
foregoing, if there is an adjustment at any time hereunder pursuant to the preceding sentence, then at any time following the six-month
anniversary of the date hereof, the Holder may elect to receive 0.85 Ordinary Shares per new Warrant Share in lieu of any such adjustment.

 

(d) Holder’s
Right of Alternative Exercise Price Following Issuance of Certain Options or Convertible Securities. In addition to and not in limitation
of the other provisions of this Section 2, if the Company in any manner issues or sells or enters into any agreement to issue or sell,
any Ordinary Shares, Options or Convertible Securities (any such securities, “Variable Price Securities”) after the
Subscription Date that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for Ordinary Shares
at a price which varies or may vary with the market price of the Ordinary Shares, including by way of one or more reset(s) to a fixed
price, but exclusive of such formulations reflecting customary anti-dilution provisions (such as share splits, share combinations, share
dividends and similar transactions) (each of the formulations for such variable price being herein referred to as, the “Variable
Price”), the Company shall provide written notice thereof via email to the Holder on the date of such agreement and the issuance
of such Convertible Securities or Options. From and after the date the Company enters into such agreement or issues any such Variable
Price Securities, the Holder shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price for
the Exercise Price upon exercise of this Warrant by designating in the Exercise Notice delivered upon any exercise of this Warrant that
solely for purposes of such exercise the Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder’s
election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable Price
for any future exercises of this Warrant.

 

(e) Share
Combination Event Adjustment. If at any time and from time to time on or after the Issuance Date there occurs any share split, share
dividend, share combination recapitalization or other similar transaction involving the Ordinary Shares (each, a “Share Combination
Event”, and such date thereof, the “Share Combination Event Date”) and the Event Market Price is less than
the Exercise Price then in effect (after giving effect to the adjustment in clause 2(a) above), then on the sixteenth (16th) Trading
Day immediately following such Share Combination Event, the Exercise Price then in effect on such sixteenth (16th) Trading Day (after
giving effect to the adjustment in clause 2(a) above) shall be reduced (but in no event increased) to the Event Market Price. For the
avoidance of doubt, if the adjustment in the immediately preceding sentence would otherwise result in an increase in the Exercise Price
hereunder, no adjustment shall be made.

 

    	9

    	 

    

 

(f) Other
Events. In the event that the Company (or any Subsidiary (as defined in the Securities Purchase Agreement)) shall take any action
to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution
or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of share appreciation rights, phantom share rights or other rights with equity features),
then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price
and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant
to this Section 2(f) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this
Section 2, provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest
error and whose fees and expenses shall be borne by the Company.

 

(g) Calculations.
All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest share, as applicable. The number of
Ordinary Shares outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition
of any such shares shall be considered an issuance or sale of Ordinary Shares.

 

(h) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Principal Market, the Company may at any time during the term
of this Warrant, with the prior written consent of the Required Holders (as defined in the Securities Purchase Agreement), reduce the
then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above or Section 4 below, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares,
by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property,
options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme
of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then,
in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any
limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the
date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary
Shares are to be determined for the participation in such Distribution (provided, however, that to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage,
then the Holder shall not be entitled to participate in such Distribution to the extent of the Maximum Percentage (and shall not be entitled
to beneficial ownership of such Ordinary Shares as a result of such Distribution (and beneficial ownership) to the extent of any such
excess) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times, if ever,
as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time
or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any
subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	10

    	 

    

 

4. PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a) Purchase
Rights. In addition to any adjustments pursuant to Sections 2 or 3 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase shares, warrants, securities or other property pro rata to the record holders of
any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of
this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares
are to be determined for the grant, issuance or sale of such Purchase Rights (provided, however, that to the extent that
the Holder’s right to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to the extent of the Maximum Percentage
(and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of such Purchase Right (and beneficial ownership)
to the extent of any such excess) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until
such time or times, if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial
Purchase Right or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(b) Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in
writing all of the obligations of the Company under this Warrant and the other Transaction Documents (as defined in the Securities Purchase
Agreement) in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance satisfactory to
the Holder and approved by the Holder prior to such Fundamental Transaction, including agreements to deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
this Warrant, including, without limitation, which is exercisable for a corresponding amount of share capital equivalent to the Ordinary
Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such share capital (but taking
into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such share capital,
such adjustments to the amount of share capital and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction) and (ii) the Successor Entity (including its Parent Entity)
is a publicly traded corporation whose Ordinary Shares is quoted on or listed for trading on an Eligible Market. Upon the consummation
of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of the
applicable Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation
that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction,
in lieu of the Ordinary Shares (or other securities, cash, assets or other property (except such items still issuable under Sections
3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable
Fundamental Transaction, such shares of publicly traded Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent
Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant
been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this
Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section
1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4(b) to permit
the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder,
prior to the consummation of each Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities
or other assets with respect to or in exchange for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate
provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the
consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Ordinary Shares
(or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue
to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have
been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior
to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.

 

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(c) Black
Scholes Value. Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request of the Holder delivered at
any time commencing on the earliest to occur of (x) the public disclosure of any Change of Control, (y) the consummation of any Change
of Control and (z) the Holder first becoming aware of any Change of Control through the date that is ninety (90) days after the public
disclosure of the consummation of such Change of Control by the Company pursuant to a Report of Foreign Issuer on Form 6-K filed with
the SEC, the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the date of such request
by paying to the Holder cash in an amount equal to the Black Scholes Value. Payment of such amounts shall be made by the Company (or
at the Company’s direction) to the Holder on or prior to the later of (x) the second (2nd) Trading Day after the date
of such request and (y) the date of consummation of such Change of Control.

 

(d) Application.
The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall
be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations on the
exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage, applied however
with respect to share capital registered under the 1934 Act and thereafter receivable upon exercise of this Warrant (or any such other
warrant)).

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Memorandum and Articles
(as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets, consolidation, merger, scheme of
arrangement, dissolution, issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action
as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (a) shall not increase
the par value of any Ordinary Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, except such
increase in par value is a result of a reverse split of the Ordinary Shares and (b) shall take all such actions as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and non-assessable Ordinary Shares upon the exercise of
this Warrant. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance Date,
the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant to restrictions set forth in Section
1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining such consents
or approvals as necessary to permit such exercise into Ordinary Shares.

 

6.
WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of shares of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder
of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of shares, reclassification of shares, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which
it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed
as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder
of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6,
the Company shall provide the Holder (or made available through the EDGAR system) with copies of the same notices and other information
given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.

 

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7. REISSUANCE
OF WARRANTS.

 

(a) Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will
forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may
request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total
number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder
representing the right to purchase the number of Warrant Shares not being transferred.

 

(b) Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall suffice as such evidence),
and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable
form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder
a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(c) Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company,
for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant
Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares
as is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional Ordinary Shares shall be
given.

 

(d) Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase
the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c),
the Warrant Shares designated by the Holder which, when added to the number of Ordinary Shares underlying the other new Warrants issued
in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance
date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant.

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given
in accordance with Section 11.2 of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice
of all actions taken pursuant to this Warrant (other than the issuance of Ordinary Shares upon exercise in accordance with the terms
hereof), including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the
foregoing, the Company will give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number
of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least fifteen (15)
days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon
the Ordinary Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
shares, warrants, securities or other property to holders of Ordinary Shares or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior
to or in conjunction with such notice being provided to the Holder, and (iii) at least ten (10) Trading Days prior to the consummation
of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the SEC (as defined in the Securities
Purchase Agreement) pursuant to a Report of Foreign Issuer on Form 6-K. If the Company or any of its Subsidiaries provides material non-public
information to the Holder that is not simultaneously filed in a Report of Foreign Issuer on Form 6-K and the Holder has not agreed to
receive such material non-public information, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality
to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect
to, or a duty to any of the foregoing not to trade on the basis of, such material non-public information. It is expressly understood
and agreed that the time of execution specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or
challenged by the Company.

 

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9.
DISCLOSURE. Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance
with the terms of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute
material, non-public information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York
city time on the Business Day immediately following such notice delivery date, publicly disclose such material, non-public information
on a Report of Foreign Issuer on Form 6-K or otherwise. In the event that the Company believes that a notice contains material, non-public
information relating to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder explicitly in writing in
such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written indication
in such notice (or notification from the Company immediately upon receipt of notice from the Holder), the Holder shall be entitled to
presume that information contained in the notice does not constitute material, non-public information relating to the Company or any
of its Subsidiaries. Nothing contained in this Section 9 shall limit any obligations of the Company, or any rights of the Holder, under
Section 5.13 of the Securities Purchase Agreement.

 

10. ABSENCE
OF TRADING AND DISCLOSURE RESTRICTIONS. The Company acknowledges and agrees that the Holder is not a fiduciary or agent of the Company
and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain
from trading any securities while in possession of such information in the absence of a written non-disclosure agreement signed by an
officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an executed,
written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company,
may possess and use any information provided by the Company in connection with such trading activity, and may disclose any such information
to any third party.

 

11.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant (other than Section 1(f)) may be amended
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party.

 

12.
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by
a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as
close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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13.
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. The Company 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
the Company at the address set forth in Section 11.2 of the Securities Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. The Company hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in New York, New York, for the adjudication of any dispute hereunder or 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. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or
operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce
a judgment or other court ruling in favor of the Holder. The Company hereby appoints SRF Law as its agent for service of process in New
York. If service of process is effected pursuant to the above sentence, such service will be deemed sufficient under New York law and
the Company shall not assert otherwise. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company’s obligations to such Buyer or to enforce
a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY
TRANSACTION CONTEMPLATED HEREBY. The choice of the laws of the State of New York as the governing law of this Warrant is a valid
choice of law and would be recognized and given effect to in any action brought before a court of competent jurisdiction in the British
Virgin Islands or such other jurisdiction applicable to the Company or any of its Subsidiaries except for those laws (i) which such court
considers to be procedural in nature, (ii) which are revenue or penal laws or (iii) the application of which would be inconsistent with
public policy, as such term is interpreted under the laws of the British Virgin Islands or such other jurisdiction applicable to the
Company or any of its Subsidiaries. The Company or any of their respective properties, assets or revenues does not have any right of
immunity under British Virgin Islands or such other jurisdiction applicable to the Company or any of its Subsidiaries or New York law,
from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or
counterclaim, from the jurisdiction of any British Virgin Islands or such other jurisdiction applicable to the Company or any of its
Subsidiaries or any New York or United States federal court, from service of process, attachment upon or prior to judgment, or attachment
in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or
for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising
out of or in connection with the Transaction Documents; and, to the extent that the Company, or any of its properties, assets or revenues
may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced,
the Company hereby waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided in
this Warrant and the other Transaction Documents.

 

14.
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Transaction Documents shall have the
meanings ascribed to such terms on the Closing Date (as defined in the Securities Purchase Agreement) in such other Transaction Documents
unless otherwise consented to in writing by the Holder.

 

    	15

    	 

    

 

15.
DISPUTE RESOLUTION.

 

Any
action, proceeding or claim arising out of, or relating in any way to this WARRANT shall be brought and enforced in the New York Supreme
Court, County of New York (Commerical Division), or in the United States District Court for the Southern District of New York. The Company
and the HOLDER irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby waive any objection
to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in any such action shall be
entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating to such action or proceeding.

 

16.
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to
pursue actual and consequential damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set
forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be
received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the
performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder
and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach
or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to specific performance
and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such
case without the necessity of proving actual damages and without posting a bond or other security. The Company shall provide all information
and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the
terms and conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance of shares and certificates
for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any
issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its
behalf.

 

17. PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed in the hands of an attorney
for collection or enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect
amounts due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership
of the company or other proceedings affecting company creditors’ rights and involving a claim under this Warrant, then the Company
shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. 

 

    	16

    	 

    

 

18.
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

19.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

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

 

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

 

(c) “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 2) of Ordinary Shares (other than rights of the type described in Section
3 and 4 hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect
to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

(d) “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control
with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly
or indirectly either to vote 10% or more of the stock (or, if applicable, shares) having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(e)
“Approved Share Plan” means any employee benefit plan which has been approved by the board of directors of the Company
prior to or subsequent to the date hereof pursuant to which Ordinary Shares and standard options to purchase Ordinary Shares may be issued
to any employee, officer or director for services provided to the Company in their capacity as such.

 

(f) “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the
Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any
of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing
and (iv) any other Persons whose beneficial ownership of the Company’s Ordinary Shares would or could be aggregated with the Holder’s
and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject
collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(g) “Bid
Price” means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where such
security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such
time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of
the bid prices of any market makers for such security as reported in The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices) as of such time of determination. If the Bid Price cannot be calculated for a security as of the
particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall
be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 15. All such
determinations shall be appropriately adjusted for any share dividend, share split, share combination or other similar transaction during
such period.

 

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(h)
“Black Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s
request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest Closing Sale Price of the Ordinary
Shares during the period beginning on the Trading Day immediately preceding the announcement of the applicable Change of Control (or
the consummation of the applicable Change of Control, if earlier) and ending on the Trading Day of the Holder’s request pursuant
to Section 4(c) and (2) the sum of the price per share being offered in cash in the applicable Change of Control (if any) plus the value
of the non-cash consideration being offered in the applicable Change of Control (if any), (ii) a strike price equal to the Exercise Price
in effect on the date of the Holder’s request pursuant to Section 4(c), (iii) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request
pursuant to Section 4(c) and (2) the remaining term of this Warrant as of the date of consummation of the applicable Change of Control
or as of the date of the Holder’s request pursuant to Section 4(c) if such request is prior to the date of the consummation of
the applicable Change of Control, (iv) a zero cost of borrow and (v) an expected volatility equal to the greater of 100% and the 30 day
volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 365 day annualization factor) as of the
Trading Day immediately following the earliest to occur of (A) the public disclosure of the applicable Change of Control and (B) the
date of the Holder’s request pursuant to Section 4(c).

 

(i) “Bloomberg”
means Bloomberg, L.P.

 

(j) “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York generally are open for use by customers on such day.

 

(k) “Change
of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect, wholly-owned
Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification of the Ordinary
Shares in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification
continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly,
are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting power
to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such
reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing
the jurisdiction of incorporation of the Company or any of its Subsidiaries.

 

(l)
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or,
if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security
on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing
does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any
market makers for such security as reported in The Pink Open Market (or a similar organization or agency succeeding to its functions
of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases,
the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in
accordance with the procedures in Section 15. All such determinations shall be appropriately adjusted for any share dividend, share split,
share combination or other similar transaction during such period.

 

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(m) “Ordinary
Shares” means (i) the Company’s Ordinary Shares with a par value of $0.011 per share, and (ii) any shares into which
such Ordinary Shares shall have been changed or any shares resulting from a reclassification of such Ordinary Shares.

 

(n) “Convertible
Securities” means any share or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Ordinary
Shares.

 

(o) “Eligible
Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market or
the Principal Market.

 

(p) “Event
Market Price” means, with respect to any Share Combination Event Date, the quotient determined by dividing (x) the sum of the
VWAP of the Ordinary Shares for each of the five (5) lowest Trading Days during the twenty (20) consecutive Trading Day period ending
and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such Share Combination Event Date, divided
by (y) five (5). All such determinations shall be appropriately adjusted for any share dividend, share split, share combination, recapitalization
or other similar transaction during such period.

 

(q) “Excluded
Securities” means (i) Ordinary Shares or standard options to purchase Ordinary Shares issued to directors, officers or employees
of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Share Plan (as defined above) or
such agreements with such directors, officers or employees of the Company existing as of the date of this Agreement, provided that (A)
all such issuances (taking into account the Ordinary Shares issuable upon exercise of such options) after the Subscription Date pursuant
to this clause (i) do not, in the aggregate, exceed more than 5% of the Ordinary Shares issued and outstanding immediately prior to the
Subscription Date and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number
of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner
that adversely affects any of the Buyers; (ii) Ordinary Shares issued upon the conversion or exercise of Convertible Securities (other
than standard options to purchase Ordinary Shares issued pursuant to an Approved Share Plan or such agreements with such directors, officers
or employees of the Company existing as of the date of this Agreement that are covered by clause (i) above) issued prior to the Subscription
Date, provided that the conversion price of any such Convertible Securities (other than standard options to purchase Ordinary Shares
issued pursuant to an Approved Share Plan or such agreements with such directors, officers or employees of the Company existing as of
the date of this Agreement that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than standard
options to purchase Ordinary Shares issued pursuant to an Approved Share Plan or such agreements with such directors, officers or employees
of the Company existing as of the date of this Agreement that are covered by clause (i) above) are amended to increase the number of
shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than standard options to purchase
Ordinary Shares issued pursuant to an Approved Share Plan or such agreements with such directors, officers or employees of the Company
existing as of the date of this Agreement that are covered by clause (i) above) are otherwise materially changed in any manner that adversely
affects any of the Buyers; (iii) the Ordinary Shares issuable upon conversion of the Notes or otherwise pursuant to the terms of the
Notes; provided, that the terms of the Notes are not amended, modified or changed on or after the Subscription Date (other than antidilution
adjustments pursuant to the terms thereof in effect as of the Subscription Date), (iv) the Ordinary Shares issuable upon exercise of
the SPA Warrants; provided, that the terms of the SPA Warrant are not amended, modified or changed on or after the Subscription Date
(other than antidilution adjustments pursuant to the terms thereof in effect as of the Subscription Date); (v) Ordinary Shares issued
in connection with at the market offerings; provided that such offerings in any fiscal year shall not exceed the lower of (A) $1,500,000
in aggregate proceeds received or (B) 5,000,000 Ordinary Shares issued (as adjusted for any stock split, split-up, or other combination);
or (vi) Ordinary Shares issued for the payment of Interest (as defined in the Note) pursuant to the terms and conditions of the Note.

 

    	19

    	 

    

 

(r) “Expiration
Date” means the date that is the tenth (10th) anniversary of the Initial Exercisability Date or, if such date falls
on a day other than a Trading Day or on which trading does not take place on the Principal Market (a “Holiday”), the
next date that is not a Holiday.

 

(s)
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the
surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all
of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject
to or have its Ordinary Shares be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that
is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares
calculated as if any Ordinary Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making
or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become
collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding Ordinary Shares,
or (iv) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually
or in the aggregate, acquire, either (x) at least 50% of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary
Shares calculated as if any Ordinary Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such stock or share purchase agreement or other business combination were not outstanding; or (z) such number of
Ordinary Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act)
of at least 50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any
Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in
Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender
offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination, reorganization, recapitalization,
spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either
(x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares, (y) at least 50% of the
aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Subject Entities as of the
date of this Warrant calculated as if any Ordinary Shares held by all such Subject Entities were not outstanding, or (z) a percentage
of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or other equity securities of the Company
sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other shareholders of
the Company to surrender their Ordinary Shares without approval of the shareholders of the Company or (C) directly or indirectly, including
through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument
or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary
to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such
instrument or transaction.

 

(t) “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(u) “Notes”
has the meaning ascribed to such term in the Securities Purchase Agreement, and shall include all notes issued in exchange therefor or
replacement thereof.

 

(v) “Options”
means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

 

    	20

    	 

    

 

(w) “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose Ordinary Shares
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(x) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(y) “Principal
Market” means the Nasdaq Capital Market.

 

(z) “Registration
Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date, by and among the Company
and the initial holders of the Notes relating to, among other things, the registration of the resale of the Ordinary Shares issuable
upon conversion of the Notes or otherwise pursuant to the terms of the Notes and exercise of the SPA Warrants, as may be amended from
time to time.

 

(aa) “SEC”
means the United States Securities and Exchange Commission or the successor thereto.

 

(bb) “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(cc) “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been
entered into.

 

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

 

(ee)
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on the
Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security

 

is
then traded), during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time, as reported by Bloomberg
through its “VAP” function (set to 09:30 start time and 16:00 end time) or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning
at 9:30 a.m., New York time, and ending at 4:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average
price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing
ask price of any of the market makers for such security as reported in The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases,
the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company
and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with
the procedures in Section 15. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination,
recapitalization or other similar transaction during such period.

 

[signature
page follows]

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Ordinary Shares to be duly executed as of the Issuance Date set
out above.

 

	 	Freight
    Technologies, Inc.
	 	 
	 	By:	 
	 	Name:	Javier
    Selgas
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE ORDINARY SHARES

 

FREIGHT
TECHNOLOGIES, INC. 

 

The
undersigned holder hereby elects to exercise the Warrant to Purchase Ordinary Shares No. _______ (the “Warrant”) of
Freight Technologies, Inc., a business company incorporated under the laws of the British Virgin Islands (the “Company”)
as specified below. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1. Form
of Exercise Price. The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto,
the Holder hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the
date set forth below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.

 

2. Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to
be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3. Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Ordinary Shares in
accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

Check here if requesting delivery as a certificate to the following name and to the following address:

 

	 	Issue
    to:	 
	 	 	 
	 	 	 

 

Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC
    Participant:	 
	 	DTC
    Number:	 
	 	Account
    Number:	 

 

	Date:
_____________ __, _____
    

	 
	 	 
	______________________________	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Tax
    ID:______________________________	 
	 	 
	Facsimile:______________________________	 
	 	 
	E-mail
Address:______________________________	 

 

    	 

    	 

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of Ordinary Shares
in accordance with the Transfer Agent Instructions dated _________, 202_, from the Company and acknowledged and agreed to by _______________.

 

	 	Freight
    Technologies, Inc. 
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:

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