Document:

Exhibit
4.1

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAS 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 WITH A REGISTERED
BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)
UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

	Principal
    Amount: $1,480,000	 	Issue
    Date: ______, 2020
	Purchase
    Price: $1,400,000	 	 
	Original
    Issue Discount: $80,000 	 	 

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, TAOPING INC., a BVI business company (the “Company”), promises to pay to the order of _________,
or registered assigns (the “Holder”), the sum of up to $1,480,000, together with interest on the unpaid principal
balance hereof a the rate of five percent (5%) (the “Interest Rate”) per annum from the date hereof (the “Issue
Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise,
as provided herein. The maturity date of this convertible promissory note (the “Note”) shall be twelve (12)
months from the Issue Date (the “Maturity Date”). All interest calculations hereunder shall be computed on
the basis of a 365-day year and the actual number of days elapsed. The Note is issued pursuant to that certain Securities Purchase
Agreement dated September 10, 2020, as the same may be amended from time to time, by and between the Company and the Holder (the
“Purchase Agreement”). Capitalized terms used herein but not defined herein shall have the meaning ascribed
to them in the Purchase Agreement.

 

This
Note carries an original issue discount of $80,000 (the “OID”), to cover the Holder’s accounting fees,
due diligence fees, monitoring, and/or other transactional costs associated with the purchase and sale of the Note, which is included
in the Principal Amount of this Note. Thus, the Purchase Price of this Note shall be $1,400,000, computed as follows: the Principal
Amount minus the OID. The Purchase Price shall be payable by the Holder by wire transfer of immediately available funds.

 

The
following terms shall also apply to this Note:

 

1.       Payment;
Prepayment.

 

1.1.       Payment.
All payments owing hereunder shall be in cash and in immediately available funds or the Ordinary Shares issuable upon conversion
of this Note in accordance with the terms hereof (the “Conversion Shares”), as provided for herein, and delivered
to Holder at the registered address or bank account furnished to Company by written notice made in accordance with the provisions
of this Note. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then
to (c) accrued and unpaid interest, and thereafter, to (d) principal. Whenever any amount expressed to be due by the terms of
this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business
Day and, in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of the
due date there of shall not be taken into account for purposes of determining the amount of interest due on such date. Notwithstanding
any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the type of currency
in which any cash payment made by the Company under this Note shall be the same as the type of currency of the Purchase Price.

 

    	 

     

    

 

1.2.       Prepayment.
Notwithstanding the foregoing and provided that an Event of Default (as defined below) has not occurred under this Note, at any
time during the period beginning on the Issue Date and ending on the date which is one hundred eighty (180) calendar days following
the Issue Date (the “Prepayment Termination Date”), the Company shall have the right, exercisable on a prior
written notice (the “Optional Prepayment Notice”) to the Holder, to prepay up to the outstanding balance on
this Note (the “Optional Prepayment Amount”), in full, in accordance with this Section. The Optional Prepayment
Notice shall be delivered to the Holder at its registered addresses furnished to Company by written notice and shall state: (1)
that the Company is exercising its right to prepay the Note, and (2) the date of prepayment (the “Optional Payment Date”)
which shall be at least three (3) Business Days but not more than five (5) Business Days from the date of the Optional Prepayment
Notice; and (3) the Optional Prepayment Amount as calculated as below. Upon receipt of the Option Prepayment Notice, the Holder
shall have three (3) Business Days to elect to convert the Optional Prepayment Amount into equity securities of the Company in
accordance with Section 3.1 herein. If the Holder elects not to convert such Optional Prepayment Amount, then on the Optional
Prepayment Date the Company shall pay the Optional Prepayment Amount to or upon the order of the Holder as specified by the Holder
in writing to the Company prior to the Optional Prepayment Date.

 

The
Optional Prepayment Amount is equal to the sum of (i) the Prepayment Factor (as defined below) multiplied by the then outstanding
principal amount of this Note as of the date of the Optional Prepayment Notice, plus (ii) accrued and unpaid interest on
the unpaid principal amount of this Note through the date of the Optional Prepayment Notice, provided that any portion
of the then outstanding balance of Note for which the Company has received a Notice of Conversion (as defined below) from Holder
prior to the Optional Prepayment Notice where the applicable Conversion Shares have not yet been delivered, shall not be included
in the Optional Prepayment Amount. The Holder shall have three (3) Business Days from the date of the Optional Prepayment Notice
to elect to convert the Optional Prepayment Amount into Ordinary Shares at the Fixed Conversion Price according to Section 3.

 

For
purposes hereof, the “Prepayment Factor” shall equal one hundred and twenty percent (120%), provided that such
Prepayment Factor shall equal one hundred and ten percent (110%) if the Optional Prepayment Notice is provided on or before the
date which is ninety (90) calendar days following the Issue Date hereof. After the Prepayment Termination Date, the Company shall
have no right to provide an Optional Prepayment Notice to the Holder to prepay this Note. For the avoidance of doubt, the Company
may exercise its right to prepay the Note as long as the Optional Prepayment Notice is delivered to the Holder on or prior to
the Prepayment Termination Date.

 

2.       Pari
Passu Ranking. This Note constitutes direct, unsecured, unsubordinated, unconditional and senior obligations of the Company
and the Company’s payment obligations under this Note shall at times rank (i) at least pari passu and ratably and
equally with all other existing and future claims of all its other unsecured and unsubordinated creditors, including notes issued
by the Company as part of a series of transactions of which the issuance of this Note is a part and (ii) senior to all existing
and future subordinated indebtedness owed by the Company.

 

    	 	2	 

     

    

 

3.       Conversion.

 

3.1.       Fixed
Price Conversion. The Holder shall have the right, in its sole and absolute discretion, from time to time, and at any time
on or following the Issue Date and ending on the day immediately prior to the Maturity Date, to convert all or any part of the
outstanding amount under this Note (such outstanding amount includes but is not limited to the principal and accrued and unpaid
interest) into fully paid and non-assessable Ordinary Shares, as such Ordinary Shares exist on the Issue Date, or any shares of
capital stock or other securities of the Company into which such Ordinary Shares shall hereafter be changed or reclassified at
the conversion price of $9.00 per share (the “Fixed Conversion Price”).

 

3.2.       Alternate
Conversion. At any time after the occurrence of an Event of Default, the Holder may, at the Holder’s option, convert
(each, an “Alternate Conversion”) all but not less than all of the outstanding balance of the Note into Ordinary
Shares at the lowest of: (i) the Fixed Conversion Price; (ii) 90% of the volume-weighted average closing price of the Ordinary
Shares during the twenty (20) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion
Date (as defined below); (iii) 90% of the volume-weighted average closing price of the Ordinary Shares during the one hundred
and seventy five (175) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion
Date; (iv) 95% of the per share purchase price of Ordinary Shares offered in a subsequent private placement transaction of the
Company consummated during the term of the Note (except the Exempt Issuance); and (v) the purchase price of ordinary shares offered
in a subsequent underwritten public offering of the Company that takes place during the term of the Note. Notwithstanding the
forgoing, in no event shall the number of Ordinary Shares issuable upon the conversion of this Note under this Section 3.2 exceed
1,000,000 shares (the “Maximum Amount of Alternate Conversion Shares”), subject to the adjustment pursuant
to Section 6.1.

 

3.3.       Quarterly
Conversion. In the event this Note remains outstanding and due in each of the months of March and June 2021, the Holder has
a one-time option during the first three weeks in each of March and June 2021, to convert no more than one half of the then outstanding
balance of the Note into Ordinary Shares at the lowest of: (i) the Fixed Conversion Price; (ii) 90% of the volume-weighted average
closing price of the Ordinary Shares during the twenty (20) consecutive Trading Day period ending on the Trading Day immediately
prior to the applicable Conversion Date; (iii) 90% of the volume-weighted average closing price of the Ordinary Shares during
the one hundred and seventy five (175) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable
Conversion Date; (iv) 95% of the per share purchase price of Ordinary Shares offered in a subsequent private placement transaction
of the Company consummated during the term of the Note (except the Exempt Issuance); and (v) the purchase price of Ordinary Shares
offered in a subsequent underwritten public offering of the Company that takes place during the term of the Note; and (vi) the
volume-weighted average trade price of the Ordinary Shares on the Trading Day immediately prior to the applicable Conversion Date.
Notwithstanding the forgoing, in no event shall such conversion price under this Section 3.3 be less than $2.40 per share (the
“Floor Price”), subject to the adjustment pursuant to Section 6.1.

 

3.4.       Conversion
upon Maturity Date. In the event this Note remains outstanding on the Maturity Date, the Holder may, at the Holder’s
option, convert all but not less than all of the outstanding balance of the Note into Ordinary Shares at the lowest of: (i) the
Fixed Conversion Price; (ii) 90% of the volume-weighted average closing price of the Ordinary Shares during the twenty (20) consecutive
Trading Day period ending on the Trading Day immediately prior to the applicable Conversion Date; (iii) 90% of the volume-weighted
average closing price of the Ordinary Shares during the one hundred and seventy five (175) consecutive Trading Day period ending
on the Trading Day immediately prior to the applicable Conversion Date; (iv) 95% of the per share purchase price of Ordinary Shares
offered in a subsequent private placement transaction of the Company consummated during the term of the Note (except the Exempt
Issuance); and (v) the purchase price of ordinary shares offered in a subsequent underwritten public offering of the Company that
takes place during the term of the Note; and (vi) volume-weighted average trade price of the Ordinary Shares on the Trading Day
immediately prior to the applicable Conversion Date. Notwithstanding the forgoing, in no event shall such conversion price under
this Section 3.4 be less than the Floor Price, subject to the adjustment pursuant to Section 6.1.

 

    	 	3	 

     

    

 

3.5.       Mechanics
of Conversion. The conversion of this Note hereunder shall be conducted in the following manner: (i) the Holder shall deliver
a completed and executed Notice of Conversion in the form attached hereto as Exhibit A, duly endorsed, to the Company
(by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 5:00 p.m., New York,
New York time) and the date of delivery of any Notice of Conversion hereunder shall be referred to herein as the “Conversion
Date”; (ii) the Company shall prepare and deliver irrevocable instructions addressed to the Company’s transfer
and exchange agent, as applicable, to issue such required number of Ordinary Shares as set forth in the Notice of Conversion which
Ordinary Shares shall be delivered to the Holder within five (5) Trading Days of the delivery of the Notice of Conversion to the
Company (and, solely in the case of conversion of the entire unpaid outstanding balance hereof, surrender of this Note). Notwithstanding
the forgoing, in lieu of delivering physical certificates or book entry statements representing the Ordinary Shares issuable upon
conversion, provided the Company is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and subject to federal and state securities law, the
Company shall use its best efforts to cause the Transfer Agent to electronically transmit the Ordinary Shares issuable upon conversion
to the Holder by crediting the account of Holder’s broker with DTC as set forth in the Notice of Conversion through its
Deposit Withdrawal Agent Commission (“DWAC”) system.

 

3.6.       Surrender
of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless the entire unpaid
balance of this Note is so converted. The Holder and the Company shall maintain records showing the principal amount so converted
and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as
not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records
of the Company shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the
foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first
physically surrenders this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder
a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request,
representing in the aggregate the remaining unpaid principal amount of this Note. The Holder and any assignee, by acceptance of
this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this
Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on
the face hereof.

 

3.7.       Payment
of Taxes. The issuance of certificates for the Conversion Shares shall be made without charge to the Holder hereof for any
documentary stamp or similar taxes, costs and expenses that may be payable in respect of the issue or delivery of such certificates,
provided that, the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the
issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this Note.

 

3.8.       Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note. As
to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at
its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the applicable conversion price or round up to the next whole share.

 

    	 	4	 

     

    

 

4.       Concerning
the Ordinary Shares. The Ordinary Shares issuable upon conversion or adjustment of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Securities Act or (ii) the Company or
the Transfer Agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary
for opinions of counsel in comparable transactions) or written confirmation to the effect that the shares to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration (such as Rule 144 or a successor rule). If requested
by the Transfer Agent or the Holder, the Company shall cause its legal counsel to render an opinion letter specific to the fact
that the issuance of Ordinary Shares pursuant to conversion of the Note is exempt from registration requirements pursuant to Regulation
D as promulgated under the Securities Act. Any restrictive legend on certificates representing Ordinary Shares issued upon conversion
of this Note shall be removed and the Company shall issue to the Holder a new certificate therefore free of any transfer legend
if (i) there is an effective registration statement covering resale of such Ordinary Shares, or (ii) following a sale or transfer
of such Ordinary Shares pursuant to Rule 144 (assuming the transferee is not an Affiliate of the Company). The Company agrees
that following the effective date of such registration statement or such other time as legends are no longer required to be set
forth on certificates representing Ordinary Shares under this Section 4, it will, no longer than ten (10) Business Days following
the delivery by the Holder to the Company or the Transfer Agent of a certificate or other instrument representing such Ordinary
Shares containing a restrictive legend, deliver or instruct the Transfer Agent to deliver to the Holder, Ordinary Shares which
are free of all restrictive and other legends.

 

5.       Events
of Default.

 

5.1.       “Event
of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether
such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

(a)       Failure
to Pay Principal or Interest. Company shall default in the payment of the principal of, or accrued interest on, this Note
as and when the same shall become due and payable and such failure is not cured within five (5) Business Days;

 

(b)       Default
in Covenants. Company shall default in any material manner in the observance or performance of any other affirmative or negative
covenants or agreements set forth in the Transaction Documents or its currently effect memorandum and articles of association
(other than a breach by the Company of its obligations to deliver Ordinary Shares to the Holder upon conversion, which breach
is addressed in clause (h) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) five (5)
Business Days after notice of such failure sent by the Holder and (B) ten (10) Business Days after the Company has become or should
have become aware of such failure;

 

(c)       Breach
of Representations and Warranties. Company materially breaches any representation or warranty contained in the Purchase Agreement;

 

(d)       Change
in Control Transaction. Company shall consummate to any Change in Control Transaction without obtaining a prior written consent
from the Holder, which consent shall not be unreasonably withheld. “Change in Control Transaction” means the
occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or “group”
(as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial
ownership of capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company
(other than by means of conversion or exercise of the Notes and the Securities issued together with the Notes), (b) the Company
merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving
effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate
voting power of the Company or the successor entity of such transaction, (c) the Company sells or transfers all or substantially
all of its assets to another Person and the shareholders of the Company immediately prior to such transaction own less than 50%
of the aggregate voting power of the acquiring entity immediately after the transaction, or (d) a replacement at one time or within
a three (3) year period of more than one-half of the members of the board of directors of the Company which is not approved by
a majority of those individuals who are members of the board of directors of the Company on the Issue Date (or by those individuals
who are serving as members of the board of directors of the Company on any date whose nomination to the board of directors of
the Company was approved by a majority of the members of the board of directors of the Company who are members on the date hereof).

 

    	 	5	 

     

    

 

(e)       Receiver
or Trustee. A receiver, trustee or other similar official shall be appointed over Company or a material part of its assets
and such appointment shall remain uncontested for twenty (20) calendar days or shall not be dismissed or discharged within sixty
(60) calendar days;

 

(f)       Exchange
Act Failure. Any termination of registration or suspension of the Company’s reporting obligations under the Exchange
Act or failure to file with the Commission any required reports under Section 13 or 15(d) of the Exchange Act such that it is
not in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable), provided that the Company shall have ten (10)
Trading Days to cure such failure;

 

(g)       Failure
to Meet Exchange Requirements. Any failure of the Company to maintain the listing or quotation of Ordinary Shares on the Trading
Market for a period of five (5) consecutive Trading Days or for more than an aggregate of thirty (30) days in any 365-day period;

 

(h)       Failure
to Deliver Shares Upon Conversion. Any failure of the Company for any reason to deliver certificates of Ordinary Shares or
if applicable, Ordinary Share via DWAC to the Holder pursuant to Section 3.4 within ten (10) Trading Days following the delivery
of the Notice of Conversion or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Note in accordance with the terms hereof;

 

(i)       Judgments.
Any final, non-appealable judgment, decree or order for the payment of money is entered against any of the Company or the Company’s
Subsidiaries in an amount equal to $200,000 or more and the same remains unsatisfied or unbonded for more than thirty (30) calendar
days;

 

(j)       Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by or against Company or any subsidiary of Company.
With respect to any such proceedings that are involuntary, Company shall have a forty-five (45) calendar day cure period in which
to have such involuntary proceedings dismissed;

 

(k)       Cessation
of Operations. Any cessation of operations by the Company or the Company admits it is otherwise generally unable to pay its
debts as such debts become due, provided, however, that any disclosure of the Company’s ability to continue as a “going
concern” shall not be an admission that the Company cannot pay its debts as they become due;

 

    	 	6	 

     

    

 

(l)       Cross
Default. The Company or any of the Subsidiaries and Affiliated Entities, individually or in the aggregate, shall either (i)
default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring agreement
or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed
money or money due or is otherwise in breach or violation of any such agreement that (a) involves an obligation greater than $200,000,
whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being declared
due and payable prior to the date on which it would otherwise become due and payable; or (ii) suffer to exist any other circumstance
or event that would, with or without the passage of time or the giving of notice, result in a default or event of default under
any agreement binding the Company or any Subsidiary or Affiliated Entities, which default or event of default would or is likely
to have a material adverse effect on the business, assets, operations (including results thereof), liabilities, properties, condition
(including financial condition) or prospects of the Company or any of its Subsidiaries or Affiliated Entities, individually or
in the aggregate.

  

5.2.       Remedies
Upon Event of Default. Subject to Section 3.2, if any Event of Default occurs, then the outstanding balance of this Note shall
automatically, and without any declaration or other action on the part of the Investor, become immediately due and payable in
cash.

 

6.       Certain
Adjustments.

 

6.1.       Stock
Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions payable in Ordinary Shares or any Ordinary Shares Equivalents (which, for avoidance of doubt,
shall not include any Ordinary Shares issued by the Company upon conversion of the Note or exercise of the Warrant), (ii) subdivides
outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding
Ordinary Shares into a smaller number of shares or (iv) issues, in the event of a reclassification of Ordinary Shares, any shares
of capital stock of the Company, then the conversion price under each of Sections 3.1, 3.2, 3.3 and 3.4 and the Floor Price shall
be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding any treasury shares of the
Company) outstanding immediately before such event, and of which the denominator shall be the number of Ordinary Shares outstanding
immediately after such event. The Maximum Amount of Alternate Conversion Shares under Section 3.2 shall be multiplied by a fraction
of which the numerator shall be the number of Ordinary Shares (excluding any treasury shares of the Company) outstanding immediately
after such event, and of which the denominator shall be the number of Ordinary Shares outstanding immediately before such event.
Any adjustments under this Section 6.1 shall be effective at the close of business on the date the stock split or combination
becomes effective or the date of payment of the stock dividend, as applicable.

 

6.2.       Merger
Sale, Reclassification, etc. In case of any (A) consolidation or merger (including a merger in which the Company is the surviving
entity), (B) sale or other disposition of all or substantially all of the Company’s assets or distribution of property to
shareholder (other than distributions payable out of earnings or retained earnings), or reclassification, change or conversion
of the outstanding securities of the Company or of any reorganization of the Company (or any other corporation the stock or securities
of which are at the time receivable upon the conversion of this Note) or any similar corporate reorganization on or after the
date hereof, then and in each such case the Holder of this Note, upon the conversion hereof at any time thereafter shall be entitled
to receive, in lieu of the stock or other securities and property receivable upon the conversion hereof prior to such consolidation,
merger, sale or other disposition, reclassification, change, conversion or reorganization, the stock or other securities or property
to which such Holder would have been entitled upon such consummation if such Holder had converted this Note immediately prior
thereto.

 

    	 	7	 

     

    

 

7.       Miscellaneous.

 

7.1.       Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation,
any Notice of Conversion, shall be in writing and delivered as set forth in the Purchase Agreement.

 

7.2.       Holder
Not Deemed a Shareholder. No Holder, as such, of this Note shall 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 Note be construed to confer upon the Holder
hereof, as such, any of the rights at law of a shareholder of the Company prior to the issuance to the Holder of the Ordinary
Shares which the Holder is then entitled to receive upon the due conversion of this Note.

 

7.3.       Mutilated,
Destroyed, Lost or Stolen Notes. In case this Note shall become mutilated or defaced, or be destroyed, lost or stolen, the
Company shall execute and deliver a new note of like principal amount in exchange and substitution for the mutilated or defaced
Note, or in lieu of and in substitution for the destroyed, lost or stolen Note. In the case of a mutilated or defaced Note, the
Holder shall surrender such Note to the Company. In the case of any destroyed, lost or stolen Note, the Holder shall furnish to
the Company: (i) evidence to its satisfaction of the destruction, loss or theft of such Note and (ii) such security or indemnity
as may be reasonably required by the Company to hold the Company harmless.

 

7.4.       Waiver
of Demand, Presentment, etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence
in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all
sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the
collection of any amount called for hereunder. The Company agrees that, in the event of an Event of Default, to reimburse the
Holder for all reasonable costs and expenses (including reasonable legal fees of one counsel) incurred in connection with the
enforcement and collection of this Note.

 

7.5.       Assignment.
The rights and obligations of the Company and the Holder of this Note shall be binding upon, and inure to the benefit of, the
successors and permitted assigns of the parties hereto. The Holder may assign, pledge or otherwise transfer this Note or any interest
therein with prior notice to the Company. Each transferee of this Note must be an “accredited investor” (as defined
in Rule 501(a) of the Securities Act). Interest and principal are payable only to the registered Holder of this Note on the books
and records of the Company.

 

7.6.       Waiver
and Amendment. Any provision of this Note, including, without limitation, the due date hereof, and the observance of any term
hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively or prospectively)
only with the written consent of the Company and the Holder. 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 privileges. All rights and
remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

7.7.       Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York, USA, excluding that
body of law relating to conflicts of laws.

 

    	 	8	 

     

    

 

7.8.       Consent
to Jurisdiction. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Note (whether brought against a party hereto or its respective affiliates, directors, officers,
shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City
of New York, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of this Note, 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 improper. Each party hereto 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 via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HERETO (INCLUDING ITS
AFFILIATES, AGENTS, OFFICERS, DIRECTORS AND EMPLOYEES) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

7.9.       Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions shall be excluded from
this Note, and the balance of this Note shall be interpreted as if such provisions were so excluded and shall be enforceable in
accordance with its terms.

 

7.10.       Headings.
Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.

 

(Remainder
of Page intentionally left blank)

 

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, Company has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date first
set forth above.

 

TAOPING
INC. 

 

	By:	 	 
	Name:	Jianghuai
    Lin	 
	Title:	Chief
    Executive Officer	 

 

 

    	 	10	 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

Reference
is made to the Convertible Promissory Note (the “Note”) issued to the undersigned by Taoping Inc., a company
organized under the laws of the British Virgin Islands (the “Company”). In accordance with and pursuant to
the Note, the undersigned hereby elects to convert all or part of the outstanding balance of the Note indicated below into Ordinary
Shares, no par value per share (the “Ordinary Shares”), of the Company, as of the date specified below. Capitalized
terms not defined herein shall have the meaning as set forth in the Note.

 

	 	Date
    of Conversion:	 

 

	 	 	 
	 	Aggregate
    Principal to be converted:	 
	 	 	 
	 	Aggregate
    accrued and unpaid Interest:	 
	 	 	 
	 	Aggregate
    accrued and unpaid fees with respect to such portion of the Aggregate Principal and such Aggregate Interest to be converted
    (if any):	 
	 	 	 
	 	AGGREGATE
    BALANCE AMOUNT TO BE CONVERTED:	 

 

Please
confirm the following information:

 

	[  ]	●
                                                                         If this Notice of Conversion is being delivered with respect to Section 3.1 of the Note, check here that Holder is electing
                                                                     to use the following Fix Conversion Price of $1.50.

         

        ●
            Number of Ordinary Shares to be issued: ____________________________.

         

        ●
            Aggregate Principal Amount Remaining Subsequent to Conversion _____________________

 

	[  ]	●
                                                                         If this Notice of Conversion is being delivered with respect to Section 3.2 of the Note, check here that Holder is electing
                                                                     to use the following conversion price for the Alternate Conversion ______________________.

         

        ●
            Number of Ordinary Shares to be issued: ____________________________.

 

	[  ]	●
                                                                         If this Notice of Conversion is being delivered with respect to Section 3.3 of the Note, check here that Holder is electing
                                                                     to use the following conversion price for the Quarterly Conversion ______________________.

         

        ●
            Number of Ordinary Shares to be issued: ____________________________.

 

	[  ]	●
                                                                         If this Notice of Conversion is being delivered with respect to Section 3.4 of the Note, check here that Holder is electing
                                                                     to use the following conversion price for the Conversion Upon Maturity Date ______________________.

         

        ●
            Number of Ordinary Shares to be issued: ____________________________.

 

    	 

     

    

 

Please
issue the Ordinary Shares into which the Note is being converted to Holder, or for its benefit, as follows:

 

	 	[  ]	Check
    here if requesting delivery as a certificate or a book entry statement 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
4.2

 

NEITHER
THIS WARRANT NOR THE SECURITIES INTO WHICH THIS WARRANT IS EXERCISABLE HAVE 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 WARRANT AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)
UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

TAOPING
INC. 

 

ORDINARY
SHARES PURCHASE WARRANT

 

	Warrant
    No. [  ]	Original
    Issue Date: September _________, 2020
	Initial
    Holder:	No.
    of Shares Subject to Warrant: 53,333
	 	Initial
    Exercise Price Per Share: $9.00 (subject to the adjustment pursuant to Section 9)
	 	Expiration
                                         Time: The 3-year anniversary of the Original Issue Date

 

TAOPING
INC., a BVI business company (the “Company”), hereby certifies that, for value received, the Initial Holder
shown above, or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up
to the number of its ordinary shares, no par value (the “Ordinary Shares”), shown above (each such share, a
“Warrant Share” and all such shares, the “Warrant Shares”) at the exercise price shown above
(as may be adjusted from time to time as provided herein, the “Exercise Price”), at any time and from time
to time on or after the original issue date indicated above (the “Original Issue Date”), but not after the
expiration time shown above (the “Expiration Time”), and subject to the following terms and conditions:

 

This
Warrant is being issued pursuant to that certain Securities Purchase Agreement, dated September 10, 2020 (the “Purchase
Agreement”), by and between the Company and the Initial Holder.

 

1.
Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement.

 

2.
List of Warrant Holders. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder (which shall include the Initial Holder
or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder from time to time). The
Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    	 	 	 

     

    

 

3.
List of Transfers; Restrictions on Transfer. The Company shall register any transfer of all or any portion of this Warrant
in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed,
to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Ordinary Shares,
in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of
this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof
shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the
Holder has in respect of this Warrant.

 

4.
Exercise and Duration of Warrant; Forced Exercise of Warrant.

 

(a)
All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Section 4 at any
time and from time to time on or after the Original Issue Date but not after the Expiration Time. If this Warrant has not been
exercised prior to the Expiration Time, this Warrant shall be deemed to have been automatically exercised on the Expiration Time
pursuant to the “Cashless Exercise” provisions set forth in Section 4(c) hereof.

 

(b)
The Holder may exercise this Warrant by delivering to the Company: (i) an exercise notice, in the form attached hereto (the “Exercise
Notice”), completed and duly signed, (ii) if such Holder is not utilizing the cashless exercise provisions set forth
in this Warrant, payment by wire transfer of immediately available funds to an account designated by the Company of the Exercise
Price for the number of Warrant Shares as to which this Warrant is being exercised, and (iii) the original Warrant. A facsimile
or PDF signature of the Holder on the Exercise Notice shall be sufficient for purposes of execution of the Exercise Notice. The
date such items as set forth in (i), (ii) and (iii) above are delivered to the Company (as determined in accordance with the notice
provisions hereof) is an “Exercise Date.” Execution and delivery of the Exercise Notice shall have the same
effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number
of Warrant Shares.

 

(c)
Notwithstanding anything contained herein to the contrary, 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 Exercise Price, elect instead to receive upon such exercise the “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=
    	the
    Per Share Price (as defined below) of one (1) Ordinary Share at the time the net issuance election under this Section 4(c)
    is made.
	 	 	 
	 	C=
    	the
    Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For
purposes of Section 4(c), “Per Share Price” means: (i) If this Warrant is exercised on the date when the Company’s
Ordinary Shares are traded on a Trading Market (other than the Pink Market operated by OTC Markets), the Per Share Price shall
be deemed to be the closing price of Company’s Ordinary Shares as listed or quoted on such Trading Market, as reported on
Yahoo! Finance for the Trading Day immediately prior to the Excise Date, (ii) if Company’s Ordinary Shares are actively
traded on the Pink Market, the Per Share Price shall be deemed to be the closing bid or sales price, whichever is applicable,
of Company’s Ordinary Shares as reported on Yahoo! Finance for the Trading Day immediately prior to the date of Holder’s
election; or (iii) if neither (i) nor (ii) is applicable, the Per Share Price shall be determined in good faith by the Board of
Directors of Company based on relevant facts and circumstances at the time of the net exercise under Section 4(c), including in
the case of a change of control of the Company the consideration receivable by the holders of the Ordinary Shares in such change
of control.

 

    	 	2	 

     

    

 

For
purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder is not an affiliate
of the Company, 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 Original Issue Date.

 

(d)
The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant pursuant
to the terms hereof.

 

5.
Delivery of Warrant Shares.

 

(a)
Upon exercise of this Warrant, the Company shall promptly (but in no event later than ten (10) Trading Days after the Exercise
Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names
as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise. The Holder, or any Person permissibly
so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares
as of the Exercise Date. The Company shall, upon the written request of the Holder, use its best efforts to deliver, or cause
to be delivered, Warrant Shares hereunder electronically through the Depository Trust and Clearing Corporation or another established
clearing corporation performing similar functions, if available; provided, that, the Company may, but will not be required
to, change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through the Depository
Trust and Clearing Corporation. If as of the time of exercise the Warrant Shares constitute restricted or control securities,
the Holder, by exercising, agrees not to resell them except in compliance with all applicable securities laws.

 

(b)
To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms
hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other
Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective
of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of Warrant Shares. Nothing herein shall limit a 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 upon exercise of the Warrant as required pursuant
to the terms hereof.

 

(c)
If the Company fails to cause its transfer agent to transmit to the Holder a certificate or the certificates (either physical
or electronic) representing the Warrant Shares pursuant to the terms hereof by applicable delivery date, then, the Holder will
have the right to rescind such exercise.

 

6.
Charges, Taxes and Expenses. Issuance and delivery of certificates for Ordinary Shares upon exercise of this Warrant shall
be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax
or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in
the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder. The Holder shall
be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

 

    	 	3	 

     

    

 

7.
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested
as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant.

 

8.
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate
of its authorized but unissued and otherwise unreserved Ordinary Shares, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are then issuable and deliverable upon
the exercise of this entire Warrant, free from preemptive rights, rights of first refusal, other restrictions, or any other contingent
purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company
covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable and free from
all taxes, liens and charges with respect to the issuance thereof.

 

9.
Certain Adjustments to Exercise Price. 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 9.

 

(a)
Adjustments for Share Splits and Combinations and Share Dividends. If the Company shall at any time or from time to time
after the date hereof, effect a share split or combination of the outstanding Ordinary Shares or pay a share dividend in Ordinary
Shares, then the Exercise Price shall be proportionately adjusted. Any adjustments under this Section 9(a) shall be effective
at the close of business on the date the share split or combination becomes effective or the date of payment of the share dividend,
as applicable.

 

(b)
Merger Sale, Reclassification, etc. In case of any: (i) consolidation or merger (including a merger in which the Company
is the surviving entity), (ii) sale or other disposition of all or substantially all of the Company’s assets or distribution
of property to shareholders (other than distributions payable out of earnings or retained earnings), or reclassification, change
or conversion of the outstanding securities of the Company or of any reorganization of the Company (or any other corporation the
shares or securities of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization
on or after the date hereof, then and in each such case the Holder of this Warrant, upon the exercise hereof at any time thereafter
shall be entitled to receive, in lieu of the shares or other securities and property receivable upon the exercise hereof prior
to such consolidation, merger, sale or other disposition, reclassification, change, conversion or reorganization, the shares or
other securities or property to which such Holder would have been entitled upon such consummation if such Holder had exercised
this Warrant immediately prior thereto.

 

10.
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu
of any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one Warrant Share as reported by the applicable trading market on the Exercise Date, or if there is no
trading market for the Ordinary Shares, the product of such fraction multiplied by the then fair market value of one Warrant Share
as reasonably determined by the Board of Directors of the Company.

 

11.
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without
limitation, any Exercise Notice, shall be in writing and delivered as set forth in the Purchase Agreement.

 

    	 	4	 

     

    

 

12.
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the
Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged
or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business
shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

13.
Miscellaneous.

 

(a)
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder, or their successors and assigns.

 

(b)
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof.

 

(c)
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(d)
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a
shareholder with respect to the Warrant Shares.

 

(f)
No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and
no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price
of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of
the Company.

 

    	 	5	 

     

    

 

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

 

	 	TAOPING INC.  
	 	 	 
	 	By:	 
	 	Name:	Jianghuai
    Lin
	 	Title:	Chief
    Executive Officer 

 

    	 	 	 

     

    

 

TAOPING
INC. 

 

EXERCISE
NOTICE

 

Ladies
and Gentlemen:

 

(1)
The undersigned hereby elects to exercise the above-referenced Warrant with respect to ______________ Ordinary Shares. Capitalized
terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2)
The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	[  ]	Cash
    Exercise under Section 4(b)
	 	[  ]	Cashless
    Exercise under Section 4(c) (assuming conditions precedent are met)

 

(3)
If the Holder has elected a Cash Exercise, the holder shall pay the sum of $ ______________ to the Company in accordance with
the terms of the Warrant.

 

(4)
Pursuant to this Exercise Notice, the Company shall deliver to the Holder ________________ Warrant Shares determined in accordance
with the terms of the Warrant.

 

 

	Dated:
    	 	 	HOLDER:
	 	 	 	 
	 	 	 	 
	 	 	 	Print
    name 
	 	 	 	 	 
	 	 	 	By:	       
	 	 	 	 	 
	 	 	 	Title:	 

 

    	 	 	 

     

    

 

TAOPING
INC. 

 

FORM
OF ASSIGNMENT

To
be completed and signed only upon transfer of Warrant

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _________________ the right represented by the within
Warrant to purchase _________________ Ordinary Shares to which the within Warrant relates and appoints __________________ attorney
to transfer said right on the books of the Company with full power of substitution in the premises.

 

 

	Dated:
    	 	 	TRANSFEROR:
	 	 	 	 	 
	 	 	 	 
	 	 	 	Print
    name 
	 	 	 	 	 
	 	 	 	By:	           
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	TRANSFEREE:
	 	 	 	 	 
	 	 	 	 
	 	 	 	Print
    name 
	 	 	 	 	 
	 	 	 	By:
    	 
	 	 	 	 	 
	 	 	 	Title:	
	 	 	 	 	 
	 	 	 	Address
    of Transferee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]