Document:

Exhibit 4.1

 

POWERBRIDGE
TECHNOLOGIES CO., LTD.

 

Convertible
Note

 

	Principal Amount: $2,000,000
	Note Issuance Date: August 6, 2021
	Note Number: PBTS-2

 

FOR VALUE RECEIVED,
POWERBRIDGE TECHNOLOGIES CO., LTD., a Cayman Islands exempted company (the “Company”), hereby promises to pay
to the order of YA II PN, Ltd., or its registered assigns (the “Holder”), the amount set out above as the
Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the
“Principal”) when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise
(in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding Principal
at the applicable Interest Rate from the date set out above as the Note Issuance Date (the “Issuance Date”) until
the same becomes due and payable, whether upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion,
redemption or otherwise (in each case in accordance with the terms hereof). This Convertible Note (including all Notes issued in
exchange, transfer or replacement hereof, this “Note”) was originally issued pursuant to the Securities Purchase
Agreement (the “Securities Purchase Agreement”) dated as of April 8, 2021 between the Company and YA II PN, Ltd.,
as such Securities Purchase Agreement has been modified by that certain Closing Statement of even date herewith between the Company
and the Holder. Certain capitalized terms used herein are defined in Section (14).

 

On the date hereof,
the Company and the Holder are entering into a Registration Rights Agreement, which shall set forth, among other things, the Company’s
obligations to register the Conversion Shares for sale by the Holder.

 

The Conversion
Shares issuable hereunder may be issued in accordance with that certain letter agreement dated as of July 19, 2021 between the Company
and Transhare Corp., of which the Holder is a third party beneficiary.

 

(1) GENERAL
TERMS

 

(a) Maturity Date.
On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid
Interest, and any other amounts outstanding pursuant to the terms of this Note. The “Maturity Date” shall be August 5,
2022, as may be extended at the option of the Holder. Other than as specifically permitted by this Note, the Company may not prepay or
redeem any portion of the outstanding Principal and accrued and unpaid Interest.

 

(b) Interest
Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6% (“Interest
Rate”), which Interest Rate shall increase to an annual rate of 15% upon the occurrence of a Triggering Event or an Event of
Default. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by
applicable law.

 

(c) Triggering
Event. If, any time after the Issuance Date, and from time to time thereafter, the daily VWAP is less than the Floor Price for a period
of 15 Trading Days during any 20 consecutive Trading Day period (each such occurrence, a “Triggering Event”), then
the Interest Rate shall automatically increase to an annual rate of 15%. Provided that no Event of Default has occurred, the Interest
Rate shall return to the rate set forth in Section 1(b) if any time after a Triggering Event the daily VWAP is greater than the Floor
Price for a period of 15 consecutive Trading Days, unless a subsequent Triggering Event occurs. Upon the occurrence of a Triggering Event
at any time this Note is outstanding, the Company shall be obligated to reduce (but not increase) the Floor Price (which reduced Floor
Price shall be referred to as a reset Floor Price) on one or more occasions. Each reset Floor Price shall be reduced by the Company to
a price equal to 80% of the VWAP on the Trading Day immediately preceding the date the Company establishes any reset Floor Price. The
Company obligations to establish any reset Floor Price shall include: (i) resetting the Floor Price as set forth in this Section, (ii)
taking all steps necessary to admit the Conversion Shares for trading on the Principal Market, and (iii) making any securities filings
necessary with the SEC and taking any additional actions necessary to ensure that the Conversion Shares to be issued by the Company to
the Buyer upon conversion (at any time any reset Floor Price is then in effect) shall be registered with the SEC for sale by the Buyer
and issuable upon conversion by the Buyer without restrictive legends or any other restrictions on sale by the Buyer, subject to Section
4(c) hereof. The Company shall establish any reset Floor Price within 30 days of the Buyer delivering written notice to the Company of
a Triggering Event, the failure of which shall be an Event of Default hereunder.

 

     

     

    

 

(2) Early
Redemption. The Company shall have the right, but not the obligation, to redeem (“Optional Redemption”) early a
portion or all amounts outstanding under this Note as described in this Section; provided that (i) the trading price of the Ordinary
Shares is less than the Fixed Conversion Price and (ii) the Company provides the Holder with at least 15 Business Days’ prior written
notice (each, a “Redemption Notice”) of its desire to exercise an Optional Redemption on the date fixed for early redemption
in such notice (“Redemption Date”). Each Redemption Notice shall be irrevocable and shall specify the outstanding balance
of the Convertible Note to be redeemed and the applicable Redemption Premium. The “Redemption Amount” shall be equal
to the outstanding Principal balance being redeemed by the Company, plus the applicable Redemption Premium, plus all accrued and unpaid
interest. After receipt of the Redemption Notice, the Holder shall have until the Trading Day prior to the Redemption Date to elect to
convert all or any portion of the Note. On the Redemption Date, the Company shall deliver to the Holder the Redemption Amount with respect
to the Principal amount redeemed after giving effect to conversions effected during such period.

 

(3) EVENTS
OF DEFAULT.

 

(a) An
“Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it
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):

 

(i) the
Company’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note within five
(5) Business Days after such payment is due;

 

(ii) The
Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of the Company
under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary
of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company or any subsidiary
of the Company or there is commenced against the Company or any subsidiary of the Company any such bankruptcy, insolvency or other proceeding
which remains undismissed for a period of sixty-one (61) days; or the Company or any subsidiary of the Company is adjudicated insolvent
or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary
of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part
of its property which continues undischarged or unstayed for a period of sixty-one (61) days; or the Company or any subsidiary of the
Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall fail to pay, or
shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company or any subsidiary
of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;
or any corporate or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

 

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(iii) The
Company or any subsidiary of the Company shall default in any of its obligations under any other Note or 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 under any long term leasing or factoring arrangement of the Company
or any subsidiary of the Company in an amount exceeding $1,000,000, whether such indebtedness now exists or shall hereafter be created
and such default is not cured within five (5) Business Days;

 

(iv) The
Ordinary Shares shall cease to be quoted or listed for trading, as applicable, on any Primary Market for a period of 10 consecutive Trading
Days;

 

(v) The
Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section (14)) unless in
connection with such Change of Control Transaction this Note is retired;

 

(vi) the
Company’s (A) failure to cure a Conversion Failure by delivery of (I) the required number of Ordinary Shares (II) or the Buy-In Price
within five (5) Business Days after the applicable Conversion Failure or (B) notice, written or oral, to the Holder, including by way
of public announcement, at any time, of its intention not to comply with a request for conversion of this Note into Ordinary Shares, other
than pursuant to Section (5)(d);

 

(vii) The
Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business Days
after such payment is due; or

 

(viii) The
Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit any material
breach or default of any provision of this Note (except as may be covered by Section (3)(a)(i) through (3)(a)(viii) hereof) or any Transaction
Document (as defined in Section (14)) which is not cured within any time prescribed herein.

 

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(b) During
the time that any portion of this Note is outstanding, if any Event of Default has occurred, the full unpaid Principal amount of this
Note, together with interest and other amounts owing in respect thereof, to the date of acceleration shall become at the Holder’s election,
immediately due and payable in cash. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation)
to convert this Note (subject to the beneficial ownership limitations set out in Section (4)(c)) at any time after (x) an Event of Default
or (y) the Maturity Date at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest
or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights
and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by
Holder at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair
any right consequent thereon.

 

(4)CONVERSION.This
Note shall be convertible into the Company’s Ordinary Shares on the terms and conditions set forth in this Section (4).

 

(a) Conversion
Right. Subject to the provisions of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled
to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and non-assessable Ordinary
Shares in accordance with Section (4)(b), at the Conversion Rate (as defined below). Upon each conversion and upon receipt of the appropriate
notice from the Holder as set forth in Section (4)(b)(i) herein, the Company shall issue the applicable Ordinary Shares to the Holder.
The number of Ordinary Shares issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be determined by
dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”). No fraction of an Ordinary
share will be delivered upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.00166667. If the
issuance would result in the issuance of a fraction of an Ordinary Share, the Company shall round such fraction of a share up to the nearest
whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and
delivery of shares upon conversion of any Conversion Amount.

 

(i) “Conversion
Amount” means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which
this determination is being made.

 

(ii) “Conversion
Price” means as of any Conversion Date (as defined below) or other date of determination, a price per share equal to the
lower of: (i) $3.675 (the “Fixed Conversion Price”) or (ii) 90% of the lowest daily VWAP during the 10
consecutive Trading Days immediately preceding the Conversion Date or other date of determination (the “Variable Conversion
Price”), but not lower than the Floor Price or any reset Floor Price (as applicable). The Conversion Price shall be
adjusted from time to time pursuant to the other terms and conditions of this Note.

 

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(b) Mechanics
of Conversion.

 

(i) Optional
Conversion. To convert any Conversion Amount into Ordinary Shares on any date (a “Conversion Date”), the Holder
shall (A) transmit by email, for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion
in the form attached hereto as Exhibit I (the “Conversion Notice”) to the Company and (B) if required by Section
(4)(b)(iii), surrender this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification
undertaking reasonably satisfactory to the Company with respect to this Note in the case of its loss, theft or destruction). On or before
the third Business Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”), the Company
shall, except in the event of Holder’s Breach of Sales Limitation, cause the issuance of the underlying Ordinary Shares and (X)
if legends are not required to be placed on the shares certificates and provided that the Transfer Agent is participating in the Depository
Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, instruct the Transfer Agent to credit such aggregate number
of Ordinary Shares to which the Holder shall be entitled to the Holder’s or its designee’s balance account with DTC through its Deposit
Withdrawal and Custodian system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program,
instruct the Transfer Agent to deliver to the address as specified in the Conversion Notice, a share certificate, registered in the name
of the Holder or its designee, for the number of Ordinary Shares to which the Holder shall be entitled which certificates shall not bear
any restrictive legends unless required pursuant to rules and regulations of the Commission. If this Note is physically surrendered for
conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted,
then the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its
own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled
to receive Ordinary Shares issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of
such Ordinary Shares upon the transmission of a Conversion Notice.

 

(ii) Company’s
Failure to Timely Convert. Except in the event of Holder’s Breach of Sales Limitation, if within three (3) Trading Days after
the Company’s receipt of an email copy of a Conversion Notice the Company shall fail to issue the underlying Ordinary Shares and cause
the issuance and deliver a share certificate to the Holder or credit the Holder’s balance account with DTC for the number of Ordinary
Shares to which the Holder is entitled upon such holder’s conversion of any Conversion Amount (a “Conversion Failure”),
and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction
of a sale by the Holder Ordinary Shares issuable upon such conversion that the Holder anticipated receiving from the Company (a “Buy-In”),
then the Company shall, within three (3) 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) for the Ordinary Shares so purchased
(the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue
such Ordinary Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing
such Ordinary Shares 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 Ordinary Shares, times (B) the Closing Bid Price on the Conversion Date.

 

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(iii) Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof,
the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by
this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion
Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records showing
the Principal and Interest 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 partial conversion.

 

(c) Limitations
on Conversions.

 

(i) Beneficial
Ownership. The Holder shall not have the right to convert any portion of this Note or otherwise receive Ordinary Shares hereunder
to the extent that after giving effect to such conversion or receipt of such Ordinary Shares, the Holder, together with any affiliate
thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder)
in excess of 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to such conversion. Since the Holder will
not be obligated to report to the Company the number of Ordinary Shares it may hold at the time of a conversion hereunder, unless the
conversion at issue would result in the issuance of Ordinary Shares representing beneficial ownership in excess of 4.99% of the then outstanding
Ordinary Shares without regard to any other Ordinary Shares which may be beneficially owned by the Holder or an affiliate thereof, the
Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular
conversion hereunder and to the extent that the Holder determines that the limitation contained in this Section applies, the determination
of which portion of the Principal amount of this Note is convertible shall be the responsibility and obligation of the Holder, provided
however, upon the request of the Company, the Holder shall report its holdings in Ordinary Shares to the Company. If the Holder has delivered
a Conversion Notice for a Principal amount of this Note that would result in the issuance in excess of the permitted amount hereunder,
the Company shall notify the Holder of this fact and shall honor the conversion for the maximum Principal amount permitted to be converted
on such Conversion Date in accordance with Section 3(a) and any Principal amount tendered for conversion in excess of the permitted amount
hereunder shall remain outstanding under this Note.

 

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(ii) Principal Market Limitation.
Notwithstanding anything in this Note to the contrary, the Company shall not issue any Ordinary Shares upon conversion of this Note,
or otherwise, if the issuance of such Ordinary Shares would exceed the aggregate number of Ordinary Shares that the Company may issue
in connection with any related transactions that may be considered part of the same series of transactions, would exceed the aggregate
number of Ordinary Shares that the Company may issue in a transaction in compliance with the Company’s obligations under the rules
or regulations of NASDAQ and shall be referred to as the Exchange Cap (which is 19.99% of the Company’s outstanding Ordinary Shares)
and shall be referred to as the “Exchange Cap”), except that such limitation shall not apply in the event that the
Company (A) obtains the approval of its shareholders as required by the applicable rules of the NASDAQ for issuances of shares in excess
of such amount or (B) invokes the home country exemption and obtains a written opinion from outside counsel to the Company, to the extent
required by the NASDAQ, that it may follow its home country practice, and therefore, such approval is not required. The Exchange Cap
shall be appropriately adjusted for any share dividend, share split, reverse share split or similar transaction.

 

(d) Other
Provisions.

 

(i) The
Company shall at all times reserve and keep available out of its authorized Ordinary Shares the full number of Ordinary Shares issuable
upon conversion of all outstanding amounts under this Note; and within three (3) Business Days following the receipt by the Company of
a Holder’s notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly reserve a sufficient number
of shares to comply with such requirement.

 

(ii) All
calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole share.

 

(iii) Nothing
herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company’s
failure to deliver certificates representing shares upon conversion within the period specified herein and such Holder shall have the
right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit
the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

 

(5) Adjustments
to Conversion Price

 

(a) Adjustment of Conversion
Price upon Issuance of Ordinary Shares. If the Company, at any time while this Note is outstanding, issues or sells any Ordinary
Shares or Convertible Securities other than Excluded Securities, for a consideration per share (the “New Issuance Price”)
less than a price equal to the Fixed Conversion Price in effect immediately prior to such issue or sale (such price the “Applicable
Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance the Fixed Conversion
Price then in effect shall be reduced to an amount equal to the New Issuance Price. For the purposes hereof, if the Company in any manner
issues or sells any Convertible Securities and the lowest price per share for which one Ordinary Share is issuable upon such conversion
or exchange or exercise 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 of such Convertible Securities for such price per share.
No further adjustment of the Conversion Price shall be made upon the actual issuance of such Ordinary Shares upon conversion or exchange
or exercise of such Convertible Securities.

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(b) Adjustment of
Conversion Price upon Subdivision or Combination of Ordinary Shares. If the Company, at any time while this Note is outstanding,
shall (a) pay a share dividend or otherwise make a distribution or distributions on its Ordinary Shares or any other equity or
equity equivalent securities payable in shares which results in an increase in the number of outstanding Ordinary Shares, (b)
subdivide its outstanding Ordinary Shares into a larger number of Ordinary Shares, (c) combine (including by way of reverse share
split) outstanding Ordinary Shares into a smaller number of Ordinary Shares, or (d) issue additional Ordinary Shares by
reclassification of Ordinary Shares or any shares of share capital of the Company, then each of the Fixed Conversion Price and
the Floor Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury
shares, if any) outstanding before such event and of which the denominator shall be the number of Ordinary Shares outstanding after
such event (c) of this Section. Any adjustment made pursuant to this Section shall become effective immediately after the record
date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.

 

(c) Other
Events. If any event occurs of the type contemplated by the provisions of this Section (5) 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 will make an appropriate adjustment in the Conversion Price so as to protect the rights
of the Holder under this Note. If the Company issues any Convertible Securities with a variable conversion formula that is more favorable
than this Note, then at the option of the Holder, the Variable Conversion Price formula shall be changed to match that of the new Convertible
Securities.

 

(d) Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any 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 ensure that the Holder will
thereafter have the right to receive upon a conversion of this Note, at the Holder’s option, (i) in addition to the Ordinary Shares receivable
upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such Ordinary Shares
had such shares been held by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or
restrictions on the convertibility of this Note) or (ii) in lieu of the Ordinary Shares otherwise receivable upon such conversion, such
securities or other assets received by the holders of Ordinary Shares in connection with the consummation of such Corporate Event in such
amounts as the Holder would have been entitled to receive had this Note initially been issued with conversion rights for the form of such
consideration (as opposed to the Ordinary Shares) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision
made pursuant to the preceding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this
Section shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the
conversion or redemption of this Note.

 

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(e) Whenever
the Conversion Price is adjusted pursuant to Section (5) hereof, the Company shall promptly mail to the Holder a notice setting forth
the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

(6) REISSUANCE
OF THIS NOTE.

 

(a) Transfer.
This Note may be transferred to a party affiliated with the Holder at any time and may be transferred to a party not affiliated with the
Holder only after the reasonable determination by the Company that such transfer would not cause the Company to be out of compliance any
of the requirements of the applicable securities laws and regulations. If this Note is to be transferred, the Holder shall surrender this
Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with
Section (6)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred
by the Holder (along with any accrued and unpaid interest thereof) and, if less than the entire outstanding Principal is being transferred,
a new Note (in accordance with Section (6)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder
and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following
conversion or redemption of any portion of this Note, the outstanding Principal represented by this Note may be less than the Principal
stated on the face of this Note.

 

(b) Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section (6)(d)) representing the outstanding Principal.

 

(c) Exchangeable
for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company,
for a new Note or Notes (in accordance with Section (6)(d)) representing in the aggregate the outstanding Principal of this Note, and
each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d) Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be
of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (or
in the case of a new Note being issued pursuant to Section (6)(a) or Section (6)(c), the Principal designated by the Holder which, when
added to the Principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal remaining
outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face
of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, and
(v) shall represent accrued and unpaid Interest from the Issuance Date.

 

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(7) NOTICES. Any
notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by
letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or
(ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such
communications shall be:

 

	If to the Company, to:	
    Powerbridge Technologies Co., Ltd.

    1st Floor, Building D2, Southern Software Park
    Tangjia Bay, Zhuhai, Guangdong 519080, China Attention: Kelvin Chan

    Telephone: 86-132-2977-6627

    Email: kelvinchan@powerbridge.com

	 	 
	With Copy to:	[insert]
	 	 
	If to the Holder:	YA II PN, Ltd
	 	c/o Yorkville Advisors Global, LP 1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: Troy J. Rillo
	 	Telephone: 201-985-8300
	 	Email: Legal@yorkvilleadvisors.com

 

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

 

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(8) Except
as expressly provided herein, no provision of this Note shall alter or impair the obligations of the Company, which are absolute and unconditional,
to pay the Principal of, interest and other charges (if any) on, this Note at the time, place, and rate, and in the coin or currency,
herein prescribed. This Note is a direct obligation of the Company. As long as this Note is outstanding, the Company shall not and shall
cause their subsidiaries not to, without the consent of the Holder, (i) amend its certificate of incorporation, bylaws or other charter
documents so as to adversely affect any rights of the Holder; or (ii) repay, repurchase or offer to repay, repurchase or otherwise acquire
its Ordinary Shares or other equity securities; or (iii) enter into any agreement with respect to any of the foregoing.

 

(9) This
Note shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote,
to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other proceedings
of the Company.

 

(10) This
Note shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws
thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State of New York located in the City of New York,
Borough of Manhattan, and the U.S. District Court for the Southern District of New York in connection with any dispute arising under
this Note and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens
to the bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT
ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

 

(11) If
any party shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation
and prosecution of such action or proceeding.

 

(12) Any
waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any
other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist
upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

(13) If
any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall
be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the applicable
rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.

 

     11

     

    

 

(14) CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a) “Applicable
Price” shall have the meaning set forth in Section 5(a).

 

(b) “Bloomberg”
means Bloomberg Financial Markets.

 

(c) “Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day
on which banking institutions are authorized or required by law or other government action to close.

 

(d) “Change of
Control Transaction” means the occurrence 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 share capital  of the Company, by contract or otherwise) of in excess of fifty percent (50%) of
the voting power of the Company (except that the acquisition of voting securities by the Holder or any other current holder of
convertible securities of the Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement
at one time or over time of more than one-half of the members of the board of directors of the Company (other than as due to the
death or disability of a member of the board of directors) which is not approved by a majority of those individuals who are members
of the board of directors on the date hereof (or by those individuals who are serving as members of the board of directors on any
date whose nomination to the board of directors was approved by a majority of the members of the board of directors who are members
on the date hereof), (c) the merger, consolidation or sale of fifty percent (50%) or more of the assets of the Company or any
subsidiary of the Company in one or a series of related transactions with or into another entity, or (d) the execution by the
Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth above in
(a), (b) or (c). No transfer to a wholly-owned subsidiary shall be deemed a Change of Control Transaction under this provision.

 

(e) “Closing
Bid Price” means the price per share in the last reported trade of the Ordinary Shares on the Primary Market or on the exchange
which the Ordinary Shares are then listed as quoted by Bloomberg.

 

(f)
“Conversion Shares” means the Ordinary Shares to be issued by the Company to the Holder upon the Holder’s
conversion of this Note.

 

(g) “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable
for Ordinary Shares.

 

(h) “Commission”
means the Securities and Exchange Commission.

 

(i) “Dilutive
Issuance” shall have the meaning set forth in Section 5(a).

 

(j) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

     12

     

    

 

(k) “Excluded
Securities” means, (a) shares issued or deemed to have been issued by the Company pursuant to an Approved Share Plan, (b) Ordinary
Shares issued or deemed to be issued by the Company upon the conversion, exchange or exercise of any right, option, obligation or security
outstanding on the date prior to date of the Securities Purchase Agreement, provided that the terms of such right, option, obligation
or security are not amended or otherwise modified on or after the date of the Securities Purchase Agreement, and provided that the conversion
price, exchange price, exercise price or other purchase price is not reduced, adjusted or otherwise modified and the number of Ordinary
Shares issued or issuable is not increased (whether by operation of, or in accordance with, the relevant governing documents or otherwise)
on or after the date of the Securities Purchase Agreement, (c) the Ordinary Shares issued or deemed to be issued by the Company upon conversion
of the Convertible Debentures or exercise of the Warrants, (d) that certain Sales Agreement dated as of February 23, 2021 by and between
the Company and A.G.P. / Alliance Global Partners, (e) Ordinary Shares or Ordinary Share Equivalents to be issued in a registered direct
offering to be placed by A.G.P. / Alliance Global Partners by May 31, 2021, and (f) Ordinary Shares or Ordinary Share Equivalents to be
issued to TenX Global Capital LP or its affiliates.

 

(l) “Floor
Price” means the lower of $1.00 per share or the reset Floor Price (as applicable).

 

(m) “Fundamental
Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another
Person and the Company is the non-surviving company (other than a merger or consolidation with a wholly owned subsidiary of the Company
for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Ordinary Shares are permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company
effects any reclassification of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property.

 

(n) “New
Issuance Price” shall have the meaning set forth in Section 5(a).

 

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

 

(p) “Ordinary
Shares” means the Company’s Ordinary Shares, par value $0.00166667 par value per share, and any share capital
into which such shares shall have been changed or any share capital resulting from a reclassification of such Ordinary Shares.

 

(q) “Other
Notes” means any other Notes issued pursuant to the Securities Purchase Agreement and any other Notes, debentures, or other
instruments issued in exchange, replacement, or modification of the foregoing.

 

     13

     

    

 

(r) “Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof
or a governmental agency.

 

(s) “Primary
Market” means the Nasdaq Capital Market and any successor to any of the foregoing markets or exchanges.

 

(t) “Redemption
Premium” means 10% of the Principal amount being redeemed.

 

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

 

(v) “Trading
Day” means a day on which the Ordinary Shares are quoted or traded on a Primary Market on which the shares are then quoted or
listed; provided, that in the event that the Ordinary Shares are not listed or quoted, then Trading Day shall mean a Business Day.

 

(w) “Transaction Document(s)” shall mean this Note,
along with the Securities Purchase Agreement, the Closing Statement, the third Convertible Note, the Registration Rights Agreement, the
Warrant, and any other documents or agreements entered into in connection with any of the foregoing.

 

(x) “Triggering
Event” shall have the meaning set forth in Section 1(c) hereof.

 

(y) “Underlying
Shares” means the Ordinary Shares issuable upon conversion of this Note in accordance with the terms hereof.

 

(z) “Underlying
Shares Registration Statement” means a registration statement meeting the requirements set forth in the Securities Purchase
Agreement, covering among other things the issuance of the Note and Ordinary Shares underlying the Note and the sale of such Ordinary
Shares by the Holder.

 

(aa) “VWAP”
means, for the Ordinary Shares as of any date, the daily dollar volume-weighted average price for such security on the Primary Market
as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume” functions, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg.

 

[Signature Page Follows]

 

     14

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Convertible Note to be duly executed by a duly authorized officer as of the date set forth above.

 

	 	COMPANY:
	 	 
	 	POWERBRIDGE TECHNOLOGIES CO., LTD.
	 	 	 
	 	By:	/s/ Stewart Lor
	 	Name:	Stewart Lor
	 	Title:	Co-CEO and CFO

 

     

     

    

 

EXHIBIT I

CONVERSION NOTICE

 

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

 

TO: POWERBRIDGE TECHNOLOGIES CO., LTD.

 

Via Email: 

 

The undersigned hereby irrevocably
elects to convert a portion of the outstanding and unpaid Conversion Amount of Note No. PBTS-2 into ordinary shares of POWERBRIDGE
TECHNOLOGIES CO., LTD., according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion Date:
	Principal Amount to be Converted:
	Accrued Interest to be Converted:
	Total Conversion Amount to be converted:
	Fixed Conversion Price: 
	Variable Conversion Price:
	Applicable Conversion Price:
	Number of Ordinary Shares to be Issued:
	 	 
	Please issue the Ordinary Shares in the following name and to the following address:
	[__________________]	
     

 

	Authorized Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:	 
	Account Number:Exhibit
4.2

 

WARRANT

 

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. POWERBRIDGE TECHNOLOGIES CO., LTD.

 

Warrant
To Purchase Ordinary Shares

 

	Warrant
    No.: PBTS-1-1	 	 	Number
                                            of Shares:	 	 	 	653,061	 
	 	 	 	Warrant
                                            Exercise Price:	 	 		$3.675	 
	 	 	 	Expiration
                                            Date:	 	 	 	April 8, 2026	 

 

Date
of Issuance: August 6, 2021

 

POWERBRIDGE
TECHNOLOGIES CO., LTD., a Cayman Islands exempted company (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, YA II PN, LTD. (the “Holder”),
the registered holder hereof or its permitted assigns, is entitled, subject to the terms set forth below, to purchase from the Company
upon surrender of this Warrant, at any time or times on or after the date hereof, but not after 11:59 P.M. Eastern Time on the Expiration
Date (as defined herein) up to 653,061 fully paid and nonassessable Ordinary Shares (as defined herein) of the Company (the “Warrant
Shares”) at the exercise price per share provided in Section 1(b) below or as subsequently adjusted; provided, however, that
in no event shall the holder be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant
Shares which, upon giving effect to such exercise, would cause the aggregate number of Ordinary Shares beneficially owned by the holder
and its affiliates to exceed 4.99% of the outstanding Ordinary Shares following such exercise, except within sixty (60) days of the Expiration
Date (however, such restriction may be waived by Holder (but only as to itself and not to any other holder) upon not less than 65 days
prior notice to the Company). For purposes of the foregoing proviso, the aggregate number of Ordinary Shares beneficially owned by the
holder and its affiliates shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the
determination of such proviso is being made, but shall exclude Ordinary Shares which would be issuable upon (i) exercise of the remaining,
unexercised Warrants beneficially owned by the holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by the holder and its affiliates (including, without limitation, any
convertible notes or preferred stock) subject to a limitation on conversion or exercise analogous to the limitation contained herein.
Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding
Ordinary Shares a holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Form
6-K or Form 20-F, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or
its transfer agent setting forth the number of Ordinary Shares outstanding. Upon the written request of any holder, the Company shall
promptly, but in no event later than one (1) Business Day following the receipt of such notice, confirm in writing to any such 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 exercise of Warrants (as defined below) by such holder and its affiliates since the date as of which such number of outstanding
Ordinary Shares was reported.

 

 On
the date hereof, the Company and the Holder are entering into a Registration Rights Agreement, which shall set forth, among other things,
the Company’s obligations to register the Warrant Shares for sale by the Holder.

 

    

    

    

 

Section
1.

 

(a)
This Warrant is issued pursuant to the Securities Purchase Agreement (“Securities Purchase Agreement”) dated as of
April 9, 2021 , as amended by that Closing Statement of even date herewith, in each case between the Company and the Holder. Each Capitalized
term used, and not otherwise defined herein, shall have the meaning ascribed thereto in the Securities Purchase Agreement.

 

(b)
Definitions. The following words and terms as used in this Warrant shall have the following meanings:

 

(i)
“Approved Share Plan” means a share option plan that has been approved by the Board of Directors of the Company prior
to the date of the Securities Purchase Agreement, pursuant to which the Company’s securities may be issued only to any employee,
officer or director for services provided to the Company.

 

(ii)
“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.

 

(iii)
“Closing Bid Price” means the closing bid price of Ordinary Shares as quoted on the Principal Market (as reported
by Bloomberg Financial Markets (“Bloomberg”) through its “Volume at Price” function).

 

(iv)
“Convertible Securities” means any shares or securities (other than Options) directly or indirectly convertible into
or exercisable or exchangeable for Ordinary Shares.

 

(v)
“Event of Default” means an event of default under the Securities Purchase Agreement or any other Transaction Document.

 

    2

    

    

 

(vi)
“Excluded Securities” means, (a) shares issued or deemed to have been issued by the Company pursuant to an Approved
Share Plan, (b) Ordinary Shares issued or deemed to be issued by the Company upon the conversion, exchange or exercise of any right,
option, obligation or security outstanding on the date prior to date of the Securities Purchase Agreement, provided that the terms of
such right, option, obligation or security are not amended or otherwise modified on or after the date of the Securities Purchase Agreement,
and provided that the conversion price, exchange price, exercise price or other purchase price is not reduced, adjusted or otherwise
modified and the number of Ordinary Shares issued or issuable is not increased (whether by operation of, or in accordance with, the relevant
governing documents or otherwise) on or after the date of the Securities Purchase Agreement, (c) the Ordinary Shares issued or deemed
to be issued by the Company upon conversion of the Convertible Debentures or exercise of the Warrants, (d) that certain Sales Agreement
dated as of February 23, 2021 by and between the Company and A.G.P. / Alliance Global Partners, (e) Ordinary Shares or Ordinary Share
Equivalents to be issued in a registered direct offering to be placed by A.G.P. / Alliance Global Partners by May 31, 2021, and (f) Ordinary
Shares or Ordinary Share Equivalents to be issued to TenX Global Capital LP or its affiliates.

 

(vii)
“Expiration Date” means the date written on the first page of this

Warrant.

 

(viii)
“Issuance Date” means the date hereof.

 

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

 

(x)
“Ordinary Shares” means (i) the Company’s Ordinary Shares, par value $0.00166667 per share, and (ii) any
share capital into which such Ordinary Shares shall have been changed or any share capital resulting from a reclassification
of such Ordinary Shares.

 

(xi)
“Ordinary Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle
the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, right, option,
warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the
holder thereof to receive, Ordinary Shares.

 

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

 

(xiii)
“Primary Market” means on any of (a) the American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq Global
Select Market, (d) the Nasdaq Global Market, (e) the Nasdaq Capital Market, or (e) the Over-the-Counter Bulletin Board (“OTCBB”)

 

(xiv)
“Securities Act” means the Securities Act of 1933, as amended.

 

(xv)
“Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement thereof.

 

    3

    

    

 

(xvi)
“Warrant Exercise Price” shall be $3.675 or as subsequently adjusted as provided in Section 8 hereof.

 

(c)
Other Definitional Provisions.

 

(i)
Except as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company’s successors
and (B) to any applicable law defined or referred to herein shall be deemed references to such applicable law as the same may have been
or may be amended or supplemented from time to time.

 

(ii)
When used in this Warrant, the words “herein”, “hereof”, and “hereunder” and
words of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words
“Section”, “Schedule”, and “Exhibit” shall refer to Sections of, and
Schedules and Exhibits to, this Warrant unless otherwise specified.

 

(iii)
Whenever the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural,
and vice versa.

 

Section
2. Exercise of Warrant.

 

(a)
Subject to the terms and conditions hereof, this Warrant may be exercised by the holder hereof then registered on the books of the
Company, pro rata as hereinafter provided, at any time on any Business Day on or after the opening of business on such Business Day,
commencing with the first day after the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration Date (i) by delivery of
a written notice, in the form of the subscription notice attached as Exhibit A hereto (the “Exercise
Notice”), of such holder’s election to exercise this Warrant, which notice shall specify the number of Warrant
Shares to be purchased, payment to the Company of an amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares
being purchased, multiplied by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to which this Warrant is
being exercised (plus any applicable issue or transfer taxes) (the “Aggregate Exercise Price”) in cash or wire
transfer of immediately available funds and the surrender of this Warrant (or an indemnification undertaking with respect to this
Warrant in the case of its loss, theft or destruction) to a common carrier for overnight delivery to the Company as soon as
practicable following such date (“Cash Basis”) or (ii) if at the time of exercise, the Warrant Shares are not
subject to an effective registration statement or if an Event of Default has occurred, by delivering an Exercise Notice and in lieu
of making payment of the Aggregate Exercise Price in cash or wire transfer, elect instead to receive upon such exercise the “Net
Number” of Ordinary Shares determined according to the following formula (the “Cashless Exercise”):

 

Net
Number = (A x B) – (A x C)

        B

 

For
purposes of the foregoing formula:

 

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

 

    4

    

    

 

B
= the Closing Bid Price of the Ordinary Shares on the date of exercise of the Warrant.

 

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

 

In
the event of any exercise of the rights represented by this Warrant in compliance with this Section 2, the Company shall on or before
the fifth (5th) Business Day following the date of receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or
an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction) and the receipt of the representations
of the holder specified in Section 6 hereof, if requested by the Company (the “Exercise Delivery Documents”), and
if the Ordinary Shares is DTC eligible, credit such aggregate number of Ordinary Shares to which the holder shall be entitled to the
holder’s or its designee’s balance account with The Depository Trust Company; provided, however, if the holder who submitted
the Exercise Notice requested physical delivery of any or all of the Warrant Shares, or, if the Ordinary Shares is not DTC eligible then
the Company shall, on or before the fifth (5th) Business Day following receipt of the Exercise Delivery Documents, issue and
surrender to a common carrier for overnight delivery to the address specified in the Exercise Notice, a certificate, registered in the
name of the holder, for the number of Ordinary Shares to which the holder shall be entitled pursuant to such request. Upon delivery of
the Exercise Notice and Aggregate Exercise Price referred to in clause (i) or (ii) above the holder of this Warrant 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.
In the case of a dispute as to the determination of the Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation of
the Warrant Shares, the Company shall promptly issue to the holder the number of Warrant Shares that is not disputed and shall submit
the disputed determinations or arithmetic calculations to the holder via facsimile within one (1) Business Day of receipt of the holder’s
Exercise Notice.

 

(b)
If the holder and the Company are unable to agree upon the determination of the Warrant Exercise Price or arithmetic calculation of the
Warrant Shares within one (1) day of such disputed determination or arithmetic calculation being submitted to the holder, then the Company
shall immediately submit via facsimile or e-mail (i) the disputed determination of the Warrant Exercise Price or the Closing Bid Price
to an independent, reputable investment banking firm or (ii) the disputed arithmetic calculation of the Warrant Shares to its independent,
outside accountant. The Company shall cause the investment banking firm or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the holder of the results no later than forty-eight (48) hours from the time it receives the
disputed determinations or calculations. Such investment banking firm’s or accountant’s determination or calculation, as
the case may be, shall be deemed conclusive absent manifest error.

 

(c)
Unless the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable
and in no event later than five (5) Business Days after any exercise and at its own expense, issue a new Warrant identical in all respects
to this Warrant exercised except it shall represent rights to purchase the number of Warrant Shares purchasable immediately prior to
such exercise under this Warrant exercised, less the number of Warrant Shares with respect to which such Warrant is exercised.

 

    5

    

    

 

(d)
No fractional Warrant Shares are to be issued upon any pro rata exercise of this Warrant, but rather the number of Warrant Shares issued
upon such exercise of this Warrant shall be rounded up or down to the nearest whole number.

 

(e)
If the Company or its Transfer Agent shall fail for any reason or for no reason to issue to the holder within ten (10) days of
receipt of the Exercise Delivery Documents, a certificate for the number of Warrant Shares to which the holder is entitled or to
credit the holder’s balance account with The Depository Trust Company for such number of Warrant Shares to which the
holder is entitled upon the holder’s exercise of this Warrant, the Company shall, in addition to any other remedies under this
Warrant or otherwise available to such holder, pay as additional damages in cash to such holder on each day the issuance of such
certificate for Warrant Shares is not timely effected an amount equal to 0.025% of the product of (A) the sum of the number of
Warrant Shares not issued to the holder on a timely basis and to which the holder is entitled, and (B) the Closing Bid Price of the
Ordinary Shares for the trading day immediately preceding the last possible date which the Company could have issued such Ordinary
Shares to the holder without violating this Section 2.

 

(f)
If within ten (10) days after the Company’s receipt of the Exercise Delivery Documents, the Company fails to deliver a
new Warrant to the holder for the number of Warrant Shares to which such holder is entitled pursuant to Section 2 hereof, then, in
addition to any other available remedies under this Warrant, or otherwise available to such holder, the Company shall pay as
additional damages in cash to such holder on each day after such tenth (10th) day that such delivery of such new Warrant
is not timely effected in an amount equal to 0.25% of the product of (A) the number of Warrant Shares represented by the portion of
this Warrant which is not being exercised and (B) the Closing Bid Price of the Ordinary Shares for the trading day immediately
preceding the last possible date which the Company could have issued such Warrant to the holder without violating this Section
2.

 

Section
3. Covenants as to Ordinary Shares. The Company hereby covenants and agrees as follows:

 

(a)
This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and
validly issued.

 

(b)
All Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued,
fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof.

 

(c)
During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized
and reserved at least one hundred percent (100%) of the number of Ordinary Shares needed to provide for the exercise of the rights then
represented by this Warrant and the par value of said shares will at all times be less than or equal to the applicable Warrant Exercise
Price. If at any time the Company does not have a sufficient number of Ordinary Shares authorized and available, then the Company shall
call and hold a special meeting of its shareholders within sixty (60) days of that time for the sole purpose of increasing the number
of authorized Ordinary Shares.

 

    6

    

    

 

(d)
The Company will not, by amendment of its Articles of Incorporation 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 by it hereunder, but will at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order
to protect the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose
of this Warrant. The Company will not increase the par value of any Ordinary Shares receivable upon the exercise of this Warrant above
the Warrant Exercise Price then in effect, and (ii) will take all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of this Warrant.

 

(e)
This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially
all of the Company’s assets.

 

Section
4. Taxes. The Company shall pay any and all taxes, except any applicable withholding, which may be payable with respect to the
issuance and delivery of Warrant Shares upon exercise of this Warrant.

 

Section
5. Warrant Holder Not Deemed a Shareholder. Except as otherwise specifically provided herein, no holder, as such, of this
Warrant shall be entitled to vote or receive dividends or be deemed the holder of shares of share capital of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the holder hereof, as such, 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 this Warrant of the Warrant Shares which he
or she 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 such 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 5, the Company will provide the holder of this Warrant 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.

 

    7

    

    

 

Section
6. Representations of Holder. The holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant
and the Warrant Shares for its own account for investment only and not with a view towards, or for resale in connection with, the public
sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act;
provided, however, that by making the representations herein, the holder does not agree to hold this Warrant or any of the Warrant Shares
for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance
with or pursuant to a registration statement or an exemption under the Securities Act. The holder of this Warrant further represents,
by acceptance hereof, that, as of this date, such holder is an “accredited investor” as such term is defined in Rule 501(a)(1)
of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act (an “Accredited Investor”).
Upon exercise of this Warrant the holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company,
that the Warrant Shares so purchased are being acquired solely for the holder’s own account and not as a nominee for any other
party, for investment, and not with a view toward distribution or resale and that such holder is an Accredited Investor. If such holder
cannot make such representations because they would be factually incorrect, it shall be a condition to such holder’s exercise of
this Warrant that the Company receive such other representations as the Company considers reasonably necessary to assure the Company
that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state securities laws.

 

Section
7. Ownership and Transfer.

 

(a)
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice
to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in whose name
this Warrant has been issued, as well as the name and address of each transferee. The Company may treat the person in whose name any
Warrant is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, but
in all events recognizing any transfers made in accordance with the terms of this Warrant.

 

Section
8. Adjustment of Warrant Exercise Price. The Warrant Exercise Price of this

Warrant
shall be adjusted from time to time as follows:

 

(a)
Adjustment of Warrant Exercise Price upon Issuance of Ordinary Shares. If and whenever on or after the Issuance Date of this Warrant,
the Company issues or sells, or is deemed to have issued or sold, any Ordinary Shares (other than Excluded Securities) for a consideration
per share less than a price (the “Applicable Price”) equal to the Warrant Exercise Price in effect immediately prior
to such issuance or sale, then immediately after such issue or sale the Warrant Exercise Price then in effect shall be reduced to an
amount equal to such consideration per share.

 

(b)
Effect on Warrant Exercise Price of Certain Events. For purposes of determining the adjusted Warrant Exercise Price under Section
8(a) above, the following shall be applicable:

 

(i)
Issuance of Options. If after the date hereof, the Company in any manner grants any Options and the lowest price per share for
which one share of Ordinary Shares is issuable upon the exercise of any such Option or upon conversion or exchange of any convertible
securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Ordinary Shares shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per
share. For purposes of this Section 8(b)(i), the lowest price per share for which one share of Ordinary Shares is issuable upon exercise
of such Options or upon conversion or exchange of such Convertible Securities shall be equal to the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Ordinary Shares upon the granting or sale of the Option,
upon exercise of the Option or upon conversion or exchange of any convertible security issuable upon exercise of such Option. No further
adjustment of the Warrant 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 upon the actual issuance of such Ordinary Shares upon conversion or exchange of such convertible
securities.

 

    8

    

    

 

(ii)
Issuance of Convertible Securities. If the Company in any manner issues or sells any convertible securities and the lowest price
per share for which one share of Ordinary Shares is issuable upon the conversion or exchange thereof is less than the Applicable Price,
then such share of Ordinary Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the
issuance or sale of such convertible securities for such price per share. For the purposes of this Section 8(b)(ii), the lowest price
per share for which one share of Ordinary Shares is issuable upon such conversion or exchange shall be equal to the sum of the lowest
amounts of consideration (if any) received or receivable by the Company with respect to one share of Ordinary Shares upon the issuance
or sale of the convertible security and upon conversion or exchange of such convertible security. No further adjustment of the Warrant
Exercise Price shall be made upon the actual issuance of such Ordinary Shares upon conversion or exchange of such convertible securities,
and if any such issue or sale of such convertible securities is made upon exercise of any Options for which adjustment of the Warrant
Exercise Price had been or are to be made pursuant to other provisions of this Section 8(b), no further adjustment of the Warrant Exercise
Price shall be made by reason of such issue or sale.

 

(iii)
Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion or exchange of any convertible securities, or the rate at which any convertible securities
are convertible into or exchangeable for Ordinary Shares changes at any time, the Warrant Exercise Price in effect at the time of such
change shall be adjusted to the Warrant Exercise Price which would have been in effect at such time had such Options or convertible securities
provided for such changed purchase price, additional consideration or changed conversion rate, as the case may be, at the time initially
granted, issued or sold and the number of Warrant Shares issuable upon exercise of this Warrant shall be correspondingly readjusted.
For purposes of this Section 8(b)(iii), if the terms of any Option or convertible security that was outstanding as of the Issuance Date
of this Warrant are changed 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 change. No adjustment pursuant to this Section 8(b) shall be made if such adjustment would result in an increase of the Warrant
Exercise Price then in effect.

 

    9

    

    

 

(iv)
Calculation of Consideration Received. 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 therefore will be deemed to be the net amount received by the Company
therefore. 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 marketable securities, in which case the amount of consideration received by the Company will be the market price of such securities
on the date of receipt of such securities. 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 therefore
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 securities
will be determined jointly by the Company and the holders of Warrants representing at least two-thirds (b) of the Warrant Shares issuable
upon exercise of the Warrants then outstanding. 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) Business Days after the tenth (10th) day following the Valuation Event by an independent, reputable appraiser jointly
selected by the Company and the holders of Warrants representing at least two-thirds (b) of the Warrant Shares issuable upon exercise
of the Warrants then outstanding. The determination of such appraiser shall be final and binding upon all parties and the fees and expenses
of such appraiser shall be borne jointly by the Company and the holders of Warrants.

 

(v)
Integrated Transactions. In case any Option is issued in connection with the issue or sale of other securities of the Company,
together comprising one integrated transaction in which no specific consideration is allocated to such Options by the parties thereto,
the Options will be deemed to have been issued for a consideration of $.01.

 

(vi)
Treasury Shares. The number of Ordinary Shares outstanding at any given time does not include shares owned or held by or for the
account of the Company, and the disposition of any shares so owned or held will be considered an issue or sale of Ordinary Shares.

 

(vii)
Record Date. If the Company takes a record of the holders of Ordinary Shares for the purpose of entitling them (1) to receive
a dividend or other distribution payable in Ordinary Shares, Options or in convertible securities or (2) to subscribe for or purchase
Ordinary Shares, Options or convertible securities, then such record date will be deemed to be the date of the issue 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) Adjustment
of Warrant Exercise Price upon Subdivision or Combination of Ordinary Shares. If the Company at any time after the date of
issuance of this Warrant subdivides (by any share split, share dividend, recapitalization or otherwise) one or more classes of its
outstanding Ordinary Shares into a greater number of shares, any Warrant Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Ordinary Shares obtainable upon exercise of this Warrant will be
proportionately increased. If the Company at any time after the date of issuance of this Warrant combines (by combination, reverse
share split or otherwise) one or more classes of its outstanding Ordinary Shares into a smaller number of shares, any Warrant
Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares
issuable upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(c) shall become
effective at the close of business on the date the subdivision or combination becomes effective.

 

    10

    

    

 

(d)
Distribution of Assets. 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 or options by way of a dividend, spin off, reclassification, corporate rearrangement or
other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case:

 

(i)
any Warrant Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of
holders of Ordinary Shares entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator shall
be the Closing Sale Price of the Ordinary Shares on the trading day immediately preceding such record date minus the value of the
Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Ordinary Shares, and
(B) the denominator shall be the Closing Sale Price of the Ordinary Shares on the trading day immediately preceding such record
date.

 

(e)
Certain Events. If any event occurs of the type contemplated by the provisions of this Section 8 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 will make an appropriate adjustment in the Warrant Exercise Price so as
to protect the rights of the holders of the Warrants; provided, except as set forth in section 8(c),that no such adjustment pursuant
to this Section 8(e) will increase the Warrant Exercise Price as otherwise determined pursuant to this Section 8.

 

(f)
Voluntary Adjustments By Company. The Company may at any time during the term of this Warrant 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.

 

(g)
Notices.

 

(i)
Immediately upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the holder of this Warrant,
setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

(ii)
The Company will give written notice to the holder of this Warrant at least ten (10) 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 pro rata
subscription offer to holders of Ordinary Shares or (C) for determining rights to vote with respect to any Organic Change (as defined
below), dissolution or liquidation, provided that such information shall be made known to the public prior to or in conjunction with
such notice being provided to such holder.

 

    11

    

    

 

(iii)
The Company will also give written notice to the holder of this Warrant at least ten (10) days prior to the date on which any Organic
Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior to or in conjunction
with such notice being provided to such holder.

 

Section
9. Purchase Rights; Reorganization, Reclassification, Consolidation, Merger or Sale.

 

(a)
In addition to any adjustments pursuant to Section 8 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 of this Warrant will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which such holder could have acquired if such holder had held the number of Ordinary
Shares acquirable upon complete exercise of this Warrant 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, issue or sale of such Purchase Rights.

 

(b)
Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s
assets to another Person or other transaction in each case which is effected in such a way that holders of Ordinary Shares are entitled
to receive (either directly or upon subsequent liquidation) shares, securities or assets with respect to or in exchange for Ordinary Shares
is referred to herein as an “Organic Change.” Prior to the consummation of any (i) sale of all or substantially all
of the Company’s assets to an acquiring Person or (ii) other Organic Change following which the Company is not a surviving entity,
the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case, the
“Acquiring Entity”) a written agreement (in form and substance satisfactory to the holders of Warrants representing
at least two-thirds (iii) of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to deliver to each holder of
Warrants in exchange for such Warrants, a security of the Acquiring Entity evidenced by a written instrument substantially similar in
form and substance to this Warrant and satisfactory to the holders of the Warrants (including an adjusted warrant exercise price equal
to the value for the Ordinary Shares reflected by the terms of such consolidation, merger or sale, and exercisable for a corresponding
number of Ordinary Shares acquirable and receivable upon exercise of the Warrants without regard to any limitations on exercise, if the
value so reflected is less than any Applicable Warrant Exercise Price immediately prior to such consolidation, merger or sale). Prior
to the consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance satisfactory to
the holders of Warrants representing a majority of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to insure
that each of the holders of the Warrants will thereafter have the right to acquire and receive in lieu of or in addition to (as the case
may be) the Warrant Shares immediately theretofore issuable and receivable upon the exercise of such holder’s Warrants (without
regard to any limitations on exercise), such shares, securities or assets that would have been issued or payable in such Organic
Change with respect to or in exchange for the number of Warrant Shares which would have been issuable and receivable upon the exercise
of such holder’s Warrant as of the date of such Organic Change (without taking into account any limitations or restrictions on
the exercisability of this Warrant).

 

    12

    

    

 

Section
10. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly,
on receipt of an indemnification undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination
and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

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

 

	If
    to Holder:	YA
    II PN, Ltd.
	 	1012
    Springfield Ave
	 	Mountainside,
    New Jersey 07092
	 	Attention:	Mark
    A. Angelo
	 	Telephone:	(201)
    985-8300
	 	Facsimile:	(201)
    985-8266
	 	 	
	With
    Copy to:	Troy
    J. Rillo, Esq.
	 	1012
    Springfield Ave
	 	Mountainside,
    New Jersey 07092
	 	Attention:	Troy
    J. Rillo, Esq.
	 	Telephone:	(201)
    985-8300
	 	 	 
	If
    to the Company, to:	Powerbridge
    Technologies Co., Ltd.
	 	1st
    Floor, Building D2, Southern Software Park
	 	Tangjia
    Bay, Zhuhai, Guangdong 519080, China
	 	Attention:
    Kelvin Chan
	 	Telephone:
    86-132-2977-6627
	 	Email:
    kelvinchan@powerbridge.com
	 	 
	With
    a copy to:	[insert]	

 

If
to a holder of this Warrant, to it at the address and facsimile number set forth in this Section 11, or at such other address and facsimile
as shall be delivered to the Company upon the issuance or transfer of this Warrant. Each party shall provide five days’ prior written
notice to the other party of any change in address or facsimile number. Written confirmation of receipt (A) given by the recipient of
such notice, consent, facsimile, waiver or other communication, (or (B) provided by a nationally recognized overnight delivery service
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

    13

    

    

 

Section
12. Date. The date of this Warrant is set forth on page 1 hereof. This Warrant, in all events, shall be wholly void and of no
effect after the close of business on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of
Section 8(b) shall continue in full force and effect after such date as to any Warrant Shares or other securities issued upon the exercise
of this Warrant.

 

Section
13. Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants 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 holders of Warrants representing at least two-thirds of the Warrant Shares issuable upon exercise of the Warrants
then outstanding; provided that, except for Section 8(d), no such action may increase the Warrant Exercise Price or decrease the number
of shares or class of shares obtainable upon exercise of any Warrant without the written consent of the holder of such Warrant.

 

Section
14. Descriptive Headings; Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted
for convenience only and do not constitute a part of this Warrant. The corporate laws of the State of New York shall govern all issues
concerning the relative rights of the Company and its shareholders. All other questions concerning the construction, validity, enforcement
and interpretation of this Agreement 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. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Hudson County and the United States District Court for the District of New York, for the adjudication
of any dispute hereunder or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

Section
15. Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
ASSOCIATED WITH THIS TRANSACTION.

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

    14

    

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed as of the date first set forth above.

 

	 	POWERBRIDGE
    TECHNOLOGIES CO., LTD. 
	 	 	 
	 	By:	/s/
    Stewart Lor
	 	Name:	Stewart
    Lor
	 	Title:
    	Co-CEO
    and CFO

 

    15

    

    

 

EXHIBIT
A TO WARRANT

 

EXERCISE
NOTICE

 

TO
BE EXECUTED

BY
THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

 

POWERBRIDGE
TECHNOLOGIES CO., LTD.

 

The
undersigned holder hereby exercises the right to purchase ______________ of the Ordinary Shares (“Warrant
Shares”) of POWERBRIDGE TECHNOLOGIES CO., LTD. (the “Company”), evidenced by the attached
Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

Specify
Method of exercise by check mark:

 

1.
___ Cash Exercise

 

(a)
Payment of Warrant Exercise Price. The holder shall pay the Aggregate Exercise Price of $______________ to the Company in accordance
with the terms of the Warrant.

 

(b) Delivery
of Warrant Shares. The Company shall deliver to the holder _________ Warrant Shares in accordance with the terms
of the Warrant.

 

2.
___ Cashless Exercise

 

(a)
Payment of Warrant Exercise Price. In lieu of making payment of the Aggregate Exercise Price, the holder elects to receive upon
such exercise the Net Number of Ordinary Shares determined in accordance with the terms of the Warrant.

 

(b) Delivery
of Warrant Shares. The Company shall deliver to the holder _________ Warrant Shares in accordance with the terms
of the Warrant.

 

Please
issue the Warrant Shares in the name of the undersigned or in such other name as is specified below. The Warrant Shares shall be delivered
to the following DWAC Account Number:

 

[__________________]

 

	Authorized
Signature:	
	 	 
	Name:	 
	 	 
	Title:	 

 

Broker
DTC Participant Code:

 

Account
Number:

 

    A-1

    

    

 

EXHIBIT
B TO WARRANT

 

FORM
OF WARRANT POWER

 

FOR
VALUE RECEIVED, the undersigned does hereby assign and transfer to ________________, Federal Identification No. __________, a
warrant to purchase ____________ shares of the share capital of POWERBRIDGE TECHNOLOGIES CO., LTD. represented by
warrant certificate no. _____, standing in the name of the undersigned on the books of said corporation. The undersigned does hereby
irrevocably constitute and appoint ______________, attorney to transfer the warrants of said company, with full power of
substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:	 

 

 

B-1

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