Document:

EXHIBIT 10.2

 

 

 

 

Acceptance
of Restricted Stock Units Award

 

		STRICTLY CONFIDENTIAL	 	 

 

	Submit	Deadline	Status	Award
    Status
	N/A	20-April-2022
    17:00 (UTC+01:00)	Pending	Active

 

Congratulations!

 

You are hereby invited
to participate in Zealand’s 2022 RSU plan for Board of Directors, and receive an Award of Restricted Stock Units, subject to the
terms and conditions as set out below in the Award Agreement.

 

Award
Details

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

     

     

    

 

Award Agreement

 

2022 RESTRICTED STOCK UNIT PLAN

 

for BOARD OF DIRECTORS

 

This Agreement (the "Award Agreement")
on Restricted Share Units is entered into on April 20, 2022 between:

 

		(1)	Zealand Pharma A/S, CVR no. 20 04 50 78, Sydmarken
                                            11, DK-2860 Søborg, Denmark (the "Company") and

 

		(2)	the person who has accepted this Award Agreement,
                                            thereby becoming a holder of Restricted Share Units (the “Participant”)

 

- the Company and the Participant hereinafter
collectively referred to as the "Parties" and separately as a "Party"

 

		1	Purpose

 

		1.1	The purpose of this Award Agreement is to
                                            attract, retain and motivate the Participant by creating a common interest in the Company’s
                                            growth and the development of the share price. By offering RSUs (as defined below), the Company
                                            also wants to ensure the maximization of shareholder value of the Company.

 

		1.2	This Award Agreement is entered into by the
                                            Parties as part of the Company's award of Restricted Share Units to the Company's Board of
                                            Directors (the "Board"), the Executive Management, and all employees (the
                                            "RSU Awards 2022").

 

		1.3	It is underlined that the Participant - in
                                            relation to the Company - shall in the capacity as member of the Board be regarded as independent
                                            and not as an employee of the Company. Therefore, the member in question will not
                                            in relation to the Company be covered by the Danish Salaried Employees Act, the Danish Holiday
                                            Act, the Danish Employment Contracts Act or other legislation governing the legal relationship
                                            between employer and employee.

 

		1.4	The Award Agreement is subject to the Company's
                                            Remuneration Policy as adopted by the general meeting at the Company's annual general meeting
                                            held on April 6, 2022.

 

		2	Award
                                            of rsus

 

		2.1	The Participant is awarded Restricted Stock
                                            Units in the Company free of charge (the "RSUs").

 

		2.2	Each RSU entitles the Participant to receive
                                            one (1) share of nominally DKK 1 in the Company provided the vesting condition set out
                                            in Clause 3.3 is met (continued membership of the Board).

 

		2.3	It is a condition for the award of RSUs as
                                            set out in this Award Agreement that the Participant is member of the Board at the date of
                                            this Award Agreement.

 

		2.4	The award of RSUs under this Award Agreement
                                            does not entitle the Participant to future awards or participation in future reward plans.

 

		3	Vesting
                                            of RSUs

 

		3.1	The RSUs vest on the date of the Company's
                                            annual general meeting 2023 (the "Vesting Period").

 

		3.2	The RSUs are not subject to any performance
                                            targets.

 

		3.3	For the RSUs to vest, the Participant must
                                            have been a member of the Board throughout the entire Vesting Period.

 

		4	ordinary
                                            delivery of shares

 

		4.1	Subject to the Participant's continued membership
                                            of the Board, shares will automatically be delivered by the Company to the Participant at
                                            the first open trading window, as set out in the internal rules of the Company, following
                                            the expiry of the Vesting Period.

 

		4.2	Shares shall be delivered by the Company free
                                            of charge.

 

     

     

    

 

		4.3	Costs related to the transfer of shares to
                                            the Participant’s account in Global Shares will be borne by the Company.

 

		4.4	Any sale of shares received by a Participant
                                            under this Award Agreement is subject to the provisions on insider trading applicable at
                                            any time.

 

		5	EXTRAORDINARY
                                            VESTING AND DELIVERY OF SHARES BASED ON RSUs CONSIDERED VESTEd

 

		5.1	In addition to the ordinary delivery of shares
                                            as set out in Clause 4, if a decision is made by the Board effective to all participants
                                            under the RSU Awards 2022, whereas the Board at any time during the Vesting Period may decide
                                            that the Company extraordinarily shall deliver shares based on RSUs to the Participant, such
                                            decision shall apply mutatis mutandis to this Award Agreement. The Board may decide so including,
                                            but not limited to, in connection with extraordinary events such as liquidation of the Company,
                                            the general meeting of the Company passes a resolution to merge or demerge the Company, significant
                                            divestments, a voluntary or mandatory public offer is made, a compulsory acquisition of the
                                            Company's shares pursuant to the Danish Companies Act, delisting of the Company, etc.

 

		6	termination
                                            of office

 

		6.1	If the Participant ceases to be a member of
                                            the Board in the Company during the Vesting Period - regardless of the reason - all the Participant's
                                            RSUs received as compensation for such Board membership shall automatically and without further
                                            notice or compensation lapse and become null and void. For the avoidance of doubt, if the
                                            Participant leaves the Board at the annual general meeting 2023 where the RSUs vest, the
                                            RSUs shall be considered vested.

 

		6.2	If the Participant has received RSUs as compensation
                                            for a Committee membership, and ceases to be a member of such Committee during the Vesting
                                            Period - regardless of the reason - all the Participant's RSUs relating to such Committee
                                            membership shall automatically and without further notice or compensation lapse and become
                                            null and void. For the avoidance of doubt, if the Participant leaves the Committee at the
                                            annual general meeting 2023 where the RSUs vest, the RSUs shall be considered vested.

 

		7	HOlding
                                            requirement

 

		7.1	In accordance with the Company's Remuneration
                                            Policy, the Participant shall be subject to a holding requirement equal to an amount of DKK
                                            300,000. With respect to the Participant:

 

		•	the
                                            holding requirement shall be met within a period of 5 years from the date of the general
                                            meeting at which the Company's remuneration policy was approved. Until the holding requirement
                                            is met, the Participant shall refrain from disposing their shares awarded on the basis of
                                            RSUs, apart from disposals in order to satisfy their income tax liabilities arising from
                                            the award of RSUs under the Company's Remuneration Policy as adopted by the general meeting
                                            at the Company's annual general meeting held on 6 April 2022.

 

		•	can
                                            include all shares that are held by the Participant prior to the date of signature of this
                                            Award Agreement.

 

		8	Tax
                                            Implications

 

		8.1	The tax implications related to the RSUs are
                                            a personal matter for the Participant. The Participant is encouraged to seek advice from
                                            a public accountant or another tax consultant at their own expense.

 

		8.2	In the event that, as a consequence of the
                                            allotment of RSUs or the delivery of shares, the Company becomes obliged to pay any taxes,
                                            social security contributions or any other taxes or contributions, the Company reserves the
                                            right to postpone or prohibit delivery of the shares until such time as the Participant shall
                                            have paid to the Company, the relevant amount of such taxes, social security contributions
                                            or any other taxes or contributions. The Company reserves the right to (i) deduct the
                                            amount of such taxes, social security contributions or other taxes or contributions from
                                            the salary payable to the Participant, or (ii) to dispose all of or part of the shares
                                            in order to satisfy the Participant's obligations.

 

     

     

    

 

		9	CHANGES
                                            IN THE COMPANY ́S CAPITAL AND DIVIDEND

 

		9.1	If the Company issues new shares, warrants,
                                            convertible bonds etc. that give the holder the right to subscribe for new shares in the
                                            Company; reduces or increases its share capital to any other price than the market price;
                                            merges as the surviving company; changes the nominal value of the shares; issues bonus shares
                                            or pays dividend, the number of RSUs shall not be adjusted. However, if the Board has made
                                            a decision to adjust the number of RSUs effective to all participants under the RSU Awards
                                            2022, such decision shall apply mutatis mutandis to this Award Agreement. When calculating
                                            an adjustment, if any, the amount is to be rounded down to the next whole number of RSUs.
                                            Any adjustment of the number of RSUs under this Clause 9.1 cannot exceed a total number of
                                            8,000 RSUs to the Participant.

 

		9.2	If the Board decides to adjust the number
                                            of RSUs subject to Clause 9.1, the Company shall ask its auditor or an independent third
                                            party appointed by the Company to calculate whether the number of RSUs shall be adjusted
                                            and, if so, the adjustment to be made. The result of the calculation will be forwarded to
                                            the Company and then to the Participant. The auditor's or the other independent third party's
                                            calculation is final and binding on the Company and the Participant. The costs to the auditor
                                            or independent third party shall be paid by the Company.

 

		9.3	If the Company pays any dividend, the number
                                            of RSUs is not to be adjusted unless otherwise generally decided under the RSU Awards 2022,
                                            which will then apply mutatis mutandis to this Award Agreement.

 

		9.4	Until the shares have been delivered to the
                                            Participant pursuant to Clause 4, the Participant shall not have any right based on the Participant's
                                            holding of RSUs to vote at shareholders' general meetings of the Company, nor any right to
                                            receive dividends in respect of the RSUs.

 

		10	CASH
                                            SETTLEMENT

 

		10.1	If the Participant acquires the right to
                                            receive shares based on vested RSUs, the Company may decide to make the settlement in cash
                                            instead of delivering shares.

 

		10.2	If the Company decides to settle in cash,
                                            the value of each share shall be determined based on the average closing share price of the
                                            shares for the three-day trading period following the latest open trading window prior to
                                            the latest date on which shares should have been delivered to the Participant.

 

		11	Other
                                            terms and conditions

 

		11.1	The RSUs are a personal right that cannot
                                            be assigned, pledged or used as payment to the Participant's creditors.

 

To the extent any provisions in this
Award Agreement entitle the Board with certain rights or powers, the Board must utilize those rights or powers in such way that the Board
is treated equally compared to the other participants under the RSU Awards 2022.

 

		11.2	In one or several periods the Company may
                                            suspend or change the award of RSUs and/or the delivery of shares if the Company deems it
                                            necessary in order for the Company or its subsidiaries to comply with relevant Danish and
                                            foreign legislation and administrative rules and regulations. If due to the suspension,
                                            the RSUs and/or the shares cannot be awarded/delivered, the award/delivery will take place
                                            as soon as possible.

 

		11.3	Should any provision of this Award Agreement
                                            be or become invalid in whole or in part, this shall not affect the validity of the remaining
                                            provisions of the Award Agreement. The invalid provision shall be replaced by a provision
                                            permitted by statute which most closely approximates the intended economic result of the
                                            invalid provision.

 

		12	Data
                                            protection

 

		12.1	In accordance with the General Data Protection
                                            Regulation, the Participant is hereby informed that the personal data relating to the Participant's
                                            name, contact details, holding of RSUs and shares and remuneration will be processed to administer
                                            the RSUs, to ensure fulfillment of the Company’s contractual obligations toward the
                                            Participant, and to comply with applicable laws, regulations and court orders. The personal
                                            data will further be transferred to the online administration platform provider or to public
                                            authorities to the extent required in connection with the allocation or administration of
                                            the RSUs. More comprehensive information about the processing of the Participant’s
                                            personal data, including the Participant’s rights with respect to such processing,
                                            can be found on the Company’s intranet.

 

     

     

    

 

		13	Governing
                                            Law and Venue

 

		13.1	The construction, validity and performance
                                            of this Award Agreement shall be governed by and construed in accordance with the laws of
                                            Denmark without regard to conflicts of laws principles.

 

		13.2	Any dispute, controversy or claim arising
                                            out of or relating to this Award Agreement, or its breach, termination or validity shall
                                            be settled by the Danish courts according to Danish law, unless the Company decides to settle
                                            the dispute by arbitration. Should the Company decide to do so, such dispute shall be finally
                                            settled by arbitration in accordance with the Rules of Procedure of the Danish Institute
                                            of Arbitration. The place of the arbitration shall be Copenhagen, Denmark and the language
                                            of the proceedings shall be English, unless otherwise agreed. If more than one Participant
                                            becomes subject to arbitration proceedings, fully or partly due to the same set of factual
                                            circumstances, such parties agree that the cases can be dealt with jointly by one arbitration
                                            tribunal. The arbitration tribunal shall decide the distribution of costs connected with
                                            the arbitration case. The existence of an arbitration case as well as any ruling made by
                                            the arbitration tribunal shall be kept in strict confidence.

 

		14	Acceptance
                                            of the terms

 

		14.1	By signing this Award Agreement electronically,
                                            the Participant agrees, accepts and is aware of the provisions as set forth in this Award
                                            Agreement.

 

Award
Acceptance

 

		I accept, agree and is aware that I will be bound by the
terms and conditions set out in the above Award Agreement including the Award Details.Exhibit 10.1

 

CONSULTING AND WARRANT
ISSUANCE AGREEMENT

 

This
Consulting and Warrant Issuance Agreement (the “Agreement”) dated as of May 26, 2022 by and among (i) Dragon Victory
International Limited, an exempted company with limited liability, organized and existing under the laws of the Cayman Islands (the “Company”),
(ii) Jing Hu, (iii) Sek Yee Khor, and (iii) Jiaping Sun (collectively, the “Consultants” and each a “Consultant”;
together with the Company, the “Parties” and each a “Party”).

 

WHEREAS:

 

		A.	The Company formed a new joint venture company with an industry leader on October 29, 2021 (the “Joint
Venture Company”);

 

		B.	The Consultants have the professional business expertise and experience to assist the Company in the business
operation of the Joint Venture Company and are offering their services as consultants to the Company for such purposes;

 

		C.	The Company desires to retain the Consultants as independent consultants and to memorialize the Consultants’
work for the Company by entering into this written Agreement; and

 

		D.	Each Party agrees that this Agreement reflects its entire understanding and agreement of the terms among
the Parties hereto.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein,
as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Parties hereto,
intending to be legally bound, agrees as follows:

 

		1.	DUTIES.

 

		a.	The Company hereby engages each Consultant and each Consultant
hereby accepts engagement as a consultant. It is understood and agreed, and it is the express intention of the Parties, that such Consultant
is an independent contractor, and not an employee or agent of the Company for any purpose whatsoever. Each Consultant shall perform the
following services to the Company in connection with the business operation of the Joint Venture Company (collectively, the “Services”):

 

		(i)	Establish a proprietary system for cryptocurrency derivatives
trading;

 

		(ii)	Design different structure products for use in trading with
counterparties;

 

		(iii)	Optimize internal pricing and dynamic hedging models;

 

		(iv)	Ongoing monitoring and improving of the proprietary system
to maximize the return of invested capital and grow the size of proprietary assets;

 

		(v)	Assist in the hiring process and establishment of a team
for the development of the Joint Venture Company; and

 

		(vi)	Provide industry expertise to help shape the Joint Venture
Company’s long-term strategy.

 

		b.	The Company acknowledges and agrees that each Consultant
(i) may maintain such Consultant’s own business in addition to providing Services to the Company, (ii) may, in connection with
this Agreement, invest in, deal with or engage the services of itself and/or such Consultant’s affiliates in separate business
activities for which they may be entitled to charge fees or commissions, provided that such activities are in the ordinary course of
such Consultant’s business, and are conducted on an arm’s length commercial basis.

 

     

     

    

 

		c.	The Company (i) further acknowledges and agrees that no Consultant
owes any duty to not compete or other similar obligation to the Company, and each Consultant may provide any service, including without
limitation, services similar to the Services, to any other party, as may be determined to be desirable in such Consultant’s sole
discretion, and (ii) hereby waives any conflicts of interest that may arise in connection with such Consultant’s such other roles.

 

		2.	CONSULTING SERVICES & COMPENSATION. As a consideration
and in exchange for the Services to be rendered hereunder, the Company hereby agrees to issue certain Warrants (as defined below) as
soon as practicable after the execution of this Agreement, subject to review by Nasdaq, as follows:

  

		a.	Warrants to Jing Hu (the “Hu Warrants”)
in substantially the form attached hereto as Exhibit A, exercisable in whole or in part, to purchase an aggregate of 200,000
ordinary shares, with par value $0.0001 per share (“Ordinary Shares”) of the Company, with each such Hu Warrant expiring
five (5) years upon its issuance, at an exercise price that is the lower of (i) US$1.5 per share, and (ii) 88% of the lowest daily volume
weighted average price (VWAP) of the Ordinary Share for the 10 trading day period immediately prior to the exercise of the Hu Warrants;

 

		b.	Warrants to Sek Yee Khor (the “Khor Warrants”)
in substantially the form attached hereto as Exhibit B, exercisable in whole or in part, to purchase an aggregate of 200,000
Ordinary Shares, with each such Khor Warrant expiring five (5) years upon its issuance, at an exercise price that is the lower of (i)
US$1.5 per share, and (ii) 88% of the lowest daily VWAP of the Ordinary Share for the 10 trading day period immediately prior to the
exercise of the Khor Warrants;

 

		c.	Warrants to Jiaping Sun (the “Sun Warrants”)
in substantially the form attached hereto as Exhibit C, exercisable in whole or in part, to purchase an aggregate of 100,000
Ordinary Shares, with each such Sun Warrant expiring five (5) years upon its issuance, at an exercise price that is the lower of (i)
US$1.5 per share, and (ii) 88% of the lowest daily VWAP of the Ordinary Share for the 10 trading day period immediately prior to the
exercise of the Sun Warrants;

 

		d.	If there is a subdivision, split, stock dividend, combination,
reclassification or similar event with respect to any of the Ordinary Shares issuable upon exercise of the Warrants referred to in this
Agreement, then, in any such event, the numbers and types of such Ordinary Shares referred to in this Agreement shall be equitably adjusted
as appropriate to the number and types of such Ordinary Shares that a holder of such number of such Ordinary Shares would own or be entitled
to receive as a result of such event as if such holder had held such number of shares immediately prior to the record date for, or effectiveness
of, such event;

 

		e.	Subject to the compliance with the applicable U.S. securities
law, each Warrant shall be transferrable by the holder(s) of such Warrant and the Warrants can be exercised on a cashless basis; and

 

		f.	The Company hereby agrees that, as soon as practicable and
in no event later than sixty (60) days after the execution of this Agreement, the Company shall file with the U.S. Securities and Exchange
Commission (the “SEC”) (at the Company’s sole cost and expense) a registration statement (the “Registration Statement”),
which Registration Statement shall be on Form F-3, if eligible, registering the resale of the Ordinary Shares issuable upon exercise
of the Warrants.

 

		3.	EXPENSES. The Company and each Consultant hereby agrees
that each Party shall be responsible for their respective expenses in respect of this Agreement.

 

		4.	CONFIDENTIALITY. All knowledge and information of a proprietary
and confidential nature relating to the Company which the Consultants obtain during the consulting period from the Company shall be,
for all purposes, regarded and treated as strictly confidential for so long as such information remains proprietary and confidential,
and shall be held in trust by the Consultants solely for the Company’s benefit and use; provided, however,
that the use of such information by the Consultants for the purpose of providing the Services is permissible and shall not be deemed
in violation of this Agreement.

 

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		5.	REPRESENATIONS AND WARRANTS OF THE COMPANY

 

		a.	The Company hereby represents and warrants to each Consultant
the following:

 

		(i)	The Company is an exempted company, duly incorporated, validly
existing and in good standing under the laws of the Cayman Islands. Each of the Company and the Company’s subsidiaries is duly
formed, validly existing and in good standing in the jurisdiction of its organization. Each of the Company and its subsidiaries has all
requisite power and authority to carry on its business as it is currently being conducted.

 

		(ii)	The Company has all requisite legal power and authority to
execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance by the Company of this Agreement
and the performance by the Company of its obligations hereunder have been duly authorized by all necessary corporate action on the part
of the Company. This Agreement has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery
by the Consultants, constitutes (or, when executed and delivered in accordance herewith will constitute) a legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited by general principles
of equity, whether applied in a court of law or a court of equity, and by applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar law affecting creditors’ rights and remedies generally (the “Bankruptcy and Equity Exception”).

 

		(iii)	The Company shall ensure that it has a sufficient number
of duly authorized Ordinary Shares to comply with its obligations to issue the Ordinary Shares issuable upon exercise of the Warrants
pursuant to the terms of this Agreement and the Warrants.

 

		b.	Each Consultant hereby severally, and not jointly, represents
and warrants to the Company the following:

 

		(i)	Such Consultant has all requisite power and authority to
carry on his/her business as is currently being conducted.

 

		(ii)	Such Consultant has full power and authority to enter into,
execute and deliver this Agreement and to perform his/her obligations hereunder. The execution and delivery by such Consultant of this
Agreement and the performance by such Consultant of his/her obligations hereunder have been duly authorized by all requisite actions
on his/her part.

 

		(iii)	This Agreement has been duly executed and delivered by such
Consultant and, assuming the due authorization, execution and delivery by the Company, constitutes (or, when executed and delivered in
accordance herewith will constitute), the legal, valid and binding obligation of such Consultant, enforceable against such Consultant
in accordance with its terms, subject to the Bankruptcy and Equity Exception and except as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

 

		6.	TERMINATION. This Agreement shall automatically terminate
upon written consent of all Parties. Either the Company, on the one hand, and any Consultant, on the other hand, may terminate this Agreement
at any time, with or without cause, by giving ten (10) days written notice to the non-terminating Party, provided, however,
that any termination by the terminating Party(ies), as applicable, without cause may not be effective prior to 12 months following the
date hereof.

 

		7.	NO THIRD-PARTY BENEFICIARIES. A person who is not a Party
has no right to enforce any term of this Agreement.

 

		8.	ABSENCE OF WARRANTIES AND REPRESENTATIONS. Each Party
hereto acknowledges that they have signed this Agreement without having relied upon or being induced by any agreement, warranty or representation
of fact or opinion of any person not expressly set forth herein. All representations and warranties of any Party contained herein shall
survive its signing and delivery.

 

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		9.	AMENDMENT. This Agreement shall not be amended, changed
or modified, except by another agreement in writing executed by the Parties.

 

		10.	ASSIGNMENT. Subject to Paragraph 2(e), neither this Agreement
nor any of the rights, duties or obligations hereunder may be assigned, as between each Consultant and the Company, without the express
written consent of such Consultant and the Company. Any purported assignment in violation of the foregoing sentence shall be null and
void.

 

		11.	GOVERNING LAW. This Agreement and all questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York (“New York”) without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of New York to the rights and duties of the Parties hereunder.

 

		12.	ARBITRATION. Any dispute, controversy or claim arising
out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall be submitted to arbitration
upon the request of any Party with notice to the other Party. The arbitration shall be conducted in Hong Kong under the auspices of the
Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the HKIAC Administered Arbitration Rules
then in effect, which rules are deemed to be incorporated by reference into this Paragraph 12. There shall be three (3) arbitrators.
The complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving
the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice law in New
York. If either Party to the arbitration does not appoint an arbitrator who has consented to participate within the aforementioned 30-day
period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings shall be conducted in English.
Each Party irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the
laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of the HKIAC in
any such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing Parties, and any Party
to the dispute may apply to a court of competent jurisdiction for enforcement of such award. Any Party to the dispute shall be entitled
to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral
tribunal.

 

		13.	VALIDITY. If any paragraph, sentence, term or provision
hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity
enforceability of any other paragraph, sentence, term and provision hereof. To the extent required, any paragraph, sentence, term or
provision of this Agreement may be modified by the Parties hereto by written amendment to preserve its validity.

 

		14.	NON-DISCLOSURE OF TERMS. The terms of this Agreement
shall be kept confidential, and no Party, representative, attorney or family member shall reveal its contents to any third party except
as required by law or as necessary to comply with law or preexisting contractual commitments.

 

		15.	ENTIRE AGREEMENT. This Agreement contain the entire understanding
of the Parties and cannot be altered or amended except by an amendment duly executed by all of the Parties. This Agreement shall be binding
upon and inure to the benefit of the successors, assigns and personal representatives of the Parties.

 

		16.	EXECUTION IN COUNTERPARTS. This Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and
the same instrument. Signatures in the form of facsimile or electronically imaged “PDF” shall be deemed to be original signatures
for all purposes hereunder.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the date first written above.

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

THE COMPANY:

 

Dragon Victory International Limited

 

	By:	/s/ Limin Liu	 
	Name:	Limin Liu	 
	Title:	Chairman & CEO	 

 

	

	
	

[Signature Page to CONSULTING AND WARRANT ISSUANCE
AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed on the date first above written.

 

THE CONSULTANTS:

 

	By:	/s/ Jing Hu	 
	Name: 	Jing Hu	 

 

	By:	/s/ Sek Yee Khor	 
	Name: 	Sek Yee Khor	 

 

	By:	/s/ Jiaping Sun	 
	Name: 	Jiaping Sun	 

 

[Signature Page to CONSULTING AND WARRANT ISSUANCE
AGREEMEN]

 

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Exhibit A

 

Hu Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Exhibit A]

 

    7

     

    

 

Warrant No.: 1

Date of Issuance: May 26, 2022 (the “Issuance Date”)

 

WARRANT TO PURCHASE

ORDINARY SHARES

OF

DRAGON VICTORY INTERNATIONAL LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received, Jing Hu, and/or such entity that such person may designate in accordance with the Consulting Agreement
(as defined below) (collectively being referred to herein as the “Holder”), is entitled to purchase 200,000
ordinary shares, with par value $0.0001 per share (“Ordinary Shares”) of Dragon Victory International Limited, an exempted
company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set
forth herein.

 

This Warrant is issued pursuant
to a Consulting and Warrant Issuance Agreement (the “Consulting Agreement”) dated as of May 26, 2022 and entered into
among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without definition shall have the meanings
ascribed to them in the Consulting Agreement.

 

1.
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder the right to
purchase from the Company up to 200,000 Ordinary Shares of the Company (the “Warrant Shares”) at the Exercise
Price (as defined below), subject to adjustment and change as provided herein.

 

2.
Exercise.

 

(a)
Exercise Price. Unless otherwise mutually agreed by the Holder and the Company, and subject to adjustment and change as provided
herein, the per share purchase price for the Warrant Shares shall be the lower of (i) US$1.5 per Ordinary Share, and (ii) 88% of
the lowest daily volume-weighted average price (“VWAP”) of the Ordinary Share for the 10-Trading-Day period immediately
prior to the exercise of the Warrants (the “Exercise Price”).

 

For the purpose of this Warrant, “Trading
Day” shall mean any day on which the primary market on which the Company’s Ordinary Shares are listed is open for trading.
“Business Day” means any day other than a Saturday, Sunday or another day on which commercial banks in the Cayman Islands,
the People’s Republic of China (the “PRC” or “China,” which for the purpose of this Warrant
shall exclude Hong Kong, Macau SAR and Taiwan), Hong Kong or New York are required or authorized by law or executive order to be closed.

 

Notwithstanding any adjustment made in accordance
with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall in no event be less than the aggregate
par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

(b) Exercise
Period. This Warrant is exercisable, in whole or in part, by the Holder on any day during the period (the “Exercise Period”)
commencing on the date of the issuance of this Warrant, and ending on the fifth (5th) anniversary date of Issuance Date.

 

    8

     

    

 

(c)
Form of Payment. Subject to Section 2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole,
no later than the close of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below)
by the Company from the Holder, by

 

(i) Cash Exercise.
The purchase rights represented by this Warrant may be exercised by the Holder, in whole or in part, by the surrender of this Warrant
(with the Notice of Exercise form attached hereto as Exhibit A duly executed) at the principal office of the Company, and by the payment
to the Company, by certified, cashier’s or other check acceptable to the Company or by wire transfer to an account designated by
the Company, of an amount equal to the aggregate Exercise Price of the Warrant Shares being purchased.

 

(ii) Cashless (Net
Issue) Exercise. In lieu of exercising this Warrant, the Holder may elect to receive Warrant Shares equal to the value of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with
notice of such election, in which event the Company shall issue to the Holder a number of Warrant Shares computed using the
following formula:

 

X
= 

 

Where:

 

X = the number of the Warrant Shares to be issued
to the Holder.

Y = the number of the Warrant Shares purchasable
under this Warrant.

A = the fair market value of one Ordinary Share
on the date of determination.

B = the Exercise Price (as adjusted to the date
of such calculation).

 

For purposes of this Section
2(c)(ii), the fair market value of an Ordinary Share is defined as follows:

 

(i) if
the Company’s Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the WVAP quoted for the Ordinary
Shares on such exchange for the 10- Trading Day period immediately prior to the Notice of Exercise (defined in Section 2(d)) submitted
in connection with the exercise of this Warrant;

 

(ii) if
the Company’s Ordinary Shares are quoted over-the-counter, the value shall be deemed to be the WVAP for the Ordinary Shares for
the 10-Trading Day period immediately prior to the Notice of Exercise being submitted in connection with the exercise of the Warrant;
or

 

(iii) if
there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

(d) Issuance
of Warrant Shares; Acknowledgement. The exercise of this Warrant shall be effected by the delivery of the Warrant, together with
a duly executed copy of the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice of Exercise”),
to the Company and the payment of the Exercise Price in accordance with Section 2(c). The Company agrees that the Warrant Shares purchased
under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares as of the close of business
on the date the purchase price for the Warrant Shares is paid to the Company. The Company shall, within three (3) Business Days after
its receipt of the executed Notice of Exercise: (i) deliver to the Holder a duly issued share certificate representing the Warrant Shares
being acquired, or, provided that the transfer agent of the Company is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of such Holder, credit such aggregate number of Warrant Shares to the Holder’s,
or its designees’, balance account with DTC through its Deposit Withdrawal At Custodian (“DWAC”) system, provided
the Holder causes its bank or broker to initiate the DWAC transaction, and (ii) deliver to the Holder a certified true copy of the updated
register of members of the Company reflecting the Holder’s ownership of the Warrant Shares with the issuance date of the Warrant
Shares being the purchase price payment date, provided, however, that the aggregate Exercise Price shall be paid in accordance with Section
2(c).

 

    9

     

    

 

3.
Reservation of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section 2(c), be
duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any shareholder and free of all
taxes, liens and charges with respect to the issue thereof, except as provided under applicable law, this Warrant and the memorandum and
articles of association of the Company then in effect. The Company further covenants and agrees that the Company will, at all times during
the Exercise Period, have authorized and reserved a sufficient number of Ordinary Shares to provide for the exercise of the rights represented
by this Warrant.

 

4.
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject to adjustment from time to time as
follows:

 

(a)
Share Splits, Share Subdivisions. In the event the Company shall at any time, or from time to time, effect a split or subdivision
of the outstanding ordinary shares, the Exercise Price of this Warrant shall be proportionally decreased and the number of Ordinary Shares
issuable upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be
proportionally increased to reflect any such share split or subdivision of the Ordinary Shares. Conversely, if the Company shall at any
time, or from time to time, combine the outstanding ordinary shares into a smaller number of shares, the Exercise Price of this Warrant
shall be proportionally increased and the number of ordinary shares issuable upon exercise of this Warrant (or any shares or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally decreased to reflect any such combination of the ordinary
shares. Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b) Dividends
or Distributions of Shares or Other Securities or Property. In the event the Company shall make or issue, or shall fix a record date
for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Ordinary Shares (or
any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities of the Company;
or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the Holder, upon
exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution, shall receive,
in addition to the Ordinary Shares (or such other shares or securities) issuable upon such exercise prior to such date, and without the
payment of additional consideration therefor, the shares or other securities of the Company or such other assets to which it would have
been entitled upon such date as if it had exercised this Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such shares and/or all other additional shares or securities available to
it as aforesaid during such period, giving effect to all adjustments called for by this Section 4.

 

(c)
Reclassification. If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase
rights under this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with respect to
the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and
the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in this Section 4.

 

(d) Capital
Reorganization, Merger or Consolidation. In case of any reorganization of the share capital of the Company (other than a combination,
reclassification or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company with or into
another corporation, or the sale or transfer of all or substantially all the assets of the Company, then, and in each such case, as a
part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder shall thereafter
be entitled to receive, upon exercise of this Warrant, during the period specified herein and upon payment in accordance with Section
2(c), the number of shares or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation,
sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization,
consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation,
sale or transfer, all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4(d) shall
similarly apply to successive reorganizations, consolidations, mergers, sales and transfers of the shares or securities of any other
corporation that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as determined in
good faith by the Company’s board of directors) shall be made in the application of the provisions of this Warrant with respect
to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after
that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this
Warrant.

 

    10

     

    

 

(e)
Notice of Adjustment. The Company shall promptly give the Holder of this Warrant written notice of each adjustment or readjustment
of the Exercise Price or the number of Warrant Shares or other securities issuable upon exercise of this Warrant. The notice shall describe
the adjustment or readjustment and show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole or in part
by the Holder (subject to compliance with the applicable securities laws and constitutional documents of the Company).

 

6.
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the
Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company will execute and deliver
a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the
Holder.

 

8.
Successors and Assigns. This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their respective
successors and permitted assigns.

 

9.
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below (or at
such other address as such party may designate by fifteen (15) days’ advance written notice to the Company or Holder, as applicable,
given in accordance with this Section 9). Where such notice is sent by next-day or second-day courier service, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized
courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of sixty (60) hours
after the letter containing the same is sent as aforesaid. Where a notice is sent by facsimile, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery,
and to have been effected on the day the same is sent as provided above.

 

If notice to the Company:

Attn: Yang Lin

Address: Suite 1508, Central Plaza, 18 Harbour
Road, Wan Chai, Hong Kong, China

Email: liny@dvintinc.com

Contact No.: +86 138-6711-4559

 

If notice to Jing Hu:

Address: #01-01, 323 Thomson Road, Singapore 307666

Email: lucy1234321@gmail.com

Contact No.: +65 8798 1750

 

    11

     

    

 

10.
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute a part
of this Warrant in construing or interpreting any provision hereof.

 

11.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of State of New York without giving
effect to any choice or conflict of law provision or rule thereof.

 

12.
Dispute Resolution.

 

(a)
Any dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it (the
“Dispute”) shall be submitted to arbitration upon the request of any party with notice to the other party. The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in effect, which rules are deemed to be incorporated by reference into
this Section 12.

 

(b)
There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty
(30) days after giving or receiving the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall
be qualified to practice law in New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate
within the aforementioned 30-day period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings
shall be conducted in English.

 

(c)
Each party irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the
laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of the HKIAC in any
such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing parties, and any party to the
dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal.

 

13.
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or” is not
exclusive, (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural as well as
the singular, (iii) unless otherwise provided for, all references in this Warrant to designated “Sections” and other subdivisions
are to the designated Sections and other subdivisions of the body of this Warrant, (iv) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Warrant as a whole and not to any particular Section or other subdivision, and (vi) “include,”
“including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed
as if followed by the expression “without limitation”.

 

14.
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in
this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to
any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied
because this Warrant was prepared by or at the request of any party or its counsel.

 

15.
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile transmission,
all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.
Severability. If one or more provisions of this Warrant is held to be unenforceable under any applicable law, such provision shall
be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

17.
Entire Agreement. This Warrant together with the other instruments and agreements referenced herein constitutes the entire agreement
between the Parties with respect to the subject matter hereof.

 

[The remainder of this page has been intentionally
left blank.]

 

    12

     

    

 

IN WITNESS WHEREOF, the Company caused this Warrant
to be executed by a director thereunto duly authorized.

 

	 	COMPANY:
	 	 
	 	Dragon Victory International Limited
	 	 	 
	 	By:	/s/ Limin Liu
	 	Name:  	Limin Liu
	 	Title:	Chairman & CEO

 

ACCEPTED BY:

 

Jing Hu

 

	/s/ Jing Hu	 

 

[Signature Page to Warrant]

 

    13

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

To: Dragon Victory International Limited

 

The undersigned hereby elects to purchase ___________________
ordinary shares of Dragon Victory International Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby represents and warrants
that the undersigned is acquiring such shares for its own account for investment purposes only, and not for immediate resale or with a
view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 
	 	Jing Hu
	 	 
	 	Address: #01-01, 323 Thomson Road, Singapore 307666

 

Date: _____________________________

 

Name in which shares should be registered:

 

__________________________________

 

    14

     

    

 

Exhibit B

 

Khor Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Exhibit B]

 

    15

     

    

 

Warrant No.: 2

Date of Issuance: May 26, 2022 (the “Issuance Date”)

 

WARRANT TO PURCHASE

ORDINARY SHARES

OF

DRAGON VICTORY INTERNATIONAL LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received, Sek Yee Khor, and/or such entity that such person may designate in accordance with the Consulting
Agreement (as defined below) (collectively being referred to herein as the “Holder”), is entitled to purchase 200,000
ordinary shares, with par value $0.0001 per share (“Ordinary Shares”) of Dragon Victory International Limited, an exempted
company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set
forth herein.

 

This Warrant is issued pursuant
to a Consulting and Warrant Issuance Agreement (the “Consulting Agreement”) dated as of May 26, 2022 and entered into
among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without definition shall have the meanings
ascribed to them in the Consulting Agreement.

 

1.
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder the right to
purchase from the Company up to 200,000 Ordinary Shares of the Company (the “Warrant Shares”) at the
Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

2.
Exercise.

 

(a)
Exercise Price. Unless otherwise mutually agreed by the Holder and the Company, and subject to adjustment and change as provided
herein, the per share purchase price for the Warrant Shares shall be the lower of (i) US$1.5 per Ordinary Share, and (ii) 88% of
the lowest daily volume-weighted average price (“VWAP”) of the Ordinary Share for the 10-Trading-Day period immediately
prior to the exercise of the Warrants (the “Exercise Price”).

 

For the purpose of this Warrant, “Trading
Day” shall mean any day on which the primary market on which the Company’s Ordinary Shares are listed is open for trading.
“Business Day” means any day other than a Saturday, Sunday or another day on which commercial banks in the Cayman Islands,
the People’s Republic of China (the “PRC” or “China,” which for the purpose of this Warrant
shall exclude Hong Kong, Macau SAR and Taiwan), Hong Kong or New York are required or authorized by law or executive order to be closed.
Notwithstanding any adjustment made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise
Price shall in no event be less than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

(b)
Exercise Period. This Warrant is exercisable, in whole or in part, by the Holder on any day during the period (the “Exercise
Period”) commencing on the date of the issuance of this Warrant, and ending on the fifth (5th) anniversary date of Issuance
Date.

 

    16

     

    

 

(c)
Form of Payment. Subject to Section 2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole,
no later than the close of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below)
by the Company from the Holder, by

 

(i)
Cash Exercise. The purchase rights represented by this Warrant may be exercised by the Holder, in whole or in part, by the surrender
of this Warrant (with the Notice of Exercise form attached hereto as Exhibit B duly executed) at the principal office of the Company,
and by the payment to the Company, by certified, cashier’s or other check acceptable to the Company or by wire transfer to an account
designated by the Company, of an amount equal to the aggregate Exercise Price of the Warrant Shares being purchased.

 

(ii)
Cashless (Net Issue) Exercise. In lieu of exercising this Warrant, the Holder may elect to receive Warrant Shares equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together
with notice of such election, in which event the Company shall issue to the Holder a number of Warrant Shares computed using the following
formula:

 

X
=  

 

Where:

 

X = the number of the Warrant Shares to be issued
to the Holder.

Y = the number of the Warrant Shares purchasable
under this Warrant.

A = the fair market value of one Ordinary Share
on the date of determination.

B = the Exercise Price (as adjusted to the date
of such calculation).

 

For purposes of this Section
2(c)(ii), the fair market value of an Ordinary Share is defined as follows:

 

(i) if
the Company’s Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the WVAP quoted for the Ordinary
Shares on such exchange for the 10- Trading Day period immediately prior to the Notice of Exercise (defined in Section 2(d)) submitted
in connection with the exercise of this Warrant;

 

(ii) if
the Company’s Ordinary Shares are quoted over-the-counter, the value shall be deemed to be the WVAP for the Ordinary Shares for
the 10-Trading Day period immediately prior to the Notice of Exercise being submitted in connection with the exercise of the Warrant;
or

 

(iii) if
there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

(d)
Issuance of Warrant Shares; Acknowledgement. The exercise of this Warrant shall be effected by the delivery of the Warrant, together
with a duly executed copy of the Notice of Exercise in the form attached hereto as Exhibit B (the “Notice of Exercise”),
to the Company and the payment of the Exercise Price in accordance with Section 2(c). The Company agrees that the Warrant Shares purchased
under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares as of the close of business on
the date the purchase price for the Warrant Shares is paid to the Company. The Company shall, within three (3) Business Days after its
receipt of the executed Notice of Exercise: (i) deliver to the Holder a duly issued share certificate representing the Warrant Shares
being acquired, or, provided that the transfer agent of the Company is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of such Holder, credit such aggregate number of Warrant Shares to the Holder’s,
or its designees’, balance account with DTC through its Deposit Withdrawal At Custodian (“DWAC”) system, provided
the Holder causes its bank or broker to initiate the DWAC transaction, and (ii) deliver to the Holder a certified true copy of the updated
register of members of the Company reflecting the Holder’s ownership of the Warrant Shares with the issuance date of the Warrant
Shares being the purchase price payment date, provided, however, that the aggregate Exercise Price shall be paid in accordance with Section
2(c).

 

    17

     

    

 

3.
Reservation of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section 2(c), be
duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any shareholder and free of all
taxes, liens and charges with respect to the issue thereof, except as provided under applicable laws, this Warrant and the memorandum
and articles of association of the Company then in effect. The Company further covenants and agrees that the Company will, at all times
during the Exercise Period, have authorized and reserved a sufficient number of Ordinary Shares to provide for the exercise of the rights
represented by this Warrant.

 

4.
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject to adjustment from time to time as
follows:

 

(a)
Share Splits, Share Subdivisions. In the event the Company shall at any time, or from time to time, effect a split or subdivision
of the outstanding ordinary shares, the Exercise Price of this Warrant shall be proportionally decreased and the number of Ordinary Shares
issuable upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be
proportionally increased to reflect any such share split or subdivision of the Ordinary Shares. Conversely, if the Company shall at any
time, or from time to time, combine the outstanding ordinary shares into a smaller number of shares, the Exercise Price of this Warrant
shall be proportionally increased and the number of ordinary shares issuable upon exercise of this Warrant (or any shares or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally decreased to reflect any such combination of the ordinary
shares. Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)
Dividends or Distributions of Shares or Other Securities or Property. In the event the Company shall make or issue, or shall fix
a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Ordinary
Shares (or any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities
of the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the
Holder, upon exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Ordinary Shares (or such other shares or securities) issuable upon such exercise prior to such date,
and without the payment of additional consideration therefor, the shares or other securities of the Company or such other assets to which
it would have been entitled upon such date as if it had exercised this Warrant on the date hereof and had thereafter, during the period
from the date hereof to and including the date of such exercise, retained such shares and/or all other additional shares or securities
available to it as aforesaid during such period giving effect to all adjustments called for by this Section 4.

 

(c)
Reclassification. If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase
rights under this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with respect to
the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and
the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in this Section 4.

 

(d)
Capital Reorganization, Merger or Consolidation. In case of any reorganization of the share capital of the Company (other than
a combination, reclassification or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company
with or into another corporation, or the sale or transfer of all or substantially all the assets of the Company, then, and in each such
case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder shall
thereafter be entitled to receive, upon exercise of this Warrant, during the period specified herein and upon payment in accordance with
Section 2(c), the number of shares or other securities or property of the successor corporation resulting from such reorganization, merger,
consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive
in such reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization,
merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 4. The foregoing provisions of
this Section 4(d) shall similarly apply to successive reorganizations, consolidations, mergers, sales and transfers of the shares or securities
of any other corporation that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as
determined in good faith by the Company’s board of directors) shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be
applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon
exercise of this Warrant.

 

    18

     

    

 

(e)
Notice of Adjustment. The Company shall promptly give the Holder of this Warrant written notice of each adjustment or readjustment
of the Exercise Price or the number of Warrant Shares or other securities issuable upon exercise of this Warrant. The notice shall describe
the adjustment or readjustment and show in reasonable detail the facts on which the adjustment or readjustment is based.

 

5.
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole or in part
by the Holder (subject to compliance with the applicable securities laws and constitutional documents of the Company).

 

6.
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the
Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company will execute and deliver
a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

7.
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the
Holder.

 

8.
Successors and Assigns. This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their respective
successors and permitted assigns.

 

9.
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below (or at
such other address as such party may designate by fifteen (15) days’ advance written notice to the Company or Holder, as applicable,
given in accordance with this Section 9). Where such notice is sent by next-day or second-day courier service, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized
courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of sixty (60) hours
after the letter containing the same is sent as aforesaid. Where a notice is sent by facsimile, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery,
and to have been effected on the day the same is sent as provided above.

 

If notice to the Company:

Attn: Yang Lin

Address: Suite 1508, Central Plaza, 18 Harbour Road, Wan Chai, Hong
Kong, China

Email: liny@dvintinc.com

Contact No.: +86 138-6711-4559

 

If notice to Sek Yee Khor:

Address: Flat F, 43/F, Tower 2, The Harbourside, No. 1 Austin Road
West, TST, Kowloon, Hong Kong SAR

Email: paulkhor@hotmail.com

Contact No.: +852 9068-1023

 

    19

     

    

 

10.
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute a part
of this Warrant in construing or interpreting any provision hereof.

 

11.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without giving
effect to any choice or conflict of law provision or rule thereof.

 

12.
Dispute Resolution.

 

(d)
Any dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it (the
“Dispute”) shall be submitted to arbitration upon the request of any party with notice to the other party. The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in effect, which rules are deemed to be incorporated by reference into
this Section 12.

 

(e)
There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty
(30) days after giving or receiving the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall
be qualified to practice law in New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate
within the aforementioned 30-day period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings
shall be conducted in English.

 

(f) Each party
irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying
of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of the HKIAC in any
such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing parties, and any party to
the dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled
to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the
arbitral tribunal.

 

13.
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or” is not
exclusive, (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural as well as
the singular, (iii) unless otherwise provided for, all references in this Warrant to designated “Sections” and other subdivisions
are to the designated Sections and other subdivisions of the body of this Warrant, (iv) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Warrant as a whole and not to any particular Section or other subdivision, and (vi) “include,”
“including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed
as if followed by the expression “without limitation”.

 

14.
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in
this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to
any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied
because this Warrant was prepared by or at the request of any party or its counsel.

 

15.
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile transmission,
all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

16.
Severability. If one or more provisions of this Warrant is held to be unenforceable under any applicable law, such provision shall
be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

17.
Entire Agreement. This Warrant together with the other instruments and agreements referenced herein constitutes the entire agreement
between the Parties with respect to the subject matter hereof.

 

[The remainder of this page has been intentionally
left blank.]

 

    20

     

    

 

IN WITNESS WHEREOF, the Company caused this Warrant
to be executed by a director thereunto duly authorized.

 

	 	COMPANY:
	 	 
	 	Dragon Victory International Limited
	 	 	 
	 	By: 	/s/ Limin Liu
	 	Name:  	Limin Liu
	 	Title: 	Chairman & CEO

 

ACCEPTED BY:

 

Sek Yee Khor

 

	/s/ Sek Yee Khor	 

 

[Signature Page to Warrant]

 

    21

     

    

 

EXHIBIT B

 

FORM OF NOTICE OF EXERCISE

 

 

 

To: Dragon Victory International Limited

 

The undersigned hereby elects to purchase ___________________
ordinary shares of Dragon Victory International Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby represents and warrants
that the undersigned is acquiring such shares for its own account for investment purposes only, and not for immediate resale or with a
view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 
	 	Sek Yee Khor
	 	 
	 	Address: Flat F, 43/F, Tower 2, The Harbourside, No. 1 Austin Road West, TST, Kowloon, Hong Kong SAR

 

Date: _____________________________

 

Name in which shares should be registered:

 

__________________________________

 

    22

     

    

 

Exhibit C

 

Sun Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Exhibit C]

 

    23

     

    

 

Warrant No.: 3

Date of Issuance: May 26, 2022 (the “Issuance Date”)

 

WARRANT TO PURCHASE

ORDINARY SHARES

OF

DRAGON VICTORY INTERNATIONAL LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received, Jiaping Sun, and/or such entity that such person may designate in accordance with the Consulting Agreement
(as defined below) (collectively being referred to herein as the “Holder”), is entitled to purchase 100,000
ordinary shares, with par value $0.0001 per share (“Ordinary Shares”) of Dragon Victory International Limited, an exempted
company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), on the terms set
forth herein.

 

This Warrant is issued pursuant
to a Consulting and Warrant Issuance Agreement (the “Consulting Agreement”) dated as of May 26, 2022 and entered into
among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without definition shall have the meanings
ascribed to them in the Consulting Agreement.

 

18.
Purchase of Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder the right to
purchase from the Company up to 100,000 Ordinary Shares of the Company (the “Warrant Shares”) at the Exercise
Price (as defined below), subject to adjustment and change as provided herein.

 

19.
Exercise.

 

(e)
Exercise Price. Unless otherwise mutually agreed by the Holder and the Company, and subject to adjustment and change as provided
herein, the per share purchase price for the Warrant Shares shall be the lower of (i) US$1.5 per Ordinary Share, and (ii) 88% of
the lowest daily volume-weighted average price (“VWAP”) of the Ordinary Share for the 10-Trading-Day period immediately
prior to the exercise of the Warrants (the “Exercise Price”).

 

For the purpose of this Warrant, “Trading
Day” shall mean any day on which the primary market on which the Company’s Ordinary Shares are listed is open for trading.
“Business Day” means any day other than a Saturday, Sunday or another day on which commercial banks in the Cayman Islands,
the People’s Republic of China (the “PRC” or “China,” which for the purpose of this Warrant
shall exclude Hong Kong, Macau SAR and Taiwan), Hong Kong or New York are required or authorized by law or executive order to be closed.

 

Notwithstanding any adjustment made in accordance
with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall in no event be less than the aggregate
par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

(f) Exercise Period.
This Warrant is exercisable, in whole or in part, by the Holder on any day during the period (the “Exercise Period”)
commencing on the date of the issuance of this Warrant, and ending on the fifth (5th) anniversary date of Issuance Date.

 

    24

     

    

 

(g)
Form of Payment. Subject to Section 2(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or in whole,
no later than the close of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined below)
by the Company from the Holder, by

 

(iii) Cash
Exercise. The purchase rights represented by this Warrant may be exercised by the Holder, in whole or in part, by the surrender
of this Warrant (with the Notice of Exercise form attached hereto as Exhibit C duly executed) at the principal office of the
Company, and by the payment to the Company, by certified, cashier’s or other check acceptable to the Company or by wire
transfer to an account designated by the Company, of an amount equal to the aggregate Exercise Price of the Warrant Shares being
purchased.

 

(iv) Cashless
(Net Issue) Exercise. In lieu of exercising this Warrant, the Holder may elect to receive Warrant Shares equal to the value of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice
of such election, in which event the Company shall issue to the Holder a number of Warrant Shares computed using the following formula:

 

X
= 

 

Where:

 

X = the number of the Warrant Shares to be issued
to the Holder.

Y = the number of the Warrant Shares purchasable
under this Warrant.

A = the fair market value of one Ordinary Share
on the date of determination.

B = the Exercise Price (as adjusted to the date
of such calculation).

 

For purposes of this Section
2(c)(ii), the fair market value of an Ordinary Share is defined as follows:

 

(i) if
the Company’s Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the WVAP quoted for the Ordinary
Shares on such exchange for the 10- Trading Day period immediately prior to the Notice of Exercise (defined in Section 2(d)) submitted
in connection with the exercise of this Warrant;

 

(ii) if
the Company’s Ordinary Shares are quoted over-the-counter, the value shall be deemed to be the WVAP for the Ordinary Shares for
the 10-Trading Day period immediately prior to the Notice of Exercise being submitted in connection with the exercise of the Warrant;
or

 

(iii) if
there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

(h)
Issuance of Warrant Shares; Acknowledgement. The exercise of this Warrant shall be effected by the delivery of the Warrant, together
with a duly executed copy of the Notice of Exercise in the form attached hereto as Exhibit C (the “Notice of Exercise”),
to the Company and the payment of the Exercise Price in accordance with Section 2(c). The Company agrees that the Warrant Shares purchased
under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares as of the close of business on
the date the purchase price for the Warrant Shares is paid to the Company. The Company shall, within three (3) Business Days after its
receipt of the executed Notice of Exercise: (i) deliver to the Holder a duly issued share certificate representing the Warrant Shares
being acquired, or, provided that the transfer agent of the Company is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of such Holder, credit such aggregate number of Warrant Shares to the Holder’s,
or its designees’, balance account with DTC through its Deposit Withdrawal At Custodian (“DWAC”) system, provided
the Holder causes its bank or broker to initiate the DWAC transaction, and (ii) deliver to the Holder a certified true copy of the updated
register of members of the Company reflecting the Holder’s ownership of the Warrant Shares with the issuance date of the Warrant
Shares being the purchase price payment date, provided, however, that the aggregate Exercise Price shall be paid in accordance with Section
2(c).

 

20.
Reservation of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section 2(c), be
duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any shareholder and free of all
taxes, liens and charges with respect to the issue thereof, except as provided under applicable law, this Warrant and the memorandum and
articles of association of the Company then in effect. The Company further covenants and agrees that the Company will, at all times during
the Exercise Period, have authorized and reserved a sufficient number of Ordinary Shares to provide for the exercise of the rights represented
by this Warrant.

 

    25

     

    

 

21.
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject to adjustment from time to time as
follows:

 

(f)  
Share Splits, Share Subdivisions. In the event the Company shall at any time, or from time to time, effect a split or subdivision
of the outstanding ordinary shares, the Exercise Price of this Warrant shall be proportionally decreased and the number of Ordinary Shares
issuable upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be
proportionally increased to reflect any such share split or subdivision of the Ordinary Shares. Conversely, if the Company shall at any
time, or from time to time, combine the outstanding ordinary shares into a smaller number of shares, the Exercise Price of this Warrant
shall be proportionally increased and the number of ordinary shares issuable upon exercise of this Warrant (or any shares or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally decreased to reflect any such combination of the ordinary
shares. Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(g)
Dividends or Distributions of Shares or Other Securities or Property. In the event the Company shall make or issue, or shall fix
a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Ordinary
Shares (or any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities
of the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the
Holder, upon exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Ordinary Shares (or such other shares or securities) issuable upon such exercise prior to such date,
and without the payment of additional consideration therefor, the shares or other securities of the Company or such other assets to which
it would have been entitled upon such date as if it had exercised this Warrant on the date hereof and had thereafter, during the period
from the date hereof to and including the date of such exercise, retained such shares and/or all other additional shares or securities
available to it as aforesaid during such period, giving effect to all adjustments called for by this Section 4.

 

(h)
Reclassification. If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase
rights under this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with respect to
the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and
the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in this Section 4.

 

(i) Capital
Reorganization, Merger or Consolidation. In case of any reorganization of the share capital of the Company (other than a
combination, reclassification or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company
with or into another corporation, or the sale or transfer of all or substantially all the assets of the Company, then, and in each
such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the
Holder shall thereafter be entitled to receive, upon exercise of this Warrant, during the period specified herein and upon payment
in accordance with Section 2(c), the number of shares or other securities or property of the successor corporation resulting from
such reorganization, merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this Warrant
would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had been
exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as
provided in this Section 4. The foregoing provisions of this Section 4(d) shall similarly apply to successive reorganizations,
consolidations, mergers, sales and transfers of the shares or securities of any other corporation that are at the time receivable
upon the exercise of this Warrant. In all events, appropriate adjustment (as determined in good faith by the Company’s board
of directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the
Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as
reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant.

 

    26

     

    

 

(j) Notice of
Adjustment. The Company shall promptly give the Holder of this Warrant written notice of each adjustment or readjustment of the
Exercise Price or the number of Warrant Shares or other securities issuable upon exercise of this Warrant. The notice shall describe
the adjustment or readjustment and show in reasonable detail the facts on which the adjustment or readjustment is based.

 

22.
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole or in part
by the Holder (subject to compliance with the applicable securities laws and constitutional documents of the Company).

 

23.
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the
Company, or in the event of any such mutilation upon surrender and cancellation of such Warrant, the Company will execute and deliver
a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

24.
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the
Holder.

 

25.
Successors and Assigns. This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their respective
successors and permitted assigns.

 

26.
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below (or at
such other address as such party may designate by fifteen (15) days’ advance written notice to the Company or Holder, as applicable,
given in accordance with this Section 9). Where such notice is sent by next-day or second-day courier service, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized
courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of sixty (60) hours
after the letter containing the same is sent as aforesaid. Where a notice is sent by facsimile, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery,
and to have been effected on the day the same is sent as provided above.

 

If notice to the Company:

Attn: Yang Lin

Address: Suite 1508, Central Plaza, 18 Harbour
Road, Wan Chai, Hong Kong, China

Email: liny@dvintinc.com

Contact No.: +86 138-6711-4559

 

If notice to Jiaping Sun:

Address: 251 South Lake Ave 10th Floor, Pasadena, CA 91101

Email: jiapingsun61@gmail.com

Contact No.: 1-949-668-5357

 

    27

     

    

 

27.
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute a part
of this Warrant in construing or interpreting any provision hereof.

 

28.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of State of New York without giving
effect to any choice or conflict of law provision or rule thereof.

 

29.
Dispute Resolution.

 

(g)
Any dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it (the
“Dispute”) shall be submitted to arbitration upon the request of any party with notice to the other party. The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in effect, which rules are deemed to be incorporated by reference into
this Section 12.

 

(h)
There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty
(30) days after giving or receiving the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall
be qualified to practice law in New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate
within the aforementioned 30-day period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings
shall be conducted in English.

 

(i) Each party
irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying
of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of the HKIAC in any
such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing parties, and any party to
the dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled
to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the
arbitral tribunal.

 

30.
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or” is not
exclusive, (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural as well as
the singular, (iii) unless otherwise provided for, all references in this Warrant to designated “Sections” and other subdivisions
are to the designated Sections and other subdivisions of the body of this Warrant, (iv) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Warrant as a whole and not to any particular Section or other subdivision, and (vi) “include,”
“including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed
as if followed by the expression “without limitation”.

 

31.
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in
this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to
any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied
because this Warrant was prepared by or at the request of any party or its counsel.

 

32.
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile transmission,
all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

33.
Severability. If one or more provisions of this Warrant is held to be unenforceable under any applicable law, such provision shall
be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

34.
Entire Agreement. This Warrant together with the other instruments and agreements referenced herein constitutes the entire agreement
between the Parties with respect to the subject matter hereof.

 

 

[The remainder of this page has been intentionally
left blank.]

 

    28

     

    

 

IN WITNESS WHEREOF, the Company caused this Warrant
to be executed by a director thereunto duly authorized.

 

	 	COMPANY:
	 	 
	 	Dragon Victory International Limited
	 	 	 
	 	By:	/s/ Limin Liu
	 	Name:  	Limin Liu
	 	Title:	Chairman & CEO

 

	ACCEPTED BY:	 
	 	 
	Jiaping Sun	 
	 	 
	/s/ Jiaping Sun	 

 

[Signature Page to Warrant]

 

    29

     

    

 

EXHIBIT C

 

FORM OF NOTICE OF EXERCISE

 

To: Dragon Victory International Limited

 

The undersigned hereby elects to purchase ___________________
ordinary shares of Dragon Victory International Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby represents and warrants
that the undersigned is acquiring such shares for its own account for investment purposes only, and not for immediate resale or with a
view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 
	 	Jiaping Sun
	 	 
	 	Address: 251 South Lake Ave 10th Floor,

 Pasadena, CA 91101

 

Date: _____________________________

 

Name in which shares should be registered:

 

__________________________________

 

 

30

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