Document:

Exhibit
10.1

 

GBS
INC.

 

INVESTORS’
RIGHTS AGREEMENT

 

THIS
INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of October 4, 2022, by and among GBS Inc., a Delaware
corporation (the “Company”), each of the Persons listed on Schedule 1 attached hereto (the “RFA Sellers”)
and Jason Isenberg, as the RFA Sellers’ Representative (including any other Person designated by the RFA Sellers, the “RFA
Representative”). Unless otherwise defined herein, capitalized terms are defined in Section 4 hereof. The Company, RFA
Representative and each RFA Seller are each a “Party” and referred to collectively herein as the “Parties.”

 

WHEREAS,
the Company and the RFA Sellers are parties to the Share Exchange Agreement, dated as of October 4, 2022 (the “Share Exchange
Agreement”);

 

WHEREAS,
as a condition to the obligations of the Company and the Sellers under the Share Exchange Agreement, the Company and the Sellers are
entering into this Agreement for the purpose of granting certain rights to the RFA Sellers.

 

NOW,
THEREFORE, upon the terms and conditions herein, and in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby expressly agree as
follows:

 

Section
1. Board of Directors.

 

(a)
Composition. Subject to Section 1(c), from and after the date hereof and until the provisions of this Section 1
cease to be effective, the Company will take all necessary and desirable actions within its control, in order to cause:

 

(i)
the initial number of directors on the Board to be established at seven directors, which shall initially consist of the (a) five directors
identified as “Company Appointees” on Schedule 2 (the “Company Appointees”) and (b) two members
who shall be designated by the RFA Representative in its sole and absolute discretion but subject to the terms hereof (the “RFA
Appointees” and together with the Company Appointees, the “Appointees” and each, individually, an “Appointee”),
which RFA Appointees shall initially be the individuals identified as “RFA Appointees” on Schedule 3, until such time
as such respective Appointee’s respective successor is duly elected or appointed or until such respective Appointee’s earlier
resignation, removal from office, death or incapacity; provided, however, that at least one RFA Appointee shall at all times qualify
as “independent” for purposes of Nasdaq’s applicable marketplace rules, including, without limitation, Rule 5605(a)(2)
thereof (the “Independence Standards”), as shall be determined by the Board from time to time;

 

(ii)
any committee (each, a “Committee”) established by the Board to include at least one RFA Appointee designated by the
RFA Representative, provided that such RFA Appointee shall meet the required Independence Standards and, if applicable, the requirements
of Rule 10A-3 of the Securities Exchange Act of 1934, as amended, for such Committee; provided further, however, that the RFA
Representative may consent or determine that any Committee need not include a RFA Appointee;

 

    	 

    	 

    

 

(iii)
in the event that any RFA Appointee resigns, or for any other reason ceases to serve as a member of the Board during his or her term
of office, including, without limitation, as a result of death or incapacity, disability, retirement or removal, the resulting vacancy
on the Board to be filled with an appointee designated in writing by the RFA Representative to the Company; and

 

(iv)
at the next annual or special meeting of stockholders of the Company or action by written consent at which directors are so elected,
subject to the fulfillment of the requirements set forth herein, nominate the RFA Appointees for election to the Board; provided,
however, that so long as the Company remains a public reporting company during the term of this Agreement, the Board will continue
to satisfy applicable legal requirements of the Securities and Exchange Committee and Nasdaq, including, to the extent required, maintaining
an independent audit committee, and the nominations by the Company and RFA Representative hereunder will allow the Company to comply
with such legal requirements.

 

(b)
Liability Insurance; Directors’ and Officers’ Liability Insurance. The Company shall obtain, or be an insured party
pursuant to and beneficiary pursuant to, a Side A directors’ and officers’ liability insurance policy, in such case on terms
and conditions that are reasonably acceptable to the Board. The Company shall maintain such policy in full force and effect at all times
and provide evidence of such to the RFA Representative. The Company’s certificate of incorporation, bylaws and other organizational
documents shall provide (i) for elimination or limitation of the liability of directors to the maximum extent permitted by law and (ii)
for indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law.

 

(c)
Termination.

 

(i)
From and after the time that the RFA Sellers own, directly or indirectly, less than 15% of Common Stock Equivalents, the RFA Sellers
shall only have the right to designate one nominee for election to the Board pursuant to Section 1(a).

 

(ii)
From and after the time that the RFA Sellers own, directly or indirectly, less than 10% of Common Stock Equivalents, the RFA Sellers
shall not be entitled to designate a nominee for election to the Board pursuant to Section 1(a).

 

(iii)
From and after the time that the RFA Sellers own, directly or indirectly, less than 15% of Common Stock Equivalents, the RFA Sellers
shall not be entitled to the rights set forth in Section 1(d).

 

    	2

    	 

    

 

(d)
Special Consent Requirements. Subject to Section 1(c), notwithstanding anything to the contrary in the certificate of incorporation
or the bylaws of the Company, the Company shall not and shall not, permit any of its Subsidiaries or Affiliates, to directly or indirectly
take any of the actions set forth below without the written consent of the RFA Representative:

 

(i)
approve material changes to the terms of any Company organizational documents or to the Company Convertible Preferred Stock; provided,
however, that the Company may approve changes related to effecting the Reverse Stock Split;

 

(ii)
any increase in the size of the Company’s board of directors to more than nine members;

 

(iii)
authorize or issue shares of capital stock or other equity securities that rank senior to the Company Convertible Preferred Stock; provided,
however, that notwithstanding the foregoing or anything else to the contrary contained in this Agreement, this Section 1(d)(iii)
shall not prohibit the Company from issuing Company Common Stock, warrants (including pre-funded warrants), “toothless”
preferred stock or other common stock equivalents;

 

(iv)
effect redemptions or repurchases of securities junior to the Company Convertible Preferred Stock; provided, however, that
notwithstanding anything to the contrary contained in this Agreement, including, without limitation, Section 1(c)(iii), the RFA
Sellers shall not be entitled to the rights set forth in this Section 1(d)(iv) following the date of the Company Stockholder Approval
if each share of Company Convertible Preferred Stock held by a RFA Seller has not been converted on such date in accordance with the
terms of Section 7(b) of the Certificate of Designations;

 

(v)
the issuance of additional indebtedness of Company in the aggregate in excess of an amount (the “Threshold Amount”) equal
to the greater of (a) one-third (1/3) of the “public float” of the company, as such term is defined in Securities Act, or
(b) $8 million;

 

(vi)
engage in any merger, consolidation, reclassification, recapitalization or other similar transaction, including any change of control
of Company or any sale of all or substantially all of Company’s assets;

 

(vii)
enter into or consummate a transaction (or series of transactions) with respect to the acquisition of (including by merger, consolidation
or acquisition of stock or assets or any other business combination) any person, other business organization or any line of business
or division thereof or equity interests therein or the assets thereof in excess of the Threshold Amount in the aggregate;

 

(viii)
make, change, or revoke any material tax election of the Company that has a material and disproportionate impact on RFA Sellers relative
to any other holder of Company securities;

 

    	3

    	 

    

 

(ix)
(x) adopt any new, or amend or otherwise modify any existing, management equity incentive plan, or increase the number of (or change
the class of) Company Common Stock authorized for issuance under any such plan, (y) enter into a transaction with a “related person”
or amend the terms of any existing transaction with a “related person” as such term is defined in Securities Act or (z) increase
the compensation payable to executive officers of the Company in excess of $250,000 in the aggregate; in each case, other than as set
forth in the Share Exchange Agreement and so long as there is Company Convertible Preferred Stock outstanding; provided, however, that
notwithstanding anything to the contrary contained in this Agreement, including, without limitation, Section 1.3(c)(iii), the RFA Sellers
shall not be entitled to the rights set forth in this Section 1(d)(ix) following the date of the Company Stockholder Approval if each
share of Company Convertible Preferred Stock held by a RFA Seller has not been converted on such date in accordance with the terms of
Section 7(b) of the Certificate of Designations;

 

(x)
voluntarily liquidate, dissolve or wind-up the operations of the Company, make any voluntary assignment for the benefit of its creditors,
consent to the appointment of a custodian, receiver, trustee or liquidator with similar powers, or make any voluntary filing or commence
any proceedings under bankruptcy or insolvency laws; or

 

(xi)
commit or resolve to do any of the foregoing.

 

Section
2. Dealings with RFA Sellers. The Company acknowledges that each of the RFA Sellers, their Affiliates and each of their respective
partners, members, stockholders, directors, officers, controlling persons, managers and employees have business interests and engage
in business activities or commercial transactions in addition to those relating to the Company (including those which may compete with
the Company). The Company agrees (and to the fullest extent permitted by applicable law, hereby waives and agrees not to assert any claim
to the contrary) that none of the RFA Sellers shall be obligated to present any particular investment or business opportunity to the
Company even if such opportunity is of a character which, if presented to the Company, could be undertaken by the Company, and, in fact,
the RFA Sellers shall have the right to undertake any such opportunity for itself, for its own account, or on behalf of another or to
recommend any such opportunity to such other Persons.

 

Section
3. No Impairment of Creditor Rights. Notwithstanding anything herein contained to the contrary, nothing contained in this Agreement
shall affect, limit or impair the rights and remedies of any RFA Seller in its capacity as a creditor to the Company or any of its Subsidiaries.
Without limiting the generality of the foregoing, each RFA Seller that is a creditor of the Company or any of its Subsidiaries, in exercising
its rights as a creditor, will have no duty to consider (a) its status or the status of any of its Affiliates as a direct or indirect
holder of Company Common Stock, (b) the interests of the Company or any of its Subsidiaries that it would otherwise be obligated to consider
arising from its status or the status of any of its Affiliates as a direct or indirect holder of Company Common Stock or (c) any duty
it may have to any other stockholder of the Company, except as may be required commercial law applicable to creditors generally.

 

Section
4. Definitions.

 

“Affiliate”
has the meaning provided in the Share Exchange Agreement.

 

“Agreement”
has the meaning provided in the preamble hereto.

 

    	4

    	 

    

 

“Appointee”
has the meaning provided in Section 1(a) hereto.

 

“Board”
has the meaning provided in the recital hereto.

 

“Business
Day” has the meaning provided in the Share Exchange Agreement.

 

“Certificate
of Designations” has the meaning provided in the Share Exchange Agreement.

 

“Company”
has the meaning provided in the preamble hereto.

 

“Company
Appointee” has the meaning provided in Section 1(a) hereto.

 

“Company
Common Stock” has the meaning provided in the Share Exchange Agreement.

 

“Company
Convertible Preferred Stock” has the meaning provided in the Share Exchange Agreement.

 

“Common
Stock Equivalent” means any shares of Company Common Stock and any shares of capital stock, notes, warrants, options or other
securities which are convertible into or exercisable for Company Common Stock, including, but not limited to, shares issued or issuable
upon the conversion of the Company Convertible Preferred Stock or Conversion Shares (as further set forth in the Share Exchange Agreement).

 

“Company
Stockholder Approval” has the meaning provided in the Share Exchange Agreement.

 

“Conversion
Shares” has the meaning provided in the Share Exchange Agreement.

 

“Legal
Proceeding” has the meaning provided in the Share Exchange Agreement.

 

“Legal
Requirement” has the meaning provided in the Share Exchange Agreement.

 

“Nasdaq”
as the meaning provided in the Share Exchange Agreement.

 

“Party”
has the meaning provided in the preamble hereto.

 

“Person”
means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint
venture, an unincorporated organization, or any other entity (including, without limitation, any governmental entity or any department,
agency, or political subdivision thereof).

 

    	5

    	 

    

 

“Reverse
Stock Split” means any proposal taken by the completion of the annual meeting of the Company’s stockholders for the Company’s
fiscal year ended June 30, 20231 to adopt an amendment to the Company’s certificate of incorporation to reclassify the
outstanding shares of Company Common Stock into a smaller number of shares of Company Common Stock at a ratio specified in or determined
in accordance with the terms of such amendment for the purpose of regaining compliance with the listing standards of Nasdaq.

 

“RFA
Appointee” has the meaning provided in Section 1(a) hereto.

 

“RFA
Representative” has the meaning provided in the preamble hereto.

 

“RFA
Sellers” has the meaning provided in the preamble hereto.

 

“Securities
and Exchange Commission” means the Securities and Exchange Commission and includes any governmental body or agency succeeding
to the functions thereof.

 

“Share
Exchange Agreement” has the meaning provided in the preamble hereto.

 

“Subsidiary”
has the meaning set forth in the Share Exchange Agreement.

 

“Threshold
Amount” has the meaning provided in Section 1(d) hereto.

 

Section
5. Miscellaneous.

 

(a)
Amendment and Waiver. Except as otherwise provided herein, no modification, amendment, or waiver of any provision of this Agreement
will be effective against the Company or the RFA Sellers, unless such modification, amendment, or waiver is approved in writing by (i)
the Company and (ii) the RFA Sellers. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed
as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement
in accordance with its terms.

 

(b)
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or any
other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or
unenforceable provision had never been contained herein.

 

(c)
Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, those documents expressly referred to herein,
and the other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt
any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

 

 

1
Note to draft: Should tie to the end of the NASDAQ compliance period.

 

    	6

    	 

    

 

(d)
Successors and Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit of and be enforceable
by the Company and its successors and assigns and the RFA Sellers and their respective successors and assigns.

 

(e)
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts
and by facsimile or electronic (i.e., PDF) transmission, each of which when executed will be deemed to be an original but all of which
taken together will constitute one and the same agreement. No Party shall raise the use of facsimile or electronic (i.e., PDF) transmission
to deliver any such signature page or the fact that such signature was transmitted or communicated through the use of a facsimile or
electronic (i.e., PDF) transmission as a defense to the formation or enforceability of a contract, and each Party forever waives any
such defense.

 

(f)
Remedies. The RFA Sellers shall be entitled to enforce their rights under this Agreement specifically to recover damages by reason
of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any RFA Seller
shall be entitled to specific performance and/or injunctive relief from any court of competent jurisdiction (without posting a bond or
other security) in order to enforce or prevent any violation of the provisions of this Agreement.

 

(g)
Notices. Any notice or other communication required or permitted to be delivered to any Person under this Agreement will be in
writing and will be deemed properly delivered, given and received: (a) if delivered by hand, when delivered; (b) if sent on a Business
Day by email with confirmed receipt before 5:00 p.m. (recipient’s time) on the date sent, on such Business Day; (c) if sent by
email on a day other than a Business Day, or if sent by email with confirmed receipt at any time after 5:00 p.m. (recipient’s time)
on the date sent, on the date on which receipt is confirmed, if a Business Day, and otherwise on the first Business Day following the
date on which receipt is confirmed; (d) if sent by registered, certified or first class mail, the third Business Day after being sent;
and (e) if sent by overnight delivery via a national courier service, one Business Day after being sent, in each case to the address
or email address set forth beneath the name of such Person below (or to such other address or email address as such Person shall have
specified in a written notice given to the other Persons hereto)

 

If
to RFA Sellers or RFA Representative:

 

1908
Cliff Valley Way NE

Atlanta,
Georgia, 30329-2479

Attn:
Jason Isenberg

Email:
jisenberg@rfallc.com

With
copies (which shall not constitute notice) to:

 

Jones
Day

1221
Peachtree Street, N.E., Suite 400

Atlanta,
Georgia 30361

Attention:
Mark L. Hanson

Email:
mlhanson@jonesday.com:

 

    	7

    	 

    

 

If
to the Company:

GBS
Inc.

142
West 57th Street, 11th Floor

New
York, NY w

Attn:
Spiro Sakiris

Email:
spiro.sakiris@gbs.inc

 

With
a copy (which shall not constitute notice) to:

Arent Fox Schiff LLP

233
South Wacker Drive, Suite 7100, Chicago, IL 60606

Attn:
Ralph De Martino and Alex Young

Email:
ralph.demartino@afslaw.com and alex.young@afslaw.com

 

(h)
Governing Law. This Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware, regardless
of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. The Parties hereto agree that any Legal
Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in the Chancery Court of the State of Delaware located in Wilmington, Delaware and any state appellate
court therefrom located in Wilmington, Delaware, or, if no such state court has proper jurisdiction, the Federal District Court for the
District of Delaware located in Wilmington, Delaware, and any appellate court therefrom. Each Party hereto hereby irrevocably submits
to the exclusive jurisdiction of such court in respect of any legal or equitable Legal Proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby, or relating to enforcement of any of the terms of this Agreement, and hereby waives,
and agrees not to assert, as a defense in any such Legal Proceeding, any claim that it is not subject personally to the jurisdiction
of such court, that the Legal Proceeding is brought in an inconvenient forum, that the venue of the Legal Proceeding is improper or that
this Agreement or the transactions contemplated hereby may not be enforced in or by such courts. Each Party hereto agrees that notice
or the service of process in any Legal Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby
shall be properly served or delivered if delivered in the manner contemplated by Section 5(g) or in any other manner permitted
by applicable Legal Requirement.

 

EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(i)
No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party.

 

(j)
Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part
of this Agreement.

 

[signature
page follows]

 

    	8

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Investors’ Rights Agreement as of the date first written above.

 

	 	GBS
    INC.
	 	 	 
	 	By:
    	/s/
    Spiro Sakiris
	 	Name:	Spiro
    Sakiris
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	Jason
                                            Isenberg, as RFA Sellers

                                                                          Representative,
                                            on behalf of itself and the

                                                                          RFA
                                            Holders

	 	 	 
	 	By:
    	/s/
    Jason Isenberg
	 	Name:	Jason
    Isenberg
	 	Title:	Representative
    

 

[Signature
Page to Investors Rights Agreement]

 

    	 

    	 

    

 

Schedule
1

 

RFA
Sellers

 

	1.	The
                                            Ma-Ran Foundation, of 1908 Cliff Valley Way NE Atlanta, Georgia, 30329-2479 United States.
	 	 
	2.	The
                                            Gary W. Rollins Foundation, of 1908 Cliff Valley Way NE Atlanta, Georgia, 30329-2479 United
                                            States.

 

    	 

    	 

    

 

Schedule
2

 

Company
Appointees

 

	1.	Dr.
                                            Steven Boyages
	2.	Lawrence
                                            Fisher
	3.	Johnathan
                                            S. Hurd
	4.	Dr.
                                            George Magelis
	5.	Christopher
                                            Towers

 

    	 

    	 

    

 

Schedule
3

 

RFA
Appointees

 

	1.	David
                                            Jenkins
	2.	Jason
                                            IsenbergExhibit
10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

by
and between

 

GBS
INC.

 

The
sellers listed on annex a hereto

 

and

 

The
sellers listed on annex b hereto

 

Dated
as of October 4, 2022

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	Article
    I
	 	 
	Resale
    Shelf Registration
	 	 
	Section
    1.1 Resale Shelf Registration Statement 	1
	Section
    1.2 Effectiveness Period 	1
	Section
    1.3 Subsequent Shelf Registration Statement 	2
	Section
    1.4 Supplements and Amendments 	2
	Section
    1.5 Subsequent Holder Notice 	2
	Section
    1.6 Underwritten Offering 	3
	Section
    1.7 Take-Down Notice 	4
	Section
    1.8 Piggyback Registration 	4
	 	 
	Article
    II
	 	 
	Additional
    Provisions Regarding Registration Rights
	 	 
	Section
    2.1 Registration Procedures 	5
	Section
    2.2 Suspension 	8
	Section
    2.3 Expenses of Registration 	9
	Section
    2.4 Information by Holders 	9
	Section
    2.5 Rule 144 Reporting 	10
	Section
    2.6 Plan of Distribution and Legal Counsel.. 	10
	Section
    2.7 Lockup 	10
	 	 
	Article
    III
	 	 
	Indemnification
	 	 
	Section
    3.1 Indemnification by Company 	11
	Section
    3.2 Indemnification by Holders 	12
	Section
    3.3 Notification	12
	Section
    3.4 Contribution 	13
	Section
    3.5 Survival 	13
	 	 
	Article
    IV
	 	 
	Transfer
    and Termination of Registration Rights
	 	 
	Section
    4.1 Transfer of Registration Rights 	14
	Section
    4.2 Termination of Registration Rights 	14
	 	 
	Article V
	 	 
	Miscellaneous
	 	 
	Section
    5.1 Amendments and Waivers 	14
	Section
    5.2 Extension of Time, Waiver, Etc	14
	Section
    5.3 Assignment 	14
	Section
    5.4 Counterparts 	14
	Section
    5.5 Entire Agreement; No Third Party Beneficiary 	15
	Section
    5.6 Governing Law; Jurisdiction 	15
	Section
    5.7 Specific Enforcement 	15
	Section
    5.8 Waiver of Jury Trial	16
	Section
    5.9 Notices	16
	Section
    5.10 Severability 	17
	Section
    5.11 Expenses 	17
	Section
    5.12 Interpretation 	17

 

    	i

    	 

    

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of October
4, 2022 by and among GBS INC., a Delaware corporation (the “Company”), the
sellers listed on Annex A hereto (the “RFA Sellers”) and the sellers listed on Annex B hereto (the “Other
IFP Sellers”, and, together with their successors and any Person that becomes a party hereto pursuant to Section 4.1,
and the RFA Sellers, the “Sellers”). Capitalized terms that are used but
not defined elsewhere herein are defined in Exhibit A.

 

WHEREAS,
the Company and the Sellers are parties to the Share Exchange Agreement, dated as of October 4, 2022 (the “Share
Exchange Agreement”), pursuant to which each Seller will, among other things, receive Common Stock;

 

WHEREAS,
as a condition to the obligations of the Company and the Sellers under the Share Exchange Agreement, the Company and the Sellers are
entering into this Agreement for the purpose of granting certain registration and other rights to the Sellers.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Article
I

 

Resale
Shelf Registration

 

Section
1.1 Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall use its
commercially reasonable efforts to (a) prepare and file, no later than the 180th calendar day following the Closing, a registration
statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of
the Securities Act, of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale
the Registrable Securities on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration
of such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Sellers)
(the “Resale Shelf Registration Statement”) (it being agreed that the Resale
Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC
pursuant to Rule 462(e) if Rule 462(e) is available to the Company), and (b) shall use its reasonable best efforts to cause the Resale
Shelf Registration Statement to be declared effective by the SEC as promptly as is reasonably practicable after the filing thereof.

 

Section
1.2 Effectiveness Period. Once declared effective, the Company
shall, subject to the other applicable provisions of this Agreement, use its commercially reasonable efforts to cause the Resale Shelf
Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the
“Effectiveness Period”).

 

    	 

     

    

 

Section
1.3 Subsequent Shelf Registration Statement. If any Shelf Registration
Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall
use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf Registration Statement to again
become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such
Shelf Registration Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such
Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of
such Shelf Registration Statement or file an additional registration statement (a “Subsequent
Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the
Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable Securities as of
the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts
to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as reasonably practicable
after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement
that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company) and (b) keep
such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent
Shelf Registration Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such form.
Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall provide for the registration of
such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Sellers.

 

Section
1.4 Supplements and Amendments. The Company shall supplement and
amend any Shelf Registration Statement if required by the Securities Act or the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement.

 

Section
1.5 Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable Securities
after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall as promptly as is reasonably practicable
following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a
selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent
Holder Notice”):

 

(a)
if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective amendment to
the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration Statement and the
related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance
with applicable law;

 

(b)
if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration Statement that
is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to become effective under
the Securities Act as promptly as is reasonably practicable; and

 

(c)
notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment
filed pursuant to Section 1.5(a).

 

    	2

     

    

 

Section
1.6 Underwritten Offering.

 

(a)
Subject to any applicable restrictions on transfer in the Share Exchange Agreement or otherwise, the RFA Sellers may, after the Resale
Shelf Registration Statement becomes effective, deliver a written notice to the Company (the “Underwritten
Offering Notice”) specifying that the sale of some or all of the Registrable Securities subject to the Shelf Registration
Statement is intended to be conducted through an underwritten offering (the “Underwritten
Offering”); provided, that the Holders of Registrable Securities may not, without the Company’s prior written
consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $2,500,000 (unless the RFA Sellers
are proposing to sell all of their remaining Registrable Securities), (ii) launch more than three (3) Underwritten Offerings at the request
of the RFA Sellers within any twelve (12) month period or (iii) launch an Underwritten Offering within the period commencing fourteen
(14) days prior to and ending two (2) Business Days following the Company’s scheduled earnings release date for any fiscal quarter
or year (or such shorter period as is the Company’s customary “blackout window” applicable to directors and officers)
provided further, that any such Underwritten Offering may not be conducted if the “aggregate worldwide market value” of the
Company, as such term is defined in Section 12b-2 of the Securities Exchange Act of 1934, at the time of proposed commencement of such
an offering is less than $75 million.

 

(b)
In the event of an Underwritten Offering, the RFA Sellers of a majority of the Registrable Securities participating in an Underwritten
Offering shall select the managing underwriter(s) to administer the Underwritten Offering; provided, that the choice of such managing
underwriter(s) shall be subject to the consent of the Company, which is not to be unreasonably withheld, conditioned or delayed. The
Company and the Holders of Registrable Securities participating in an Underwritten Offering will enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such offering.

 

(c)
The Company will not include in any Underwritten Offering pursuant to this Section 1.6 any securities that are not Registrable
Securities without the prior written consent of the Sellers. If the managing underwriter or underwriters advise the Company and the Sellers
in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities
requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market conditions
or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of securities
that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following
order of priority: (i) first, the Registrable Securities of the RFA Sellers that have requested to participate in such Underwritten Offering,
allocated pro rata among such RFA Sellers on the basis of the percentage of the Registrable Securities then-owned by such RFA
Sellers, (ii) second, the Registrable Securities of the Other IFP Sellers that have requested to participate in such Underwritten Offering,
allocated pro rata among such Other IFP Sellers on the basis of the percentage of the Registrable Securities then-owned by such
Other IFP Sellers, (iii) third, the Persons party to the Conversion Registration Rights Agreement that have the right to, and have requested,
to participate in such Underwritten Offering, allocated pro rata among such Persons on the basis of the percentage of the shares
of registrable Common Stock then-owned by such Persons and (iv) fourth, any other securities of the Company that have been requested
to be so included.

 

    	3

     

    

 

Section
1.7 Take-Down Notice. Subject to the other applicable provisions
of this Agreement, at any time that any Shelf Registration Statement is effective, if the Sellers deliver a notice to the Company (a
“Take-Down Notice”) stating that it intends to effect a sale or distribution
of all or part of its Registrable Securities included by it on any Shelf Registration Statement (a “Shelf
Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company
shall amend, subject to the other applicable provisions of this Agreement or supplement the Shelf Registration Statement as may be necessary
in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.

 

Section
1.8 Piggyback Registration.

 

(a)
Subject to 1.8(b) below, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto)
may include securities of the Company in any registration statements other than the Registrable Securities, other than pursuant to a
Special Registration or securities registered pursuant to the Conversion Registration Rights Agreement.

 

(b)
The Company may conduct a registered public offering with respect to a primary offering of Common Stock (such offering, a “Primary
Offering”).

 

(c)
The Company shall give prompt written notice of the proposed filing of a registration statement (the “Primary Offering Registration
Statement”) for any Primary Offering, which notice shall be given, to the extent reasonably practicable, no later than ten
(10) Business Days prior to the filing date (the “Piggyback Notice”) to the Sellers. The Piggyback Notice shall offer
such Sellers the opportunity to include (or cause to be included) in such Primary Offering the number of shares of Registrable Securities
as each such Seller may request (each, a “Piggyback Transaction”). Subject to Section 1.8(d), the Company shall use
commercially reasonable efforts to include in each Piggyback Transaction all Registrable Securities with respect to which the Company
has received written requests for inclusion therein (each, a “Piggyback Request”) within five (5) Business Days after
the date of the Piggyback Notice but in any event not later than two (2) Business Day prior to the filing date of a Primary Offering
Registration Statement related to the Piggyback Transaction. The Company shall not be required to maintain the effectiveness of such
Primary Offering Registration Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation of the
distribution by the Sellers of the Registrable Securities included in such Primary Offering Registration Statement.

 

    	4

     

    

 

(d)
The Company shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed Primary Offering
to permit Sellers of Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include
in such offering all Registrable Securities included in each Seller’s Piggyback Request on the same terms and subject to the same
conditions as any other shares of capital stock, if any, of the Company included in the offering. Notwithstanding the foregoing, if the
managing underwriter or underwriters of such Primary Offering advise the Company in writing that in its or their good faith opinion the
number of securities exceeds the number of securities which can be sold in such offering in light of market conditions or is such so
as to adversely affect the success of such offering, the Company will include in such offering only such number of securities that can
be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of
priority: (A) first, the securities proposed to be sold by the Company for its own account; (B) second, the Registrable Securities of
the Sellers that have requested to participate in such Primary Offering, allocated pro rata among such Sellers on the basis of the Sellers’
then-current ownership of Registrable Securities; and (C) third, any other securities of the Company that have been requested to be included
in such offering; provided that the Sellers may, prior to the time at which the offering price or underwriter’s discount is determined
with the managing underwriter or underwriters, withdraw their request to be included in such underwritten public offering pursuant to
this Section 1.8.

 

Article
II

 

Additional
Provisions Regarding Registration Rights

 

Section
2.1 Registration Procedures. Subject to the other applicable provisions
of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to Article I, the
Company shall:

 

(a)
prepare and promptly file with the SEC a registration statement with respect to such securities and use commercially reasonable efforts
to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance
with the applicable provisions of this Agreement;

 

(b)
prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration statement and
the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective
for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such registration statement in accordance with the Sellers’ intended method of distribution set forth
in such registration statement for such period;

 

(c)
furnish to the Sellers’ legal counsel copies of the registration statement and the prospectus included therein (including each
preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration
statement;

 

(d)
if requested by the managing underwriter or underwriters, if any, or the Sellers, promptly include in any prospectus supplement or post-effective
amendment such information as the managing underwriter or underwriters, if any, or the Sellers may reasonably request in order to permit
the intended method of distribution of such securities and make all required filings of such prospectus supplement or post-effective
amendment as soon as reasonably practicable after the Company has received such request;

 

    	5

     

    

 

(e)
in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Sellers and to the underwriters
of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus
as the Sellers or such underwriters may reasonably request in order to facilitate the public offering or other disposition of such securities;

 

(f)
as promptly as is reasonably practicable notify the Sellers at any time when a prospectus relating thereto is required to be delivered
under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included
in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances
then existing, and, subject to Section 2.2, at the request of the Sellers, prepare promptly and furnish to the Sellers a reasonable
number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers
of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then
existing;

 

(g)
use commercially reasonable efforts to register and qualify (or exempt from such registration or qualification) the securities covered
by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States
as shall be reasonably requested in writing by the Sellers; provided, however, that the Company shall not be required in
connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required
to qualify but for this subsection or (ii) take any action that would subject it to general service of process in any such jurisdictions;

 

(h)
in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting agreement
in accordance with the applicable provisions of this Agreement;

 

(i)
in connection with an Underwritten Offering, the Company shall cause its officers to use their commercially reasonable efforts to support
the marketing of the Registrable Securities covered by such offering (including participation in “road shows” or other
similar marketing efforts);

 

(j)
use commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale,
if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering,
addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the legal counsel representing
the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering and (iii) a letter dated such date from the independent certified public accountants of the Company, in form and substance as
is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters;

 

    	6

     

    

 

(k)
use commercially reasonable efforts to list the Registrable Securities covered by such registration statement with any securities exchange
on which the Common Stock is then listed;

 

(l)
provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

 

(m)
in connection with a customary due diligence review, make available for inspection by the Sellers, any underwriter participating in any
such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Sellers or underwriter (collectively,
the “Offering Persons”), at the offices where normally kept, during reasonable
business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and
cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary
due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection
with such Registration Statement, provided, however, that any information that is not generally publicly available at the time
of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure of such information is required
by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or
self-regulatory authority, bank examiner or auditor, (ii) disclosure of such information, in the reasonable judgment of the Offering
Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the
rules and regulations of the SEC), (iii) such information is or becomes generally available to the public other than as a result of a
non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement or (iv) such information (A)
was known to such Offering Persons or their representatives from a source other than the Company when such source, to the knowledge of
the Offering Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect
to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge
of the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect
to such information or (C) was developed independently by the Offering Persons or their respective representatives without the use of,
or reliance on, information provided by the Company;

 

(n)
cooperate with the Sellers and each underwriter or agent participating in the disposition of Registrable Securities and their respective
counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable efforts to obtain
FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; and

 

    	7

     

    

 

(o)
as promptly as is reasonably practicable notify the Sellers (i) when the prospectus or any prospectus supplement or post-effective amendment
has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements to such registration statement
or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of
any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv)
if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement (including
any underwriting agreement contemplated by ‎Section 2.1(f) above) cease to be true and correct or (v) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.

 

The
Sellers agree that, upon receipt of any notice from the Company of the happening of any event of the kind described in Sections ‎2.1(f),
‎2.1(o)(ii) or ‎2.1(o)(iii), the Sellers shall discontinue disposition of any Registrable Securities covered by
such registration statement or the related prospectus until receipt of the copies of the supplemented or amended prospectus, which supplement
or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as soon as reasonably practicable,
or until the Sellers are advised in writing by the Company that the use of the applicable prospectus may be resumed, and have received
copies of any amended or supplemented prospectus or any additional or supplemental filings which are incorporated, or deemed to be incorporated,
by reference in such prospectus (such period during which disposition is discontinued being an “Interruption
Period”) and, if requested by the Company in writing, the Sellers shall use commercially reasonable efforts to return
to the Company all copies then in their possession, of the prospectus covering such Registrable Securities at the time of receipt of
such request. As soon as is reasonably practicable after the Company has determined that the use of the applicable prospectus may be
resumed, the Company will notify the Sellers thereof. In the event the Company invokes an Interruption Period hereunder and in the reasonable
discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall provide
written notice, as soon as is reasonably practicable, to the Sellers that such Interruption Period is no longer applicable.

 

Section
2.2 Suspension. (a) The
Company shall be entitled, on two (2) occasions in any 12-month period, for a period of time not to exceed 60 days in the aggregate
in any such 12-month period, to (x) defer any registration of Registrable Securities and shall have the right not to file and not to
cause the effectiveness of any registration covering any Registrable Securities, (y) suspend the use of any prospectus and registration
statement covering any Registrable Securities, and (z) require the Holders of Registrable Securities to suspend any offerings or sales
of Registrable Securities pursuant to a registration statement, if the Company delivers to the Sellers a certificate signed by an executive
officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure, (ii) materially interfere
with any bona fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its
subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for such suspension and the anticipated
length of such suspension or (iii) during the first month after the end of a fiscal quarter of
the Company (i.e., January, April, July and October to the extent the Company’s fiscal quarters end on December 31, March 31, June
30 and September 30) if, based on the good faith judgment of the Company, after consultation with outside counsel to the Company, such
postponement or suspension is necessary in order to avoid the premature disclosure of material non-public information (including financial
results for the preceding fiscal quarter) and the Company has a bona fide business purpose for not disclosing such information publicly
at that time. The Sellers shall keep the information contained in such certificate confidential subject to the same terms set
forth in Section 2.1(m). If the Company defers any registration of Registrable Securities in response to a Underwritten Offering
Notice, or requires the Holders to suspend any Underwritten Offering, the Sellers shall be entitled to withdraw such Underwritten Offering
Notice and if they do so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant
to Section 1.6.

 

    	8

     

    

 

Section
2.3 Expenses of Registration. All Registration Expenses incurred
in connection with any registration shall be borne by the Company, provided that each holder of Registrable Securities participating
in an offering shall pay all applicable underwriting discounts and commissions, brokers’ commissions and stock transfer taxes,
if any, on the Registrable Securities sold by such holder and the fees and expenses of any counsel to the Holders (other than such fees
and expenses expressly included in Registration Expenses).

 

Section
2.4 Information by Holders. The Holder or Holders of Registrable Securities included in any registration shall furnish to the
Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution
proposed by such Holder or Holders and their Affiliates as the Company may reasonably request and as shall be required in connection
with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of
the Company under Article I are conditioned on the timely provisions of the foregoing information by such Holder or Holders and,
without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following:

 

(a)
such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with the preparation
of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement
effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing and in a timely
manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and
their respective Affiliates and such other information as may be required by applicable law to enable the Company to prepare or amend
such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable
Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

 

(b)
during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities,
such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including
Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to,
among other things (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of
such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration
statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable
Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such
copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may
be required by such agent, broker-dealer or offeree;

 

    	9

     

    

 

(c)
such Holder or Holders shall, and they shall cause their respective Affiliates to, (i) permit the Company and its representatives to
examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to provide
in connection with the offering or other distribution of Registrable Securities by such Holder or Holders and (ii) execute, deliver and
perform under any agreements and instruments reasonably requested by the Company or its representatives to effectuate such registered
offering, including opinions of counsel and questionnaires; and

 

(d)
on receipt of any notice from the Company of the occurrence of any of the events specified in Section 2.1(f) or clauses (ii)
or (iii) of Section 2.1(o), or that otherwise requires the suspension by such Holder or Holders and their respective
Affiliates of the offering, sale or distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders shall,
and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such
Holder or Holders until the offering. sale and distribution of the Registrable Securities owned by such Holder or Holders may recommence
in accordance with the terms hereof and applicable law.

 

Section
2.5 Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that, for
so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to:

 

(a)
make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date of this
Agreement; and

 

(b)
so long as a Holder owns any Registrable Securities, furnish to the Holder upon written request a written statement by the Company as
to its compliance with the reporting requirements of the Exchange Act.

 

Section
2.6 Plan of Distribution and Legal Counsel. The Sellers holding a majority of the Registrable Securities to be included in any
offering shall be entitled to determine the plan of distribution and to select counsel for the Sellers (which may be the same as counsel
for the Company).

 

Section
2.7 Lockup. In connection with any underwritten offering of Registrable Securities, (i) the Company (and each of its executive
officers and directors) and (ii) each Holder which is selling shares of Common Stock pursuant to its rights hereunder will agree to be
bound by the underwriting agreement’s lockup restrictions (which must apply, and continue to apply, in like manner to each of the
Company (and each of its executive officers and directors) and Holders participating in the underwritten offering) that are agreed to
by Holders holding a majority of shares being sold by all Holders in such underwritten offering.

 

    	10

     

    

 

Article
III

 

Indemnification

 

Section
3.1 Indemnification by Company. To the fullest extent permitted by applicable law, the Company will, with respect to any Registrable
Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable
“blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s
current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and
each Person controlling such Holder within the meaning of Section 15 of the Securities Act and such Holder’s current and former
officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each underwriter thereof,
if any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company
Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including costs of preparation
and reasonable attorney’s fees and any legal or other fees or expenses actually and reasonably incurred by such party in connection
with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities, joint
or several (or actions in respect thereof) (collectively, “Losses”) to the
extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” (as such term is defined
in Rule 433 under the Securities Act) or other document, in each case related to such registration statement, or any amendment or supplement
thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of
the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without
limiting the preceding portions of this Section 3.1), the Company will reimburse each of the Company Indemnified Parties for any
reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred
in connection with investigating, defending or, subject to the last sentence of this Section 3.1, settling any such Losses or
action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts
paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Company (which consent
shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such Losses or action
to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim
arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement
or prospectus) which occurs in reliance upon and in conformity with written information regarding such Holder furnished to the Company
by such Holder expressly for use in connection with such registration by any such Holder.

 

    	11

     

    

 

Section
3.2 Indemnification by Holders. To the fullest extent permitted by applicable law, each Holder will, if Registrable Securities
held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue
sky” laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company,
each of its Representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities
Act (collectively, the “Holder Indemnified Parties”), against all Losses
(or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus”
or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, and will reimburse each of the Holder Indemnified Parties for any
reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred
in connection with investigating, defending or, subject to the last sentence of this Section 3.2, settling any such Losses or
action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, “issuer free
writing prospectus” or other document in reliance upon and in conformity with written information regarding such Holder furnished
to the Company by such Holder and stated to be specifically for use therein; provided, however, that in no event
shall any indemnity under this Section 3.2 payable by any Holder exceed an amount equal to the net proceeds received by such Holder
in respect of the Registrable Securities sold pursuant to the registration statement. The indemnity agreement contained in this Section
3.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected
without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed).

 

Section
3.3 Notification. If any Person shall be entitled to indemnification
under this Article III (each, an “Indemnified Party”), such Indemnified Party
shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying
Party”) of any claim or of the commencement of any proceeding as to which indemnity is sought. The Indemnifying Party
shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as is reasonably practicable after the
receipt of written notice from such Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense,
the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the
Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long
as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph)
be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party
in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to employ separate
counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party
unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is
or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided
herein shall relieve an Indemnifying Party of its obligations under this Article III only to the extent that the failure to give
such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying Party,
in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent
shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in
respect to such claim or litigation. The indemnity agreements contained in this Article III shall not apply to amounts paid in
settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying
Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this Article III shall be
in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled
to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party
a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.

 

    	12

     

    

 

Section
3.4 Contribution. If the indemnification provided for in this
Article III is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its
terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this Article III,
the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted
in such Losses or action, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the
one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company
and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.4 was determined solely
upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding sentence of this Section 3.4. Notwithstanding the foregoing, the amount any Holder will be obligated
to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net proceeds received by such Holder in respect
of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

Section
3.5 Survival. The indemnification provided for under this Article III shall survive the sale or other transfer of the Registrable
Securities and the termination of this Agreement.

 

    	13

     

    

 

Article
IV

 

Transfer
and Termination of Registration Rights

 

Section
4.1 Transfer of Registration Rights. Any rights to cause the Company to register securities granted to a Holder under this Agreement
may be transferred or assigned to any Person in connection with a Transfer (as defined in the Share Exchange Agreement) of Common Stock
in a Transfer permitted by the Share Exchange Agreement; provided, however, that (i) prior written notice of such assignment
of rights is given to the Company, and (ii) such transferree agrees in writing to be bound by, and subject to, this Agreement as a “Holder”
pursuant to a written instrument in the form of Exhibit B hereto.

 

Section
4.2 Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities under
Article I shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.
The registration rights set forth in this Agreement shall terminate on the date on which all shares of Common Stock issuable (or actually
issued) cease to be Registrable Securities.

 

Article
V

 

Miscellaneous

 

Section
5.1 Amendments and Waivers. Subject to compliance with applicable
law, this Agreement may be amended or supplemented in any and all respects by written agreement of the Company and the Sellers.

 

Section
5.2 Extension of Time, Waiver, Etc. The parties hereto may, subject
to applicable law, (a) extend the time for the performance of any of the obligations or acts of the other party or (b) waive compliance
by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive
any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid
only if set forth in an instrument in writing signed on behalf of such party.

 

Section
5.3 Assignment. Except as provided in Section 4.1, neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise,
by any of the parties hereto without the prior written consent of the other party hereto.

 

Section
5.4 Counterparts. This Agreement may be executed in one or more
counterparts (including by facsimile or electronic mail), each of which shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the
parties hereto and delivered to the other parties hereto.

 

    	14

     

    

 

Section
5.5 Entire Agreement; No Third Party Beneficiary. This Agreement,
including the Transaction Documents, constitutes the entire agreement, and supersedes all other prior agreements and understandings,
both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof.
No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies
hereunder.

 

Section
5.6 Governing Law; Jurisdiction.

 

(a)
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed
in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of
laws principles.

 

(b)
All legal or administrative proceedings, suits, investigations, arbitrations or actions (“Actions”)
arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the
Chancery Court of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State
of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action
and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents
to jurisdiction and venue set forth in this Section 5.6 shall not constitute general consents to service of process in the State
of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on
any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out
of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 5.9
of this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however, that nothing
in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial
court judgment.

 

Section
5.7 Specific Enforcement. The parties acknowledge and agree that
(a) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to enforce specifically
the terms and provisions hereof in the courts described in Section 5.6 without proof of damages or otherwise, this being in addition
to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of
this Agreement and without that right, neither the Company nor the Sellers would have entered into this Agreement. The parties hereto
agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, and
agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate
remedy at law. The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 5.7 shall not
be required to provide any bond or other security in connection with any such order or injunction.

 

    	15

     

    

 

Section
5.8 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.8.

 

Section
5.9 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given
if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the
following addresses:

 

	 	(a)	If to Sellers or Sellers’ Representatives:

 

Intelligent
Fingerprinting Limited

14-17
Evolution Business Park, Milton Road, Impington,

Cambridge,
England, CB24 9NG

Attn:
Philip Hand

Email:
philip.hand@intelligentfingerprinting.com

 

1908
Cliff Valley Way NE

Atlanta,
Georgia, 30329-2479

Attn:
Jason Isenberg

Email:
jisenberg@rfallc.com

 

With
copies (which shall not constitute notice) to:

 

Bristows
LLP

100
Victoria Embankment | London EC4Y 0DH

Attn.:
Iain Redford

Email:
Iain.Redford@bristows.com

 

and

 

Jones
Day

1221
Peachtree Street, N.E., Suite 400

Atlanta,
Georgia 30361

Attention:
Mark L. Hanson

Email:
mlhanson@jonesday.com

 

    	16

     

    

 

	 	(b)	If to Company:

 

GBS
Inc.

142
West 57th Street, 11th Floor

New
York, NY 10019

Attn:
Spiro Sakiris

Email:
spiro.sakiris@gbs.inc

 

With
a copy (which shall not constitute notice) to:

 

Arent
Fox Schiff LLP

233
South Wacker Drive, Suite 7100, Chicago, IL 60606

Attn:
Ralph De Martino and Alex Young

Email:
ralph.demartino@afslaw.com and alex.young@afslaw.com

 

or
such other address or email address as such party may hereafter specify by like notice to the other parties hereto. All such notices,
requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to
5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request
or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

 

Section
5.10 Severability. If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction
to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions
of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision
is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law.

 

Section
5.11 Expenses. Except as provided in Section 2.3, all costs
and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section
5.12 Interpretation. The rules of interpretation set forth in Section 8.12 of the Share Exchange Agreement shall apply to this
Agreement, mutatis mutandis.

 

[Signature
pages follow]

 

    	17

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first above written.

 

	
	
	 	COMPANY:
	 	 
	 	GBS
    INC.
	 	 
		By:	/s/
    Spiro Sakiris
	 	Name:	Spiro
    Sakiris
	 	Title:	Chief
    Financial Officer

 

Signature
Page to Registration Rights Agreement

 

    	 

     

    

 

	SELLERS:	 
	 	 	 
	By:	/s/
    Philip Hand	 
	 	 

    Signed
    by each of the Sellers acting by their attorney Philip Hand under a power of attorney
	 

 

	RFA
    SELLERS:	 
	 	 	 
	By:	/s/
    Jason Isenberg	 
	 	 

    Signed
    by each of the RFA Sellers acting by Jason Isenberg as representative
	 

 

Signature
Page to Registration Rights Agreement

 

    	 

     

    

 

EXHIBIT
A

 

DEFINED
TERMS

 

1.
The following capitalized terms have the meanings indicated:

 

“Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company
(after consultation with external legal counsel): (i) would be required to be made in any registration statement filed with the SEC by
the Company so that such registration statement would not be materially misleading; (ii) would not be required to be made at such time
but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has a bona fide business purpose
for not disclosing publicly.

 

“Affiliates”
shall have the meaning given to such term in the Share Exchange Agreement.

 

“Business
Day” shall have the meaning given to such term in the Share Exchange Agreement.

 

“Closing”
shall have the meaning given to such term in the Share Exchange Agreement.

 

“Common
Stock” means all shares currently or hereafter existing of the Company’s common stock, par value $0.01 per share.

 

“Company
Convertible Preferred Stock” shall have the meaning given to such term in the Share Exchange Agreement.

 

“Company
Stockholder Approval” shall have the meaning given to such term in the Share Exchange Agreement.

 

“Company
Stockholder Approval Date” the date on which the Company Stockholder Approval has been duly obtained.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations
of the SEC promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Holder”
means any Person holding Registrable Securities.

 

“IFP
Convertible Loan Holder” shall have the meaning given to such term in the Share Exchange Agreement.

 

“Issuable
IFP Shares” shall have the meaning given to such term in the Share Exchange Agreement.

 

“Conversion
Registration Rights Agreement” the Registration Rights Agreement dated October 4, 2022, by and between the Company, the sellers
listed on Annex A and the sellers listed on Annex B.

 

    	A-1

     

    

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization
or any other entity, including a governmental authority.

 

“register”,
“registered” and “registration”
refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration
or ordering of the effectiveness of such registration statement or the automatic effectiveness of such registration statement, as applicable.

 

“Registration
Expenses” means all expenses incurred by the Company in complying with Article I, including all registration,
qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements of counsel and accountants, fees and expenses
in connection with complying with state securities or “blue sky” laws, FINRA fees, fees of transfer agents and registrars,
transfer taxes, and fees and expenses of one outside legal counsel to the Sellers and all Holders retained in connection with registrations
contemplated hereby, but excluding underwriting discounts and commissions, brokers’ commissions and stock transfer taxes, if any,
in each case to the extent applicable to the Registrable Securities of any selling Holders.

 

“Registrable
Securities” means, as of any date of determination, any shares of Common Stock acquired by any Sellers pursuant to Share
Exchange Agreement, and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split,
share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Registrable
Securities, once issued, such securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred
pursuant to an effective Registration Statement under the Securities Act, (ii) such securities shall have ceased to be outstanding, (iii)
such securities have been transferred in a transaction in which the Holder’s rights under this Agreement are not assigned to the
transferee of the securities or (iv) such securities are sold in a broker’s transaction under circumstances in which all of the
applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met.

 

“Rule
144” means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule
462(e)” means Rule 462(e) promulgated under the Securities Act and any successor provision.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations
of the SEC promulgated thereunder.

 

“Shelf
Registration Statement” means the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement,
as applicable.

 

“Special
Registration” means the registration of equity securities, options or similar rights registered on Form S-4, Form S-8 or any
successor forms thereto or any other form for the registration of securities issued or to be issued
in connection with a merger, acquisition, employee benefit plan or equity compensation or incentive plan.

 

“Transaction
Documents” shall have the meaning given to such term in the Share Exchange Agreement

 

    	A-2

     

    

 

2.
The following terms are defined in the Sections of the Agreement indicated:

 

INDEX
OF TERMS

 

	Term	 	Section
	 	 	 
	Actions	 	Section
                                            5.6(b)

    

    

	 	 	 
	Agreement	 	Preamble
	 	 	 
	Company	 	Preamble
	 	 	 
	Company
    Indemnified Parties	 	Section
                                            3.1

    

    

	 	 	 
	Effectiveness
    Period	 	Section
                                            1.2

    

    

	 	 	 
	Holder
    Indemnified Parties	 	Section
                                            3.2

    

    

	 	 	 
	Indemnified
    Party	 	Section
                                            3.3

    

    

	 	 	 
	Indemnifying
    Party	 	Section
                                            3.3

    

    

	 	 	 
	Interruption
    Period	 	Section
                                            2.1(m)

    

    

	 	 	 
	Share
    Exchange Agreement	 	Recitals
	 	 	 
	Losses	 	Section
                                            3.1

    

    

	 	 	 
	Offering
    Persons	 	Section
                                            2.1(k)

    

    

	 	 	 
	Other
    IFP Sellers	 	Preamble
	 	 	 
	Resale
    Shelf Registration Statement	 	Section
                                            1.1

    

    

	 	 	 
	RFA
    Sellers	 	Preamble
	 	 	 
	Sellers	 	Preamble
	 	 	 
	Shelf
    Offering	 	Section
                                            1.7

    

    

	 	 	 
	Subsequent
    Holder Notice	 	Section
                                            1.5

    

    

	 	 	 
	Subsequent
    Shelf Registration Statement	 	Section
                                            1.3

    

    

	 	 	 
	Take-Down
                                            Notice

    

    
	 	Section
                                            1.7

    

    

    

    

	 	 	 
	Underwritten Offering	 	Section
    1.6(a)
	 	 	 
	Underwritten Offering
    Notice	 	Section
    1.6(a)

 

    	A-3

     

    

 

EXHIBIT
B

 

JOINDER
TO REGISTRATION RIGHTS AGREEMENT

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement, dated as of October 4, 2022 (the
“Registration Rights Agreement”), by and between GBS Inc. (the “Company”) and the sellers listed
on the signature pages thereto (the “Investor”). Capitalized terms used and not defined herein shall have the meanings set
forth in the Registration Rights Agreement.

 

By
executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply
with the provisions of the Registration Rights Agreement as a Holder and an Seller as of the date hereof in the same manner as if the
undersigned were an original signatory to the Registration Rights Agreement.

 

Accordingly,
the undersigned has executed and delivered this Joinder as of [●], 20[ ].

 

	 	[HOLDER]
	 	 	 
	 	By:	       
	 	Name:	 
	 	Title:	 

 

    	B-1

     

    

 

Annex
A

 

RFA
Sellers

 

	Seller
    Name	 	Seller
    Address
	 	 	 
	The
    Ma-Ran Foundation	 	1908
    Cliff Valley Way NE Atlanta, Georgia, 30329-2479 United States
	The
    Ma-Ran Foundation	 	1908
    Cliff Valley Way NE Atlanta, Georgia, 30329-2479 United States

 

    	B-2

     

    

 

Annex
B

 

Other
IFP Sellers

 

	Seller
    Name	 	Seller
    Address
	 	 	 
	Sue
    Jickells	 	Dale
    House, Chapel Road, Longham Nr Dereham NR19 2RN
	Nikolaos
    Tzokas	 	Norwich
    Business School, University of East Anglia, Norwich, Norfolk NR4 7TJ
	David
    Russell	 	Riverside
    Cottage, School Lane, Runhall, Norfolk NR9 4DS
	Georgina
    Russell	 	Riverside
    Cottage, School Lane, Runhall, Norfolk NR9 4DS
	Catherine
    Russell	 	Riverside
    Cottage, School Lane, Runhall, Norfolk NR9 4DS
	University
    of East Anglia	 	The
    Registry, University of East Anglia, Norwich, Norfolk NR4 7TJ
	Iceni
    Seedcorn Fund LLP	 	The
    Registry, University of East Anglia, Norwich, Norfolk NR4 7TJ
	Executors
    of L Ball	 	Suite
    100, 500 E Dallas Road, Grapevine, Texas 76051 USA
	David
    Ball Irrevocable trust	 	1700
    Widivision, #3 Chicago, IL 60622 USA
	David
    Ball Descendants Trust	 	1700
    Widivision, #3 Chicago, IL 60622 USA
	Shannon
    Ball Irrevocable Trust	 	2316
    Espinosa Place #203 Highlands Ranch, Colorado 80129 USA
	Shannon
    Ball Descendants Trust	 	2316
    Espinosa Place #203 Highlands Ranch, Colorado 80129 USA
	Allison
    Bertorelli Irrevocable Trust	 	3716
    Lenox Fort Worth TX 76107 USA
	Allison
    Bertorelli Descendants Trus	 	3716
    Lenox Fort Worth TX 76107 USA
	Meredith
    Martin Irrevocable Trust	 	403
    Normandy Lane Heath TX 75032 USA
	Meredith
    Martin Descendants Trust	 	403
    Normandy Lane Heath TX 75032 USA
	Jason
    Ball Irrevocable Trust	 	1816
    Saxony Fort Worth TX 76116 USA
	Jason
    Ball Descendants Trust	 	1816
    Saxony Fort Worth TX 76116 USA
	John
    David Ball	 	4850
    Plaza Drive, Irving Texas USA 75063
	Patrick
    Shannon Ball	 	2316
    Espinosa Place #203 Highlands Ranch, Colorado 80129 USA
	Allison
    Bertorelli	 	3716
    Lenox Fort Worth TX 76107 USA
	Meredith
    Martin	 	403
    Normandy Lane Heath TX 75032 USA
	Peter
    Jason Ball	 	1816
    Saxony Fort Worth TX 76116 USA
	Barbara
    Ball	 	Suite
    100, 500 E Dallas Road, Grapevine, Texas 76051 USA
	Thomas
    Johnson	 	4964
    Prince Edward Road, Jacksonville, Florida USA 32210
	Robert
    Rosholt	 	119
    East Lake Shore Drive, Apt 3E Chicago, Illinois, USA, 60611
	Sennett
    Kirk III	 	PO
    Box 1934 Denton Texas, USA, 76202
	Sennett
    Kirk III ExemptTrust	 	PO
    Box 1934 Denton Texas, USA, 76202
	Diana
    Lea Anthony 2015 Trust	 	12770
    Coit Road, suite 970, Dallas Texas, USA 75251
	Guy
    Leland Anthony 2015 Trust	 	12770
    Coit Road, suite 970, Dallas Texas, USA 75251
	John
    Ross Anthony 2015 Trust	 	12770
    Coit Road, suite 970, Dallas Texas, USA 75251
	Roy
    Jay Anthony	 	12770
    Coit Road Ste 970, Dallas Texas, USA, 75251

 

    	B-3

     

    

 

	Seller
    Name	 	Seller
    Address
	Guy
    Anthony	 	12770
    Coit Road, suite 970, Dallas Texas, USA 75251
	John
    Ross Anthony	 	12770
    Coit Road, suite 970, Dallas Texas, USA 75251
	Michael
    Johns	 	736
    Conway Glen drive, N.W Atlanta GA 30327 USA
	Jim
    Ballard	 	6609
    Stone Hill CT, Flower Mound, TX, 75022
	David
    Hammer	 	17480
    Dallas Parkway, Suite 100 Dallas TX 75287 USA
	Nestors
    Financial	 	1121
    Dallas Drive, Suite 1 Denton TX 76205 USA
	HBT
    PE LLC	 	7800
    North Dallas Parkway, Suite 330 Plano TX 75024 USA
	Debra
    Coffey	 	500
    Throckmorton Street No. 2204 Fort Worth, Texas 76102 USA
	John
    Polden	 	1
    The Beeches, Amersham, HP6 5QJ
	John
    Russell Fotheringham Walls	 	49
    Strand on the Green, London, W4 3PD
	Nicola
    Hand	 	Kings
    Ride Farm, Prince Albert Drive, Ascot, Berks, SL5 8AQ
	Philip
    Hand	 	Kings
    Ride Farm, Prince Albert Drive, Ascot, Berks, SL5 8AQ
	Stephan
    Goetz	 	2
    Elm Road, Stowmarket, IP14 1QW
	Jon
    Johnson	 	90
    The Brambles, Bar Hill, Cambridge, CB23 8TA
	Jeremy
    Walker	 	40
    World End Lane, Weston Turville Bucks HP22 5SA
	Susan
    Mace	 	140
    Old Norwich Road, Horsham St Faith, Norwich, NR10 3JF UK
	Callistus
    Sequeria	 	17
    Amwell Road, Cambridge CB4 2UH
	Karin
    Briden	 	16
    Geldart Street, Cambridge CB1 2LX
	Carolanne
    Smith	 	17
    Holme Close, Oakington, Cambridge CB24 3AP
	Joanna
    Williams	 	11208
    Wiontario Ave. Littleton Colorado 80127 USA

 

    	B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]