Document:

Exhibit 4.27

 

THIS
CONVERTIBLE LOAN AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITES ACT OF 1933,
AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.
NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERTO OR AN OPINION OF COUNSEL
IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

CONVERTIBLE
LOAN AGREEMENT

 

This
CONVERTIBLE LOAN AGREEMENT (this “Agreement”) is made and entered into as of [●] (the “Effective
Date”), by and among PV Nano Cell Ltd., an Israeli company (the “Company”), and [●] (the “Lender”).

 

R
E C I T A L S

 

WHEREAS,
the Company requires an infusion of additional funds in order to conduct its business activities; and

 

WHEREAS,
the Lender, is willing to make available to the Company a convertible loan (the “Loan”) in amounts set
forth below, on the terms and conditions set forth in this Agreement;

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

		1.	Loan.

 

1.1 Principal
Loan Amount. The Lender hereby agrees to loan the Company at the Closing an amount equal to US $[●], under the terms
and conditions provided herein (the “Principal Loan Amount”).

 

1.2 Interest.
The Principal Loan Amount shall bear an accumulated interest at the rate of Israeli Prime plus 4% per annum (the “Interest”
and together with the Principal Loan Amount, the “Loan Amount”) calculated on the 10th of each calendar
quarter for the immediately preceding 3 months period. Interest shall be paid on the Maturity Date when all amounts outstanding
in connection with this Agreement shall be due and payable (“Interest Payment Date”), unless converted earlier
as set out below.

 

1.3 Maturity
Date. Unless earlier converted pursuant to Section 3 below, the Loan shall mature and become due and payable upon the
earlier of (i) 24 months as of the Closing; or (ii) immediately prior to an Event of Default, as defined below, unless waived
by the Lender at its sole discretion (the “Maturity Date”).

 

An
Event of Default means (i) the filing by or against the Company of any petition in bankruptcy or liquidation proceedings
of the Company or any petition for relief under the provisions of any law for the relief of debtors, and the continuation of such
petition without dismissal for a period of 45 days or more; (ii) the appointment of a receiver, a trustee or a special manager
to take possession of property or assets of the Company and the continuation of such appointment without dismissal for a period
of 45 days or more; (iii) the commencement by the Company of any liquidation proceedings, or the adoption of a winding up resolution
by the Company, or the calling by the Company of a meeting of creditors for the purpose of entering into a scheme or arrangement
with them or any resolution in favor of any of the foregoing by the board of directors of the Company or shareholders of the Company;
(iv) the cessation of conduct of substantially all of the Company’s business affairs as now being conducted for a period of more
than 45 days, or (v) a material breach of the warranties, representations, or other statements which were made by the Company
under this Agreement which is not cured, if curable, within 14 business days following receipt by the Company of a written notice
of such breach. The Company undertakes to notify the Lender immediately following occurrence of any of the events detailed in
clauses (i) to (v) above.

 

     

     

    

 

1.4 Warrants.
At the Closing, the Company shall deliver to the Lender a Warrant Certificate in the form attached hereto as Exhibit 1.4
according to which the Lender shall have the right, prior to the date which is the later of (i) 24 months or (ii) Maturity
Date (should it be extended by the Parties) (the “Warrant Exercise Period”) or an initial public offering of
the Company’s shares (“IPO”) (if earlier), to purchase Ordinary Shares of the Company up to an aggregate exercise
price of USD $[●] (the “Warrants”). The exercise price per Ordinary share of the Company (“Share”)
shall be adjusted according to the relevant conversion price as set out in the Warrant Certificate.

 

		2.	Closing.

			

 

2.1 The
Closing shall take place on November 15th, 2018 (the “Closing”, the “Closing Date”,
respectively), and all of the following shall be deemed to have occurred simultaneously:

 

 2.1.1 The Company shall provide the Lender with executed Warrant Certificate in the form attached as Exhibit 1.4;

 

 2.1.2 The Lender shall deliver the Principal Loan Amount by way of a bank transfer to the Company’s account, pursuant to the Company’s wiring instructions.

 

		3	Voluntary
Conversion; Repayment.

 

3.1 Voluntary
Conversion.

 

At
any time after the Closing Date until the Loan Amount is no longer outstanding, the Loan Amount shall be convertible, in whole
or in part, into Ordinary Shares (or any senior class of shares authorized and issued by the Company prior to the conversion,
if applicable) at the option of the Lender, at any time and from time to time. The Lender shall effect conversions by delivering
to Company a Notice of Conversion, the form of which is attached hereto as Exhibit 3.1 (each, a “Notice
of Conversion”), specifying therein the Loan Amount to be converted at the election of the Lender and the date on which
such conversion shall be effected, which shall be no earlier than 7 days from the date of receipt of notice by the Company (such
date, the “Conversion Date”). Conversions hereunder shall have the effect of lowering the outstanding Loan
Amount in an amount equal to the applicable conversion. Upon conversion of any accrued interest, the Lender shall provide the
Company with a withholding exemption or shall pay to the Company the respective withholding amount the Company is obligated to
withhold, the Company shall pay such amount to the tax authorities, within the timeframe prescribed by law, and shall provide
the Lender with a certificate of payment.

 

Conversion
Price. The conversion price for the Loan Amount in connection with voluntary conversions by the Lender, shall be as calculated
as set forth below but shall not fall below $0.17 per share (except in the case of an Event of Default Special Penalty) (“Conversion
Price”).

 

Whereas

 

“CP”
– shall mean the Conversion Price

 

“CPR”
– shall mean the Conversion Price Ratio

 

“Closing
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the Closing Date, i.e. [USD $, 2,802,720 as per the 2017 audited financial statements]

 

“Conversion
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the Notice of Conversion.

 

    2

     

    

 

“NI”
– additional cash equity invested in the Company after the Closing Date and prior to the Conversion Date which was included
in the most recent audited financial statements of the Company reported by the Company prior to the Notice of Conversion, provided
that any changes in the Shareholders Equity due to other transactions which are not cash investments, i.e. changes due to merger,
share swap, sale of assets etc. shall not be deducted under the NI. The CP shall not be affected by the transactions contemplated
hereunder (i.e. by the Loan Amounts or the Warrants)

 

Accordingly,

 

CPR
= (Conversion NAV – NI) / Closing NAV

 

And       
 CP= $0.27 X CPR, but not less than $0.17 

 

3.2 No
fractional shares shall be issued upon conversion of the outstanding Loan Amount, and the number of shares to be issued shall
be rounded to the nearest whole number.

 

3.3 Repayment
at Maturity Date. In the event the Loan Amount has not been converted pursuant to this Agreement prior to the Maturity Date,
upon such maturity the Company shall make full cash repayment of the outstanding Loan Amount.

 

3.4 Upon
conversion of the Loan Amount into shares of the Company pursuant to Section 3.1 above, the Company shall, as soon as practicable
thereafter instruct its transfer agent to issue and deliver to the Lender, a certificate or certificates (physical or electronic
as requested by the Lender) for the number of shares to which the Lender is entitled upon such conversion (subject to the prevailing
legends as customary for the Company).

 

3.5 Upon
conversion of any part of the Loan Amount pursuant to the terms herein, the Company shall, be forever released, with no further
action to be taken, from its obligations and liabilities under this Agreement to pay such portion of the Loan Amount converted.
This Agreement shall be deemed fully fulfilled and automatically expire upon the conversion or repayment of the Loan Amount in
full, pursuant to the terms of this Agreement, with no further obligations on the Company pursuant hereto. The Lender shall execute
any documents reasonably requested by the Company in order to confirm such fulfillment.

 

		4	Representations
and Covenants of the Company. The Company hereby represents and warrants to the Lender as of the date hereof and as of
the Closing that:

 

4.1 The
Company is a company duly formed and validly existing under the laws of the State of Israel, with full corporate power and authority
to enter into and perform its obligations under this Agreement.

 

4.2 The
execution and delivery of this Agreement by the Company, and performance of the Company’s obligations hereunder, have been duly
and validly authorized by all necessary corporate action.

 

4.3 The
shares to be issued upon conversion of the Loan Amount if converted, and of the Warrants to be granted hereunder if exercised,
will be, duly authorized and upon issuance in accordance with this Agreement, as the case may be, will be, validly issued, fully
paid, and non-assessable.

 

4.4 The
most recent 20F report filed by the Company is true and accurate in all material respects as of the dates set out therein and
the information provided therein, including the financial statements, shall be deemed for all intents and purposes as representations
and/or warranties provided hereunder. The Company represents that no material adverse event has occurred since the dates set out
therein except deterioration of the Company’s cash. The Company has no liabilities or obligations, contingent or otherwise, other
than liabilities incurred in the ordinary course of business subsequent to December 31, 2017, which, individually and in the aggregate,
do not exceed US$200,000. 

 

    3

     

    

 

4.5 The
Company declares that except for the Third Party Approvals set forth in Exhibit ‎4.5 no other approvals are
required in order for the Company to consummate this Agreement without breach of any law, regulation or contractual agreement. 

 

		5	Representations
and Warranties of the Lender. The Lender, hereby represents and warrants to the Company as of the date hereof and as of the
Closing that:

 

5.1 The
Lender confirms that it has full power and authority and has taken all required action necessary to permit it to execute and deliver
and to carry out the terms of this Agreement and all other documents or instruments required hereby.

 

5.2 The
Lender has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of this investment and that it is able to bear the economic risk of this investment. During the course of this transaction and
prior to the execution of this Agreement, such Lender acknowledges that it had the opportunity to ask questions of, and receive
answers from, management of the Company concerning the terms and conditions of this transaction and to obtain any additional information
of the same kind that is specified in Rule 502 of Regulation D of the Securities Act of 1933, as amended (the “Securities
Act”), or that is necessary to verify the accuracy of the other information obtained. The Lender further acknowledges that
it has received such information, as it deems necessary to enable it to make its investment decision. Such Lender further represents
and warrants to the Company that it is either (i) an “accredited investor” as such terms is defined in Regulation
D of the Securities Act; or (ii) a non-U.S. person as that term is defined in Regulation S of the Securities Act of 1933, as amended.

 

5.3 The
Lender understands that the shares issuable upon conversion of the Loan Amount are characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations, such securities may be resold without registration under the Securities
Act, only in certain limited circumstances.

 

		6.	Adjustments

 

 The
number and kind of shares purchasable initially upon the conversion of the convertible amounts under this Agreement and/or the
exercise of this Warrant and the relevant CP and warrants exercise price shall be subject to adjustment from time to time upon
the occurrence of certain events, as follows:

 

6.1 Adjustment
for Shares Splits and Combinations. If the Company at any time or from time to time effects a subdivision of the outstanding
Ordinary Shares, the number of Ordinary Shares issuable before the subdivision shall be proportionately increased, and conversely,
if the Company at any time or from time to time combines the outstanding Ordinary Shares, the number of Ordinary Shares issuable
immediately before the combination shall be proportionately decreased. Any adjustment under this Section 6.1 shall become effective
at the close of business on the date the subdivision or combination becomes effective.

 

6.2 Reorganization,
Mergers, Consolidations or Sales of Assets. If at any time and from time to time there is a capital reorganization of the
Ordinary Shares (other than a recapitalization, subdivision, combination, reclassification or exchange of shares provided for
elsewhere in this Agreement) or a merger or consolidation of the Company with or into another corporation, or the sale of all
or substantially all of the Company’s properties and assets to any other person, then, as a part of such reorganization,
merger, consolidation or sale, provision shall be made so that the Lender shall thereafter be entitled to receive upon, the number
of shares or other securities or property of the Company, or of the successor corporation resulting from such merger or consolidation
or sale, to which a holder of Ordinary Shares deliverable upon conversion would have been entitled on such capital reorganization,
merger, consolidation or sale. In any such case (except to the extent any cash or property is received in such transaction), appropriate
adjustment shall be made in the application of the provisions of this Subsection and the Company’s Articles of Association
with respect to the rights of the Lender after the reorganization, merger, consolidation or sale to the end that the provisions
of this Subsection and the Company’s Articles of Association (including adjustment of the number of shares of Ordinary Shares
issuable upon exercise of instrument hereunder) shall be applicable after that event and be as nearly equivalent to the provisions
hereof as may be practicable. The Company undertakes to provide prior written notice to the Lender of any such event detailing
all relevant information at least thirty (30) days prior to such event.

 

    4

     

    

 

		7.	Miscellaneous.

 

7.1 Each
of the Parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry
out and give full effect to the provisions of this Agreement and the intentions of the parties reflected thereby.

 

7.2 This
Agreement shall be governed by, and construed in accordance with the laws of the State of Israel, without regard to its conflict
of law rules. Any dispute arising under or in relation to this Agreement shall be resolved in the competent court in Haifa, and
each of the parties hereby submits irrevocably to the jurisdiction of such court.

 

7.3 Except
as otherwise expressly limited herein, the provisions hereof shall insure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, and administrators of the Parties hereto.

 

7.4 The
rights, privileges, or obligations set forth in, arising under or created by this Agreement may not be assigned or transferred
by any Party, except for any assignment or transfer by the Company in connection with a merger transaction, change of control,
sale of all or substantially all of its assets, or any similar transaction involving the Company, and except for any assignment
or transfer by a Lender; to any entity in which such Lender owns directly or indirectly or has the right and power to direct
the policy and management of such company, or is controlled by, controlling or under common control with the Lender.

 

7.5 This
Agreement and the exhibits hereto constitute the full and entire understanding and agreement between the parties with regard to
the subject matters hereof and thereof. The preamble hereto constitutes an integral part hereof.

 

7.6 Any
term of this Agreement (including but not limited to, with respect to the Maturity Date and prepayment of the Loan Amount) may
be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either generally or
in a particular instance) only with the written consent of the Company and the Lender.

 

7.7 All
notices and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing
and shall be telecopied, e-mailed or mailed by registered or certified mail, postage prepaid, or otherwise delivered by hand or
by messenger, if to the Company then to the Company’s registered address, and if to the Lender then to the address set forth on
the signature page of this Agreement, or such other address with respect to a party as such party shall notify each other party
in writing as above provided. Any notice sent in accordance with this Section 7 shall be effective: (i) if mailed, seven
(7) business days after mailing with registered mail, (ii) if sent by messenger, upon receipt, and (iii) if sent via telecopier
or e-mail, upon transmission and electronic confirmation of receipt or (if transmitted and received on a non-business day) on
the first business day following transmission and electronic confirmation of receipt.

 

7.8 In
no event shall any shareholder, officer, or director of the Company be liable for any amounts due or payable pursuant to this
Agreement, subject to any law.

 

    5

     

    

  

7.9 No
delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under this Agreement,
shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.

 

7.10 All
remedies, either under this Agreement or by law or otherwise afforded to any of the Parties, shall be cumulative and not alternative.

 

7.11 If
any provision of this Agreement is held by a court of competent jurisdiction unenforceable under applicable law, than such provision
shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms; provided, however, that in such an event this Agreement shall
be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and
intention of the excluded provision as determined by such court of competent jurisdiction.

 

7.12 This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

[Remainder
of Page Left Intentionally Blank]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the Effective Date set forth above.

 

	COMPANY:	 
	 	 
	By:	              	 
	Name:
    	Dr.
    Fernando De La Vega	 
	Title:	CEO	 
	 	 	 
	LENDER:
    [●]	 
	 	 	 
	Name:		 
	Title:		 
	Date:	 	 
	Address:	 	 

 

[Signature
Page – [●] Convertible Loan Agreement]

 

    7

     

    

 

Exhibit
1.4 – Warrants

 

 

 

 

    8

     

    

 

Exhibit
3.1

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert an amount of US $ ___________ under the Convertible Loan Agreement dated ___________ (the
“CLA”), of P.V. Nano Cell Ltd., a company formed under the laws of the State of Israel (the “Company”),
into Ordinary Shares (the “Ordinary Shares”), of the Company according to the conditions set forth in the CLA,
as of the date written below.

 

	
        Conversion calculations:
	 	 
	 	Date to Effect Conversion:	 
	 	 	 
	 	Principal Loan Amount to be Converted:	 
	 	 	 
	 	Interest to be Converted:	 
	 	 	 
	 	Number of Ordinary Shares to be issued:	 
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Address for Delivery of Ordinary Shares Certificates:	 
	 	 	 
	 	 	 
	 	 	 
	 	Or	 
	 	 	 
	 	DWAC Instructions:	 
	 	 	 
	 	Broker No:	 
	 	 	 
	 	Account No:	 

 

 

9Exhibit 4.7

 

GUARDION HEALTH SCIENCES, INC.

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE
AGREEMENT (the “Agreement”), dated as of November 3, 2017 (the “Effective Date”), is entered into by and
between Guardion Health Sciences, Inc., a Delaware corporation (“SELLER”), and each individual or entity named on the
Schedule of Buyers attached hereto (each, a “PURCHASER” and all of such individuals or entities, the “PURCHASERS”).

 

W I T N E S S E T H

 

A. WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the SELLER desires to issue and sell to
PURCHASER, and PURCHASER desires to purchase from SELLER, securities of SELLER as more fully described in this Agreement (the “Placement”).

 

B. WHEREAS,
SELLER is selling shares of its Common Stock, $0.001 par value (the “Shares”), and SELLER desires to issue and PURCHASER
desires to purchase the Shares on the terms and conditions hereinafter set forth.

 

A G R E E M E N T

 

NOW THEREFORE, in consideration
of the recitals (each of which is incorporated herein by this reference), covenants, conditions, and promises contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE 1

SALE AND PURCHASE OF THE SHARES

 

1.1 Sale
of the Shares. Subject to the terms and conditions of this Agreement, each PURCHASER agrees, severally and not jointly, to
subscribe for and purchase, and upon acceptance by SELLER of each such subscription, it agrees to sell and issue to each PURCHASER,
the number of Shares set forth on the signature page to this Agreement. The Shares purchased shall be sold at a cash purchase price
of $1.15 per Share (the “Purchase Price”).

 

1.2 Subscription
Acceptance. The Purchase Price will be paid into the accounts of SELLER, not into an escrow or other segregated account, at
the time of PURCHASER’s subscription and payment for the Shares issued and sold by SELLER pursuant to this Agreement. The
funds paid by the PURCHASERS to SELLER pursuant to the terms of this Agreement will be subject to the creditors of SELLER upon
payment by PURCHASER to SELLER. The purchase, sale and issuance of the Shares pursuant to this Agreement shall take place at the
offices of Sheppard, Mullin, Richter & Hampton LLP, 333 South Hope Street, Forty-Third Floor, Los Angeles, California 90071,
or such other location as the parties shall mutually agree, no later than the second business day following the satisfaction or
waiver of the conditions provided in Articles 5 and 6 of this Agreement.

 

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1.3 Form
of Payment; Delivery. Substantially concurrently with the delivery of an executed copy of this Agreement to SELLER, the PURCHASER
shall deliver to SELLER, for deposit in an account designated by SELLER, the PURCHASER’s Purchase Price against delivery
of the Shares being issued and sold.

 

ARTICLE 2

REPRESENTATIONS AND COVENANTS OF SELLER

 

The SELLER hereby represents
and warrants that:

 

2.1 It
shall transfer title, in and to the Shares, to the PURCHASER free and clear of all liens, security interests, pledges, encumbrances,
charges, restrictions, demands and claims, of any kind and nature whatsoever, whether direct or indirect or contingent, except
as set forth in Section 2.2 herein.

 

2.2 The
certificate that SELLER shall deliver to the PURCHASER reflecting the Shares being issued to PURCHASER hereunder shall have the
following or such other appropriate legend:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.

 

2.3 Due
Incorporation. SELLER is a corporation duly incorporated, validly existing and in good standing under the laws of the State
of Delaware and has the requisite corporate power to own its properties and to carry on its business as currently being conducted.
SELLER’s Bylaws, as amended and Certificate of Incorporation, as amended (the “Company Governing Documents”)
are available at the SEC’s website, www.sec.gov. SELLER, as of the date hereof, has one subsidiary, VectorVision Ocular Health,
Inc, a Delaware corporation. SELLER is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction
where the nature of the business conducted or property owned by it makes such qualification necessary, unless the failure to be
so qualified or in good standing, as the case may be, would not have or would not reasonably be expected to result in, (i) a
material adverse effect on the legality, validity or enforceability of this Agreement or any other document in connection with
the Placement, (ii) a material adverse effect on the results of operations, assets, business, prospects or financial condition
of SELLER, or (iii) a material adverse effect on SELLER’s ability to perform in any material respect on a timely basis
its obligations under this Agreement (any of (i), (ii) or (iii), constituting a “Material Adverse Effect”).

 

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2.4 Capitalization;
Ownership of Shares. The authorized capital stock of SELLER consists of 90,000,000 shares of common stock, par value $0.001
per share (the “Common Stock”), and 10,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred
Stock”). As of October 31, 2017, there are 40,217,090 shares of Common Stock issued and/or issuable on a fully diluted
basis, as follows: 29,001,486 shares of Common Stock are issued and outstanding, all of which are duly authorized, validly issued,
fully paid and nonassessable and were not issued in violation of any preemptive rights, (ii) 4,233,666 shares of Common Stock issuable
upon exercise of outstanding warrants and stock options; (iii) 2,841,930 shares of Common Stock issuable upon conversion of the
Series A Convertible Preferred Stock and (iv) 4,140,008 shares of Common Stock issuable upon conversion of the Series B Convertible
Preferred Stock (collectively the “Securities”). As of October 31, 2017, there are 4,810,154 shares of Preferred
Stock issued and outstanding, consisting of 1,705,154 shares of Series A Convertible Preferred Stock and 3,105,000 shares
of Series B Convertible Preferred Stock. Except for the transactions contemplated hereby and as described herein or in the
SELLER’S SEC FILINGS (as defined below), there are no outstanding options, warrants, convertible securities or other rights,
agreements, arrangements or commitments relating to the Common Stock or obligating SELLER to issue or sell any shares of Common
Stock, or any other interest in, SELLER. All outstanding shares of capital stock of SELLER were issued, sold and delivered in material
compliance with all applicable federal and state securities laws. No person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by this Agreement or otherwise. The issue
and sale of the Shares will not obligate SELLER to issue shares of Common Stock or other securities to any person (other than the
PURCHASERS) and will not result in a right of any holder of SELLER securities to adjust the exercise, conversion, exchange or reset
price under such securities.

 

2.5 Authority;
Enforceability. This Agreement and the Securities have been duly authorized, executed and delivered by SELLER and are valid
and binding agreements enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general
principles of equity, and SELLER has full corporate power and authority necessary to enter into this Agreement and to perform its
obligations hereunder. All corporate action on the part of SELLER by its officers, directors and stockholders necessary for the
authorization, execution and delivery of, and the performance by SELLER of its obligations under this Agreement has been taken.

 

2.6 Consents.
No material consent, approval, authorization or order of any court, governmental agency or body or arbitrator having jurisdiction
over SELLER is required for execution of this Agreement and the performance of SELLER’s obligations hereunder.

 

2.7 No
Violation or Conflict. Assuming the representations and warranties of PURCHASER herein are true and correct, neither the execution
and delivery of this Agreement nor the issuance and sale of the Shares nor the performance of SELLER’s obligations under
this Agreement will:

 

(i) violate,
conflict with, result in a material breach of, or constitute a material default (or an event which with the giving of notice or
the lapse of time or both would be reasonably likely to constitute a material default) or give to others any rights of termination,
amendment, acceleration or cancellation under (A) the Company Governing Documents of SELLER, (B) any material decree,
judgment, order, law, treaty, rule, regulation or determination applicable to SELLER of any court, governmental agency or body,
or arbitrator having jurisdiction over SELLER or any of its affiliates (including federal and state securities laws and regulations)
or over the properties or assets of SELLER or any of its affiliates, (C) the terms of any bond, debenture, note or any other
evidence of indebtedness, or any agreement, stock option or other similar plan, indenture, lease, mortgage, deed of trust or other
instrument to which SELLER or any of its affiliates is a party, by which SELLER or any of its affiliates is bound or affected,
or to which any of the properties or assets of SELLER or any of its affiliates is subject, or (D) the terms of any “lock-up”
or similar provision of any underwriting or similar agreement to which SELLER, or any of its affiliates is a party except, in the
case of clauses (A), (B), (C) or (D) above, the violation, conflict, breach, or default of which would not have a Material Adverse
Effect; or

 

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(ii) result
in the creation or imposition of any material lien, charge or encumbrance upon the securities or any of the assets of SELLER or
any of its affiliates.

 

2.8 The
Shares. The Shares upon issuance:

 

(i) are,
or will be, free and clear of any material security interests, liens, claims or other encumbrances, subject to restrictions upon
transfer under the Securities Act and any applicable state securities laws;

 

(ii) have
been, or will be, duly and validly authorized and on the date of issuance will be duly and validly issued, fully paid and nonassessable;

 

(iii) will
not have been issued or sold in violation of any preemptive or other similar rights of the holders of any securities of SELLER;
and

 

(iv) will
not subject the holders thereof to personal liability by reason of being such holders.

 

2.9 Litigation.
Except as described in SELLER’S SEC FILINGS, there is no pending or, to the knowledge of SELLER, threatened material action,
suit, proceeding, inquiry, notice of violation, or investigation before any court, governmental or administrative agency or regulatory
body (federal, state, county, local or foreign), or arbitrator having jurisdiction over SELLER, or any of its affiliates that would
challenge the legality, validity or enforceability of this Agreement, or otherwise affect the execution by SELLER or the performance
by SELLER of its obligations under this Agreement. Except as disclosed herein or in the documents filed by SELLER with the Securities
and Exchange Commission (“SEC”) (“SELLER’S SEC FILINGS”), there is no pending or, to the knowledge
of SELLER, threatened action, suit, proceeding or investigation before any court, governmental agency or body, or arbitrator having
jurisdiction over SELLER, or any of its affiliates which litigation if adversely determined would have a Material Adverse Effect.

 

2.10 Defaults;
Permits. SELLER is (i) not in material default under or in violation of any other material agreement or instrument to
which it is a party or by which it or any of its properties are bound or affected, which default or violation would have a Material
Adverse Effect, (ii) not in default with respect to any order of any court, arbitrator or governmental body or subject to
or party to any order of any court or governmental authority arising out of any action, suit or proceeding under any statute or
other law respecting antitrust, monopoly, restraint of trade, unfair competition or similar matters, or (iii) to its knowledge,
not in violation of any statute, rule or regulation of any governmental authority which violation would have a Material Adverse
Effect. SELLER possesses all material certificates, authorizations and permits issued by the appropriate federal, state or foreign
regulatory authorities necessary to conduct its business other than where the failure to possess such certificates, authorizations
or permits, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect.
SELLER has not received any notice or otherwise become aware of any proceedings, inquiries or investigations relating to the revocation
or modification of any such certificate, authorization or permit.

 

    -4-

     

    

 

2.11 No
General Solicitation. Neither SELLER nor any of its affiliates will take any action or steps that would cause the offer of
the Shares to be integrated with other offerings if such integration would eliminate the securities law exemption relied on hereunder.
Neither SELLER nor any of its affiliates, nor to SELLER’s knowledge, any person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer
or sale of the Shares.

 

2.12 Disclosure.
None of the representations and warranties of in this Agreement contains, or on the closing date of this Placement (the “Closing”
or “Closing Date”) will contain any untrue statement of a material fact or omits, or on the Closing will omit, to state
any material fact required to be stated herein or therein in order for the statements herein or therein, in light of the circumstances
under which they were made, not to be misleading.

 

2.13 No
Undisclosed Liabilities. SELLER has no liabilities or obligations which are material, individually or in the aggregate, which
are not disclosed herein or in SELLER’S SEC FILINGS, other than those incurred in the ordinary course of SELLER’s businesses
since inception.

 

2.14 Intellectual
Property. SELLER owns, free and clear of claims or rights of any other person, with full right to use, sell, license, sublicense,
dispose of, and bring actions for infringement of, or has acquired licenses or other rights to use, all intellectual property necessary
for the conduct of its business as presently conducted, other than with respect to “off-the-shelf” software which is
generally commercially available and open source software which may be subject to one or more “general public” licenses.
The business of SELLER as presently conducted does not, to SELLER’s knowledge, infringe or conflict with any patent, trademark,
copyright, or trade secret rights of any third parties or any other intellectual property of any third parties. SELLER has not
received written notice from any third party asserting that any intellectual property owned or licensed by SELLER, or which SELLER
otherwise has the right to use, is invalid or unenforceable by SELLER and, to SELLER’s knowledge, there is no valid basis
for any such claim (whether or not pending or threatened). No claim is pending or, to SELLER’s knowledge, threatened against
SELLER nor has SELLER received any written notice or other written claim from any person asserting that any of SELLER’s present
or contemplated activities infringe or may infringe in any material respect any intellectual property of such person, and SELLER
is not aware of any infringement by any other Person of any material rights of SELLER under any intellectual property rights. SELLER
has taken all steps required in accordance with commercially reasonable business practice to establish and preserve its respective
ownership in its intellectual property and to keep confidential all material technical information developed by or belonging to
SELLER which has not been patented or copyrighted.

 

2.15 Investment
Company Status. SELLER is not, and immediately after receipt of payment for the Shares will not be, an “investment company”
or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended (the “Investment Company Act”).

 

    -5-

     

    

 

2.16 Taxes.
SELLER (i) has prepared in good faith and duly and timely filed all tax returns required to be filed by it or is on a current
extension and such returns are complete and accurate in all material respects and (ii) has paid all taxes required to have
been paid by it, except for taxes which it reasonably disputes in good faith or the failure of which to pay has not had or would
not reasonably be expected to have a Material Adverse Effect. SELLER has no liability with respect to accrued taxes in excess of
the amounts that are described as accrued in the most recent financial statements included in SELLER’S SEC FILINGS.

 

2.17 Transactions
with Related Persons. Except as described in the SELLER’S SEC FILINGS, no officer, director, employee or affiliate of
SELLER is or has taken any steps to become a party to any transaction with SELLER (other than for services as employees, officers
and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of SELLER, any entity in which any officer, director, or any such employee has a substantial interest or is
an officer, director, trustee or partner.

 

2.18 Reissuance
of Securities. SELLER agrees to reissue certificates representing the Shares without the legends set forth above, (a) at
such time as the holder thereof is permitted to dispose of the Common Stock without volume or manner of sale restrictions pursuant
to Rule 144 in the opinion of counsel reasonably satisfactory to SELLER, or (b) upon resale subject to an effective registration
statement concerning the resale of the Shares is registered under the Securities Act. SELLER agrees to cooperate with PURCHASER
in connection with all resales pursuant to Rule 144 and to provide legal opinions, at SELLER’s expense, necessary to
allow such resales provided SELLER and its counsel receive reasonably requested written representations from PURCHASER and its
selling broker, if any.

 

2.19 Registration
Rights.

 

(i) Subject
to Section 2.19(ii), within 30 days from the Closing, SELLER shall file with the SEC a registration statement on Form S-1 (the
“Registration Statement”), registering for resale on a continuous or delayed basis in accordance with Securities Act
Rule 415(a)(i) the Shares issued to the PURCHASERS, and SELLER shall use its commercially reasonable efforts to cause the Registration
Statement to become effective as promptly as practicable following the date the Registration Statement is filed with the SEC and
which shall remain effective (or shall be replaced by another registration statement that is and remains effective in accordance
with Section 2.19(iii)) through and until at least the earlier of (i) the three (3)-year anniversary of the Closing Date, (ii)
the date on which all of the Shares covered by the Registration Statement have been sold or (iii) such time as the Shares may be
available for resale by the PURCHASERS pursuant to Rule 144 (as defined below) (the date of the earliest to occur of the events
in clause (i), (ii) or (iii) is referred to herein as the “Termination Date”). Notwithstanding anything herein to the
contrary, on and after the Termination Date, SELLER may file a post-effective amendment to the Registration Statement (or any replacement
thereof) in order to remove any remaining Shares therefrom (or replacement thereof) or otherwise take any action required in order
to terminate such Registration Statement (or replacement thereof), and will provide concurrent written notice to PURCHASER. Each
of the parties hereto shall bear all of their own expenses incurred in connection with the filing of the Registration Statement
and the resale of Shares (pursuant to the Registration Statement or otherwise).

 

    -6-

     

    

 

(ii) Notwithstanding
anything to the contrary herein, as a condition to the filing of the Registration Statement, each PURCHASER shall provide to SELLER
on a timely basis a completed security holder questionnaire, a form of which is attached hereto as Exhibit A, with responses
subject to SELLER’s reasonable approval, and such other information that SELLER requires, including any information requested
or in response to any communication with the SEC, from the PURCHASERS in connection with the Registration Statement.

 

(iii) Following
the filing of the Registration Statement, SELLER shall use its commercially reasonable efforts to prepare and file with the SEC
such amendments and supplements to the Registration Statement as may be necessary to keep the Registration Statement effective
during the relevant time period through the Termination Date and to comply with the provisions of the Securities Act with respect
to the disposition of all Shares covered by such Registration Statement. SELLER’s obligations under this Section 2.19 shall
not apply with respect to any Shares which may be sold pursuant to Rule 144; provided, however, that SELLER shall reasonably cooperate,
and cause its transfer agent to reasonably cooperate, with the PURCHASER in any sale of such Shares pursuant to Rule 144.

 

(iv) Notwithstanding
anything to the contrary herein, for a total of not more than one hundred and twenty (120) days in any twelve (12)-month period,
SELLER may suspend the use of the Registration Statement in the event that SELLER determines in good faith that such suspension
is necessary or reasonably prudent to (i) delay disclosure of material non-public information concerning SELLER, the disclosure
of which at that time is not, in the opinion of the Board of Directors of SELLER, in the best interests of SELLER, or (ii) amend
or supplement the affected Registration Statement so that the Registration Statement shall not include any 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 (a “Permitted Delay”); provided, that SELLER shall notify the PURCHASER as promptly as reasonably practicable
prior to the commencement of any Permitted Delay to the extent permitted under applicable law. If SELLER suspends any Registration
Statement and requires the PURCHASER to cease sales of the Shares pursuant to the Registration Statement, SELLER shall, as promptly
as reasonably practicable following the termination of the circumstance which entitled SELLER to do so, take such actions as may
be reasonably necessary to file or reinstate the effectiveness of such Registration Statement and give written notice to the PURCHASER
authorizing the PURCHASER to resume sales pursuant to such Registration Statement.

 

    -7-

     

    

 

ARTICLE 3

REPRESENTATIONS AND COVENANTS OF PURCHASER

 

3.1 Each
PURCHASER hereby represents and warrants that:

 

(a) PURCHASER
has been given access to SELLER’S SEC FILINGS. PURCHASER and its representatives have had the opportunity to meet with or
talk with representatives of SELLER and have had the opportunity to ask questions of, and receive answers from, representatives
of SELLER concerning SELLER, and the terms and conditions of the Placement, as well as to obtain any information reasonably requested
by PURCHASER. PURCHASER believes that any questions raised by PURCHASER or its representatives have been answered to the satisfaction
of PURCHASER and its representatives. PURCHASER’s decision to purchase the Shares is based, in part, on the answers to such
questions as PURCHASER and its representatives have raised concerning the Placement, and is based in part on its own evaluation
of the risks and merits of the purchase and SELLER’s proposed business activities.

 

3.2 PURCHASER
has been advised that the Shares have not been registered under the Securities Act, or qualified under the securities law of any
state, on the ground, among others, that no distribution or public offering of the Shares is to be effected and the Shares will
be issued by SELLER in connection with a transaction that does not involve any public offering within the meaning of Section 4(a)(2)
of the Securities Act and/or Rule 506 of Regulation D or other appropriate rule or regulation as promulgated by the SEC
under the Securities Act, and under any applicable state blue sky authority. PURCHASER understands that SELLER is relying in part
on PURCHASER’s representations as set forth herein for purposes of claiming such exemptions and that the basis for such exemptions
may not be present if, notwithstanding PURCHASER’s representations, PURCHASER has in mind merely acquiring Shares for resale
on the occurrence or nonoccurrence of some predetermined event. PURCHASER has no such intention.

 

3.3 PURCHASER
acknowledges that until such time as the Registration Statement described in Section 2.19 is deemed effective by the SEC, the Shares
will be “restricted securities” (as such term is defined in Rule 144 promulgated under the Securities Act (“Rule 144”)),
and that the Shares will include appropriate restrictive legends restricting the transfer of such Shares. PURCHASER also acknowledges
that (a) any resales of the Shares in compliance with Rule 144 requires a complicated legal and factual analysis and (b) it has
both the means and a full and fair opportunity to obtain United States securities counsel prior to any resale of the Shares in
compliance with Rule 144.

 

3.4 The
PURCHASER has the full right, power and authority to enter into this Agreement and to carry out and consummate the transaction
contemplated herein. This Agreement constitutes the legal, valid and binding obligation of PURCHASER.

 

3.5 The
PURCHASER has carefully reviewed the SELLER SEC FILINGS, in particular the sections of the SELLER SEC FILINGS entitled “Risk
Factors”.

 

3.6 The
office or offices of PURCHASER identified on the signature pages hereto as the address of PURCHASER is the location of its principal
place of business and such entity is duly organized in its state of formation.

 

    -8-

     

    

 

3.7 With
respect to PURCHASER, no person or entity will have, as a result of the transactions contemplated by this Agreement, any valid
right, interest or claim against or upon SELLER or PURCHASER for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of PURCHASER.

 

3.8 PURCHASER
(i) has had no position, office or other material relationship within the past three years with SELLER or persons or entities
known to it to be affiliates of SELLER, and (ii) if PURCHASER is a member of the Financial Industry Regulatory Authority (“FINRA”)
or an associated person of a member of FINRA, PURCHASER, together with its affiliates and any other associated persons of such
member of FINRA, does not, and at the time of the acceptance by SELLER of PURCHASER’s subscription for Shares pursuant to
this Agreement will not, directly or indirectly have a beneficial interest (as determined under FINRA Rule 5130(i)(1)) of
more than 50% of the outstanding voting securities of SELLER.

 

3.9 The
PURCHASER acknowledges that investment in the Shares involves substantial risks and is suitable only for persons of adequate financial
means who can bear the economic risk of an investment in the Shares for an indefinite period of time and who can afford to suffer
a complete loss on their investment in the Shares. PURCHASER further represents that he, she or it:

 

(1) has
adequate means of providing for its current needs and possible personal contingencies, has no need for liquidity in its investment
in the Shares, is able to bear the substantial economic risks of an investment in the Shares for an indefinite period, and can
afford to suffer a complete loss of its investment;

 

(2) does
not have an overall commitment to investments which are not readily marketable that is disproportionate to its net worth, and that
its investment in the Shares will not cause such overall commitment to become excessive;

 

(3) is
acquiring the Shares for its own account, for investment purposes only and not with a view toward resale, assignment or distribution
thereof, and no other person has a direct or indirect, beneficial interest, in whole or in part, in such Shares;

 

(4) has
such knowledge and experience in financial, tax and business matters that he or she is capable of evaluating the merits and risks
of an investment in the Shares;

 

(5) has
been given the opportunity to ask questions of and to receive answers from persons acting on the SELLER’S behalf concerning
the terms and conditions of this transaction and also has been given the opportunity to obtain any additional information which
the SELLER possesses or can acquire without unreasonable effort or expense. As a result, PURCHASER has available sufficient information
concerning the affairs of the SELLER and has been able to evaluate the merits and risks of the investment in the Shares; and

 

(6) PURCHASER
has been advised by its own legal counsel, or has had the opportunity to engage its own legal counsel, with respect to this Agreement
and understands and agrees that (i) it has carefully read and fully understands all of the terms of this Agreement; and (ii) it
is under no disability or impairment that affects its decision to sign this Agreement and knowingly and voluntarily intends to
be legally bound by this Agreement.

 

    -9-

     

    

 

3.10 PURCHASER
understands and acknowledges that ownership of Common Stock in certain amounts may subject PURCHASER to reporting and other informational
requirements imposed by Section 13 and Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
In addition, without limiting the generality of the foregoing, Section 16(b) of the Exchange Act imposes liability on company “insiders”
for realizing short-swing profits relating to SELLER’s securities. PURCHASER is responsible for any and all filing requirements
under Section 13 and Section 16 of the Exchange Act. SELLER cannot advise PURCHASER regarding, nor is SELLER responsible for, any
PURCHASER filing requirements under Section 13 and Section 16 of the Exchange Act. PURCHASER is urged to seek the advice of counsel
with respect to the application of Section 13 and Section 16 of the Exchange Act to PURCHASER’s particular situation, as
well as any other consequences arising under U.S. federal or state securities laws or under the laws of any foreign jurisdiction.

 

3.11 If
PURCHASER is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended),
then: (a) PURCHASER hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in
connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements
within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase,
(iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences,
if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares, (b) PURCHASER’s subscription
and payment for and continued beneficial ownership of the Shares will not violate any applicable securities or other laws of the
PURCHASER’s jurisdiction and (c) PURCHASER further represents that the representations and warranties set forth on Exhibit
B hereto are true and correct.

 

ARTICLE 4

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Form
D; Blue Sky Filings. SELLER shall timely file a Form D with respect to the Shares as required under Regulation D of the
Securities Act. SELLER shall take such action as SELLER shall reasonably determine is necessary in order to obtain an exemption
for sale to the PURCHASER at the Closing under applicable securities or “Blue Sky” laws of the states of the United
States.

 

4.2 Capital
Changes. Until the one year anniversary of the Closing Date, or earlier in the event that PURCHASER (including its affiliates)
holds less than three percent (3%) of the issued and outstanding Securities of SELLER the SELLER shall not undertake a reverse
stock split or equivalent reclassification of SELLER’s Common Stock without the prior written consent of PURCHASER’s
holding a majority of the Shares issued pursuant to this Agreement which are then outstanding.

 

4.3 Use
of Proceeds. SELLER shall use the proceeds from the sale of the Shares hereunder for general working capital purposes, including,
without limitation, on product development and commercialization, development of intellectual property, purchases of inventory,
sales and marketing, and other operating expenses. SELLER shall not use such proceeds: (a) for dividends or distributions on any
Securities, (b) to repurchase any Securities, or (c) for the redemption of any Securities.

 

    -10-

     

    

 

4.4 Preemptive
Rights.

 

(1)  Each
PURCHASER will have the preemptive rights set forth in this Section 4.4 with respect to any issuance of any Common Stock or any
security or instrument convertible into, exercisable or exchangeable for capital stock of SELLER (“Equity-Linked Securities”)
that are issued after the date hereof in a private placement transaction exempt from registration under the Securities Act (any
such issuance, other than those described in clauses (i) through (iv) below, a “Preemptive Rights Issuance”), except
for (i) issuances solely to officers, employees, directors and consultants, (ii) issuances of shares of Common Stock as consideration
in any merger or acquisition, (iii) issuances of shares of Common Stock upon conversion of any of the Company’s currently outstanding
securities (provided that any such issuances are made in accordance with the terms, conditions and limitations of the documents
governing such securities as they existed as of the date hereof) or (iv) issuances of any Common Stock or Equity-Linked Securities
(A) pursuant to a strategic alliance, research agreement or funding arrangement, or joint venture, (B) in connection with any equipment
loan or leasing arrangement or debt financing from an equipment lessor, bank or other financial or lending institution, (C)  in
connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements
or strategic partnerships, in each case, provided that such issuance is approved by SELLER’s Board of Directors. The preemptive
rights in this Section 4.4 shall terminate at the earlier of (i) 18 months from the Closing, (ii) such time as PURCHASER holds
less than five percent (5%) of the issued and outstanding Securities of SELLER, or (iii) such time as the Common Stock of
SELLER shall become listed or approved for listing on a National Securities Exchange. “National Securities Exchange”
means the following markets or exchanges on which the Common Stock may be listed or quoted for trading on the date in question:
the NYSE American, LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange.

 

(2) If SELLER at any
time, or from time to time, effects a Preemptive Rights Issuance, SELLER shall give prompt written notice to PURCHASER (but in
no event later than ten (10) days prior to such issuance), which notice shall set forth the number and type of the securities to
be issued, the issuance date, the offerees or transferees, the price per security, and all of the other terms and conditions of
such issuance, which shall be deemed updated by delivery of the final documentation for such issuance to PURCHASER. PURCHASER may,
by written notice to the Company (a “Preemptive Rights Notice”) delivered at any time thereafter but no later than twenty
(20) days after the consummation of such Preemptive Rights Issuance, elect to purchase (or designate an affiliate to purchase)
a number of securities specified in such Preemptive Rights Notice (which number may be any number up to but not exceeding the Preemptive
Rights Cap Amount (as defined below) applicable to such Preemptive Rights Issuance), on the same terms and conditions as such Preemptive
Rights Issuance (it being understood and agreed that (i) the price per security that PURCHASER shall pay shall be the same as the
price per security set forth in the Preemptive Rights Notice, and (ii) PURCHASER shall not be required to comply with any terms,
conditions, obligations or restrictions (including, without limitation, any non-compete, standstill or other limitations but excluding
any remaining period of a transfer or lock-up restriction applicable at such time to other purchasers in such Preemptive Rights
Issuance) not necessary for the effectuation of the sale or issuance of such securities. If PURCHASER exercises its preemptive
rights hereunder with respect to such Preemptive Rights Issuance, SELLER shall issue to PURCHASER the number of securities specified
in such Preemptive Rights Notice promptly thereafter (and provided that, if PURCHASER shall have so notified SELLER at least three
(3) Business Days prior to the issuance date set forth in SELLER’s notice, at PURCHASER’s election such purchase and
sale shall occur on the same date as, and immediately following, the Preemptive Right Issuance). For the avoidance of doubt, in
the event that the issuance of Common Stock or Equity-Linked Securities in a Preemptive Rights Issuance involves the purchase of
a package of securities that includes Common Stock or Equity-Linked Securities and other securities in the same Preemptive Rights
Issuance, the Investor shall have the right to acquire its pro rata portion of such other securities, together with its pro rata
portion of such Common Stock or Equity-Linked Securities, in the same manner described above (as to amount, price and other terms),
or solely acquire the Common Stock or Equity-Linked Securities. “Preemptive Rights Cap Amount” means, with respect to
a Preemptive Rights Issuance, a number of securities which, if divided by the sum of (i) such number of securities plus (ii) the
number of securities issued in such Preemptive Rights Issuance, would represent a percentage that is equal to PURCHASER’s
ownership percentage of Securities of SELLER (as of immediately prior to the Preemptive Rights Issuance).

 

    -11-

     

    

 

(3)  The
election by PURCHASER not to exercise its preemptive rights hereunder in any one instance shall not affect its right as to any
future Preemptive Rights Issuances.

 

4.5 In
addition to the rights PURCHASER is entitled to pursuant to Section 4.4, in the event that SELLER seeks to raise equity financing,
SELLER shall provide notice of such to each PURCHASER.

 

ARTICLE 5

CONDITIONS PRECEDENT TO SELLER’S OBLIGATIONS TO SELL

 

The obligation of SELLER
hereunder to issue and sell the Shares to the PURCHASERS is subject to the satisfaction, at or before the acceptance of the subscriptions
by SELLER from PURCHASERS, of each of the following conditions, provided that these conditions are for SELLER’s sole benefit
and may be waived by SELLER at any time in its sole discretion:

 

5.1 Each
PURCHASER acquiring Shares shall have executed this Agreement and delivered it to SELLER.

 

5.2 Each
PURCHASER acquiring Shares shall have paid the PURCHASER’s Purchase Price to SELLER.

 

5.3 The
representations and warranties of the PURCHASERS acquiring Shares shall be true and correct in all material respects as of the
date when made and as of the acceptance by SELLER of PURCHASERS’ subscriptions as though made at that time (except for representations
and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and PURCHASERS shall
have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by such PURCHASER at or prior to the acceptance of the PURCHASERS’
subscription for Shares by SELLER.

 

5.4 SELLER
shall have obtained all governmental, regulatory or third party consents and approvals necessary for the sale of the Shares.

 

5.5 No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

5.6 Since
the date of execution of this Agreement, no event or series of events shall have occurred that resulted, or could reasonably be
expected to result, in a Material Adverse Effect.

 

    -12-

     

    

 

ARTICLE 6

CONDITIONS PRECEDENT TO PURCHASER’S OBLIGATIONS TO PURCHASE

 

The obligation of the
PURCHASERS hereunder to purchase the Shares is subject to the satisfaction, at or before the acceptance by SELLER of PURCHASERS’
subscription for Shares, of each of the following conditions (in addition to any other conditions precedent elsewhere in this Agreement),
provided that these conditions are for the benefit of the PURCHASERS acquiring Shares and may be waived by the PURCHASERS, collectively,
at any time in their sole discretion:

 

6.1 SELLER
shall have executed this Agreement and all exhibits hereto and delivered the same to the PURCHASERS.

 

6.2 SELLER
shall have delivered to the transfer agent for the Common Stock issuance instructions and all other documents required by such
transfer agent to issue by direct registration in book-entry form in PURCHASERS’ name the number of Shares that each PURCHASER
is purchasing.

 

6.3 The
representations and warranties of SELLER shall be true and correct in all material respects as of the date when made and as of
SELLER’s acceptance of PURCHASERS’ subscription for Shares as though made at that time (except for representations
and warranties that speak as of a specific date, which shall be true and correct as of such specific date) and SELLER shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by SELLER at or prior to acceptance of such subscription.

 

ARTICLE 7

MISCELLANEOUS

 

7.1 Entire
Agreement. This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the transactions
contemplated hereby, and supersedes all prior agreements, arrangements and understandings related to the subject matter hereof.
No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written or oral,
express or implied, whether by statute or otherwise, has been made by any party hereto which is not embodied in this Agreement
or the written statements, certificates, or other documents delivered pursuant hereto or in connection with the transactions contemplated
hereby, and no party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation,
warranty, covenant or condition not so set forth.

 

7.2 Waiver
and Amendment. Any term of this Agreement may be amended, terminated or waived only with the written consent of SELLER and
PURCHASER.

 

7.3 Notices.
All notices provided for in this Agreement shall be in writing signed by the party giving such notice, and delivered personally
or sent by overnight courier or sent by registered or certified mail (air mail if overseas), return receipt requested, electronic
mail or facsimile transmission. Notices shall be deemed to have been received on the date of personal delivery, electronic mail,
facsimile transmission, or if sent by overnight courier or messenger, shall be deemed to have been received on the next delivery
day after deposit with the courier, or if sent by certified or registered mail, return receipt requested, shall be deemed to have
been received on the third business day after the date of mailing. Notices shall be sent to the addresses set forth opposite to
each parties’ signature below.

 

    -13-

     

    

 

7.4 Arbitration.
If a dispute or claim shall arise with respect to any of the terms or provisions of this Agreement, or with respect to the performance
by either of the parties under this Agreement, then either party may, by notice as herein provided, require that the dispute be
submitted under the Commercial Arbitration Rules of the American Arbitration Association to an arbitrator in good standing with
the American Arbitration Association within thirty (30) days after such notice is given. The written decision of the single
arbitrator ultimately appointed by or for both parties shall be binding and conclusive on the parties. Judgment may be entered
on such written decision by the single arbitrator in any court having jurisdiction and the parties consent to the jurisdiction
of the State of California for this purpose. Any arbitration undertaken pursuant to the terms of this section shall occur in a
venue determined by the SELLER.

 

7.5 Choice
of Law and Venue. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with
the laws of the State of California including all matters of construction, validity, performance, and enforcement and without giving
effect to the principles of conflict of laws. Any action brought by any party hereto shall be brought in a venue determined by
the SELLER.

 

7.6 Jurisdiction.
The parties submit to the jurisdiction of the Courts of the State of California, County of San Diego, or a Federal Court empaneled
in the State of California, Southern District, for the resolution of all legal disputes arising under the terms of this Agreement,
including, but not limited to, enforcement of any arbitration award.

 

7.7 Counterparts.
This Agreement may be executed electronically or via facsimile and in one or more counterparts, each of which shall be deemed an
original, but all of which shall together constitute one and the same instrument.

 

7.8 Attorneys’
Fees. Except as otherwise provided herein, if a dispute should arise between the parties including, but not limited to arbitration,
the prevailing party shall be reimbursed by the non-prevailing party for all reasonable expenses incurred in resolving such dispute,
including reasonable attorneys’ fees exclusive of such amount of attorneys’ fees as shall be a premium for result or
for risk of loss under a contingency fee arrangement.

 

7.9 Taxes.
Any income taxes required to be paid in connection with the Closing hereunder, shall be borne by the party required to make such
payment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    -14-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

	GUARDION HEALTH SCIENCES, INC.	 	Address for Notice:
	 	 	
	By:	 	 	15150 Avenue of Science, Suite 200
		Name: Michael Favish	 	San Diego, CA  92128
		Title:   Chief Executive Officer	 	 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    -15-

     

    

 

[PURCHASER SIGNATURE PAGE TO GUARDION HEALTH
SCIENCES, INC.

STOCK PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

Name of Purchaser: Digital Grid (Hong
Kong) Technology Co., Limited                                                       

 

Signature of Authorized Signatory of Purchaser:                                                                                            

 

Name of Authorized Signatory: He Zhitao                                                                                                         

 

Title of Authorized Signatory: CEO/ President                                                                                                 

 

Email Address of Authorized Signatory: caike@lianluo.com                                                                           

 

Facsimile Number of Authorized Signatory:
+86-01-87428248                                                                          

 

Address for Notice to Purchaser:

 

Recipient: Mr. Cai Ke

 

17 Floor Lianluo Building, Wangjing Street
10th Yuan

 

Chaoyang District, Beijing, P.R. China

 

Address for Delivery of Shares to Purchaser
(if not same as address for notice):

 

Recipient: Mr. Cai Ke

 

17 Floor Lianluo Building, Wangjing Street
10th Yuan

 

Chaoyang District, Beijing, P.R. China

 

Purchaser’s Residential Address (if
not the same as the address for notice):

 

Room 1501,Grand Millennium Plaza(Lower Block),

 

181 Queen’s Road Central,

 

Hong Kong. 

 

Subscription Amount: $3,500,000.85                      

 

Shares of Common Stock: 3043479                         

 

EIN Number: N/A                                                      

 

    -16-

     

    

 

[PURCHASER SIGNATURE PAGE TO GUARDION HEALTH
SCIENCES, INC.

STOCK PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

Name of Purchaser: Lianluo Smart Ltd.                                                                                                                

 

Signature of Authorized Signatory of Purchaser:                                                                                             

 

Name of Authorized Signatory: He Zhitao                                                                                                          

 

Title of Authorized Signatory: CEO/ President
                                                                                                  

 

Email Address of Authorized Signatory: caike@lianluo.com                                                                           

 

Facsimile Number of Authorized Signatory:
+86-01-87428248                                                                          

 

Address for Notice to Purchaser:

 

Recipient: Mr. Cai Ke

 

17 Floor Lianluo Building, Wangjing Street
10th Yuan

 

Chaoyang District, Beijing, P.R. China

 

Address for Delivery of Shares to Purchaser
(if not same as address for notice):

 

Recipient: Mr. Cai Ke

 

17 Floor Lianluo Building, Wangjing Street
10th Yuan

 

Chaoyang District, Beijing, P.R. China

 

Purchaser’s Residential Address (if
not the same as the address for notice):

 

Subscription Amount: $1,500,000.20                      

 

Shares of Common Stock: 1304348                         

 

EIN Number: N/A                                                      

 

    -17-

     

    

 

SCHEDULE
OF BUYERS

 

	(1)	 	(2)	 	(3)	 	 	(4)	 
	Buyer	 	Address
    and Facsimile Number	 	Aggregate

    Number of
 Shares	 	 	Purchase
    Price	 
	 	 	 	 	 	 	 	 	 
	[Digital
    Grid (Hong Kong) Technology Co., Limited]	 	 	 	 	3043479	 	 	 	3,500,000.85	 
	Lianluo
    Smart Ltd	 	 	 	 	1304348	 	 	 	1,500,000.20	 
	Total	 	 	 	 	4347827	 	 	 	5,000,001.05	 

 

    -18-

     

    

 

Exhibit A

 

GUARDION HEALTH SCIENCES, INC.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned (the
“Selling Stockholder”) beneficial owner of common stock (the “Registrable Securities”) of
GUARDION HEALTH SCIENCES, INC. (the “Company”), understands that the Company has filed or intends to file with
the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration
Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

    -19-

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1.
Name.

 

		(a)	Full Legal Name of Selling Stockholder

 

	 	Digital Grid (Hong Kong) Technology Co., Limited 
	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
are held:

 

	 	 
	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

	 	Mr. He Zhitao
	 	 

 

2.
Address for Notices to Selling Stockholder:

 

	17th Floor Lianluo Building, Wangjing Street 10th Yuan
	Chaoyang District, Beijing
	P.R. China
	
        Telephone: +86-0187428248

	Fax:
	Contact Person:  Mr. Cai Ke

 

    -20-

     

    

 

3.
Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes ☐      No ☒

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes ☐      No ☐

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes ☐      No ☐

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes ☐      No ☐

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4.
Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company.

 

		(a)	Type and Amount of securities beneficially owned by the Selling Stockholder:

 

	 	3043479 Common share
	 	 
	 	 

 

		(b)	Please indicate whether the Registrable Securities will be beneficially owned with sole voting
power, shared voting power, sole investment power and/or shared investment power)1:

 

	 	Yes.
	 	 
	 	 

 

5.
Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

	 	 
	 	 
	 	 

 

 

		1	If not indicated otherwise, it will be assumed that the
Selling Stockholder possesses sole voting and sole investment power with respect to all securities listed herein.

 

    -21-

     

    

 

6.
Plan of Distribution:

 

Except as set forth
below, the undersigned, (including its donees or pledgees) intends to distribute the Registrable Securities held by him, her or
it that are registered pursuant to the Registration Statement only as follows (if at all): Such Registrable Securities may be sold
from time to time directly by the undersigned or, alternatively, through underwriters, broker-dealers or agents or through a combination
of these methods, including, without limitation, pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended. If the Registrable Securities are sold through underwriters or broker-dealers, the undersigned
Selling Stockholder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve block
transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or
quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services
or in the over-the-counter market, or (iv) through privately negotiated transactions. In connection with sales of the Registrable
Securities or otherwise, the undersigned Selling Stockholder may enter into derivative hedging transactions with broker-dealers
or other third parties, which may in turn engage in short sales of the Registrable Securities and deliver Registrable Securities
to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 

State any exceptions
here:

 

	 	 
	 	 
	 	 
	 	 

 

    -22-

     

    

 

The undersigned agrees
to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be
required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

The undersigned acknowledges
that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules
thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection
with any offering of the Registrable Securities pursuant to the Registration Statement. The undersigned agrees that neither it
nor any person acting on its behalf will engage in any transaction in violation of such provisions.

 

As
a condition for the validity of this questionnaire for the purposes of the Stock Purchase Agreement to which this questionnaire
is attached, the undersigned Selling Stockholder hereby agrees to, severally and not jointly, indemnify and hold harmless the Company
and, where applicable, its directors and officers and any person who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended, and the successors and assigns of all of the foregoing
persons from any and all losses directly or indirectly caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, the prospectus included therein, or any prospectus supplement and, if applicable
and permitted to be used in connection with any transaction, any free writing prospectus, including in each case, any amendment
or supplement thereto, or any omission or alleged omission to state therein a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (each, a “Violation”), in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with the information included in
this Selling Stockholder Notice and Questionnaire, which the undersigned Selling Stockholder is hereby informed is expressly for
use in the Registration Statement and the prospectus included therein, and any other written information (if any) furnished by
such Selling Stockholder relating to such Selling Stockholder and the ownership of its shares under an instrument duly executed
and delivered by such Selling Stockholder to the Company and stated to be expressly for use in connection with the Registration
Statement and the prospectus included therein.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 6 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date:	 	 	Beneficial Owner:	 

 

	 	By:	 
	 	 	Name: He Zhitao 
	 	 	Title:   CEO

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

Sheppard Mullin Richter & Hampton
LLP

333 South Hope Street 

Forty-Third Floor 

Los Angeles, California 90071

Attention: David Sunkin, Esq.

Email: DSunkin@sheppardmullin.com

 

    -23-

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1.
Name.

 

		(a)	Full Legal Name of Selling Stockholder

 

	 	Lianluo Smart Ltd.
	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
are held:

 

	 	 
	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

	 	Mr. He Zhitao
	 	 

 

2. Address for Notices to Selling
Stockholder:

 

	17th Floor Lianluo Building, Wangjing Street 10th Yuan
	Chaoyang District, Beijing
	P.R. China
	Telephone: +86-0187428248
	Fax: 
	Contact Person: Mr. Cai Ke

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes ☐      No ☒

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes ☐      No ☐

 

    -24-

     

    

 

		Note:	If “no” to Section 3(b), the Commission’s staff has indicated that you should
be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes ☐      No ☐

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes ☐      No ☐

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company.

 

		(a)	Type and Amount of securities beneficially owned by the Selling Stockholder:

 

	 	1304348 Common Share
	 	 
	 	 

 

		(b)	Please indicate whether the Registrable Securities will be beneficially owned with sole voting
power, shared voting power, sole investment power and/or shared investment power)2:

 

	 	Yes.
	 	 
	 	 

 

5. Relationships with the Company:

 

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the
Company (or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

	 	 
	 	 
	 	 

 

 

		2	If not indicated otherwise, it will be assumed that the
Selling Stockholder possesses sole voting and sole investment power with respect to all securities listed herein.

 

    -25-

     

    

 

6. Plan of Distribution:

 

Except as set forth
below, the undersigned, (including its donees or pledgees) intends to distribute the Registrable Securities held by him, her or
it that are registered pursuant to the Registration Statement only as follows (if at all): Such Registrable Securities may be sold
from time to time directly by the undersigned or, alternatively, through underwriters, broker-dealers or agents or through a combination
of these methods, including, without limitation, pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended. If the Registrable Securities are sold through underwriters or broker-dealers, the undersigned
Selling Stockholder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve block
transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or
quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services
or in the over-the-counter market, or (iv) through privately negotiated transactions. In connection with sales of the Registrable
Securities or otherwise, the undersigned Selling Stockholder may enter into derivative hedging transactions with broker-dealers
or other third parties, which may in turn engage in short sales of the Registrable Securities and deliver Registrable Securities
to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 

State any exceptions
here:

 

	 	 
	 	 
	 	 
	 	 

 

    -26-

     

    

 

 

The undersigned agrees
to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be
required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

The undersigned acknowledges
that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules
thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection
with any offering of the Registrable Securities pursuant to the Registration Statement. The undersigned agrees that neither it
nor any person acting on its behalf will engage in any transaction in violation of such provisions.

 

As
a condition for the validity of this questionnaire for the purposes of the Stock Purchase Agreement to which this questionnaire
is attached, the undersigned Selling Stockholder hereby agrees to, severally and not jointly, indemnify and hold harmless the Company
and, where applicable, its directors and officers and any person who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended, and the successors and assigns of all of the foregoing
persons from any and all losses directly or indirectly caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, the prospectus included therein, or any prospectus supplement and, if applicable
and permitted to be used in connection with any transaction, any free writing prospectus, including in each case, any amendment
or supplement thereto, or any omission or alleged omission to state therein a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (each, a “Violation”), in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with the information included in
this Selling Stockholder Notice and Questionnaire, which the undersigned Selling Stockholder is hereby informed is expressly for
use in the Registration Statement and the prospectus included therein, and any other written information (if any) furnished by
such Selling Stockholder relating to such Selling Stockholder and the ownership of its shares under an instrument duly executed
and delivered by such Selling Stockholder to the Company and stated to be expressly for use in connection with the Registration
Statement and the prospectus included therein.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 6 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date:	 	 	Beneficial Owner:	 

 

	 	By:	 
	 	 	Name: He Zhitao 
	 	 	Title:   CEO

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

Sheppard Mullin Richter & Hampton
LLP

333 South Hope Street 

Forty-Third Floor 

Los Angeles, California 90071

Attention: David Sunkin, Esq.

Email: DSunkin@sheppardmullin.com

 

    -27-

     

    

 

Exhibit B

 

Investment
Representations. In connection with the acquisition of the Shares, PURCHASER represents to SELLER the following:

 

Not a “U.S.
Person”. PURCHASER is not a “U.S. Person” as defined in Rule 902 of Regulation S promulgated under the Securities
Act of 1933, as amended (the “Securities Act”), and was not organized under the laws of any United States jurisdiction.
At the time the purchase order for this transaction was originated, PURCHASER was outside the United States.

 

Intent.
PURCHASER is purchasing the Shares solely for investment purposes, for the PURCHASER’s own account and not for the account
or benefit of any U.S. Person, and not with a view towards the distribution or dissemination thereof and PURCHASER has no present
arrangement to sell the Shares to or through any person or entity. PURCHASER understands that the Shares must be held indefinitely
unless such the Shares are resold in accordance with the provisions of Regulation S, are subsequently registered under the Securities
Act or an exemption from registration is available.

 

Restrictions
on Transfer. PURCHASER understands that the Shares are being offered in a transaction not involving a public offering in the
United States within the meaning of the Securities Act. The Shares have not been registered under the Securities Act, and, if in
the future PURCHASER decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged
or otherwise transferred only (i) pursuant to an effective registration statement filed under the Securities Act, (ii) to a non-U.S.
Person in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S of the Securities Act, (iii) pursuant
to the resale limitations set forth in Rule 905 of Regulation S, (iv) pursuant to an exemption from registration under the Securities
Act provided by Rule 144 thereunder (if available), or (v) pursuant to any other exemption from the registration requirements of
the Securities Act, and in each case in accordance with any applicable securities laws of any state of the United States or any
other jurisdiction. PURCHASER acknowledges, agrees and covenants that it will not engage in hedging transactions with regard to
the Shares prior to the expiration of the distribution compliance period specified in Rule 903 of Regulation S promulgated under
the Securities Act, unless in compliance with the Securities Act. PURCHASER agrees that if any transfer of its Shares or any interest
therein is proposed to be made, as a condition precedent to any such transfer, PURCHASER may be required to deliver to SELLER an
opinion of counsel satisfactory to SELLER. Absent registration or another exemption from registration, PURCHASER agrees that it
will not resell the securities constituting the Shares to U.S. Persons or within the United States.

 

Sophisticated
Investor.

 

PURCHASER is sophisticated
in financial matters and is able to evaluate the risks and benefits of the investment in the Shares.

 

    -28-

     

    

 

PURCHASER is able
to bear the economic risk of its investment in the Shares for an indefinite period of time because none of the Shares have been
registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an
exemption from such registration is available.

 

Independent
Investigation. PURCHASER, in making the decision to purchase the Shares, has relied upon an independent investigation of SELLER
and has not relied upon any information or representations made by any third parties or upon any oral or written representations
or assurances from SELLER, its officers, directors or employees or any other representatives or agents of SELLER, other than as
set forth in this Agreement. PURCHASER is familiar with the business, operations and financial condition of SELLER and has had
an opportunity to ask questions of, and receive answers from, SELLER’s officers and directors concerning SELLER and the terms
and conditions of the offering of the Shares and has had full access to such other information concerning SELLER as the PURCHASER
has requested.

 

Authority.
This Agreement has been validly authorized, executed and delivered by PURCHASER and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally. The execution, delivery and performance of this Agreement by PURCHASER does not and will
not conflict with, violate or cause a breach of any agreement, contract or instrument to which PURCHASER is a party.

 

No Legal Advice
from Company or its Legal Counsel. PURCHASER acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with PURCHASER’s
own legal counsel and investment and tax advisors. Except for any statements or representations of SELLER made in this Agreement
and the other agreements entered into between the parties hereto, PURCHASER is relying solely on such counsel and advisors and
not on any statements or representations of SELLER or any of its representatives or agents or legal counsel for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

Reliance on
Representations and Warranties. PURCHASER understands that the Shares are being offered and sold to PURCHASER in reliance on
specific provisions of United States federal securities laws and that SELLER is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments and understandings of PURCHASER set forth in this Agreement in order to determine the applicability
of such provisions.

 

No Advertisements.
PURCHASER is not subscribing for the Shares as a result of or subsequent to any advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting.
PURCHASER acknowledges and agrees that neither SELLER, any of its respective affiliates nor any person acting on behalf of any
of the foregoing made any “directed selling efforts” as defined in Rule 902 of Regulation S promulgated under the Securities
Act in the United States.

 

    -29-

     

    

 

Legend.
PURCHASER acknowledges and agrees that the Shares shall bear restricted legends, in the form and substance as set forth in this
Agreement, prohibiting the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration
statement filed under the Securities Act, (ii) in accordance with the applicable provisions of Regulation S, promulgated under
the Securities Act, (iii) pursuant to an exemption from registration provided by Rule 144 under the Securities Act (if available),
and (iv) pursuant to any other exemption from the registration requirements of the Securities Act.

 

Restrictive
Legends. In order to reflect the restrictions on the disposition of the Shares, the stock certificates for the Shares will
be endorsed with restrictive legends, including the following or such other appropriate legends:

 

“THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
FILED UNDER THE ACT, (B) TO A NON U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE ACT, (D) PURSUANT TO AN
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE), OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER JURISDICTION.”

 

If required by the authorities of any state
in connection with the issuance of the Shares, the legend or legends required by such state authorities shall also be endorsed
on all such certificates.

 

-30-

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