Document:

Exhibit 10.1

 

ACQUISITION
AGREEMENT

 

by
and between

 

Life
Clips, Inc.

a
Wyoming Corporation

 

and

 

Belfrics
BT Pvt Ltd

Belfrics
Cryptex Pvt Ltd

Belfrics
Tanzania Ltd

Belfrics
Nigeria Pvt Ltd

Belfrics
BT SDN BHD

Belfrics
Malaysia Sdn Bhd

Belfrics
Holding Limted

Incrypts
Sdn Bhd

Belfrics
Academy SDN BHD

Belfrics
International Ltd

Belfrics
Europe S.L.

Belfrics
Kenya Ltd

Belfrics
Singapore Pte Ltd

 

(collectively
the “Belfrics Entities”)

 

and

 

the
Holders of the Equity Securities of the Belfrics Entities

 

    	 

     

    

 

AMENDED
AND RESTATED ACQUISITION AGREEMENT

 

This
Amended and Restated Acquisition Agreement (the “Agreement”) is dated as of this 11th day of November, 2021
by and among Life Clips, Inc., a Wyoming corporation, (“LCLP”),
replacing and superseding the Acquisition Agreement executed by the Parties on August 25, 2021 in order to conform certain terms of that
agreement to the Designation of Series C Preferred Stock as attached hereto.

 

Belfrics
BT Pvt Ltd, an India corporation

Belfrics
Cryptex Pvt Ltd, an India corporation

Belfrics
Tanzania Ltd, a Tanzania corporation

Belfrics
Nigeria Pvt Ltd, a Nigeria corporation

Belfrics
BT SDN BHD, a Malaysia corporation

Belfrics
Malaysia Sdn Bhd, a Malaysia corporation

Belfrics
Holding Limited, a Malaysia corporation

Incrypts
Sdn Bhd, a Malaysia corporation

Belfrics
Academy SDN BHD, a Malaysia corporation

Belfrics
International Ltd, a Malaysia corporation

Belfrics
Europe SL, a Spain corporation

Belfrics
Kenya Ltd, a Kenya corporation

Belfrics
Singapore Pte Ltd, a Singapore corporation

 

(collectively
the “Belfrics Entities”)

 

and
all of the holders of the equity securities of Belfrics Entities identified on Exhibit C hereto (the “Sellers). (LCLP,
the Belfrics Entities and the Sellers may be referred to herein as a “party” and collectively as the “parties.”)

 

RECITALS

 

WHEREAS,
upon the terms and conditions set forth below, the Sellers desire to sell all of the issued and outstanding capital stock of the Belfrics
Entities to LCLP, such that, following such transaction, the Belfrics Entities will be a 100% wholly-owned subsidiaries of LCLP; and

 

WHEREAS,
for United States federal income tax purposes, the Parties to this Agreement intend that the transactions described in this Agreement
shall qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended
(the “Code”), and that this Agreement shall be, and is hereby, adopted as a “plan of reorganization”
for purposes of Section 368(a) of the Code.

 

NOW
THEREFORE, in consideration of the foregoing premises, the mutual representations, warranties, covenants and agreements hereinafter
set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

    	2

     

    

 

ARTICLE
1

 

DEFINITIONS

 

1.1
Unless the context otherwise requires, the terms defined in this Section 1 will have the meanings herein specified for all purposes of
this Agreement, applicable to both the singular and plural forms of any of the terms herein defined.

 

“Affiliate”
means any Person that directly or indirectly controls, is controlled by or is under common control with the indicated Person.

 

“Agreement”
means this Acquisition and Share Exchange Agreement, including all Schedules and Exhibits hereto, as this Acquisition and Share Exchange
Agreement may be from time to time amended, modified or supplemented.

 

“The
Belfrics Entities Board” means the Board of Directors of The Belfrics Entities.

 

“Budget”
means the budget of the expenditures necessary to attain the agreed upon goals and as set forth on Schedule 2.1(b).

 

“Business”
means (i) the Belfrics Entities’ business as presently conducted; or (ii) LCLP’s business that it clearly intends to conduct
in the future.

 

“Closing
Date” has the meaning set forth in Section 3.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
or “SEC” means the Securities and Exchange Commission of the United States of America.

 

“Equity
Security” means any stock or similar security, including, without limitation, securities containing equity features and securities
containing profit participation features, or any security convertible into or exchangeable for, with or without consideration, any stock
or similar security, or any security carrying any warrant, right or option to subscribe to or purchase any shares of the Belfrics Entities,
or any such warrant or right.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange
Act” means the Securities Exchange Act of 1934 or any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same will then be in effect.

 

“Exhibits”
means the several exhibits referred to and identified in this Agreement.

 

“GAAP”
means, with respect to any Person, Accounting Principles Generally Accepted in the United States of America applied on a consistent basis
with such Person’s past practices.

 

    	3

     

    

 

“Governmental
Authority” means any federal or national, state or provincial, municipal or local government, governmental authority, regulatory
or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, political subdivision, commission,
court, tribunal, official, arbitrator or arbitral body, in each case whether U.S. or non-U.S.

 

“Indebtedness”
means any obligation, contingent or otherwise. Any obligation secured by a Lien on, or payable out of the proceeds of, or production
from, property of the relevant party will be deemed to be Indebtedness.

 

“IFRS”
means the International Financial Reporting Standards as set by the IFRS Foundation and the International Accounting Standards Board.

 

“Intellectual
Property” means all industrial and intellectual property, including, without limitation, all U.S. and non-U.S. patents, patent
applications, patent rights, trademarks, trademark applications, common law trademarks, Internet domain names, trade names, service marks,
service mark applications, common law service marks, and the goodwill associated therewith, copyrights, in both published and unpublished
works, whether registered or unregistered, copyright applications, franchises, licenses, know-how, trade secrets, technical data, designs,
customer lists, confidential and proprietary information, processes and formulae, all computer software programs or applications, layouts,
inventions, development tools and all documentation and media constituting, describing or relating to the above, including manuals, memoranda,
and records, whether such intellectual property has been created, applied for or obtained anywhere throughout the world.

 

“Laws”
means, with respect to any Person, any U.S. or non-U.S. federal, national, state, provincial, local, municipal, international, multinational
or other law (including common law), constitution, statute, code, ordinance, rule, regulation or treaty applicable to such Person.

 

“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind, including, without limitation, any conditional
sale or other title retention agreement, any lease in the nature thereof and the filing of or agreement to give any financing statement
under the Uniform Commercial Code of any jurisdiction and including any lien or charge arising by Law.

 

“Material
Contract” means any and all agreements, contracts, arrangements, leases, commitments or otherwise, of the type and nature that
LCLP would be required to file with the Commission if it were a reporting issuer pursuant to the Securities Exchange Act of 1934 (the
“Exchange Act”).

 

“Material
Adverse Effect” means, when used with respect to LCLP or the Belfrics Entities, as the case may be, any change, effect or circumstance
which, individually or in the aggregate, would reasonably be expected to (a) have a material adverse effect on the business, assets,
financial condition or results of operations of Sellers or the Belfrics Entities, as the case may be, in each case taken as a whole or
(b) materially impair the ability of LCLP or the Belfrics Entities, as the case may be, to perform their obligations under this Agreement,
excluding any change, effect or circumstance resulting from (i) the announcement, pendency or consummation of the transactions contemplated
by this Agreement, (ii) changes in the United States securities markets generally, or (iii) changes in general economic, currency exchange
rate, political or regulatory conditions in industries in which LCLP or the Belfrics Entities, as the case may be, operate.

 

    	4

     

    

 

“Order”
means any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any Governmental
Authority.

 

“Organizational
Documents” means (a) the articles or certificate of incorporation and the bylaws or code of regulations of a corporation; (b)
the partnership agreement and any statement of partnership of a general partnership; (c) the limited partnership agreement and the certificate
of limited partnership of a limited partnership; (d) the articles or certificate of formation and operating agreement of a limited liability
company; (e) any other document performing a similar function to the documents specified in clauses (a), (b), (c) and (d) adopted or
filed in connection with the creation, formation or organization of a Person; and (f) any and all amendments to any of the foregoing.

 

“Permitted
Liens” means (a) Liens for Taxes not yet payable or in respect of which the validity thereof is being contested in good faith
by appropriate proceedings and for the payment of which the relevant party has made adequate reserves; (b) Liens in respect of pledges
or deposits under workmen’s compensation laws or similar legislation, carriers, warehousemen, mechanics, laborers and material
men and similar Liens, if the obligations secured by such Liens are not then delinquent or are being contested in good faith by appropriate
proceedings conducted and for the payment of which the relevant party has made adequate reserves; (c) statutory Liens incidental to the
conduct of the business of the relevant party which were not incurred in connection with the borrowing of money or the obtaining of advances
or credits and that do not in the aggregate materially detract from the value of its property or materially impair the use thereof in
the operation of its business; and (d) Liens that would not have a Material Adverse Effect.

 

“Person”
means natural persons, corporations, business trusts, associations, companies, partnerships, limited liability companies, joint ventures
and other entities, governments, agencies and political subdivisions.

 

“Proceeding”
means any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative or investigative)
commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Authority.

 

“Rule
144” means Rule 144 under the Securities Act, as the same may be amended from time to time, or any successor statute.

 

“Schedules”
means the several schedules referred to and identified herein, setting forth certain disclosures, exceptions and other information, data
and documents referred to at various places throughout this Agreement.

 

“Section
4(2)” means Section 4(2) under the Securities Act, as the same may be amended from time to time, or any successor statute.

 

    	5

     

    

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same will be in effect at the time.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, joint venture or partnership of which such Person (a)
beneficially owns, either directly or indirectly, more than 50% of (i) the total combined voting power of all classes of voting securities
of such entity, (ii) the total combined equity interests, or (iii) the capital or profit interests, in the case of a partnership; or
(b) otherwise has the power to vote or to direct the voting of sufficient securities to elect a majority of the board of directors or
similar governing body.

 

“Survival
Period” has the meaning set forth in Section 12.1.

 

“Taxes”
means all foreign, federal, state or local taxes, charges, fees, levies, imposts, duties and other assessments, as applicable, including,
but not limited to, any income, alternative minimum or add-on, estimated, gross income, gross receipts, sales, use, transfer, transactions,
intangibles, ad valorem, value-added, franchise, registration, title, license, capital, paid-up capital, profits, withholding, payroll,
employment, unemployment, excise, severance, stamp, occupation, premium, real property, recording, personal property, federal highway
use, commercial rent, environmental (including, but not limited to, taxes under Section 59A of the Code) or windfall profit tax, custom,
duty or other tax, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest, penalties
or additions to tax with respect to any of the foregoing; and “Tax” means any of the foregoing Taxes.

 

“Tax
Group” means any federal, state, local or foreign consolidated, affiliated, combined, unitary or other similar group of which
the Belfrics Entities is now or was formerly a member.

 

“Tax
Return” means any return, declaration, report, claim for refund or credit, information return, statement or other similar document
filed with any Governmental Authority with respect to Taxes, including any schedule or attachment thereto, and including any amendment
thereof.

 

“Transaction
Documents” means, collectively, all agreements, instruments and other documents to be executed and delivered in connection
with the transactions contemplated by this Agreement.

 

ARTICLE
2

 

ACQUISITION
CONSIDERATION

 

2.1
Consideration. Upon
the terms and subject to the conditions set forth in this Agreement, and in accordance with any and all applicable laws, SELLERS will
transfer, assign, convey, and set over unto LCLP, and LCLP will receive and accept from SELLERS, all of the right, title and interest
to all of issued and outstanding shares of capital stock of the Belfrics Entities (the “The Belfrics Entities Stock”),
free and clear of any Lien, in exchange for the following Acquisition Consideration:

 

(a)
Preferred Shares. Exchange each issued and outstanding share of The Belfrics Entities common stock for 2,000,000 shares of LCLP
Series C Preferred Shares, pursuant to the Designation set forth as Exhibit B.

 

    	6

     

    

 

(b)
Financing. The Company shall use its best efforts after Closing to provide The Belfrics Entities, as a wholly owned subsidiary,
up to $10,000,000 in the form of an equity investment by Company into the subsidiary. The financing shall be in accordance with the Budget
attached hereto as Schedule 2.1(b).

 

(c)
Earn Out. Upon obtaining the milestones set forth on Schedule 2.1(c) the Sellers shall be entitled to up to an additional $15,000,000
of Series C Preferred Stock on a pro rata basis.

 

ARTICLE
3

 

CLOSING

 

3.1
Closing. The closing
(the “Closing”) of this Acquisition Agreement will occur at the via the electronic
exchange of documents, on or before July 30, 2021 (or at such later or earlier date agreed to in writing by the parties) (the “Closing
Date”). At the Closing, Sellers will deliver to LCLP the Belfrics Entities Stock and LCLP
shall deliver to Sellers the Consideration Shares. 

 

ARTICLE
4

 

REPRESENTATIONS
AND WARRANTIES OF SELLERS

 

Each
Seller hereby represents and warrants to LCLP: 

 

4.1
Authority. Seller
has the right, power, authority and capacity to execute and deliver this Agreement and each of the Transaction Documents to which Seller
is a party, to consummate the transactions contemplated by this Agreement and each of the Transaction Documents to which such Seller
is a party, and to perform such obligations under this Agreement and each of the Transaction Documents to which Seller is a party. This
Agreement has been, and each of the Transaction Documents to which such Seller is a party will be, duly and validly authorized and approved,
executed and delivered by Seller. Assuming this Agreement and the Transaction Documents have been duly and validly authorized, executed
and delivered by the parties thereto, this Agreement is, and as of the Closing each of the Transaction Documents to which The Belfrics
Entities is a party will have been, duly authorized, executed and delivered by The Belfrics Entities and constitute or will constitute
the legal, valid and binding obligation of The Belfrics Entities, enforceable against The Belfrics Entities in accordance with their
respective terms, except as such enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar
Laws affecting the enforcement of creditors rights generally.

 

4.2
No Conflict. Neither
the execution or delivery by The Belfrics Entities of this Agreement or any Transaction Document to which The Belfrics Entities is a
party, nor the consummation or performance by The Belfrics Entities of the transactions contemplated hereby or thereby will, directly
or indirectly, (a) contravene, conflict with, or result in a violation of any provision of the Organization Documents of The Belfrics
Entities (if The Belfrics Entities is not a natural person); (b) contravene, conflict with, constitute a default (or an event or condition
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, any
agreement or instrument to which The Belfrics Entities is a party or by which the properties or assets of The Belfrics Entities are bound;
or (c) contravene, conflict with, or result in a violation of, any Law or Order to which The Belfrics Entities, or any of the properties
or assets of The Belfrics Entities, may be subject.

 

    	7

     

    

 

4.3
Ownership of The Belfrics Entities Stock.
Sellers own, of record and beneficially, and has good, valid and indefeasible title to and the right to transfer to LCLP pursuant to
this Agreement, the Sellers’s interests in The Belfrics Entities, free and clear of any and all Liens. There are no options, rights,
voting trusts, stockholder agreements or any other contracts or understandings to which Sellers is a party or by which Sellers is bound
with respect to the issuance, sale, transfer, voting or registration of the Shares. At Closing, LCLP will acquire good, valid and marketable
title to all The Belfrics Entities Stock free and clear of any and all liens.

 

4.4
Litigation. There is no pending proceeding against The Belfrics Entities that challenges, or may have the effect of preventing,
delaying or making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement and, to the knowledge
of The Belfrics Entities, no such proceeding has been threatened, and no event or circumstance exists that is reasonably likely to give
rise to or serve as a basis for the commencement of any such Proceeding.

 

4.5
No Brokers or Finders. No Person has, or as a result of the transactions contemplated herein will have, any right or valid claim
against the Shareholder for any commission, fee or other compensation as a finder or broker, or in any similar capacity, and the Sellers
will indemnify and hold LCLP harmless against any liability or expense arising out of, or in connection with, any such claim.

 

ARTICLE
5

 

REPRESENTATIONS
AND WARRANTIES BY THE BELFRICS ENTITIES

 

The
Belfrics Entities represents and warrants to LCLP as follows:

 

5.1
Authority. The Belfrics
Entities is duly formed and validly existing under the laws of the Province of British Columbia, has all requisite authority and power
(corporate and other), governmental licenses, authorizations, consents and approvals to carry on its business as presently conducted
and as contemplated to be conducted, to own, hold and operate its properties and assets as now owned, held and operated by it, to enter
into this Agreement, to carry out the provisions hereof except where the failure to be so organized, existing and in good standing or
to have such authority or power will not, in the aggregate, either (i) have a material adverse effect on the business, assets or financial
condition of The Belfrics Entities, or (ii) materially impair the ability of The Belfrics Entities to perform their material obligations
under this Agreement (any of such effects or impairments, a “Material Adverse Effect”).
The Belfrics Entities is duly qualified, licensed or domesticated as a foreign corporation in good standing in each jurisdiction wherein
the nature of its activities or its properties owned or leased makes such qualification, licensing or domestication necessary, except
where the failure to be so qualified, licensed or domesticated will not have a Material Adverse Effect.

 

    	8

     

    

 

5.2
Subsidiaries. The Belfrics Entities does not own directly or indirectly, any equity or other ownership interest in any corporation,
partnership, joint venture or other entity or enterprise.

 

5.3
Articles of Incorporation and Bylaws. The copies of the Articles of Organization of The Belfrics Entities (the “Organizational
Documents”) that have been delivered to LCLP prior to the execution of this Agreement are true and complete and have not
been amended or repealed. The Belfrics Entities is not in violation or breach of any of the provisions of the Organizational Documents,
except for such violations or breaches as, in the aggregate, will not have a Material Adverse Effect.

 

5.4
Authorization and Validity of this Agreement. The execution, delivery and performance by The Belfrics Entities of this Agreement
is within The Belfrics Entities’ corporate powers, have been duly authorized by all necessary corporate action, and requires no
authorization, consent, approval, license, exemption of or filing or registration with any court or governmental department, commission,
board, bureau, agency or instrumentality of government that has not been validly and lawfully obtained, filed or registered, as the case
may be, except for those that, if not obtained or made would not have a Material Adverse Effect.

 

5.5
No Violation. None of the execution, delivery or performance by The Belfrics Entities of this Agreement or any other agreement
or instrument contemplated hereby to which The Belfrics Entities is a party, nor the consummation by The Belfrics Entities of the transactions
contemplated hereby will violate any provision of the Organizational Documents, or violate or be in conflict with, or constitute a default
(or an event or condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination
or acceleration of, or result in the creation of imposition of any Lien under, any agreement or instrument to which The Belfrics Entities
is a party or by which The Belfrics Entities is or will be bound or subject, or violate any laws.

 

5.6
Binding Obligations. Assuming this Agreement has been duly and validly authorized, executed and delivered by Sellers, LCLP, and
The Belfrics Entities, this Agreement is, and as of the Closing each other agreement or instrument contemplated hereby to which The Belfrics
Entities is a party, will have been duly authorized, executed and delivered by The Belfrics Entities and will be the legal, valid and
binding Agreement of The Belfrics Entities and is enforceable against The Belfrics Entities in accordance with its terms, except as such
enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar laws affecting the enforcement
of creditors rights generally.

 

    	9

     

    

 

5.7
Capitalization and Related Matters.

 

(a)
Capitalization. 100% of The Belfrics Entities Stock is owned by the SELLERS. There are no outstanding or authorized options, warrants,
calls, subscriptions, rights (including any preemptive rights or rights of first refusal), agreements or commitments of any character
obligating The Belfrics Entities to issue any Membership Interests or any other Equity Security of The Belfrics Entities. All issued
and outstanding Membership Interests of The Belfrics Entities are duly authorized, validly issued, fully paid and non-assessable and
have not been issued in violation of any preemptive or similar rights.

 

(b)
No Redemption Requirements. There are no outstanding contractual obligations (contingent or otherwise) of The Belfrics Entities
to retire, repurchase, redeem or otherwise acquire any outstanding shares of Membership Interests of, or other ownership interests in,
The Belfrics Entities or to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any
other entity.

 

5.8
Sellers are the sole holder of record and beneficial owner of all issued and outstanding The Belfrics Entities Membership Interests Stock.
Except as expressly provided in this Agreement, no other Person is entitled to any preemptive right, right of first refusal or similar
right as a result of the issuance of the shares or otherwise. There is no voting trust, agreement or arrangement among any of the Holders
of any Equity Securities of The Belfrics Entities affecting the exercise of the voting rights of any such Equity Securities.

 

5.9
Compliance with Laws and Other Instruments. Except as would not have a Material Adverse Effect, the business and operations of
the Belfrics Entities have been and are being conducted in accordance with all applicable foreign, federal, state and local laws, rules
and regulations and all applicable orders, injunctions, decrees, writs, judgments, determinations and awards of all courts and governmental
agencies and instrumentalities. The Belfrics Entities is not, and is not alleged to be, in violation of, or (with or without notice or
lapse of time or both) in default under, or in breach of, any term or provision of the Organizational Documents or of any indenture,
loan or credit agreement, note, deed of trust, mortgage, security agreement or other material agreement, lease, license or other instrument,
commitment, obligation or arrangement to which the Belfrics Entities is a party or by which any of the Belfrics Entities’ properties,
assets or rights are bound or affected. To the knowledge of the Belfrics Entities, no other party to any material contract, agreement,
lease, license, commitment, instrument or other obligation to which the Belfrics Entities is a party is (with or without notice or lapse
of time or both) in default thereunder or in breach of any term thereof. The Belfrics Entities are not subject to any obligation or restriction
of any kind or character, nor is there, to the knowledge of the Belfrics Entities, any event or circumstance relating to the Belfrics
Entities that materially and adversely affects in any way its business, properties, assets or prospects or that prohibits the Belfrics
Entities from entering into this Agreement or would prevent or make burdensome its performance of or compliance with all or any part
of this Agreement or the consummation of the transactions contemplated hereby or thereby.

 

5.10
Certain Proceedings. There is no pending Proceeding that has been commenced against the Belfrics Entities and that challenges,
or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated in
this Agreement. To the Belfrics Entities’ knowledge, no such Proceeding has been threatened.

 

    	10

     

    

 

5.11
No Brokers or Finders. No person has, or as a result of the transactions contemplated herein will have, any right or valid claim
against LCLP for any commission, fee or other compensation as a finder or broker, or in any similar capacity, and Sellers will indemnify
and hold LCLP harmless against any liability or expense arising out of, or in connection with, any such claim.

 

5.12
Board Recommendation. The Board of the Belfrics Entities has, by unanimous written consent, determined that this Agreement and
the transactions contemplated by this Agreement, are advisable and in the best interests of the Belfrics Entities’ shareholder.

 

5.13
Assets. The Assets of the Belfrics Entities are as set forth on Exhibit A and are owned by the Belfrics Entities free and clear
of any adverse interest, encumbrance or lien or any other thing that may prevent the Belfrics Entities from having good title thereto.
Further, the Belfrics Entities represents and warrants that such assets have not been diminished or wasted in any way from date hereof
through the closing date and that neither the Sellers nor the Belfrics Entities has allowed such assets to be encumbered in any way.

 

ARTICLE
6

 

REPRESENTATIONS
AND WARRANTIES OF LCLP

 

LCLP
represents and warrants to Sellers and the Belfrics Entities as follows:

 

6.1
Organization and Qualification.
LCLP is duly organized, validly existing and in good standing under the laws of the State of Wyoming, has all requisite authority and
power (corporate and other), governmental licenses, authorizations, consents and approvals to carry on its business as presently conducted
and to own, hold and operate its properties and assets as now owned, held and operated by it, except where the failure to be so organized,
existing and in good standing, or to have such authority and power, governmental licenses, authorizations, consents or approvals would
not have a Material Adverse Effect. LCLP is duly qualified, licensed or domesticated as a foreign corporation in good standing in each
jurisdiction wherein the nature of its activities or its properties owned, held or operated makes such qualification, licensing or domestication
necessary, except where the failure to be so duly qualified, licensed or domesticated and in good standing would not have a Material
Adverse Effect. 

 

6.2
Authorization. LCLP
has all requisite authority and power (corporate and other), to enter into this Agreement, to consummate the transactions contemplated
by this Agreement, and to perform its obligations. The execution, delivery and performance by LCLP of this Agreement has been duly authorized
by all necessary corporate action. 

 

    	11

     

    

 

6.3
No Violation. The
execution or delivery by LCLP of this Agreement will not, directly or indirectly, (a) contravene, conflict with, or result in a violation
of any provision of the Organizational Documents of LCLP; (b) contravene, conflict with, constitute a default (or an event or condition
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, or result
in the imposition or creation of any Lien under, any agreement or instrument to which LCLP is a party or by which the properties or assets
of LCLP are bound; (c) contravene, conflict with, or result in a violation of, any Law or Order to which LCLP, or any of the properties
or assets owned or used by LCLP, may be subject; or (d) contravene, conflict with, or result in a violation of, the terms or requirements
of, or give any Governmental Authority the right to revoke, withdraw, suspend, cancel, terminate or modify, any licenses, permits, authorizations,
approvals, franchises or other rights held by LCLP or that otherwise relate to the business of, or any of the properties or assets owned
or used by, LCLP, except, in the case of clause (b), (c), or (d), for any such contraventions, conflicts, violations, or other occurrences
as would not have a Material Adverse Effect.

 

6.4
No Brokers or Finders. No
Person has, or as a result of the transactions contemplated herein will have, any right or valid claim against Sellers for any commission,
fee or other compensation as a finder or broker, or in any similar capacity.

 

ARTICLE
7

 

COVENANTS
OF THE BELFRICS ENTITIES AND SELLERS

 

7.1
Access and Investigation.
Between the date of this Agreement and the Closing Date, the Belfrics Entities and Sellers will (a) afford LCLP and its agents, advisors
and attorneys during normal business hours, full and free access to Company’s personnel, properties, contracts, books and records,
and other documents and data, (b) furnish LCLP and its agents, advisors and attorneys with copies of all such contracts, books and records,
and other existing documents and data as LCLP may reasonably request, and (c) furnish LCLP and its agents, advisors and attorneys with
such additional financial, operating, and other data and information as LCLP may reasonably request.

 

7.2
Operation of the Business of the Belfrics Entities.
Between the date of this Agreement and the Closing Date, the Belfrics Entities will:

 

(a)
conduct its business only in the ordinary course of business;

 

(b)
use its best efforts to preserve intact its current business organization and business relationships; and

 

(c)
otherwise report periodically to LCLP concerning the status of its business, operations, and finances.

 

7.3
No Transfers of Equity Securities.

 

(a)
Between the date of this Agreement and the Closing Date, Sellers shall not assign, transfer, mortgage, pledge or otherwise dispose of
any or all of the Equity Securities (or any interest therein) or grant any Person the option or right to acquire such Equity Securities
(or any interest therein).

 

(b)
Between the date of this Agreement and the Closing Date, The Belfrics Entities shall not assign, transfer, mortgage, pledge or otherwise
dispose of any Asset (or any interest therein) or grant any Person the option or right to acquire any Asset (or any interest therein).

 

    	12

     

    

 

7.4
Notification. Between
the date of this Agreement and the Closing Date, The Belfrics Entities will promptly notify LCLP in writing if LCLP becomes aware of
any fact or condition that causes or constitutes a breach of any of the representations and warranties of LCLP, as the case may be.

 

7.5
Closing Conditions. Between
the date of this Agreement and the Closing Date, each of LCLP, Sellers and The Belfrics Entities will use its commercially reasonable
efforts to cause the conditions in Section 7 to be satisfied.

 

ARTICLE
8

 

INTELLECTUAL PROPERTY

 

8.1
Intellectual Property Rights.

 

(a)
Seller owns, or has exclusively licensed or otherwise has the exclusive right to use all Intellectual Property necessary for or material
to the Business, in each case:

 

(i)
without current payment obligations to any third party,

(ii)
without restrictions currently applied under any agreement, including, without limitation, a coexistence agreement or a settlement agreement,

(iii)
free and clear of any liens in existence as of the date hereof, and

(iv)
not currently subject to termination by any third party.

 

(b)
Exhibit 8.1(b) sets forth a true and complete list of all Intellectual Property owned by or licensed to seller necessary for or material
to the Business, including, without limitation:

 

(v)
issued patents,

(vi)
registered and unregistered trademarks,

(vii)
registered and unregistered trade names,

(viii)
registered and unregistered service marks,

(ix)
registered and unregistered copyrights,

(x)
registered and unregistered designs,

(xi)
registered domain names,

(xii)
all pending applications in respect of any of the foregoing, and

(xiii)
all trade secrets.

 

8.2
Maintenance Of Intellectual Property Rights. The
Belfrics Entities has undertaken to maintain its right, title, and interest in and to all Intellectual Property owned by it and used
in the Business as required by applicable law, regulation, or rule, including, without limitation:

 

(a)
duly registering and/or filing, as applicable, all necessary affidavits of continuing use with each applicable governmental authority
in each jurisdiction,

 

    	13

     

    

 

(b)
paying all necessary maintenance fees that are due,

 

(c)
submitting all information required to be disclosed to the appropriate governmental authority to the extent necessary so that no such
agency would deem any proprietary right in any Intellectual Property invalid or unenforceable, and

 

(d)
taking all other steps required by applicable law, regulation, or rule to continue all such rights in effect.

 

8.3
Licenses. The Belfrics Entities has made available to LCLP complete and correct copies of, and Schedule 8.3 sets forth as of the
date hereof a true and complete list of all:

 

(a)
license agreements relating to Intellectual Property used or reasonably anticipated to be used in the Business by which The Belfrics
Entities is a licensee, as well as the status of each, and

 

(b)
license agreements relating to Intellectual Property used or reasonably anticipated to be used in the Business by which The Belfrics
Entities is a licensor, as well as the status of each.

 

(c)
Licenses with any governmental authority used in the conduct of the business of the Belfrics Entities.

 

8.3
Infringement Of Third-Party Rights.

 

(a)
Neither the Belfrics Entities nor any of its products or services has infringed on or otherwise violated, or is infringing on or otherwise
violating, or could reasonably be construed as misappropriating, the Intellectual Property rights of any person.

 

(b)
There is no suit, claim, action, administrative proceeding, investigation pending or, to the knowledge of the Belfrics Entities, threatened
with respect to, and the Belfrics Entities has not been notified in writing of, any possible infringement or other violation by seller
or any of its products or services of the Intellectual Property rights of any person and, to the knowledge of seller, there is no valid
basis for any such claim.

 

(c)
To the knowledge of the Belfrics Entities, there is no investigation pending or threatened with respect to any possible infringement
or other violation by seller or any of its products or services of the Intellectual Property rights of any person.

 

(d)
To the knowledge of the Belfrics Entities, there are no pending or threatened administrative proceedings challenging the validity or
registration of any Intellectual Property.

 

    	14

     

    

 

8.4
Infringement By Third Parties.

 

(a)
To the knowledge of seller, no person or any product or service of any person is infringing on or otherwise violating any Intellectual
Property rights of seller, and seller has at no time notified any third party of any such possible infringement or other violation.

 

(b)
(b) Exhibit 8.5(b) sets forth as of the date hereof a true and complete list of all litigation, enforcement actions, or other administrative
proceedings regarding any alleged infringement or violation of The Belfrics Entities’ rights in and to any Intellectual Property
necessary for or material to the conduct of the Business, as well as dispositions of each (including, without limitation, settlement
agreements and final opinions or orders).

 

8.6
No Conflicts Or Encumbrances. The execution and delivery of this agreement, the consummation of the transactions contemplated
by this agreement, and the compliance with the provisions of this agreement do not and will not conflict with, result in any violation
of or default under, or give rise to any:

 

(a)
right, license, or encumbrance relating to any Intellectual Property owned or used by The Belfrics Entities or with respect to which
seller now has or has had any agreement with any third party,

 

(b)
right of termination, cancellation, or acceleration of any Intellectual Property right or obligation set forth in any agreement to or
by which The Belfrics Entities is a party or bound, or any loss or encumbrance of any Intellectual Property or material benefit related
thereto, or

 

(c)
creation of a lien in or on any Intellectual Property or right.

 

8.7
Confidentiality.

 

(a)
The Belfrics Entities has taken reasonable measures to maintain the confidentiality of its Intellectual Property, and every person employed
by or contracted with The Belfrics Entities who has or had or may in the future have access to confidential or proprietary information
(including, without limitation, agents, consultants, and independent contractors) has entered into a confidentiality and nondisclosure
agreement with seller.

 

(b)
The Belfrics Entities has provided buyer with copies of all forms of the confidentiality and nondisclosure agreements used by The Belfrics
Entities, and has specifically identified in writing for buyer all confidentiality and nondisclosure agreements that deviate substantially
from these forms with respect to seller’s Intellectual Property.

 

8.8
Assignment Of Intellectual Property Rights.

 

(a)
Each of the former or current Key Personnel of The Belfrics Entities has assigned in whole or otherwise exclusively transferred and has
pledged to undertake in the future all steps necessary to assign in whole or otherwise exclusively transfer to The Belfrics Entities
or to The Belfrics Entities’ assigns, including buyer, all ownership and other rights of any nature whatsoever (to the extent permitted
by law) of such person in any Intellectual Property owned, intended to be owned, or used by The Belfrics Entities.

 

    	15

     

    

 

(b)
None of the former or current Key Personnel of the Belfrics Entities have a valid claim against seller in connection with the involvement
of such persons in the conception and development of any Intellectual Property owned, intended to be owned, or used by seller, and no
such claim has been asserted or, to the knowledge of the Belfrics Entities, threatened.

 

(c)
To the knowledge of the Belfrics Entities, none of the Key Personnel of the Belfrics Entities has any patents issued or applications
pending for any device, process, design, or invention of any kind now used or needed by the Belfrics Entities in furtherance of the Business,
which patents or applications have not been assigned to the Belfrics Entities.

 

8.9
Further Assurances. The Belfrics Entities warrants that it will execute and deliver, in any and all jurisdictions throughout the
world, any instruments and perform any acts that may be reasonably necessary to fully effectuate and record the assignment of the rights,
titles, and interests to the Intellectual Property assigned to LCLP pursuant to this agreement.

 

ARTICLE
9

 

Additional
agreements

 

9.1
Appointment. Upon Closing, Praveenkumar Vijayakumar shall be appointed to the board of directors of LCLP. The term of the
current members of the Board shall not be affected by this appointment.

 

ARTICLE
10

 

TERMINATION

 

10.1
Termination Events. This Agreement may, by notice given prior to or at the Closing, be terminated:

 

(a)
by mutual consent of the Belfrics Entities and LCLP (acting jointly);

 

(b)
by the Belfrics Entities, if any of the conditions have not been satisfied as of the Closing Date or if satisfaction of such a condition
is or becomes impossible (other than through the failure of the Belfrics Entities to comply with its obligations under this Agreement)
and the Belfrics Entities has not waived such condition on or before the Closing Date; or (ii) by LCLP, if any of the conditions have
not been satisfied as of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure
of LCLP to comply with its obligations under this Agreement) and LCLP has not waived such condition on or before the Closing Date;

 

    	16

     

    

 

(c)
by either the Belfrics Entities or LCLP (acting jointly), if there shall have been entered a final, non-appealable order or injunction
of any Governmental Authority restraining or prohibiting the consummation of the transactions contemplated hereby;

 

(d)
by LCLP, if, prior to the Closing Date, the Belfrics Entities or The Belfrics Entities is in material breach of any representation, warranty,
covenant or agreement herein contained and such breach shall not be cured within 10 days of the date of notice of default served by LCLP
claiming such breach; provided, however, that the right to terminate this Agreement pursuant to this Section shall not be available to
LCLP if LCLP is in material breach of this Agreement at the time notice of termination is delivered;

 

10.2
Effect of Termination. Each party’s right of termination under Section 10.1is in addition to any other rights it may have
under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement
is terminated pursuant to Section 10.1, all further obligations of the parties under this Agreement will terminate.

 

ARTICLE
11

 

GENERAL
PROVISIONS

 

11.1
Expenses. Except as otherwise expressly provided in this Agreement, each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this Agreement and the transactions contemplated by this Agreement,
including all fees and expenses of agents, representatives, counsel, and accountants. In the event of termination of this Agreement,
the obligation of each party to pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement
by another party.

 

11.2
Public Announcements. The Belfrics Entities may issue a press release disclosing the transactions contemplated hereby. LCLP and
The Belfrics Entities shall consult with each other in issuing any other press releases or otherwise making public statements or filings
and other communications with the Commission or any regulatory agency or stock market or trading facility with respect to the transactions
contemplated hereby and neither party shall issue any such press release or otherwise make any such public statement, filings or other
communications without the prior written consent of the other, which consent shall not be unreasonably withheld or delayed, except that
no prior consent shall be required if such disclosure is required by law, in which case the disclosing party shall provide the other
party with prior notice of such public statement, filing or other communication and shall incorporate into such public statement, filing
or other communication the reasonable comments of the other party.

 

11.3
Confidentiality.

 

(a)
Subsequent to the date of this Agreement, The Belfrics Entities and LCLP will maintain in confidence, and will cause their respective
directors, officers, employees, agents, and advisors to maintain in confidence, any written, oral, or other information obtained in confidence
from another party in connection with this Agreement or the transactions contemplated by this Agreement, unless (i) such information
is already known to such party or to others not bound by a duty of confidentiality or such information becomes publicly available through
no fault of such party, (ii) the use of such information is necessary or appropriate in making any required filing with the Commission,
or obtaining any consent or approval required for the consummation of the transactions contemplated by this Agreement, or (c) the furnishing
or use of such information is required by or necessary or appropriate in connection with legal proceedings.

 

    	17

     

    

 

(b)
In the event that any party is required to disclose any information of another party pursuant to clause (i) or (ii) of Section 11.3(a),
the party requested or required to make the disclosure (the “disclosing party”) shall provide the party that
provided such information (the “providing party”) with prompt notice of any such requirement so that the providing
party may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Section 11.3. If, in
the absence of a protective order or other remedy or the receipt of a waiver by the providing party, the disclosing party is nonetheless,
in the opinion of counsel, legally compelled to disclose the information of the providing party, the disclosing party may, without liability
hereunder, disclose only that portion of the providing party’s information which such counsel advises is legally required to be
disclosed, provided that the disclosing party exercises its reasonable efforts to preserve the confidentiality of the providing party’s
information, including, without limitation, by cooperating with the providing party to obtain an appropriate protective order or other
relief assurance that confidential treatment will be accorded the providing party’s information.

 

(c)
If the transactions contemplated by this Agreement are not consummated, each party will return or destroy as much of such written information
as the other party may reasonably request.

 

11.4
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have
been duly given, (a) if delivered in person or by courier, (b) if sent by nationally recognized overnight delivery service, (c) if mailed
by certified or registered mail, postage prepaid, return receipt requested, or (d) if transmitted by facsimile with receipt confirmed,
as follows:

 

	If
    to the Belfrics Entities:	 	Unit
    Level 4(A), 
	 	 	Main
    Officer Tower, Financial
	 	 	Park
    Labuan 87000, Malaysia
	 	 	 
	If
    to LCLP:	 	18851
    NE 29th Ave.,

    Suite
    700 PMB #348

	 	 	Aventura,
    FL 33180
	 	 	Attn:
    Robert Grinberg
	 	 	 
	With
    a copy, which shall not constitute notice, to:
	 	 	 
	 	 	Jonathan
    D. Leinwand, P.A.
	 	 	18305
    Biscayne Blvd., Suite 200
	 	 	Aventura,
    FL 33160

 

or
to such other address as the Party to be notified shall have furnished to the other Parties in writing. Any notice given in accordance
with the foregoing shall be deemed to have been given, (i) at the time of delivery, when delivered in person or by courier, (ii) one
business day after sending by nationally recognized overnight delivery service, (iii) three business days following the date on which
it shall have been mailed by certified or registered mail, postage prepaid, return receipt requested, or (iv) at the time of transmittal,
when transmitted by facsimile with receipt confirmed.

 

    	18

     

    

 

11.5
Arbitration. Any dispute or controversy under this Agreement shall be settled exclusively by arbitration in Miami-Dade County,
Florida in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitration
award in any court having proper jurisdiction.

 

11.6
Further Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver
to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose
of carrying out the intent of this Agreement and the documents referred to in this Agreement.

 

11.7
Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any
delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will
operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will
preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To
the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to in this
Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed
by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given;
and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party
giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred
to in this Agreement.

 

11.8
Entire Agreement and Modification. This Agreement supersedes all prior agreements between the parties with respect to its subject
matter and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed
by the party against whom the enforcement of such amendment is sought.

 

    	19

     

    

 

11.9
Assignments, Successors, and No Third-Party Rights. No party may assign any of its rights under this Agreement without the prior
consent of the other parties. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure
to the benefit of and be enforceable by the respective successors and permitted assigns of the parties. Nothing expressed or referred
to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy,
or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions
are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns.

 

11.10
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

11.11
Section Headings, Construction. The headings of Sections in this Agreement are provided for convenience only and will not affect
its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section
or Sections of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances
require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

 

11.12
Governing Law. This Agreement will be governed by the laws of the State of Wyoming without regard to conflicts of laws principles.

 

11.13
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	20

     

    

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Acquisition Agreement as of the date first written above.

 

Belfrics
BT Pvt Ltd, an India corporation

Belfrics
Cryptex Pvt Ltd, an India corporation

Belfrics
Tanzania Ltd, a Tanzania corporation

Belfrics
Nigeria Pvt Ltd, a Nigeria corporation

Belfrics
BT SDN BHD, a Malaysia corporation

Belfrics
Malaysia Sdn Bhd, a Malaysia corporation

Belfrics
Holding Limited, a Malaysia corporation

Incrypts
Sdn Bhd, a Malaysia corporation

Belfrics
Academy SDN BHD, a Malaysia corporation

Belfrics
International Ltd, a Malaysia corporation

Belfrics
Europe S.L., a Spain corporation

Belfrics
Kenya Ltd, a Kenya corporation

Belfrics
Singapore Pte Ltd, a Singapore corporation

 

	 	By:	/s/
Praveenkumar Vijayakumar
	 	Name:	Praveenkumar
    Vijayakumar
	 	Title:	CEO

 

	 	LIFE
    CLIPS, INC.
	 	a
    Wyoming corporation
	 	 	 
	 	By:	/s/
Robert Grinberg
	 	Name:	Robert
    Grinberg
	 	Title:	CEO

 

    	21

     

    

 

Exhibit
A

Asset
List

 

 

    	22

     

    

 

Exhibit
B

LCLP
Series C Preferred Shares Designation

 

DESIGNATION
OF SERIES C PREFERRED STOCK

 

OF
LIFE CLIPS INC.

 

3,500,000
shares of the authorized and unissued Preferred Stock of the Life Clips Inc. (the “Corporation”) are hereby
designated “Series C Preferred Stock” with the following rights, preferences, powers, privileges and restrictions,
qualifications and limitations.

 

1.
Dividends.

 

1.1
Corporate Dividends. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series
of capital stock of the Corporation unless (in addition to the obtaining of any consents required elsewhere in the Articles of Incorporation)
the holders of the Series C Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding
share of Series C Preferred Stock in an amount at least equal to (i) in the case of a dividend on Common Stock or any class or series
that is convertible into Common Stock, that dividend per share of Series C Preferred Stock as would equal the product of (A) the dividend
payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted
into Common Stock and (B) the number of shares of Common Stock issuable upon conversion of a share of Series C Preferred Stock, in each
case calculated on the record date for determination of holders entitled to receive such dividend or (ii) in the case of a dividend on
any class or series that is not convertible into Common Stock, at a rate per share of Series C Preferred Stock determined by (A) dividing
the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class
or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Series C Original
Issue Price (as defined below); provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares
of more than one class or series of capital stock of the Corporation, the dividend payable to the holders of Series C Preferred Stock
pursuant to this Section 1 shall be calculated based upon the dividend on the class or series of capital stock that would result in the
highest Series C Preferred Stock dividend. The “Series C Original Issue Price” shall mean $10.00 per share,
subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with
respect to the Series C Preferred Stock.

 

    	23

     

    

 

2.
Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales.

 

2.1
Liquidation Payment Amount for Holders of Series C Preferred Stock. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation or Deemed Liquidation Event, the holders of shares of Series C Preferred Stock then outstanding
shall be entitled to be paid out of the assets of the Corporation available for distribution to its shareholders before any payment shall
be made to the holders of Series C Preferred Stock or Common Stock by reason of their ownership thereof, by pari passu with holders
of Series A Preferred Stock, an amount per share equal to the Series C Original Issue Price, plus any dividends declared but unpaid thereon
(the amount payable pursuant to this sentence is hereinafter referred to as the “Series C Liquidation Amount”).
If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation
available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series C Preferred Stock the full
amount to which they shall be entitled under this Subsection 2.1, the holders of shares of Series C Preferred Stock shall share ratably
in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable
in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

 

2.2
Payments to Holders of Common Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of
Series C Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders shall be distributed
among the holders of shares of Common Stock, pro rata based on the number of shares held by each such holder.

 

2.3
Deemed Liquidation Events.

 

2.3.1
Definition. Each of the following events shall be considered a “Deemed Liquidation Event” unless the
holders of more than 50% of the outstanding shares of Series C Preferred Stock elect otherwise by written notice sent to the Corporation
at least 3 days prior to the effective date of any such event:

 

(a)
a merger, consolidation or share exchange in which:

 

(i)
the Corporation is a constituent party or

 

(ii)
a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger
or consolidation,

 

except
any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock
that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1)
the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation
immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

 

(b)
the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the
Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken
as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially
all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where
such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

 

    	24

     

    

 

2.3.2
Effecting a Deemed Liquidation Event.

 

(a)
The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(i) unless the agreement
or plan of merger, consolidation or share exchange for such transaction (the “Merger Agreement”) provides that
the consideration payable to the shareholders of the Corporation shall be allocated among the holders of capital stock of the Corporation
in accordance with Subsections 2.1 and 2.2.

 

(b)
In the event of a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(ii) or 2.3.1(b), if the Corporation does not effect a dissolution
of the Corporation under the Business Corporation Act within 90 days after such Deemed Liquidation Event, then (i) the Corporation shall
send a written notice to each holder of Series C Preferred Stock no later than the 90th day after the Deemed Liquidation Event advising
such holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii)
to require the redemption of such shares of Series C Preferred Stock, and (ii) if the holders of more than 50% of the then outstanding
shares of Series C Preferred Stock so request in a written instrument delivered to the Corporation not later than 120 days after such
Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net
of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors
of the Corporation), together with any other assets of the Corporation available for distribution to its shareholders, all to
the extent permitted by Wyoming law governing distributions to shareholders (the “Available Proceeds”), on
the 150th day after such Deemed Liquidation Event (the “Redemption Date”), to redeem all outstanding shares
of Series C Preferred Stock at a price per share equal to the Series C Liquidation Amount (the “Redemption Price”).
The Redemption Price shall be paid in the same manner as the consideration received in the Deemed Liquidation Event and in the proportion
in which consideration was received, unless agreed otherwise. Notwithstanding the foregoing, in the event of a redemption pursuant to
the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Series C Preferred Stock, the
Corporation shall ratably redeem each holder’s shares of Series C Preferred Stock to the fullest extent of such Available Proceeds,
and shall redeem the remaining shares as soon as it may lawfully do so under Wyoming law governing distributions to shareholders. Prior
to the distribution or redemption provided for in this Subsection 2.3.2(b), the Corporation shall not expend or dissipate the consideration
received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event.

 

Each
holder of Series C Preferred Stock shall surrender the certificate or certificates representing such shares to the Corporation at the
principal office of the Corporation, or at such other place as may be designated by the Corporation, on or before the Redemption Date,
and thereupon, on the Redemption Date, the Corporation shall pay the Redemption Price for such shares in immediately available funds,
by wire transfer to an account designated by such holder or by certified or bank check payable to the order of the person whose name
appears on such certificate or certificates as the owner thereof. Each stock certificate surrendered for redemption shall be canceled
and retired. From and after the Redemption Date, unless there shall have been a default in payment of the Redemption Price, all dividends
on the Series C Preferred Stock redeemed on the Redemption Date shall cease to accrue, all rights of the holders of the Series C Preferred
Stock of the Corporation (except the right to receive the Redemption Price on surrender of their certificate or certificates) shall cease
with respect to such shares, and such shares shall not thereafter be transferred on the books of the Corporation or be deemed to be outstanding
for any purpose whatsoever. Shares of Series C Preferred Stock that are subject to redemption but that have not been redeemed and the
Redemption Price paid due to insufficient legally available funds shall continue to be entitled to the dividend, conversion and other
rights, preferences, privileges and restrictions of such Series C Preferred Stock until such shares have been redeemed and the Redemption
Price has been paid.

 

    	25

     

    

 

2.3.3
Notice of Liquidating Event. Written notice of any Deemed Liquidating Event stating, as applicable, a payment date or Redemption
Date, the place where such payment or redemption shall be made, the amount of each payment in liquidation or the Redemption Price and
calling on such holder to surrender to the Corporation, in the manner and at the place designated, its certificate or certificates representing
its shares of Series C Preferred Stock, shall be given not less than 10 days before the payment date or Redemption Date stated therein,
to each holder of record of Series C Preferred Stock at such holder’s address as shown in the records of the Corporation; provided,
that, to the extent permitted under Section B.4. hereof, any holder of Series C Preferred Stock may convert its shares of Series
C Preferred Stock to Common Stock during such period at any time before the close of business on the last full day preceding the payment
date or Redemption Date stated in such notice.

 

2.3.4
Amount Deemed Paid or Distributed. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon
any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the fair market
value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm or other
entity. The fair market value of such property, rights or securities shall be determined in good faith by the Board of Directors of the
Corporation.

 

3.
Voting.

 

3.1
General. With regard to any matter upon which holders of the Common Stock of the Corporation have the right to vote, Series C
Holders shall have to vote that number of shares into which the Series C shares of such holder may be converted into Common Stock as
set forth in Section 4, below.

 

3.2
Election of Directors.

 

3.2.1
Directors of the Corporation. For so long as any shares of Series C Preferred Stock remain outstanding, at each meeting of the
shareholders held for the election of directors, or on the taking of a written consent of shareholders for such purpose, the holders
of Series C Preferred Stock shall be entitled to elect one member of the Board of Directors by plurality vote (each such director elected
by the holders of Series C Preferred Stock, a “Series C Director”). In the case of any vacancy in the office
of a Series C Director, the holders of Series C Preferred Stock, by plurality vote, may elect a successor to hold office for the unexpired
term of the Series A Director whose place shall be vacant. Any Series C Director may be removed during the aforesaid term of office,
either with or without cause, by the affirmative vote of the holders of more than 50% of the then outstanding shares of Series C Preferred
or for cause by a vote of more than 50% of the then outstanding Common Shares of the Corporation.

 

    	26

     

    

 

3.3
Series C Preferred Stock Protective Provisions. At any time when shares of Series C Preferred Stock are outstanding, the Corporation
shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without (in addition
to any other vote required by law or the Articles of Incorporation) the written consent or affirmative vote of the holders of more than
50% of the then outstanding shares of Series C Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the
case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void
ab initio, and of no force or effect.

 

3.3.1
liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any merger or consolidation other than a Deemed Liquidation
Event, or consent to any of the foregoing;

 

3.3.2
amend, alter or repeal any provision of the Articles of Incorporation or Bylaws of the Corporation in a manner that adversely affects
the powers, preferences or rights of the Series C Preferred Stock, including, but not limited to, any such amendment, alteration or repeal
that changes the size of the board of directors;

 

3.3.3
create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock
unless the same ranks junior to the Series C Preferred Stock with respect to the distribution of assets on the liquidation, dissolution
or winding up of the Corporation, the payment of dividends and rights of redemption, or increase the authorized number of shares of Series
C Preferred Stock or increase the authorized number of shares of any additional class or series of capital stock unless the same ranks
junior to the Series C Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the
Corporation, the payment of dividends and rights of redemption; or

 

3.3.4
(i) reclassify, alter or amend any existing security of the Corporation that is pari passu with the Series C Preferred Stock in respect
of the distribution of assets on the liquidation, dissolution or winding up of the Corporation, the payment of dividends or rights of
redemption, if such reclassification, alteration or amendment would render such other security senior to the Series C Preferred Stock
in respect of any such right, preference or privilege, or (ii) reclassify, alter or amend any existing security of the Corporation that
is junior to the Series C Preferred Stock in respect of the distribution of assets on the liquidation, dissolution or winding up of the
Corporation, the payment of dividends or rights of redemption, if such reclassification, alteration or amendment would render such other
security senior to or pari passu with the Series C Preferred Stock in respect of any such right, preference or privilege.

 

    	27

     

    

 

4.
Conversion.

 

The
holders of the Series C Preferred Stock shall have conversion rights as follows (the “Conversion Rights”):

 

4.1
Right to Convert.

 

4.1.1
Conversion Ratio. Each share of Series C Preferred Stock shall be convertible, at the option of the holder thereof, beginning
12 months from the date of issuance, and thereafter at any time and from time to time, and without the payment of additional consideration
by the holder thereof, into that number of fully paid and nonassessable shares of Common Stock (whether whole or fractional) that have
a Fair Market Value, in the aggregate, equal to the Series C Conversion Price. The “Series C Conversion Price”
shall initially be equal to $10.00. Such initial Series C Conversion Price, and the rate at which shares of Series C Preferred Stock
may be converted into shares of Common Stock, shall be subject to adjustment as provided below. “Fair Market Value”
shall mean as of any date of determination, the 80% of average of the 5 lowest closing prices for
a share of Common Stock on the principal exchange or market on which such shares are then trading for the 20 trading days immediately
preceding such date. Notwithstanding the foregoing, in no case shall the Fair Market Value multiplied by the total number of shares issued
and outstanding be less than $5,000,000 (the “Market Capitalization Threshold”). For example:

 

	 	●	Average
    of 5 lowest closing prices over 20 trading days = $.50
	 	●	Fair
    Market Value = $.40
	 	●	Series
    C Conversion Price = $10.00
	 	●	Number
    of Series C Shares to Convert = 25,000
	 	●	Total
    Number of Common Shares outstanding = 150,000,000
	 	●	Common
    Shares Outstanding x Fair Market Value = 150,000,000 x .40 = $60,000,000 (above the Market Capitalization Threshold)
	 	●	25,000
    (C Shares) x 10 (Conversion Price) = 250,000/.40 (Fair Market Value) =
	 	●	Therefore
    25,000 Series C Shares convert into 625,000 common shares

 

4.1.2
Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation
Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of
any such amounts distributable on such event to the holders of Series C Preferred Stock.

 

4.1.3
Limitation on Conversion.

 

a.
Notwithstanding anything to the contrary contained herein, a holder’s right to exercise that holder’s Conversion Rights shall
be limited to the extent necessary to ensure that, following such exercise, the total number of shares of Common Stock then beneficially
owned by such holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with such
holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “1934 Act”), does
not exceed 4.9% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common
Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of
the 1934 Act and the rules and regulations promulgated thereunder.

 

    	28

     

    

 

b.
Notwithstanding Section 4.1.3(a), if the Corporation is a non-reporting issuer, the number of conversion shares that may be acquired
by the Holder upon conversion of this Note (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that,
following such conversion (or other issuance), the total number of shares of common stock of the Corporation then beneficially owned
by the Holder and its affiliates and any other persons whose beneficial ownership of common stock of the Corporation would be aggregated
with the Holder’s for purposes of Section 13(d) of the 1934 Act, does not exceed 9.999% of the total number of issued and outstanding
shares of common stock of the Corporation (including for such purpose the shares of common stock issuable upon such conversion). For
such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations
promulgated thereunder.

 

4.2
Fractional Shares. Should the conversion of the Series C Preferred Stock result in the need for the issuance of Fractional Shares
of Common Stock then such Fractional Shares shall be rounded up so that only whole shares are issued.

 

4.3
Mechanics of Conversion.

 

4.3.1
Notice of Conversion. In order for a holder of Series C Preferred Stock to voluntarily convert shares of Series C Preferred Stock
into shares of Common Stock, such holder shall surrender the certificate or certificates for such shares of Series C Preferred Stock
(or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement
reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account
of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Series C Preferred Stock
(or at the principal office of the Corporation if the Corporation serves as its own transfer agent), together with written notice that
such holder elects to convert all or any number of the shares of the Series C Preferred Stock represented by such certificate or certificates
and, if applicable, any event on which such conversion is contingent. Such notice shall state such holder’s name or the names of
the nominees in which such holder wishes the certificate or certificates for shares of Common Stock to be issued. If required by the
Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer,
in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing.
The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer
agent) of such certificates (or lost certificate affidavit and agreement) and notice shall be the time of conversion (the “Conversion
Time”), and the shares of Common Stock issuable upon conversion of the shares represented by such certificate shall be
deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time, (i) issue
and deliver to such holder of Series C Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number
of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and a certificate for the number
(if any) of the shares of Series C Preferred Stock represented by the surrendered certificate that were not converted into Common Stock,
(ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon
such conversion and (iii) pay all declared but unpaid dividends on the shares of Series C Preferred Stock converted.

 

    	29

     

    

 

4.3.2
Reservation of Shares. The Corporation shall at all times when the Series C Preferred Stock shall be outstanding, reserve and
keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Series C Preferred
Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of
all outstanding Series C Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect the conversion of all then outstanding shares of the Series C Preferred Stock, the Corporation shall take such corporate
action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient
for such purposes, including, without limitation, engaging in best efforts to obtain the requisite shareholder approval of any necessary
amendment to the Articles of Incorporation. Before taking any action which would cause an adjustment reducing the Series C Conversion
Price below the then par value of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock, the Corporation
will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally
issue fully paid and nonassessable shares of Common Stock at such adjusted Series C Conversion Price.

 

4.3.3
Effect of Conversion. All shares of Series C Preferred Stock which shall have been surrendered for conversion as herein provided
shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion
Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any
dividends declared but unpaid thereon. Any shares of Series C Preferred Stock so converted shall be retired and cancelled and may not
be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for shareholder
action) as may be necessary to reduce the authorized number of shares of Series C Preferred Stock accordingly.

 

4.3.4
No Further Adjustment. Upon any such conversion, no adjustment to the Series C Conversion Price shall be made for any declared
but unpaid dividends on the Series C Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion.

 

4.3.5
Taxes. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery
of shares of Common Stock upon conversion of shares of Series C Preferred Stock pursuant to this Section 4. The Corporation shall not,
however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of
Common Stock in a name other than that in which the shares of Series C Preferred Stock so converted were registered, and no such issuance
or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any
such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

 

4.4
Adjustments to Series C Preferred.

 

4.4.1
Adjustment for Reclassification, Exchange and Substitution. If the Common Stock issuable on the conversion of Series C Preferred
Stock shall be changed into the same or a different number of shares of any class or classes of stock, whether by capital reorganization,
reclassification, or otherwise (other than as provided for in Subsection 4.4.3), then and in each such event the holder of each share
of Series C Preferred Stock shall have the right thereafter to convert such share into the kind and amount of shares of stock and other
securities and property receivable on such reorganization, reclassification or other change, by holders of the number of shares of Common
Stock into which such shares of Series C Preferred Stock might have been converted immediately before such reorganization, reclassification,
or change.

 

    	30

     

    

 

4.4.2
Sales, Reorganizations, Mergers or Consolidations. In case of any consolidation or merger of the Corporation with or into another
entity, the sale, transfer or other disposition of all or substantially all of the assets of the Corporation to another person or the
sale, transfer or other disposition of securities of the Corporation representing 50% or more of the combined voting power of the then
outstanding securities of the Corporation (other than a consolidation, merger or sale treated as a Deemed Liquidating Event pursuant
to Section 2 above), each share of Series C Preferred Stock shall thereafter be convertible into the kind and amount of shares of stock
or other securities or property that a holder of the number of shares of Common Stock of the Corporation deliverable on conversion of
Series C Preferred Stock would have been entitled on such consolidation, merger or sale; and in such case, appropriate adjustment (as
determined in good faith by the Board of Directors of the Corporation) shall be made in the application of the provisions of Section
B.4. with respect to the rights and interest thereafter of the holders of Series C Preferred Stock, to the end that the provisions set
forth in Section B.4. shall thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities
or property thereafter deliverable on the conversion of Series C Preferred Stock.

 

4.4.3
Reverse Stock Splits, Redemptions and Repurchases. In case the Corporation shall at any time reduce the number of outstanding
shares of Common Stock by reverse stock split, redemption, repurchase or otherwise without a corresponding combination of the Series
C Preferred Stock, the Series C Conversion Price in effect immediately before such share reduction shall be proportionately increased.

 

4.4.4
Certificate of Adjustment. On the occurrence of each adjustment or readjustment of the Series C Conversion Price pursuant to this
Section B.4., the Corporation at its expense shall promptly compute such adjustment or readjustment in accordance with the terms thereof,
and prepare and furnish to each holder of Series C Preferred Stock affected thereby a certificate setting forth such adjustment or readjustment
and showing in detail the facts on which such adjustment or readjustment is based. The Corporation shall, on the written notice at any
time of any holder of Series C Preferred Stock, furnish or cause to be furnished to such holder a like certificate setting forth (a)
such adjustment or readjustment, (b) the Series C Conversion Price at the time in effect, and (c) the number of shares of Common Stock
and the amount, if any, of other property that at the time would be received on the conversion of such holder’s shares.

 

5.
Acquired Shares. Any shares of Series C Preferred Stock that are acquired by the Corporation or any of its subsidiaries shall
be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any
of its subsidiaries may exercise any voting or other rights granted to the holders of Series C Preferred Stock following acquisition.

 

6.
Preemptive Rights. Holders of Series C Preferred Stock shall not have preemptive rights to acquire shares of stock or securities
convertible into shares of stock issued by the corporation.

 

7.
Waiver. Any of the rights, powers, preferences and other terms of the Series C Preferred Stock set forth herein may be waived
on behalf of all holders of Series C Preferred Stock by the affirmative written consent or vote of the holders of more than 50% of the
shares of Series C Preferred Stock then outstanding.

 

8.
Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder of shares of Series
C Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given
by electronic communication in compliance with the provisions of the Business Corporation Act, and shall be deemed sent upon such mailing
or electronic transmission.

 

    	31

     

    

 

Exhibit
C

Sellers

 

Praveenkumar
Vijayakumar

 

Maya
Praveen Kumar

 

Jabeer
K M

 

    	32

     

    

 

Schedule
2.1(b)

 

 

    	33

     

    

 

Schedule
2.1(c)

 

Milestone
criteria for Exchange division:

 

Total
revenue generated

Total
customers onboarded

 

Milestone
1

 

	 	(a)	Total
    Revenue > $1 million per month = $2,000,000 in Series C Preferred Stock
	 	(b)	total
    onboarded users > 100,000 = $2,000,000 in Series C Preferred Stock

 

Milestone
2

 

	 	(a)	Total
    Revenue generated > $2 million per month = $3,000,000 in Series C Preferred Stock
	 	(b)	total
    onboarded users > 200,000 = $3,000,000 in Series C Preferred Stock

 

Milestone
criteria for Tech Division:

 

Total
revenue generated

Total
number of users onboarded for Decentralized Applications (“DApps”)

 

Milestone
1

 

	 	(a)	Total
    revenue generated > $500,000 = $1,000,000 in Series C Preferred Stock
	 	(b)	total
    onboarded users for all DApps > 100,000 = $1,000,000 in Series C Preferred Stock

 

Milestone
2

 

	 	(a)	Total
    revenue generated > $1,000,000 = $1,500,000 in Series C Preferred Stock
	 	(b)	total
    onboarded users for all DApps > 200,000 = $1,500,000 in Series C Preferred Stock

 

    	34

     

    

 

Schedule
8.1(b)

 

 

1.
patent approval form Belrium KYC solution from Federal Republic of Nigeria

2.
Trademark certificates for Belfrics and Belrium logos and names

3.
cryptocurrency trading platform source code (stored in github, gitlab and bitbucket)

4.
Belrium blockchain source code: private and public (Stored in github, gitlab and bitbucket)

5.
Belyo, Belshare, credible application source code (github, gitlab, bitbucket)

6.
Website source codes - Belfrics.com, Belfrics.io, Belfricsbt.com, Belrium.com, Belrium.io, Belfricsgroup.com, belfricsacademy.com, bt18.io,
belshare.com, belyo.io (source codes are in bitbucket) 

 

    	35

     

    

 

Schedule
8.3

 

1.
MSC Malaysia Status Approval (BelfricsBT Sdn Bhd)

2.
Money Broking license from LFSA Labuan, Malaysia (Forex license)

3.
Crypto currency exchange activity approval, LFSA Labuan, Malaysia

4.
Sandbox license, Capital Markets Authority, Kenya (Belrium Pvt Limited)

5.
MOU with ICT Ministry, Tanzania

 

    	36

     

    

 

Exhibit
8.5(b)

 

None
applicable

 

    	37Exhibit
4.8

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED IN THE PURCHASE AGREEMENT)),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A
OR REGULATION S UNDER SAID ACT OR OTHER APPLICABLE EXEMPTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal
    Amount: $250,000.00	Issue
    Date: November 16, 2021
	Actual
    Amount of Purchase Price: $225,000.00	 

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, WETOUCH TECHNOLOGY INC., a Nevada corporation (hereinafter called the “Borrower” or the “Company”)
(Trading Symbol: WETH), hereby promises to pay to the order of FirstFire Global Opportunities Fund, LLC, a Delaware limited liability
company, or registered assigns (the “Holder”), in the form of lawful money of the United States of America, the principal
sum of $250,000.00, which amount is the $225,000.00 actual amount of the purchase price (the “Consideration”) hereof plus
an original issue discount in the amount of $25,000.00 (the “OID”) (subject to adjustment herein) (the “Principal Amount”)
and to pay interest on the unpaid Principal Amount hereof at the rate of eight percent (8%) (the “Interest Rate”) per annum
from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration
or by prepayment or otherwise, as further provided herein. The maturity date shall be twelve (12) months from the Issue Date (the “Maturity
Date”), and is the date upon which the Principal Sum, the OID, as well as any accrued and unpaid interest and other fees, shall
be due and payable.

 

This
Note may not be prepaid or repaid in whole or in part except as otherwise explicitly set forth herein.

 

Any
Principal Amount or interest on this Note which is not paid when due shall bear interest at the rate of the lesser of (i) sixteen percent
(16%) per annum and (ii) the maximum amount permitted by law from the due date thereof until the same is paid (“Default Interest”).
Interest and Default Interest shall be computed on the basis of a 365-day year and the actual number of days elapsed.

 

All
payments due hereunder (to the extent not converted into shares of common stock, $0.001 par value per share, of the Borrower (the “Common
Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall
be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of
this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same
shall instead be due on the next succeeding day which is a business day.

 

Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase
Agreement, dated as of the Issue Date, pursuant to which this Note was originally issued (the “Purchase Agreement”). As used
in this Note, the term “business day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks
in the city of New York, New York are authorized or required by law or executive order to remain closed. As used herein, the term “Trading
Day” means any day that shares of Common Stock are listed for trading or quotation on the Principal Market (as defined in the Purchase
Agreement), provided, however, that if the Common Stock is not then listed or quoted on any Principal Market, then any calendar day.

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall also apply to this Note:

 

    	1

     

    

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right, on any calendar day, at any time on or following the earlier of (i) the closing
date of the Uplist Offering (as defined in this Note) or (ii) the date that is one hundred eighty (180) calendar days after the Issue
Date, to convert all or any portion of the then outstanding and unpaid Principal Amount and interest (including any Default Interest)
into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock
or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified, at the Conversion Price
(as defined below) determined as provided herein (a “Conversion”); provided, however, that notwithstanding anything
to the contrary contained herein, the a Holder shall not have the right to convert any portion of this Note, pursuant to Section 1 or
otherwise, to the extent that after giving effect to such issuance after conversion as set forth on the applicable Notice of Conversion,
the Holder (together with the Holder’s affiliates (the “Affiliates”), and any other Persons (as defined below) acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would
beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and Attribution Parties shall include the number of shares of Common Stock
issuable upon conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares
of Common Stock which would be issuable upon (i) conversion of the remaining, nonconverted portion of this Note beneficially owned by
the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion
of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for
purposes of this Section 1.1, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Holder is solely responsible for any schedules required
to be filed in accordance therewith. In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section
1.1, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common
Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B)
a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Note, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common
Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
at the time of the respective calculation hereunder. “Person” and “Persons” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any governmental
entity or any department or agency thereof. The limitations contained in this paragraph shall apply to a successor holder of this Note.
The number of Conversion Shares to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount
(as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached
hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower or Borrower’s transfer agent by
the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other
means resulting in, or reasonably expected to result in, notice) to the Borrower or Borrower’s transfer agent before 11:59 p.m.,
New York, New York time on such conversion date (the “Conversion Date”). The term “Conversion Amount” means,
with respect to any conversion of this Note, the sum of (1) the Principal Amount of this Note to be converted in such conversion plus
(2) at the Holder’s option, accrued and unpaid interest, if any, on such Principal Amount at the Interest Rate to the Conversion
Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding
clauses (1) and/or (2).

 

    	2

     

    

 

1.2
Conversion Price.

 

(a) Calculation
of Conversion Price. The per share conversion price into which Principal Amount and interest (including any Default Interest) under
this Note shall be convertible into shares of Common Stock hereunder (the “Conversion Price”) shall equal $0.75, provided,
however, that if the Company consummates an Uplist Offering (as defined in this Note) on or before the date that is one hundred and eighty
(180) calendar days after the Issue Date, then the Conversion Price shall equal 70% of the offering price per share of Common Stock (or
unit, if units are offered in the Uplist Offering) at which the Uplist Offering is made (for the avoidance of doubt, if a unit includes
more than one share of the Common Stock in the Uplist Offering, the Conversion Price shall mean 70% of the unit price divided by the
number of shares of Common Stock contained in a unit). “Uplist Offering” shall mean an offering of Common Stock (or units
consisting of Common Stock and warrants to purchase Common Stock) that results (i) in gross proceeds to the Company of $15,000,000 or
more and (ii) in the immediate listing for trading of the Common Stock on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the New York Stock Exchange, or any other national securities exchange (or any successors to
any of the foregoing). If at any time the Conversion Price as determined hereunder for any conversion would be less than the par value
of the Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion
and the Conversion Amount for such conversion may be increased to include Additional Principal, where “Additional Principal”
means such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable
upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted
by the Holder to the par value price. The Conversion Price is subject to equitable adjustments for stock splits, stock dividends or rights
offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations,
recapitalization, reclassifications, extraordinary distributions and similar events.

 

1.3 Authorized
and Reserved Shares. The Borrower covenants that at all times until the Note is satisfied in full, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the
issuance of a number of Conversion Shares equal to the greater of: (a) 500,000 shares of Common Stock or (b) the sum of (i) the
number of Conversion Shares issuable upon the full conversion of this Note (assuming no payment of Principal Amount or interest) at
the time of such calculation (taking into consideration any adjustments to the Conversion Price as provided in this Note) multiplied
by (ii) one and a half (1.5) (the “Reserved Amount”). The Borrower represents that upon issuance, the Conversion
Shares will be duly and validly issued, fully paid and non-assessable. The Borrower (i) acknowledges that it has irrevocably
instructed its transfer agent to issue certificates for the Conversion Shares or instructions to have the Conversion Shares issued
as contemplated by Section 1.4(f) hereof, and (ii) agrees that its issuance of this Note shall constitute full authority to its
officers and agents who are charged with the duty of executing stock certificates or cause the Company to electronically issue
shares of Common Stock to execute and issue the necessary certificates for the Conversion Shares or cause the Conversion Shares to
be issued as contemplated by Section 1.4(f) hereof in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default (as defined in this Note) under
this Note.

 

1.4
Method of Conversion.

 

(a) Mechanics
of Conversion. This Note may be converted by the Holder in whole or in part, on any calendar day, at any time on or following the
earlier of (i) the closing date of the Uplist Offering or (ii) the date that is one hundred eighty (180) calendar days after the Issue
Date, by submitting to the Borrower or Borrower’s transfer agent a Notice of Conversion (by facsimile, e-mail or other reasonable
means of communication dispatched on the Conversion Date prior to 11:59 p.m., New York, New York time). Any Notice of Conversion submitted
after 11:59 p.m., New York, New York time, shall be deemed to have been delivered and received on the next Trading Day.

 

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

 

    	3

     

    

 

(c) Payment
of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue
and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other than that of the Holder
(or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or property unless
and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the Holder’s
account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have established to the
satisfaction of the Borrower that such tax has been paid.

 

(d) Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower or Borrower’s transfer agent from the Holder of a facsimile transmission
or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided
in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates
for the Conversion Shares (or cause the electronic delivery of the Conversion Shares as contemplated by Section 1.4(f) hereof) within
one (1) Trading Day after such receipt (the “Deadline”) (and, solely in the case of conversion of the entire unpaid Principal
Amount and interest (including any Default Interest) under this Note, surrender of this Note). If the Company shall fail for any reason
or for no reason to issue to the Holder on or prior to the Deadline a certificate for the number of Conversion Shares or to which the
Holder is entitled hereunder and register such Conversion Shares on the Company’s share register or to credit the Holder’s
balance account with DTC (as defined below) for such number of Conversion Shares to which the Holder is entitled upon the Holder’s
conversion of this Note (a “Conversion Failure”), then, in addition to all other remedies available to the Holder, (i) the
Company shall pay in cash to the Holder on each day after the Deadline and during such Conversion Failure an amount equal to 2.0% of
the product of (A) the sum of the number of Conversion Shares not issued to the Holder on or prior to the Deadline and to which the Holder
is entitled and (B) the closing sale price of the Common Stock on the Trading Day immediately preceding the last possible date which
the Company could have issued such Conversion Shares to the Holder without violating this Section 1.4(d); and (ii) the Holder, upon written
notice to the Company, may void all or any portion of such Notice of Conversion; provided that the voiding of all or any portion of a
Notice of Conversion shall not affect the Company’s obligations to make any payments which have accrued prior to the date of such
notice. In addition to the foregoing, if on or prior to the Deadline the Company shall fail to issue and deliver a certificate to the
Holder and register such Conversion Shares on the Company’s share register or credit the Holder’s balance account with DTC
for the number of Conversion Shares to which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s
obligation pursuant to clause (ii) below, and if on or after such Trading Day the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise
that the Holder anticipated receiving from the Company, then the Company shall, within two (2) Trading Days after the Holder’s
request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase
price (including brokerage commissions and other reasonable and customary out-of-pocket expenses, if any) for the shares of Common Stock
so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue
such Conversion Shares) or credit such Holder’s balance account with DTC for such Conversion Shares shall terminate, or (ii) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such Conversion Shares or credit such Holder’s
balance account with DTC and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of
(A) such number of shares of Common Stock, times (B) the closing sales price of the Common Stock on the date of exercise. Nothing shall
limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing the Conversion Shares (or to electronically deliver such Conversion Shares) upon the conversion of this Note as required
pursuant to the terms hereof.

 

(e) Obligation
of Borrower to Deliver Common Stock. At the time that the Holder submits the Notice of Conversion to the Borrower or Borrower’s
transfer agent, the Holder shall be deemed to be the holder of record of the Conversion Shares issuable upon such conversion, the outstanding
Principal Amount and the amount of accrued and unpaid interest (including any Default Interest) under this Note shall be reduced to reflect
such conversion, and, unless the Borrower defaults on its obligations under this Article I, all rights with respect to the portion of
this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other
assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s
obligation to issue and deliver the certificates for the Conversion Shares (or cause the electronic delivery of the Conversion Shares
as contemplated by Section 1.4(f) hereof) shall be absolute and unconditional, irrespective of the absence of any action by the Holder
to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or
any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to
the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in
connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so long as the
Notice of Conversion is sent to the Borrower or Borrower’s transfer agent before 11:59 p.m., New York, New York time, on such date.

 

    	4

     

    

 

(f) Delivery
of Conversion Shares by Electronic Transfer. In lieu of delivering physical certificates representing the Conversion Shares issuable
upon conversion hereof, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer or Deposit/Withdrawal at Custodian programs, upon request of the Holder and its compliance with the provisions contained in
Section 1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the
Conversion Shares issuable upon conversion hereof to the Holder by crediting the account of Holder’s Prime Broker with DTC through
its Deposit Withdrawal Agent Commission system.

 

1.5 Concerning
the Shares. The Conversion Shares issuable upon conversion of this Note may not be sold or transferred unless (i) such shares
are sold pursuant to an effective registration statement under the 1933 Act or (ii) the Borrower or its transfer agent shall have
been furnished with an opinion of counsel (which opinion shall be the Legal Counsel Opinion (as defined in the Purchase Agreement))
to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration
or (iii) such shares are sold or transferred pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption, or (iv)
such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise
transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase
Agreement). Except as otherwise provided in the Purchase Agreement (and subject to the removal provisions set forth below), until
such time as the Conversion Shares have been registered under the 1933 Act or otherwise may be sold pursuant to Rule 144, Rule 144A,
Regulation S, or other applicable exemption without any restriction as to the number of securities as of a particular date that can
then be immediately sold, each certificate for the Conversion Shares that has not been so included in an effective registration
statement or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the
legend, shall bear a legend substantially in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED IN THE PURCHASE AGREEMENT)),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A,
REGULATION S UNDER SAID ACT, OR OTHER APPLICABLE EXEMPTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue to the Holder a certificate for the applicable Conversion Shares
without such legend upon which it is stamped or (as requested by the Holder) issue the applicable Conversion Shares by electronic delivery
by crediting the account of such holder’s broker with DTC, if, unless otherwise required by applicable state securities laws: (a)
such Conversion Shares are registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be
sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption without any restriction as to the number of securities
as of a particular date that can then be immediately sold, or (b) the Company or the Holder provides the Legal Counsel Opinion (as contemplated
by and in accordance with Section 4(m) of the Purchase Agreement) to the effect that a public sale or transfer of such Conversion Shares
may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected.
The Company shall be responsible for the fees of its transfer agent and all DTC fees associated with any such issuance. The Holder agrees
to sell all Conversion Shares, including those represented by a certificate(s) from which the legend has been removed, in compliance
with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided
by the Holder with respect to the transfer of Conversion Shares pursuant to an exemption from registration, such as Rule 144, Rule 144A,
Regulation S, or other applicable exemption, at the Deadline, notwithstanding that the conditions of Rule 144, Rule 144A, Regulation
S, or other applicable exemption, as applicable, have been met, it will be considered an Event of Default under this Note.

 

    	5

     

    

 

 1.6  Effect of Certain Events.

 

(a) Effect
of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the
assets of the Borrower, or the consolidation, merger or other business combination of the Borrower with or into any other Person (as
defined below) or Persons when the Borrower is not the survivor shall either: (i) be deemed to be an Event of Default pursuant to which
the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to
the Default Amount (defined in Section 3.20) or (ii) be treated pursuant to Section 1.6(b) hereof. “Person” shall mean any
individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b) Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all of this
Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result
of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another class or classes
of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially all of the assets
of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter
have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu
of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would
have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction (without
regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to
the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not effectuate any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, at least
thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special
meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of
shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to
convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations
of this Section 1.6(b). The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c) Adjustment
Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders
of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to
the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off))
(a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record
for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the
Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common
Stock on the record date for the determination of shareholders entitled to such Distribution.

 

(d) Purchase
Rights. If, at any time when all or any portion of this Note is issued and outstanding, the Borrower issues any convertible securities
or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders
of any class of Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common Stock acquirable
upon complete conversion of this Note (without regard to any limitations on conversion contained herein) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken, the date as of which
the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

    	6

     

    

 

(e) Dilutive
Issuance. If the Borrower, at any time while this Note or any amounts due hereunder are outstanding, issues, sells or grants (or
has issued, sold or granted as of the Issue Date, as the case may be) any option to purchase, or sells or grants any right to reprice,
or otherwise disposes of, or issues (or has sold or issued, as the case may be, or announces any sale, grant or any option to purchase
or other disposition), any Common Stock or other securities convertible into, exercisable for, or otherwise entitle any person or entity
the right to acquire, shares of Common Stock (including, without limitation, upon conversion of this Note, and any convertible notes
or warrants outstanding as of or following the Issue Date), in each or any case at an effective price per share that is lower than the
then Conversion Price (such lower price, the “Base Conversion Price” and such issuances, collectively, a “Dilutive
Issuance”) (it being agreed that if the holder of the Common Stock or other securities so issued shall at any time, whether by
operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants,
options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective
price per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion
Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced, at the option of the Holder, to a price equal
to the Base Conversion Price. Such adjustment shall be made whenever such Common Stock or other securities are issued. By way of example,
and for the avoidance of doubt, if the Company issues a convertible promissory note (including but not limited to a Variable Rate Transaction),
and the holder of such convertible promissory note has the right to convert it into Common Stock at an effective price per share that
is lower than the then Conversion Price (including but not limited to a conversion price with a discount that varies with the trading
prices of or quotations for the Common Stock), then the Holder has the right to reduce the Conversion Price to such Base Conversion Price
(including but not limited to a conversion price with a discount that varies with the trading prices of or quotations for the Common
Stock) in perpetuity regardless of whether the holder of such convertible promissory note ever effectuated a conversion at the Base Conversion
Price. Notwithstanding the foregoing, no adjustment will be made under this Section 1.6(e) in respect of an Exempt Issuance. In the event
of an issuance of securities involving multiple tranches or closings, any adjustment pursuant to this Section 1.6(e) shall be calculated
as if all such securities were issued at the initial closing.

 

An
“Exempt Issuance” shall mean the issuance of (a) shares of Common Stock or other securities to officers or directors of the
Company pursuant to any stock or option or similar equity incentive plan duly adopted for such purpose, by a majority of the non-employee
members of the Company’s Board of Directors or a majority of the members of a committee of non-employee directors established for
such purpose in a manner which is consistent with the Company’s prior business practices; (b) securities issued pursuant to a merger,
consolidation, acquisition or similar business combination approved by a majority of the disinterested directors of the Company, provided
that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries,
an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company
additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities; (c) securities issued
pursuant to any equipment loan or leasing arrangement, real property leasing arrangement or debt financing from a bank or similar financial
institution approved by a majority of the disinterested directors of the Company; or (d) securities issued with respect to which the
Holder waives its rights in writing under this Section 1.6(e).

 

(f) Notice
of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described
in Section 1.6 of this Note, the Borrower shall, at its expense and within one (1) calendar day after the occurrence of each respective
adjustment or readjustment of the Conversion Price, compute such adjustment or readjustment and prepare and furnish to the Holder a certificate
setting forth (i) the Conversion Price in effect at such time based upon the Dilutive Issuance, (ii) the number of shares of Common Stock
and the amount, if any, of other securities or property which at the time would be received upon conversion of the Note, (iii) the detailed
facts upon which such adjustment or readjustment is based, and (iv) copies of the documentation (including but not limited to relevant
transaction documents) that evidences the adjustment or readjustment. In addition, the Borrower shall, within one (1) calendar day after
each written request from the Holder, furnish to such Holder a like certificate setting forth (i) the Conversion Price in effect at such
time based upon the Dilutive Issuance, (ii) the number of shares of Common Stock and the amount, if any, of other securities or property
which at the time would be received upon conversion of the Note, (iii) the detailed facts upon which such adjustment or readjustment
is based, and (iv) copies of the documentation (including but not limited to relevant transaction documents) that evidences the adjustment
or readjustment. For the avoidance of doubt, each adjustment or readjustment of the Conversion Price as a result of the events described
in Section 1.6 of this Note shall occur without any action by the Holder and regardless of whether the Borrower complied with the notification
provisions in Section 1.6 of this Note.

 

    	7

     

    

 

1.7 [Intentionally
Omitted].

 

1.8 Status
as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the Conversion Shares covered thereby (other than the
Conversion Shares, if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the
Reserved Amount or Maximum Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as
a Holder of such converted portion of this Note shall cease and terminate, excepting only the right to receive certificates for such
shares of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a
failure by the Borrower to comply with the terms of this Note. Notwithstanding the foregoing, if a Holder has not received
certificates for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline with respect
to a conversion of any portion of this Note for any reason, then (unless the Holder otherwise elects to retain its status as a
holder of Common Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Note with respect to
such unconverted portions of this Note and the Borrower shall, as soon as practicable, return such unconverted Note to the Holder
or, if the Note has not been surrendered, adjust its records to reflect that such portion of this Note has not been converted. In
all cases, the Holder shall retain all of its rights and remedies for the Borrower’s failure to convert this Note.

 

1.9 Prepayment. At
any time prior to the date that an Event of Default occurs under this Note (the “Prepayment Period”), the Borrower shall
have the right, exercisable on twenty (20) Trading Days prior written notice to the Holder of the Note, to prepay the outstanding Principal
Amount and interest then due under this Note in accordance with this Section 1.9. Any notice of prepayment hereunder (an “Optional
Prepayment Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be twenty (20) Trading Days from the date of the
Optional Prepayment Notice (the “Optional Prepayment Date”). The Holder shall have the right, at all times prior to the actual
receipt of the full prepayment amount on the Optional Prepayment Date, to instead convert all or any portion of the Note pursuant to
the terms of this Note, including the amount of this Note to be prepaid by the Borrower in accordance with this Section 1.9. On the Optional
Prepayment Date, the Borrower shall make payment of the amounts designated below to or upon the order of the Holder as specified by the
Holder in writing to the Borrower. If the Borrower exercises its right to prepay the Note in accordance with this Section 1.9, the Borrower
shall make payment to the Holder of an amount in cash equal to the sum of: (w) 110% multiplied by the Principal Amount then outstanding
plus (x) accrued and unpaid interest on the Principal Amount to the Optional Prepayment Date plus (y) $750.00 to reimburse
Holder for administrative fees.

 

If
the Borrower delivers an Optional Prepayment Notice and fails to pay the applicable prepayment amount due to the Holder of the Note as
provided in this Section 1.9, then the Borrower shall forever forfeit its right to prepay any part of the Note pursuant to this Section
1.9.

 

1.10 Repayment
from Proceeds. If, at any time prior to the full repayment or full conversion of all amounts owed under this Note, the Company receives
cash proceeds from any source or series of related or unrelated sources, including but not limited to, from payments from customers,
the issuance of equity (including but not limited to the Uplist Offering) or debt, the conversion of outstanding warrants of the Borrower,
the issuance of securities pursuant to an equity line of credit of the Borrower or the sale of assets, the Borrower shall, within five
(5) business days of Borrower’s receipt of such proceeds, inform the Holder of or publicly disclose such receipt, following which
the Holder shall have the right in its sole discretion to require the Borrower to immediately apply up to all of such proceeds to repay
all or any portion of the outstanding Principal Amount and interest (including any Default Interest) then due under this Note. Failure
of the Borrower to comply with this provision shall constitute an Event of Default. Notwithstanding the foregoing, this Section 1.10
shall not apply to the Company’s receipt of gross proceeds in the amount of up to $1,925,000 (including the Consideration under
this Note) from the Company’s issuance of promissory notes with the same exact terms and conditions as this Note pursuant to transaction
documents that contain the same exact terms and conditions as the transaction documents entered into between the Company and the Holder
in connection with this Note.

 

    	8

     

    

 

ARTICLE
II. RANKING AND CERTAIN COVENANTS

 

2.1 Ranking
and Security. This Note shall be pari passu with all unsecured indebtedness of the Borrower.

 

2.2 Other
Indebtedness. So long as the Borrower shall have any obligation under this Note, the Borrower shall not (directly or indirectly through
any Subsidiary or affiliate) incur or suffer to exist or guarantee any unsecured indebtedness that is senior to (in priority of payment
and performance) the Borrower’s obligations hereunder.

 

2.3 Distributions
on Capital Stock. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s
written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other
securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares of Common
Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock
except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Borrower’s disinterested
directors.

 

2.4 Restriction
on Debt Repayments. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s
written consent repay any subordinated indebtedness of Borrower.

 

2.5 Sale
of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent by the Holder to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.6 Advances
and Loans; Affiliate Transactions. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without
the Holder’s written consent, lend money, give credit, make advances to or enter into any transaction with any person, firm, joint
venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Borrower, except
loans, credits or advances (a) in existence or committed on the Issue Date and which the Borrower has informed Holder in writing prior
to the Issue Date, (b) in regard to transactions with unaffiliated third parties, made in the ordinary course of business or (c) in regard
to transactions with unaffiliated third parties, not in excess of $100,000. So long as the Borrower shall have any obligation under this
Note, the Borrower shall not, without the Holder’s written consent, repay any affiliate (as defined in Rule 144) of the Borrower
in connection with any indebtedness or accrued amounts owed to any such party.

 

2.7 Section
3(a)(9) or 3(a)(10) Transaction. So long as this Note is outstanding, the Borrower shall not enter into any transaction or arrangement
structured in accordance with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) of the Securities Act
(a “3(a)(9) Transaction”) or Section 3(a)(10) of the Securities Act (a “3(a)(10) Transaction”). In the event
that the Borrower does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10) Transaction while
this note is outstanding, a liquidated damages charge of 25% of the outstanding principal balance of this Note, but not less than $25,000,
will be assessed and will become immediately due and payable to the Holder at its election in the form of a cash payment or added to
the balance of this Note (under Holder’s and Borrower’s expectation that this amount will tack back to the Issue Date).

 

2.8 Preservation
of Business and Existence, etc. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without
the Holder’s written consent, (a) change the nature of its business;

(b)
sell, divest, change the structure of any material assets other than in the ordinary course of business; (c) enter into a Variable Rate
Transaction; or (d) enter into any merchant cash advance transactions. In addition, so long as the Borrower shall have any obligation
under this Note, the Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence,
rights and privileges, and become or remain, and cause each of its Subsidiaries (other than dormant Subsidiaries that have no or minimum
assets) to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned
or leased by it or in which the transaction of its business makes such qualification necessary.

 

2.9 Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate or Articles of Incorporation or Bylaws,
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will at all
times in good faith carry out all the provisions of this Note and take all action as may be required to protect the rights of the Holder.

 

2.10 Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver
to the Holder a new Note.

 

    	9

     

    

 

ARTICLE
III. EVENTS OF DEFAULT

 

It
shall be considered an event of default if any of the following events listed in this Article III (each, an “Event of Default”)
shall occur:

 

3.1 Failure
to Pay Principal or Interest. The Borrower fails to pay the Principal Amount hereof or interest thereon when due on this Note, whether
at maturity, upon acceleration or otherwise, or fails to fully comply with Section 1.10 of this Note.

 

3.2 Conversion
and the Shares. The Borrower (i) fails to issue Conversion Shares to the Holder (or announces or threatens in writing that it will
not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of
this Note, (ii) fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate
for the Conversion Shares issuable to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
(iii) fails to reserve the Reserved Amount at all times, (iv) the Borrower directs its transfer agent not to transfer or delays, impairs,
and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for the Conversion
Shares issuable to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove
(or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend
(or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the Holder
upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement
or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or
any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for two (2) Trading Days
after the Holder shall have delivered a Notice of Conversion, and/or (v) fails to remain current in its obligations to its transfer agent
(including but not limited to payment obligations to its transfer agent). It shall be an Event of Default of this Note, if a conversion
of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the
Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such advanced funds shall
be added to the principal balance of the Note.

 

3.3 Breach
of Agreements and Covenants. The Borrower breaches any covenant, agreement, or other term or condition contained in the Purchase
Agreement, Registration Rights Agreement (as defined in the Purchase Agreement), this Note, Irrevocable Transfer Agent Instructions,
Warrant (as defined in the Purchase Agreement) (the “Warrant”), or in any agreement, statement or certificate given in writing
pursuant hereto or in connection herewith or therewith.

 

3.4 Breach
of Representations and Warranties. Any representation or warranty of the Borrower made in the Purchase Agreement, Registration Rights
Agreement, this Note, Irrevocable Transfer Agent Instructions, Warrant, or in any agreement, statement or certificate given in writing
pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect when made and the breach
of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Note
or the Purchase Agreement.

 

3.5 Receiver
or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or
consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

 

3.6 Judgments.
Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any
of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20)
days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7 Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

 

    	10

     

    

 

3.8 Failure
to Comply with the 1934 Act. At any time after the Issue Date, the Borrower shall fail to comply with the reporting requirements
of the 1934 Act and/or the Borrower shall cease to be subject to the reporting requirements of the 1934 Act.

 

3.9 Liquidation.
Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

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

 

3.11 Maintenance
of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real property or other assets
which are necessary to conduct its business (whether now or in the future).

 

3.12 Financial
Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC for any date or period from
two years prior to the Issue Date of this Note and until this Note is no longer outstanding.

 

3.13 Replacement
of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior to
the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant
to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount)
signed by the successor transfer agent to Borrower and the Borrower.

 

3.14 Cross-Default.
The declaration of an event of default by any lender or other extender of credit to the Company under any notes, loans, agreements or
other instruments of the Company evidencing any indebtedness of the Company (including those filed as exhibits to or described in the
Company’s filings with the SEC), after the passage of all applicable notice and cure or grace periods.

 

3.15 Variable
Rate Transactions. The Borrower consummates a Variable Rate Transaction at any time on or after the Issue Date.

 

3.16 Inside
Information. Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or any actual
transmittal, conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public information
concerning the Borrower, to the Holder or its successors and assigns, which is not immediately cured by Borrower’s filing of a
Form 8-K pursuant to Regulation FD on that same date.

 

3.17 Unavailability
of Rule 144. If, at any time on or after the date that is six (6) calendar months after the Issue Date, the Holder is unable to (i)
obtain a standard “144 legal opinion letter” from an attorney reasonably acceptable to the Holder, the Holder’s brokerage
firm (and respective clearing firm), and the Borrower’s transfer agent in order to facilitate the Holder’s conversion of
any portion of the Note into free trading shares of the Borrower’s Common Stock pursuant to Rule 144, and/or (ii) thereupon deposit
such shares into the Holder’s brokerage account.

 

3.18 Delisting,
Suspension, or Quotation of Trading of Common Stock. If, at any time on or after the Issue Date, the Borrower’s Common Stock
(i) is suspended from trading, (ii) halted from trading, and/or (iii) fails to be quoted or listed (as applicable) on a Principal Market.

 

3.19 Registration
Statement Failures. The Borrower fails to (i) file a registration statement covering the Holder’s resale at prevailing market
prices (and not fixed prices) of all of the Common Stock (the “Registration Statement”) underlying the Note and Warrant within
sixty (60) calendar days following the Issue Date, (ii) cause the Registration Statement to become effective within one hundred fifty
(150) calendar days following the Issue Date, (iii) cause the Registration Statement to remain effective until the Note is extinguished
in its entirety and the Warrant is exercised in the entirety, (iv) comply with the provisions of the Registration Rights Agreement in
all material respects, or (v) immediately amend the Registration Statement or file a new Registration Statement (and cause such Registration
Statement to become effective as provided in the Registration Rights Agreement) if there are no longer sufficient shares registered under
the initial Registration Statement for the Holder’s resale at prevailing market prices (and not fixed prices) of all of the Common
Stock underlying the Note and Warrant.

 

    	11

     

    

 

3.20 Rights
and Remedies Upon an Event of Default. Upon the occurrence of any Event of Default specified in this Article III, this Note shall
become immediately due and payable, and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount
equal to the Principal Amount then outstanding plus accrued interest (including any Default Interest) through the date of full repayment
multiplied by 125% (collectively the “Default Amount”), as well as all costs, including, without limitation, legal fees and
expenses, of collection, all without demand, presentment or notice, all of which hereby are expressly waived by the Borrower. Holder
may, in its sole discretion, determine to accept payment part in Common Stock and part in cash. For purposes of payments in Common Stock,
the conversion formula set forth in Section 1.2 shall apply as well as all other provisions of this Note. The Holder shall be entitled
to exercise all other rights and remedies available at law or in equity.

 

Upon
the occurrence of any Event of Default, and in addition to any other right or remedy of the Holder hereunder, under the related transaction
documents, or otherwise at law or in equity, the Borrower hereby irrevocably authorizes and empowers Holder or its legal counsel, each
as the Borrower’s attorney-in-fact, to appear ex parte and with notice to the Borrower to confess judgment against the Borrower
for the unpaid amount of this Note. The judgment shall set forth the amount then due hereunder, plus attorney’s fees and cost of
suit, and to release all errors, and waive all rights of appeal. The Borrower waives the right to contest Holder’s rights under
this section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter
in effect. No single exercise of the foregoing right and power to confess judgment will be deemed to exhaust such power, whether or not
any such exercise shall be held by any court to be invalid, voidable, or void, and such power shall continue undiminished and may be
exercised from time to time as the Holder may elect until all amounts owing on this Note have been paid in full.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1 Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privileges. All rights and remedies of the Holder existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

4.2 Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt
requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery,
telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently
by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand
delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Borrower, to:

 

WETOUCH
TECHNOLOGY INC.

No.
29, Third Main Avenue, Shigao Town, Renshou County

Meishan,
Sichuan, 620500 China

Attention:
Zongyi Lian

e-mail:
741496761@qq.com

 

If
to the Holder:

 

FirstFire
Global Opportunities Fund, LLC

1040
First Avenue, Suite 190

New
York, NY 10022

e-mail:
eli@firstfirecapital.com

 

    	12

     

    

 

4.3 Amendments.
This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term
“Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed,
or if later amended or supplemented, then as so amended or supplemented.

 

4.4 Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and
its successors and assigns. The Borrower shall not assign this Note or any rights or obligations hereunder without the prior written
consent of the Holder. The Holder may assign its rights hereunder to any “accredited investor” (as defined in Rule 501(a)
of the 1933 Act) in a private transaction from the Holder or to any of its “affiliates”, as that term is defined under the
1934 Act, without the consent of the Borrower. Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral
in connection with a bona fide margin account or other lending arrangement. The Holder and any assignee, by acceptance of this Note,
acknowledge and agree that following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note represented
by this Note may be less than the amount stated on the face hereof.

 

4.5 Cost
of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including
reasonable attorneys’ fees.

 

4.6 Governing
Law; Venue; Attorney’s Fees. This Note shall be governed by and construed in accordance with the laws of the State of Nevada
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note or any other agreement, certificate, instrument or document contemplated hereby shall be brought only in the state courts
located in Nevada or federal courts located in Nevada. The Borrower hereby irrevocably waives any objection to jurisdiction and venue
of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non
conveniens. THE BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby
irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with
this Note or any other agreement, certificate, instrument or document contemplated hereby or thereby by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The prevailing party in any action
or dispute brought in connection with this the Note or any other agreement, certificate, instrument or document contemplated hereby or
thereby shall be entitled to recover from the other party its reasonable attorney’s fees and costs.

 

4.7 Certain
Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding Principal Amount (or
the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower
and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine
and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate the Holder
in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock acquired upon conversion
of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower and the Holder hereby agree that
such amount of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt of a cash payment
without the opportunity to convert this Note into shares of Common Stock.

 

4.8 Purchase
Agreement. The Company and the Holder shall be bound by the applicable terms of the Purchase Agreement and the documents entered
into in connection herewith and therewith.

 

4.9 Notice
of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder of Common Stock
unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder with prior notification
of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders). In the
event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are entitled to receive
payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way of merger,
consolidation, reclassification or recapitalization) any share of any class or any other securities or property, or to receive any other
right, or for the purpose of determining shareholders who are entitled to vote in connection with any change in control or any proposed
liquidation, dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior
to the record date specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier),
of the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief
statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time. The
Borrower shall make a public announcement of any event requiring notification to the Holder hereunder substantially simultaneously with
the notification to the Holder in accordance with the terms of this Section 4.9.

 

    	13

     

    

 

4.10 Remedies.
The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach
of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the
provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition
to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to
enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security
being required.

 

4.11 Construction;
Headings. This Note shall be deemed to be jointly drafted by the Company and all the Holder and shall not be construed against any
person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation
of, this Note.

 

4.12 Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will
resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter
in force, in connection with any action or proceeding that may be brought by the Holder in order to enforce any right or remedy under
this Note. Notwithstanding any provision to the contrary contained in this Note, it is expressly agreed and provided that the total liability
of the Company under this Note for payments which under the applicable law are in the nature of interest shall not exceed the maximum
lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event shall
any rate of interest or default interest, or both of them, when aggregated with any other sums which under the applicable law in the
nature of interest that the Company may be obligated to pay under this Note exceed such Maximum Rate. It is agreed that if the maximum
contract rate of interest allowed by applicable law and applicable to this Note is increased or decreased by statute or any official
governmental action subsequent to the Issue Date, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable
to this Note from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances
whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Holder with respect to indebtedness evidenced by this
the Note, such excess shall be applied by the Holder to the unpaid principal balance of any such indebtedness or be refunded to the Company,
the manner of handling such excess to be at the Holder’s election.

 

4.13 Severability.
In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law (including any
judicial ruling), then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of this Note.

 

4.14 Dispute
Resolution. In the case of a dispute as to the determination of the Conversion Price, Conversion Amount, any prepayment amount or
Default Amount, Issue, Closing or Maturity Date, the closing bid price, or fair market value (as the case may be) or the arithmetic calculation
of the Conversion Price or the applicable prepayment amount(s) (as the case may be), the Borrower or the Holder shall submit the disputed
determinations or arithmetic calculations via facsimile (i) within one (1) Trading Day after receipt of the applicable notice giving
rise to such dispute to the Borrower or the Holder or (ii) if no notice gave rise to such dispute, at any time after the Holder learned
of the circumstances giving rise to such dispute. If the Holder and the Borrower are unable to agree upon such determination or calculation
within one (1) Trading Day of such disputed determination or arithmetic calculation (as the case may be) being submitted to the Borrower
or the Holder, then the Borrower shall, within one (1) Trading Day, submit (a) the disputed determination of the Conversion Price, the
closing bid price, the or fair market value (as the case may be) to an independent, reputable investment bank selected by the Borrower
and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion Price, Conversion Amount, any prepayment amount
or Default Amount, to an independent, outside accountant selected by the Holder that is reasonably acceptable to the Borrower. The Borrower
shall cause at its expense the investment bank or the accountant to perform the determinations or calculations and notify the Borrower
and the Holder of the results no later than one (1) Trading Day from the time it receives such disputed determinations or calculations.
Such investment bank’s or accountant’s determination or calculation shall be binding upon all parties absent demonstrable
error.

 

[signature
page follows]

 

    	14

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer on November 16, 2021.

 

	WETOUCH TECHNOLOGY INC.	 
	 	 
	By:	/s/
    Zongyi Lian	 
	Name:	Zongyi
    Lian	 
	Title:	Chief
    Executive Officer	 

 

    	15

     

    

 

EXHIBIT
A — NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $ _____________principal amount of the Note (defined below) into that number of shares of Common Stock
to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of WETOUCH TECHNOLOGY INC.,
a Nevada corporation (the “Borrower”), according to the conditions of the promissory note of the Borrower dated as of November
16, 2021 (the “Note”), as of the date written below. No fee will be charged to the Holder for any conversion, except for
transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

	☐	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
    or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).
	 	 
	 	Name
    of DTC Prime Broker:
	 	Account
    Number:

 

	☐	The
    undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth
    below (which numbers are based on the Holder’s calculation

    attached
    hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

 

	 	Date
    of Conversion:	______________________	 
	 	Applicable
    Conversion Price:	$	 
	 	Number
of Shares of Common Stock to be

                                                         Issued Pursuant to Conversion of the Note:
	______________________

    
	 
	 	Amount of Principal Balance Due remaining

                                                         Under the Note after this conversion:
	______________________

    
	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:

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