Document:

Exhibit
10.6

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2021 and effective on the Business
Combination Date, is by and among Naked Brand Group Limited (ACN 619 054 938), an Australian company (the “Company”),
the undersigned buyers (the “Buyers”), the undersigned sellers (the “Sellers”), and the other holders
(the “Other Holders” and, together with the Buyers and the Sellers, the “Holders”).

 

RECITALS

 

A.
In connection with the Note Purchase Agreement by and between Cenntro Automotive Group Limited, a Cayman Island company limited by shares
(“CAG”), and the other parties thereto, dated as of November 4, 2021 (the “Note Purchase Agreement”),
CAG has agreed, upon the terms and subject to the conditions of the Note Purchase Agreement, to issue and sell to the Buyers the Convertible
Notes (as defined in the Note Purchase Agreement).

 

B.
To induce the Buyers to consummate the transactions contemplated by the Note Purchase Agreement, CAG has agreed to cause the Company
to enter into this Agreement as of the date hereof, but effective upon the Business Combination Date, so that the Company can provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “Securities Act”), and applicable state securities laws to the Buyers relating to the Ordinary
Shares received by the Buyers in respect of their Conversion Shares (as defined in the Note Purchase Agreement).

 

C.
To induce CAG to consummate the transactions contemplated by the Acquisition Agreement, the Company has agreed to enter into this Agreement
as of the date hereof, but effective upon the Business Combination Date, so that the Company can provide certain registration rights
under the Securities Act and applicable state securities laws to the Sellers relating to the Ordinary Shares received by CAG in connection
with the Acquisition Agreement and which Sellers receive pursuant to the Distribution described in Section 1.13 of the Acquisition Agreement.

 

D.
As compensation for services rendered to the Company, the Company has granted Ordinary Shares and Stock Options to the Other Holders,
each of whom is a director or executive officer of the Company.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Holders hereby agree as follows:

 

1.
Definitions.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Note Purchase Agreement. As used
in this Agreement, the following terms shall have the following meanings:

 

(a)
“Acquisition Agreement” means that certain Stock Purchase Agreement, dated November 5, 2021, by and among the Company,
CAG, Cenntro Automotive Group Limited, a Hong Kong private company limited by shares and a wholly owned subsidiary of CAG (“CAG
HK”), Cenntro Automotive Corporation, a Delaware corporation and a wholly owned subsidiary of CAG (“CAC”),
and Cenntro Electric Group, Inc., a Delaware corporation and a wholly owned subsidiary of CAG (“CEG”).

 

(b)
“Business Combination” means the purchase of the capital stock of CAG HK, CAC, and CEG, by the Company.

 

(c)
“Business Combination Date” means the date on which closing of the Business Combination occurs.

 

    	 

     

    

 

(d)
“Business Day” means any day other than (i) Saturday, Sunday or any other day on which commercial banks in New York,
New York are authorized or required by law to remain closed or (ii) with respect to dates on which filings are required to be made with
the SEC, any day on which the SEC is not open and available to accept filings.

 

(e)
“Effective Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

(f)
“Effectiveness Deadline” means with respect to the Initial Registration Statement required to be filed pursuant to
Section 2(a), the 75th calendar day after the Business Combination Date. Notwithstanding the
foregoing or anything to the contrary herein, if the Effectiveness Deadline falls on a day that is not a Business Day, the Effectiveness
Deadline shall be on the next succeeding Business Day.

 

(g)
“Filing Deadline” means with respect to the Initial Registration Statement required to be filed pursuant to Section
2(a), the fifth Business Day after the Business Combination Date.

 

(h)
“Investor” means a Holder or any transferee or assignee of any Registrable Securities to whom such Holder assigns
its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any
transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities, assigns its rights under this Agreement
and who agrees to become bound by the provisions of this Agreement in accordance with Section 9.

 

(i)
“Ordinary Shares” means ordinary shares of the Company, no par value per share.

 

(j)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, or any other
entity of any kind or nature whatsoever, a trust, an unincorporated organization or a government or any department or agency or portion
thereof.

 

(k)
“register,” “registered,” and “registration” refer to a registration of the
Ordinary Shares effected by preparing and filing one or more Registration Statements in compliance with the Securities Act and pursuant
to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the SEC.

 

(l)
“Registrable Securities” means (i) the Ordinary Shares of the Company received by the Buyers pursuant to the Distribution
described in Section 1.13 of the Acquisition Agreement, (ii) the Ordinary Shares of the Company received by the Sellers pursuant to the
Distribution described in Section 1.13 of the Acquisition Agreement, (iii) the Ordinary Shares of the Company issued or to be issued
to the Other Holders, including the Ordinary Shares issued or issuable upon exercise of Stock Options granted to the Other Holders, as
compensation for services rendered to the Company, in each case, including, without limitation, any securities issued or issuable as
a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise. As to any Registrable Securities,
such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by the Company, and subsequent public distribution of them
shall not require registration under the Securities Act; or (c) such securities are freely saleable under Rule 144 under the Securities
Act without the requirement for current public information and without volume or manner of sale limitations.

 

(m)
“Registration Statement” means a registration statement or registration statements of the Company required to be filed
by this Agreement, including (in each case) the prospectus, amendments and supplements to any such registration statement or prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated
by reference in any such registration statement, filed under the Securities Act covering Registrable Securities (and the term “Initial
Registration Statement” shall mean the initial Registration Statement filed pursuant to Section 2(a)).

 

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(n)
“Required Holders” means the holders of a majority in interest of each of (x) the Registrable Securities described
in clause (i) of the definition of Registrable Securities, (y) the Registrable Securities described in clause (ii) of the definition
of Registrable Securities, and (z) the Registrable Securities described in clause (iii) of the definition of Registrable Securities.

 

(o)
“Rule 144” means Rule 144 promulgated by the SEC under the Securities Act, as such rule may be amended from time to
time, or any other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell securities of
the Company to the public without registration.

 

(p)
“Rule 415” means Rule 415 promulgated by the SEC under the Securities Act, as such rule may be amended from time to
time, or any other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(q)
“SEC” means the United States Securities and Exchange Commission or any successor thereto.

 

(r)
“Stock Option” means any option or warrant to purchase Ordinary Shares granted by the Company to a director, officer,
employee, or consultant of the Company.

 

(s)
“Subsequent Registration Statement” has the meaning assigned to it in Section 2(b) hereof.

 

2.
Registration.

 

(a)
Mandatory Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline,
file with the SEC the Initial Registration Statement on Form F-3ASR (or, if the Company is not then eligible to use Form F-3ASR, Form
F-3, Form F-1 or other available form) covering the resale of all of the Registrable Securities (together with such other number of Ordinary
Shares constituting Registrable Securities as may be registered thereunder pursuant to Rule 416 or otherwise). Such Initial Registration
Statement shall contain (except if otherwise directed by the Required Holders) the “Selling Shareholder” and “Plan
of Distribution” sections in substantially the form attached hereto as Exhibit B. The Company shall use its commercially
reasonable efforts to have such Initial Registration Statement, declared effective by the SEC as soon as practicable, but in no event
later than the applicable Effectiveness Deadline for such Registration Statement.

 

(b)
Subsequent Registration Statement. If the Initial Registration Statement ceases to be effective under the Securities Act for any
reason at any time during the Registration Period, the Company shall, subject to Section 4(a), use its commercially reasonable efforts
to as promptly as is reasonably practicable cause the Initial Registration Statement to again become effective under the Securities Act
(including obtaining the prompt withdrawal of any order suspending the effectiveness of the Initial Registration Statement) or file an
additional registration statement (a “Subsequent Registration Statement”) registering the resale of all Registrable
Securities that remain outstanding. If a Subsequent Registration Statement is filed, the Company shall use its commercially reasonable
efforts to (i) cause such Subsequent Registration Statement to become effective under the Securities Act as promptly as is reasonably
practicable after the filing thereof and (ii) keep such Subsequent Registration Statement continuously effective, available for use and
in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent
Registration Statement shall be on Form F-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Registration
Statement shall be on another appropriate form.

 

(c)
Legal Counsel. Subject to Section 5, [●] (“[●]”) shall have the right to select one (1) legal counsel
to review and comment, solely on its behalf and at its cost and expense, on any Registration Statement filed with the SEC pursuant to
this Section 2 (“Legal Counsel”), which shall be McDermott Will & Emery LLP or such other counsel as thereafter
designated by [●].

 

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(d)
Effect of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration Statement
covering the resale of all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant
to this Agreement is (A) not filed with the SEC on or before the Filing Deadline for such Registration Statement (a “Filing
Failure”) (it being understood that if the Company files a Registration Statement without affording each Investor the opportunity
to review and comment on the same as required by Section 3(c) hereof, the Company shall be deemed to not have satisfied this clause (i)(A)
and such event shall be deemed to be a Filing Failure) or (B) not declared effective by the SEC on or before the Effectiveness Deadline
for such Registration Statement (an “Effectiveness Failure”), the Company shall be deemed to not have satisfied this
clause (i)(B) and such event shall be deemed to be an Effectiveness Failure, (ii) on any day after the Effective Date of a Registration
Statement sales of the Registrable Securities required to be included on such Registration Statement cannot be made pursuant to such
Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective) (a “Maintenance
Failure”), for more than five (5) consecutive calendar days or more than an aggregate of ten (10) calendar days (which need
not be consecutive calendar days) during any 12-month period; provided that a Maintenance Failure shall not be deemed to occur
for the purposes of this section to the extent a post-effective amendment to the Registration Statement is required for the purpose of
meeting the requirements of section 10(a)(3) of the Securities Act and the resulting Maintenance Failure continues for fifteen (15) days
or less (which, for the avoidance of doubt, shall not be counted toward the five and ten-day periods above), then, following written
notice to the Company by the Required Holders, as partial relief for the damages to any holder by reason of any such delay in, or reduction
of, its ability to sell the underlying Ordinary Shares (which remedy shall not be exclusive of any other remedies available at law or
in equity), the Company shall pay to each Buyer holder of Registrable Securities relating to such Registration Statement an amount in
cash equal to one percent (1%) of the applicable Buyer’s total committed purchase price for the Registrable Securities affected
by such failure pursuant to the Note Purchase Agreement (i.e., if all of the Buyer’s Securities are so affected, 1.0% of $50,000,000,
or $500,000) (1) within three (3) Business Days after the date of such Filing Failure, Effectiveness Failure or Maintenance Failure,
as applicable, and (2) on every thirty (30) day anniversary of (I) a Filing Failure until such Filing Failure is cured; (II) an Effectiveness
Failure until the earlier of such Effectiveness Failure is cured or the expiration of the Registration Period; or (III) a Maintenance
Failure until such Maintenance Failure is cured. The payments to which a Buyer holder of Registrable Securities shall be entitled pursuant
to this Section 2(d) are referred to herein as “Registration Delay Payments.” Following the initial Registration Delay
Payment for any particular event or failure (which shall be paid on the date of such event or failure, as set forth above), without limiting
the foregoing, if an event or failure giving rise to the Registration Delay Payments is cured prior to any thirty (30) day anniversary
of such event or failure, then no further Registration Delay Payment(s) shall accrue after such cure. In the event the Company fails
to make Registration Delay Payments in a timely manner in accordance with the foregoing, such Registration Delay Payments shall bear
interest at the rate of one percent (1%) per month (prorated for partial months) until paid in full. Notwithstanding the foregoing, no
Registration Delay Payments shall be owed to an Investor: (i) with respect to a Filing Failure, an Effectiveness Failure or a Maintenance
Failure, for any period after the date on which such Investor may conduct a resale of all of its Registrable Securities in reliance on
a valid exemption from registration in accordance with Rule 144 and (ii) with respect to any Registrable Securities excluded from a Registration
Statement by election of an Investor. Notwithstanding anything herein to the contrary, the Company shall not be required to make more
than an aggregate of six (6) Registration Delay Payments pursuant to this Section 2(d).

 

(e)
Offering. Notwithstanding anything to the contrary contained in this Agreement, the Company agrees with the Holders that each
Registration Statement required to become effective hereunder shall become effective and be used for resales by the Investors such that
it does not constitute and is not deemed to constitute an offering of securities by, or on behalf of, the Company, and that permits the
continuous resale at the market by the Investors participating therein (or as otherwise may be acceptable to each Investor) without such
Investors being named therein as an “underwriter.”

 

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(f)
Piggyback Registrations. Without limiting any obligation of the Company hereunder (including its obligations under Section 2(g))
or under the Note Purchase Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities
or the prospectus contained therein is not available for use and the Company shall determine to prepare and file with the SEC a registration
statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities
(other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the
Company’s stock option or other employee benefit plans), then the Company shall deliver to each Investor a written notice of such
determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Investor shall so request in writing,
the Company shall include in such registration statement all or any part of such Registrable Securities such Investor requests to be
registered; provided, however, that, for the purposes of clarity, the Company shall not be required to register any Registrable
Securities pursuant to this Section 2(f) that are eligible for resale pursuant to Rule 144 without restriction (including, without limitation,
volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable)
or that are the subject of a then-effective Registration Statement. Notwithstanding anything else to the contrary in this Section 2(f),
if the Registration Statement is in the form of an underwritten offering and the managing underwriter(s) advise the Company that the
dollar amount or number of Registrable Securities, taken together with all of the other securities which the Company desires to sell
or for which registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders,
exceeds the maximum dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed
offering price, timing, distribution method, or probability of success (collectively, such limitation the “Maximum Number of
Securities”), then the Company shall limit the securities to be included on such Registration Statement to: first, the number
of securities which the Company desires to sell for itself without exceeding the Maximum Number of Securities; and second, securities
(including Registrable Securities) for which registration has been requested pursuant to written contractual piggy-back registration
rights, pro rata in accordance with the number of securities that each such person has requested be included in such registration regardless
of the number of securities held by each such person, that can be sold without exceeding the Maximum Number of Securities.

 

(g)
No Inclusion of Other Securities. Except as set forth in Schedule 2(g) hereto, in no event shall the Company include any securities
other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders (which consent
shall not be unreasonably withheld, conditioned or delayed).

 

3.
Related Obligations.

 

The
Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the
intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(a)
The Company shall promptly prepare and file with the SEC (i) the Initial Registration Statement with respect to all the Registrable Securities
(but in no event later than the applicable Filing Deadline) and use its commercially reasonable efforts to cause such Registration Statement
to become effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline) and (ii), if applicable,
a Subsequent Registration Statement. The Company shall keep each Registration Statement effective (and the prospectus contained therein
available for use) pursuant to Rule 415 for resales by the Investors on a delayed or continuous basis at then-prevailing market prices
(and not fixed prices) at all times until the earlier of (i) the date as of which the Investors are eligible to sell all of the Registrable
Securities required to be covered by such Registration Statement without restriction pursuant to Rule 144 (including, without limitation,
volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable)
or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the
“Registration Period”). Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure
that, when filed and at all times while effective, each Registration Statement (including, without limitation, all amendments and supplements
thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration
Statement (1) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein,
or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made)
not misleading and (2) will disclose (whether directly or through incorporation by reference to other SEC filings to the extent permitted)
all material information regarding the Company and its securities. The Company shall submit to the SEC, within five (5) Business Days
after the later of the date that (i) the Company learns that no review of a particular Registration Statement will be made by the Staff
or that the Staff has no further comments on a particular Registration Statement (as the case may be) and (ii) the consent of Legal Counsel
is obtained pursuant to Section 3(c) (which consent shall be immediately sought), a request for acceleration of effectiveness of such
Registration Statement to a time and date not later than forty-eight (48) hours after the submission of such request.

 

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(b)
The Company shall prepare and file with the SEC such amendments (including, without limitation, post-effective amendments) and supplements
to each Registration Statement and the prospectus used in connection with each such Registration Statement, which prospectus is to be
filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep each such Registration Statement effective
at all times during the Registration Period for such Registration Statement, and, during such period, comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities of the Company required to be covered by such Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration Statement; provided, however, that by 5:30
p.m. (New York time) on the Business Day immediately following each Effective Date, the Company shall file with the SEC in accordance
with Rule 424(b) under the Securities Act the final prospectus to be used in connection with sales pursuant to the applicable Registration
Statement (whether or not such a prospectus is technically required by such rule). In the case of amendments and supplements to any Registration
Statement which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by
reason of the Company filing a report on Form 20-F or any similar or successor report under the Securities Exchange Act of 1934, as amended
(the “1934 Act”), the Company shall have incorporated such report by reference into such Registration Statement, if
applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created
the requirement for the Company to amend or supplement such Registration Statement.

 

(c)
The Company shall (A) permit Legal Counsel to review and comment upon (i) each Registration Statement at least two (2) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation,
the prospectus contained therein) (except for Annual Reports on Form 20-F, Report of Foreign Private Issuer on Form 6-K, and any similar
or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement
or amendment or supplement thereto in a form to which Legal Counsel reasonably objects. The Company shall not submit a request for acceleration
of the effectiveness of a Registration Statement or any amendment or supplement thereto or to any prospectus contained therein without
the prior consent of Legal Counsel, which consent shall not be unreasonably withheld, conditioned or delayed. The Company shall promptly
furnish to Legal Counsel without charge, (i) copies of any correspondence from the SEC or the Staff to the Company or its representatives
relating to each Registration Statement; provided that such correspondence shall not contain any material, non-public information
regarding the Company or any of its Subsidiaries (as defined in the Note Purchase Agreement), (ii) after the same is prepared and filed
with the SEC, one (1) copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation,
financial statements and schedules, all documents incorporated therein by reference, if requested by an Investor, and all exhibits and
(iii) upon the effectiveness of each Registration Statement, one (1) copy of the prospectus included in such Registration Statement and
all amendments and supplements thereto. The Company shall reasonably cooperate with Legal Counsel in performing the Company’s obligations
pursuant to this Section 3.

 

(d)
The Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement, without
charge, if requested by an investor (i) after the same is prepared and filed with the SEC, one (1) copy of each Registration Statement
and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of each Registration Statement, one (1)
copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies
as such Investor may reasonably request from time to time) and (iii) such other documents, including, without limitation, copies of any
preliminary or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities owned by such Investor. Notwithstanding the foregoing, the Company shall not have any obligation to provide
any documents to such Investors under this Section 3(d) to the extent such document is available on the SEC’s EDGAR system.

 

(e)
The Company shall use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “blue
sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such amendments (including,
without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain
the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations
and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable
to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(e) or (y) subject itself to general taxation in any such jurisdiction. The Company shall
promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or
“blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening
of any proceeding for such purpose.

 

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(f)
The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after becoming
aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue
statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, non-public information regarding the Company or any of its Subsidiaries), and promptly prepare a supplement or amendment
to such Registration Statement and such prospectus contained therein to correct such untrue statement or omission and deliver copies
of such supplement or amendment to Legal Counsel and each Investor (as Legal Counsel, legal counsel for each other Investor or such Investor
may reasonably request). The Company shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any
prospectus supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective amendment has become
effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile or e-mail on the same
day of such effectiveness and by overnight mail), and when the Company receives written notice from the SEC that a Registration Statement
or any post-effective amendment will be reviewed by the SEC, (ii) of any request by the SEC for amendments or supplements to a Registration
Statement or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective amendment
to a Registration Statement would be appropriate; and (iv) of the receipt of any request by the SEC or any other federal or state governmental
authority for any additional information relating to the Registration Statement or any amendment or supplement thereto or any related
prospectus. The Company shall respond as promptly as practicable to any comments received from the SEC with respect to each Registration
Statement or any amendment thereto (it being understood and agreed that the Company shall use commercially reasonable efforts to respond
to any such comments shall be delivered to the SEC no later than five (5) Business Days after the receipt thereof).

 

(g)
The Company shall (i) use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss of
an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension
is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and (ii) notify Legal Counsel and each
Investor who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual notice of
the initiation or threat of any proceeding for such purpose.

 

(h)
The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws or delivered to the Company for the purpose
of inclusion in a Registration Statement, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or
omission in any Registration Statement or is otherwise required to be disclosed in such Registration Statement pursuant to the Securities
Act, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental
body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in
violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such
information concerning an Investor is sought by a court or governmental body of competent jurisdiction or through other means, give prompt
written notice to such Investor and allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.

 

(i)
Without limiting any obligation of the Company under the Note Purchase Agreement, the Company shall (i) use its commercially reasonable
efforts either to cause all of the Registrable Securities covered by each Registration Statement to be listed on each securities exchange
on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities
is then permitted under the rules of such exchange, or (ii) if, despite the Company’s commercially reasonable efforts to satisfy
the preceding clause (i) the Company is unsuccessful in satisfying the preceding clause (i), without limiting the generality of the foregoing,
use its commercially reasonable efforts to arrange for at least two market makers to register with the Financial Industry Regulatory
Authority (“FINRA”) as such with respect to such Registrable Securities.

 

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(j)
The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be
offered pursuant to a Registration Statement and enable, to the extent applicable, such certificates to be in such amounts (as the case
may be) as the Investors may reasonably request from time to time and registered in such names as the Investors may request.

 

(k)
If requested by an Investor, the Company shall as soon as practicable after receipt of notice from such Investor, (i) incorporate in
a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating
to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities
to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified
of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments
to any Registration Statement or prospectus contained therein if reasonably requested by an Investor holding any Registrable Securities.

 

(l)
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of
such Registrable Securities.

 

(m)
The Company shall make generally available to its security holders as soon as practical, but not later than one hundred twenty (120)
days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the
provisions of Rule 158 under the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s
fiscal half-year next following the applicable Effective Date of each Registration Statement.

 

(n)
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder.

 

(o)
Within three (3) Business Days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration
Statement has been declared effective by the SEC substantially in the form attached hereto as Exhibit A.

 

(p)
The Company shall use its commercially reasonable efforts to maintain eligibility for use of Form F-3 (or any successor form thereto)
for the registration of the resale of all the Registrable Securities.

 

(q)
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of its Registrable
Securities pursuant to each Registration Statement.

 

4.
Obligations of the Investors.

 

(a)
At least five (5) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall notify each
Investor in writing of the information the Company seeks from each such Investor with respect to such Registration Statement. It shall
be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the
Registrable Securities of a particular Investor that such Investor shall furnish to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably
required, in the good faith judgment of such Investor, to effect and maintain the effectiveness of the registration of such Registrable
Securities and the Company shall not be required to pay any holder of Registrable Securities any fee under Section 2(d) if such Filing
Failure or Effectiveness Failure was caused by such holders failure to provide the information to the Company required hereby.

 

    	- 8 -

     

    

 

(b)
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(g) or the first sentence of Section 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 3(f) or receipt of notice that no supplement or amendment is required.

 

(c)
Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

5.
Expenses of Registration.

 

All
reasonable expenses, other than underwriting discounts and commissions, incurred by the Company in connection with registrations, filings
or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers
and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company shall be paid by the Company, but
excluding, for the avoidance of doubt, fees and disbursements of Legal Counsel.

 

6.
Indemnification.

 

(a)
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor and each
of its directors, officers, managers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) and each
Person, if any, who controls such Investor within the meaning of the Securities Act or the 1934 Act and each of the directors, officers,
managers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an
“Indemnified Person”), against any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines,
penalties, charges, costs (including, without limitation, court costs, reasonable out-of-pocket attorneys’ fees and costs of defense
and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in
investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing
by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether
or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto
or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws
of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement
of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances
under which the statements therein were made, not misleading or (iii) any violation or alleged violation by the Company of the Securities
Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating
to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through
(iii) being, collectively, “Violations”) unless such Violations are based primarily upon a breach of Investor’s
representations, warranties, or covenants under the Transaction Documents or any violations by Investor of state or federal securities
laws or any conduct by Investor which constitutes fraud, gross negligence or willful misconduct. To the extent that the foregoing undertaking
by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of
each of the Indemnified Liabilities which is permissible under applicable law. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of
or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such
Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of such Registration Statement or
any such amendment thereof or supplement thereto and (ii) shall not be available to a particular Investor to the extent such Claim is
based on a failure of such Investor to deliver or to cause to be delivered the prospectus made available by the Company (to the extent
applicable), including, without limitation, a corrected prospectus, if such prospectus or corrected prospectus was timely made available
by the Company pursuant to Section 3(d) and then only if, and to the extent that, following the receipt of the corrected prospectus no
grounds for such Claim would have existed; and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of any of the Registrable Securities by any of the Investors pursuant to Section 9.

 

    	- 9 -

     

    

 

(b)
In connection with any Registration Statement in which an Investor is participating, such Investor agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of
its directors, each of its officers who signs the Registration Statement, all employees, agents, advisors and representatives and each
Person, if any, who controls the Company within the meaning of the Securities Act or the 1934 Act (each, an “Indemnified Party”),
against any Claim or Indemnified Damages to which any of them become subject, under the Securities Act, the 1934 Act or otherwise, insofar
as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly
for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), such
Investor will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section
6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or
delayed, provided, further, that such Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the applicable sale of Registrable Securities
pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities by any of the Investors pursuant
to Section 9.

 

(c)
Promptly after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice of the commencement
of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under
this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person
or the Indemnified Party (as the case may be); provided, however, that an Indemnified Person or Indemnified Party (as the
case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the indemnifying
party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed
promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Indemnified Person or Indemnified
Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without limitation, any impleaded
parties) include both such Indemnified Person or Indemnified Party (as the case may be) and the indemnifying party, and such Indemnified
Person or such Indemnified Party (as the case may be) shall have been advised by counsel in writing that a conflict of interest is likely
to exist if the same counsel were to represent such Indemnified Person or such Indemnified Party and the indemnifying party (in which
case, if such Indemnified Person or such Indemnified Party (as the case may be) notifies the indemnifying party in writing that it elects
to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the
defense thereof and such counsel shall be at the expense of the indemnifying party, provided, further, that in the case
of clause (iii) above the indemnifying party shall not be responsible for the reasonable fees and expenses of more than one (1) separate
legal counsel for all Indemnified Persons or Indemnified Parties (as the case may be)). The Indemnified Party or Indemnified Person (as
the case may be) shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action
or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person (as the case may be) which relates to such action or Claim. The indemnifying party shall keep the Indemnified
Party or Indemnified Person (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations
with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its
prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition
its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person (as the case
may be), which shall not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter into any settlement
or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person (as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement
shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder,
the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person (as the case may be) with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party (as the case may be) under this Section 6, except to the extent
that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.

 

    	- 10 -

     

    

 

(d)
No Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale
of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e)
The payment of fees and expense of counsel required by this Section 6 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(f)
The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

(g)
Notwithstanding any provision in this Agreement or any other Transaction Documents, the aggregate indemnification obligations of the
Company pursuant to this Section 6 shall not exceed 100% of the aggregate purchase price actually paid by such Investor or assignee,
as the case may be, in connection with its purchase of the Convertible Notes under the Notes Purchase Agreement or, in the case of the
Sellers and the Other Holders, the aggregate market value of the Ordinary Shares on the date the Ordinary Shares (or the Stock Option,
in the case of Ordinary Shares subject to a Stock Option) were distributed or received, as the case may be.

 

    	- 11 -

     

    

 

7.
Contribution.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, then indemnifying party, in lieu of indemnifying
such Indemnified Party or Indemnified Person, shall contribute to the amount paid or payable by such Indemnified Party or Indemnified
Person as a result of such Claim or Indemnified Damages in such proportion as is appropriate to reflect the relative fault of the Indemnified
Party or Indemnified Person and the indemnifying party in connection with the actions or omissions which resulted in Claim or Indemnified
Damages, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party or Indemnified Person and
any indemnifying party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding sentence. Notwithstanding the foregoing: (i) no contribution shall be made under circumstances where the maker
would not have been liable for indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved
in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable
Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be
limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant
to such Registration Statement. Notwithstanding the provisions of this Section 7, (i) no Investor shall be required to contribute, in
the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Investor from the applicable sale
of the Registrable Securities subject to the Claim less the amount of any damages that such Investor has otherwise been required to pay,
or would otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged
omission and (ii) the Company shall not be required to contribute, in the aggregate, an amount that exceeds 100% of the aggregate purchase
price actually paid by such Indemnified Person or Indemnified Party in connection with its purchase of the Convertible Notes under the
Notes Purchase Agreement or, in the case of the Sellers and the Other Holders, the aggregate market value of the Ordinary Shares on the
date the Ordinary Shares (or the Stock Option, in the case of Ordinary Shares subject to a Stock Option) were distributed or received,
as the case may be.

 

8.
Reports Under the 1934 Act.

 

With
a view to making available to the Investors the benefits of Rule 144, from the Business Combination Date until the expiration of the
Registration Period, the Company agrees to:

 

(a)
make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the 1934 Act
so long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall limit any obligations
of the Company under the Note Purchase Agreement) and the filing of such reports and other documents is required for the applicable provisions
of Rule 144; and

 

(c)
furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon written request, (i) a written statement
by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the 1934 Act, (ii)
a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company with
the SEC if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit
the Investors to sell such securities pursuant to Rule 144 without registration.

 

9.
Assignment of Registration Rights.

 

All
or any portion of the rights under this Agreement shall be automatically assignable by each Investor to any transferee or assignee (as
the case may be) of all or any portion of such Investor’s Registrable Securities if: (i) such Investor agrees in writing with such
transferee or assignee (as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished to
the Company within a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a reasonable
time after such transfer or assignment (as the case may be), furnished with written notice of (a) the name and address of such transferee
or assignee (as the case may be), and (b) the securities with respect to which such registration rights are being transferred or assigned
(as the case may be); (iii) immediately following such transfer or assignment (as the case may be) the further disposition of such securities
by such transferee or assignee (as the case may be) is restricted under the Securities Act or applicable state securities laws if so
required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence such transferee
or assignee (as the case may be) agrees in writing with the Company to be bound by all of the provisions contained herein; (v) in the
case of Registrable Securities received in the Distribution in respect of the Convertible Notes or securities acquired upon conversion
of the Convertible Notes, such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements
of the Note Purchase Agreement or the Convertible Notes; (vi) in the case of Registrable Securities received in the Distribution (other
than in respect of the Convertible Notes or securities acquired upon conversion of the Convertible Notes), such transfer or assignment
(as the case may be) shall have been made in accordance with the applicable requirements of the Acquisition Agreement; and (vi) such
transfer or assignment (as the case may be) shall have been conducted in accordance with all applicable federal and state securities
laws.

 

    	- 12 -

     

    

 

10.
Amendment of Registration Rights.

 

Provisions
of this Agreement may be amended only with the written consent of the Company and the Required Holders. No waiver shall be effective
unless it is in writing and signed by an authorized representative of the waiving party. No consideration shall be offered or paid to
any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered
to all of the parties to this Agreement.

 

11.
Miscellaneous.

 

(a)
Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns, or is deemed
to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more
Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received
from such record owner of such Registrable Securities.

 

(b)
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by e-mail
(provided that confirmation of transmission is electronically generated and kept on file by the sending party); or (iii) one (1)
Business Day after deposit with a nationally recognized overnight delivery service with next day delivery specified, in each case, properly
addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall be:

 

If
to the Company:

 

Naked
Brand Group Limited

Level
61, MLC Centre, 25 Martin Place

Sydney,
NSW 2000, Australia

Attention:
CEO and CFO

Email:

 

With
a copy (for informational purposes only) to:

 

Pillsbury Winthrop Shaw Pittman LLP

31
West 52nd Street

New
York, New York 10019

Attention:
Jonathan J. Russo / Ted Powers III

Email:
jonathan.russo@pillsburylaw.com / ted.powers@pillsbury.com

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue, 11th Floor

New
York, New York 10174

Attention:
David Alan Miller / Eric T. Schwartz

Email:
dmiller@graubard.com / eschwartz@graubard.com

 

    	- 13 -

     

    

 

If
to a Buyer:

 

The
address or e-mail address (as the case may be) set forth on the applicable Buyer Schedule attached to the Note Purchase Agreement, with
copies to such Buyer’s representatives as set forth on the applicable Buyer Schedule, or to such other address and/or to the attention
of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness
of such change.

 

If
to a Seller or an Other Holder:

 

The
address or e-mail address (as the case may be) set forth on the signature page hereto; provided that Legal Counsel shall only
be provided notices sent to each Buyer. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or
other communication, (B) mechanically or electronically generated by the sender’s e-mail transmission containing the time, date
and e-mail address or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt
by e-mail, or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof. The Company and each Investor acknowledge and agree that irreparable damage would occur
in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each party hereto shall be entitled to seek an injunction or injunctions to prevent or cure breaches
of the provisions of this Agreement by any other party hereto and to enforce specifically the terms and provisions hereof (without the
necessity of showing economic loss and without any bond or other security being required), this being in addition to any other remedy
to which any party may be entitled by law or equity.

 

(d)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New
York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for
such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any
provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect
the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision
of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

(e)
This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject matter hereof
and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein supersede all prior agreements and understandings among the parties hereto solely with respect to the subject matter
hereof and thereof; provided, however, that nothing contained in this Agreement or any other Transaction Document shall
(or shall be deemed to) (i) have any effect on any agreements any Investor has entered into with, or any instrument that any Investor
received from, the Company prior to the date hereof with respect to any prior investment made by such Investor in the Company, (ii) waive,
alter, modify or amend in any respect any obligations of the Company or any rights of or benefits to any Investor or any other Person
in any agreement entered into prior to the date hereof between or among the Company and any Investor or any instrument that any Investor
received prior to the date hereof from the Company and all such agreements and instruments shall continue in full force and effect or
(iii) limit any obligations of the Company under any of the other Transaction Documents.

 

    	- 14 -

     

    

 

(f)
Subject to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision hereof be enforced
by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons referred to in Sections
6 and 7 hereof.

 

(g)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless
the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and
plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall
be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

(h)
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature
page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such signature page were an original thereof.

 

(i)
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party. Terms used in this Agreement but defined in the other Transaction Documents
shall have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to
in writing by each Investor.

 

(k)
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Required Holders.

 

(l)
The obligations of each Investor under this Agreement and the other Transaction Documents are several and not joint with the obligations
of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under
this Agreement or any other Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken
by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as, and the Company acknowledges that the Investors
do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that
the Investors are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated
by the Transaction Documents or any matters, and the Company acknowledges that the Investors are not acting in concert or as a group,
and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement
or any of the other the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary
for any other Investor to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect
to the obligations of the Company contained herein was solely in the control of the Company, not the action or decision of any Investor,
and was done solely for the convenience of the Company and not because it was required or requested to do so by any Investor. It is expressly
understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and
an Investor, solely, and not between the Company and the Investors collectively and not between and among Investors.

 

[signature
pages follow]

 

    	- 15 -

     

    

 

IN
WITNESS WHEREOF, each of the Holders and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.

 

	 	COMPANY
	 	 
	 	Naked
    Brand group LIMITED
	 	 	                     
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
page to Registration Rights Agreement]

 

    	 

     

    

 

IN
WITNESS WHEREOF, each of the Buyers and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.

 

	 	BUYERS:
	 	 
	 	[●]
	 	 	              
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Registration Rights Agreement] 

 

    	 

     

    

 

IN
WITNESS WHEREOF, each of the Sellers and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.

 

	 	SELLERS:
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Title
    (If Holder is an Entity)
	 	 
	 	Address
    for notice:
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Street
	 	 
	 	 
	 	City,
    State and Zip Code
	 	 
	 	 
	 	E-mail

 

[Signature
page to Registration Rights Agreement]

 

    	 

     

    

 

IN
WITNESS WHEREOF, each of the Other Holders and the Company have caused their respective signature page to this Registration Rights
Agreement to be duly executed as of the date first written above.

 

	 	OTHER
    HOLDERS:
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Title
    (If Holder is an Entity)
	 	 
	 	Address
    for notice:
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Street
	 	 
	 	 
	 	City,
    State and Zip Code
	 	 
	 	 
	 	E-mail

 

[Signature page to Registration Rights Agreement]Exhibit
10.7

 

Naked
Brand Group Limited 

Up
to $300,000,000 of Ordinary Shares

 

Equity
Distribution Agreement

 

November
8, 2021

 

Maxim
Group LLC

405
Lexington Avenue

New
York, New York 10174

 

Ladies
and Gentlemen:

 

Naked
Brand Group Limited, a company incorporated under the laws of Australia (the “Company”), proposes to issue
and sell through Maxim Group LLC (the “Agent”), as sales agent, ordinary shares, with no par value (“Ordinary
Shares”), of the Company (the “Shares”) having an aggregate offering price of up to $300,000,000
on terms set forth herein. The Shares consist entirely of authorized but unissued Ordinary Shares to be issued and sold by the Company.

 

The
Company hereby confirms its agreement with the Agent (this “Agreement”) with respect to the sale of the Shares.

 

1.
Representations and Warranties of the Company.

 

(a)
The Company represents and warrants to, and agrees with, the Agent as follows:

 

(i)
A registration statement on Form F-3 has been filed by the Company with the Securities and Exchange Commission (the “Commission”)
in accordance with the provisions of the Securities Act of 1933, as amended (the “Securities Act of 1933”),
and the rules and regulations promulgated thereunder (the “Rules and Regulations” and collectively with the
Securities Act of 1933, the “Securities Act”). No stop order of the Commission preventing or suspending the
use of the Base Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any
Permitted Free Writing Prospectus (as defined below), has been issued, and no proceedings for such purpose have been instituted or, to
the Company’s knowledge, are contemplated by the Commission. Except where the context otherwise requires, “Registration
Statement,” as used herein, means the registration statement on Form F-3 filed by the Company on May 18, 2021, as the same
may be amended from time to time and at the time of such registration statement’s effectiveness for purposes of Section 11 of the
Securities Act, as such section applies to the Agent, including (1) all documents filed as a part thereof or incorporated or deemed to
be incorporated by reference therein, (2) any information contained or incorporated by reference in a prospectus relating to the Shares
filed with the Commission pursuant to Rule 424(b) under the Securities Act, to the extent such information is deemed, pursuant to Rule
430B or Rule 430C under the Securities Act, to be part of the registration statement at such time, and (3) any registration statement
filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act (the “462(b) Registration
Statement”). Except where the context otherwise requires, “Base Prospectus,” as used herein,
means the base prospectus filed as part of the Registration Statement, together with any amendments or supplements thereto as of the
date of this Agreement. Except where the context otherwise requires, “Prospectus Supplement,” as used herein,
means the most recent prospectus relating to the Shares, filed or to be filed by the Company with the Commission as part of the Base
Prospectus pursuant to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement. Except where the context
otherwise requires, “Prospectus,” as used herein, means the Prospectus Supplement together with the Base Prospectus
attached to or used with the Prospectus Supplement, as may be amended or supplemented from time to time. “Permitted Free
Writing Prospectus,” as used herein, means the documents, if any, listed on Schedule A attached hereto and, after
the date hereof, any “issuer free writing prospectus” as defined in Rule 433 of the Securities Act, that is expressly agreed
to by the Company and the Agent in writing to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement,
the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and
include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 6 of Form
F-3 (the “Incorporated Documents”), including, unless the context otherwise requires, the documents, if any,
filed as exhibits to such Incorporated Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule
462(b) Registration Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”).
All references in this Agreement to financial statements and schedules and other information which is “described,” “contained,”
“included” or “stated” in the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free
Writing Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules
and other information which is incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included
in the Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be. Any reference
herein to the terms “amend,” “amendment” or “supplement”
with respect to the Registration Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free Writing
Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder (collectively, the “Exchange Act”) on or after the initial filing
of the Registration Statement, or the date of such Base Prospectus, the Prospectus, the Prospectus Supplement or such Permitted Free
Writing Prospectus, if any, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant to Item 6
of Form F-3. “Time of Sale” means each time a Share is purchased pursuant to this Agreement.

 

    	1

     

    

 

(ii)
(A) The Registration Statement complies as of the date hereof, will comply when it becomes effective and will comply upon the effectiveness
of any amendment thereto and at each Time of Sale and each Settlement Date (as applicable), in all material respects, with the requirements
of the Securities Act; the conditions to the use of Form F-3 in connection with the offering and sale of the Shares as contemplated hereby
(the “Offering”) were satisfied upon filing of the Registration Statement, subject, if applicable at the Time
of Sale, to the limitations required by General Instruction I.B.5 of Form F-3; the Registration Statement meets, and the Offering complies
with, the requirements of Rule 415 under the Securities Act (including, without limitation, Rule 415(a)(5)); the Registration Statement
will not, as of the effective date of the Registration Statement or any amendment thereto, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(B)
The Prospectus, as of the date of the Prospectus Supplement, as of the date hereof (if filed with the Commission on or prior to the date
hereof), and at each Settlement Date and Time of Sale (as applicable), complied, complies or will comply, in all material respects, with
the requirements of the Securities Act; and the Prospectus, and each supplement thereto, as of their respective dates, and at each Settlement
Date and Time of Sale (as applicable), did not and will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(C)
Each Permitted Free Writing Prospectus, if any, as of its date and as of each Settlement Date and Time of Sale (as applicable) (when
taken together with the Prospectus at such time) will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

    	2

     

    

 

The
representations and warranties set forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in the Registration
Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information
concerning the Agent that is furnished in writing by or on behalf of the Agent expressly for use in the Registration Statement, the Base
Prospectus, the Prospectus or such Permitted Free Writing Prospectus, if any, it being understood and agreed that only such information
furnished by the Agent as of the date hereof consists of the information described in Section 5(b)(ii).

 

(iii)
Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any “prospectus”
(within the meaning of the Securities Act) or used any “prospectus” (within the meaning of the Securities Act) in connection
with the Offering, in each case other than the Base Prospectus or any Permitted Free Writing Prospectus; the Company has not, directly
or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rules 164 and 433 under
the Securities Act; assuming that a Permitted Free Writing Prospectus, if any, is sent or given after the Registration Statement was
filed with the Commission (and after such Permitted Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d) under the
Securities Act, filed with the Commission), the Company will satisfy the provisions of Rule 164 or Rule 433 necessary for the use of
a free writing prospectus (as defined in Rule 405) in connection with the Offering; the conditions set forth in one or more of subclauses
(i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the Registration Statement relating to the
Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the
Securities Act, satisfies the requirements of Section 10 of the Securities Act; neither the Company nor the Agent is disqualified, by
reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the Offering, “free writing
prospectuses” (as defined in Rule 405 under the Securities Act) pursuant to Rules 164 and 433 under the Securities Act; the Company
is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act) as of the eligibility determination date
for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Shares contemplated by the Registration
Statement; the parties hereto agree and understand that the content of any and all “road shows” (as defined in Rule 433 under
the Securities Act) related to the Offering is solely the property of the Company.

 

(iv)
Each Permitted Free Writing Prospectus, as of its issue date, each Time of Sale and each Settlement Date occurring after such issue date,
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement, any Base Prospectus or the Prospectus. The foregoing sentence does not apply to statements in or omissions
from any Permitted Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent
specifically for use therein, it being understood and agreed that the only such information furnished by the Agent as of the date hereof
consists of the information described in Section 5(b) (ii).

 

    	3

     

    

 

(v)
The financial statements, including the notes thereto, and the supporting schedules incorporated by reference in the Registration Statement
and the Prospectus comply in all material respects with the requirements of the Securities Act, the Exchange Act and the Rules and Regulations,
and (1) present fairly the financial condition of the Company and its subsidiaries (as identified in the Registration Statement and Prospectus,
the “Subsidiaries”) and financial position as of the dates indicated and the cash flows and results of operations
for the periods specified of the Company and (2) to our knowledge, present fairly the financial condition of Cenntro (as defined below)
and financial position as of the dates indicated and the cash flows and results of operations for the periods specified of Cenntro. Except
as otherwise stated in the Registration Statement and the Prospectus, said financial statements have been prepared in conformity with
International Financial Reporting Standards (“IFRS”) applied on a consistent basis throughout the periods involved.
Any selected financial data and summary financial information included in the documents in the Registration Statement and in the Prospectus
constitute or will constitute a fair summary of the information purported to be summarized and have been compiled on a basis consistent
with that of the audited financial statements included in the Registration Statement. No other financial statements or supporting schedules
are required to be included or incorporated by reference in the Registration Statement or the Prospectus. All disclosures, if any, contained
in the Registration Statement or the Prospectus or incorporated by reference therein regarding “non-IFRS financial measures”
(as such term is defined by the applicable rules and regulations of the Commission) comply, in all material respects, with Regulation
G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act to the extent applicable. The other financial information included
in the Registration Statement and the Prospectus present fairly the information included therein and have been prepared on a basis consistent
with that of the financial statements that are included in the Registration Statement and the Prospectus and the books and records of
the Company.

 

(vi)
The Company and each of its Subsidiaries has been duly incorporated and validly exists as a corporation in good standing under the laws
of its jurisdiction of incorporation. The Company and each of its Subsidiaries has all requisite corporate power and authority to own,
lease and operate its respective properties and carry on its business as it is currently being conducted and as described in the Registration
Statement and the Prospectus. The Company and each of its Subsidiaries is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction in which the character or location of its properties (owned, leased or licensed) or the nature
or conduct of its business makes such qualification necessary, except, in each case, for those failures to be so qualified or in good
standing which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect (as defined below).

 

    	4

     

    

 

(vii)
All of the issued shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable,
have been issued in compliance in all material respects with all applicable federal and state securities laws and none of those shares
was issued in violation of any preemptive rights, rights of first refusal or other similar rights to the extent any such rights were
not waived; the Shares have been duly authorized and, when issued and delivered against payment therefor as provided in this Agreement,
will be validly issued, fully paid and non-assessable, and the issuance of the Shares is not subject to any preemptive rights, rights
of first refusal or other similar rights that have not heretofore been waived (with copies of such waivers provided or made available
to the Agent). The Shares conform in all material respects to the descriptions thereof contained in the Registration Statement and the
Prospectus under the heading “Description of Capital Shares.”

 

(viii)
BDO Audit Pty Ltd (the “Auditor”), whose reports relating to the Company are incorporated by reference into
the Registration Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act,
the Exchange Act and the Rules and Regulations and the Public Company Accounting Oversight Board (the “PCAOB”).
To the Company’s knowledge, the Auditor is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act
of 2002 (“Sarbanes-Oxley”) as such requirements pertain to the Auditor’s relationship with the Company.
Except as disclosed in the Registration Statement and the Prospectus, and except for any such non-audit services that were pre-approved
by the Audit Committee of the Company’s board of directors (the “Board”) in accordance with Sections
10A(h) and (i) of the Exchange Act, the Auditor has not, during the periods covered by the financial statements included in the Registration
Statement and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange
Act.

 

    	5

     

    

 

(ix)
Subsequent to the respective dates as of which information is presented in the Registration Statement and the Prospectus, and except
as disclosed in the Registration Statement and the Prospectus: (i) the Company (including its Subsidiaries) has not declared, paid or
made any dividends or other distributions of any kind on or in respect of its capital stock, and (ii) there has been no material adverse
change or, to the Company’s knowledge, any development which would reasonably be expected to result in a material adverse change
in the future, whether or not arising from transactions in the ordinary course of business, in or affecting (A) the business, condition
(financial or otherwise), results of operations, stockholders’ equity, properties or prospects of the Company and its Subsidiaries
taken as a whole; or (B) the Offering or consummation of any of the other transactions contemplated by this Agreement, the Registration
Statement and the Prospectus (a “Material Adverse Effect”). Since the date of the latest balance sheet included
in the Registration Statement and the Prospectus, the Company (including its Subsidiaries) has not incurred or undertaken any liabilities
or obligations, whether direct or indirect, liquidated or contingent, matured or unmatured, or entered into any transactions, including
any acquisition or disposition of any business or asset, which are material to the Company and its Subsidiaries taken as a whole, except
(I) for liabilities, obligations and transactions which were incurred in the ordinary course of business or are disclosed in the Registration
Statement and the Prospectus, (II) for liabilities incurred in connection with the Acquisition Agreement (as defined below) and the transactions
contemplated thereby, and (III) as would not be reasonably expected (individually or in the aggregate) to result in a Material Adverse
Effect.

 

(x)
There are no statutes, regulations, contracts or documents that are required to be described in the Registration Statement and the Prospectus
or to be filed as exhibits to the Registration Statement by the Securities Act that have not been so described or filed.

 

(xi)
Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries is: (i) in violation
of its form of constitution or other organizational documents, (ii) in default under any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which it is a party or by which it is bound or to which any of its property or assets is subject;
and no event has occurred which, with notice or lapse of time or both, would constitute a default under or result in the creation or
imposition of any lien, security interest, charge or other encumbrance (a “Lien”) upon any of its property
or assets pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party
or by which it is bound or to which any of its property or assets is subject, or (iii) in violation in any respect of any applicable
law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency
or body, foreign or domestic, except, in the case of subsections (ii) and (iii) above, for such violations, defaults or Liens as are
disclosed in the Registration Statement and the Prospectus or which (individually or in the aggregate) would not reasonably be expected
to have a Material Adverse Effect.

 

    	6

     

    

 

(xii)
The Company has all requisite corporate power and authority to execute and deliver this Agreement and all other agreements, documents,
certificates and instruments required to be delivered pursuant to this Agreement. The Company’s execution, delivery and performance
under this Agreement and each of the transactions contemplated hereby have been duly authorized by all necessary corporate action. This
Agreement has been duly and validly executed and delivered by the Company and constitutes the legal, valid and binding obligation of
the Company and is enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification
or contribution provision may be limited under federal and state securities laws; and (iii) that the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which
any proceeding therefor may be brought.

 

(xiii)
The execution, delivery and performance of this Agreement and all other agreements, documents, certificates and instruments required
to be delivered pursuant to this Agreement and the consummation of the transactions contemplated hereby do not and will not: (i) conflict
with, require consent under or result in a breach of any of the terms and provisions of, or constitute a default (or an event which with
notice or lapse of time, or both, would constitute a default) under, or result in the creation or imposition of any Lien upon any property
or assets of the Company pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement, instrument, franchise,
license or permit to which the Company is a party or by which the Company or any of its properties, operations or assets may be bound,
(ii) violate or conflict with any provision of the form of constitution or other organizational documents of the Company, (iii) violate
or conflict with any applicable law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or
other legal or governmental agency or body, domestic or foreign, or (iv) trigger a reset or repricing of any outstanding securities of
the Company, except (x) in the case of subsection (i) for any consent which the Company has obtained or any conflict, breach or default
for which the Company has received a waiver, (y) in the case of subsections (i) and (iii) for any default, conflict, violation or Lien
that would not reasonably be expected to result in a Material Adverse Effect, and (z) in the case of subsection (iv) for any trigger
for which the Company has received a waiver.

 

    	7

     

    

 

(xiv)
Except as disclosed in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries has all consents, approvals,
authorizations, orders, registrations, qualifications, licenses, filings, grants, certificates and permits of, with and from all judicial,
regulatory and other legal or governmental agencies, self-regulatory agencies, authorities and bodies and all third parties, foreign
and domestic (collectively, the “Consents”), to own, lease and operate its properties and conduct its business
as it is now being conducted and as disclosed in the Registration Statement and the Prospectus, and each such Consent is valid and in
full force and effect, except such failure to have a Consent or of such Consent to be valid and in full force and effect which (individually
or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries
has received notice of any investigation or proceedings which, if decided adversely to the Company or such Subsidiary, would reasonably
be expected to result in, the revocation of, or imposition of a restriction on, any Consent, except such restriction or revocation of
such Consent which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. No Consent
contains any material restriction not adequately disclosed in the Registration Statement and the Prospectus.

 

(xv)
The Company is, and each of its Subsidiaries is, in compliance with all applicable laws, rules, regulations, ordinances, directives,
judgments, decrees and orders, foreign and domestic, except for any non-compliance the consequences of which would not have a Material
Adverse Effect.

 

(xvi)
Prior to the Settlement Date, the Shares shall have been approved for listing on the Nasdaq Capital Market, subject to official notice
of issuance (the “Exchange”), and the Company has taken no action designed to, or likely to have the effect
of, delisting the Shares nor, except as disclosed in the Registration Statement and the Prospectus, has the Company received any notification
that the Exchange is contemplating terminating such listing.

 

(xvii)
No consents, approvals, authorizations, orders, registrations, qualifications, licenses, filings, grants, certificates and permits of,
with or from any judicial, regulatory or other legal or governmental agency or body or any third party, foreign or domestic is required
for the execution, delivery and performance of this Agreement or consummation of each of the transactions contemplated by this Agreement,
including the issuance, sale and delivery of the Shares to be issued, sold and delivered hereunder, except (i) such as may have previously
been obtained (with copies of such consents provided to the Agent), each of which is in full force and effect as of the date hereof,
(ii) the registration under the Securities Act of the Shares, (iii) such consents as may be required under state securities or blue sky
laws or the bylaws and rules of the Exchange, and (iv) by the Financial Industry Regulatory Authority, Inc. (“FINRA”)
in connection with the purchase and distribution of the Shares by the Agent.

 

    	8

     

    

 

(xviii)
Except as disclosed in the Registration Statement and the Prospectus, there is no judicial, regulatory, arbitral or other legal or governmental
proceeding or other litigation or arbitration, domestic or foreign, pending to which the Company or any of its Subsidiaries is a party
or of which any property, operations or assets of the Company or its Subsidiaries is the subject which (i) would reasonably be expected
to have a Material Adverse Effect, or (ii) is reasonably likely to materially and adversely affect the consummation of the transactions
contemplated in this Agreement or the performance by the Company of its obligations hereunder. To the Company’s knowledge, no such
proceeding, litigation or arbitration is threatened or contemplated against the Company or its Subsidiaries.

 

(xix)
The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus related to the business
of the Company and, to the knowledge of the Company, to the business of Cenntro are based on or derived from sources which the Company
reasonably and in good faith believes are reliable and accurate, and the Company and, to the knowledge of the Company, Cenntro has obtained
the written consent to the use of such data from such sources, to the extent required, except for such failures to obtain written consent
which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect.

 

(xx)
The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange
Act) and such controls and procedures are designed to ensure that information relating to the Company required to be disclosed in the
reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including
its principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure. The Company has utilized such controls and procedures in preparing and evaluating the disclosure in the
Registration Statement and in the Prospectus.

 

(xxi)
Except as disclosed in the Registration Statement and the Prospectus, neither the Board nor the audit committee has been informed, nor
is the Company aware, of: (i) any significant deficiencies or material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report
financial information; or (ii) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company’s internal control over financial reporting.

 

(xxii)
The Company has not taken, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could
reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate
the sale or resale of the Shares.

 

    	9

     

    

 

(xxiii)
Neither the Company nor any of its Affiliates (within the meaning of the Securities Act) has, prior to the date hereof, made any offer
or sale of any securities which are required to be “integrated” pursuant to the Securities Act or the Rules and Regulations
with the offer and sale of the Shares pursuant to the Registration Statement. Except as disclosed in the Registration Statement and the
Prospectus, neither the Company nor any of its Affiliates has sold or issued any securities during the six-month period preceding the
date of the Prospectus Supplement, including but not limited to any sales pursuant to Rule 144A, Regulation D or Regulation S under the
Securities Act, other than Ordinary Shares issued pursuant to equity incentive plans, employee stock purchase plans, employee benefit
plans, qualified stock option plans or employee compensation plans or pursuant to outstanding options, convertible notes, convertible
preferred stock, rights or warrants to purchase Ordinary Shares.

 

(xxiv)
To the knowledge of the Company, the biographies of the Company’s officers and directors incorporated into the Registration Statement
are true and correct in all material respects and the Company has not become aware of any information which would cause the information
disclosed in the questionnaires previously completed by the directors and officers of the Company to become inaccurate and incorrect
in any material respect.

 

(xxv)
To the knowledge of the Company, no director or officer of the Company is subject to any non-competition agreement or non-solicitation
agreement with any employer or prior employer which could materially affect his or her ability to be and act in his or her respective
capacity of the Company.

 

(xxvi)
The Company is not and, at all times up to and including the consummation of the transactions contemplated by this Agreement, and after
giving effect to application of the Net Proceeds (as defined below), will not be, subject to registration as an “investment company”
under the Investment Company Act of 1940, as amended, and is not and will not be an entity “controlled” by an “investment
company” within the meaning of such act.

 

(xxvii)
No relationship, direct or indirect, exists between or among any of the Company or, to the Company’s knowledge, any Affiliate of
the Company, on the one hand, and any director, officer, stockholder, customer or supplier of the Company or, to the Company’s
knowledge, any Affiliate of the Company, on the other hand, which is required by the Securities Act, the Exchange Act or the Rules and
Regulations to be described in the Registration Statement or the Prospectus which is not so described as required. There are no outstanding
loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the
Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as
described in the Registration Statement and the Prospectus. The Company has not, in violation of Sarbanes-Oxley, directly or indirectly
extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan
to or for any director or executive officer of the Company.

 

    	10

     

    

 

(xxviii)
Except as disclosed in the Registration Statement and the Prospectus, the Company is in compliance with the rules and regulations promulgated
by the Exchange or any other governmental or self-regulatory entity or agency having jurisdiction over the Company, except for such failures
to be in compliance which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. Without
limiting the generality of the foregoing: (i) all members of the Board who are required to be “independent” (as that term
is defined under the rules of the Exchange), including, without limitation, all members of the audit committee of the Board, meet the
qualifications of independence as set forth under applicable laws, rules and regulations and (ii) the audit committee of the Board has
at least one member who is an “audit committee financial expert” (as that term is defined under applicable laws, rules and
regulations).

 

(xxix)
The Company and each of its Subsidiaries owns or leases all such properties (other than intellectual property, which is covered below)
as are necessary to the conduct of its business as presently operated and as described in the Registration Statement and the Prospectus.
The Company and each of its Subsidiaries has good and marketable title in fee simple to all real property and good and marketable title
to all personal property owned by it, in each case free and clear of all Liens except such as are described in the Registration Statement
and the Prospectus or such as would not (individually or in the aggregate) have a Material Adverse Effect. Any real property and buildings
held under lease or sublease by the Company or its Subsidiaries are held by it under valid, subsisting and, to the Company’s knowledge,
enforceable leases with such exceptions as are not material to, and do not materially interfere with, the use made and proposed to be
made of such property and buildings by the Company or its Subsidiaries, and except, with respect to retail store leases (individually
or in the aggregate) as would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor its Subsidiaries
has received any written notice of any claim adverse to its ownership of any real or material personal property or of any claim against
the continued possession of any real property, whether owned or held under lease or sublease by the Company or its Subsidiaries, except
for such claims that, if successfully asserted against the Company or its Subsidiaries, would not (individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect.

 

    	11

     

    

 

(xxx)
The Company (including all of its Subsidiaries): (i) owns, possesses or has the right to use all patents, patent applications, trademarks,
service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, formulae, customer lists and know-how
and other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures, “Intellectual Property”) necessary for the conduct of its businesses as being conducted
and as described in the Registration Statement and the Prospectus, except as disclosed in the Registration Statement or the Prospectus,
and (ii) has no knowledge that the conduct of its business conflicts or will conflict with the rights of others, and it has not received
any written notice of any claim of conflict with, any right of others. To the Company’s knowledge, there is no infringement by
third parties of any such Intellectual Property. There is no pending or, to the Company’s knowledge, threatened, action, suit,
proceeding or claim by others challenging the Company’s rights in or to any such Intellectual Property; and there is no pending
or, to the Company’s knowledge, threatened, action, suit, proceeding or claim by others that the Company infringes or otherwise
violates any patent, trademark, copyright, trade secret or other proprietary rights of others. Except as set forth in the Registration
Statement and the Prospectus, the Company has not received any claim for royalties or other compensation from any person, including any
employee of the Company who made inventive contributions to Company’s technology or products that are pending or unsettled, and
except as set forth in the Registration Statement and the Prospectus the Company does not and will not have any obligation to pay royalties
or other compensation to any person on account of inventive contributions.

 

(xxxi)
The agreements and documents described in the Registration Statement and the Prospectus conform in all material respects to the descriptions
thereof contained therein and there are no agreements or other documents required by the applicable provisions of the Securities Act
to be described in the Registration Statement or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement,
that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company
(or its Subsidiaries) is a party or by which its property or business is or may be bound or affected and (i) that is referred to in the
Registration Statement or the Prospectus or attached as an exhibit thereto, or (ii) is material to the Company’s business, has
been duly and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company
in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under
the foreign, federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought,
and none of such agreements or instruments has been assigned by the Company (including any Subsidiaries), and neither the Company nor,
to the Company’s knowledge, any other party is in material breach or default thereunder and, to the Company’s knowledge,
no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default thereunder,
except, in any such case, as would not result in a Material Adverse Effect.

 

    	12

     

    

 

(xxxii)
The disclosures in the Registration Statement and the Prospectus concerning the effects of foreign, federal, state and local regulation
on the Company’s business as currently contemplated are correct in all material respects.

 

(xxxiii)
The Company has accurately prepared and filed all federal, state, foreign and other tax returns that are required to be filed by it through
the date hereof, or has received timely extensions thereof, except where the failure to so file would not (individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect, and has paid or made provision for the payment of all material taxes, assessments,
governmental or other similar charges, including without limitation, all sales and use taxes and all taxes which the Company is obligated
to withhold from amounts owing to employees, creditors and third parties, with respect to the periods covered by such tax returns, whether
or not such amounts are shown as due on any tax return (except as currently being contested in good faith and for which reserves required
by IFRS have been created in the financial statements of the Company) and except for such taxes, assessments, governmental or other similar
charges the nonpayment of which would not (individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.
No deficiency assessment with respect to a proposed adjustment of the Company’s federal, state, local or foreign taxes is pending
or, to the Company’s knowledge, threatened. The accruals and reserves on the books and records of the Company in respect of tax
liabilities for any taxable period not finally determined are adequate to meet any assessments and related liabilities for any such period
and, since the date of the Company’s most recent audited financial statements, the Company has not incurred any material liability
for taxes other than in the ordinary course of its business. There is no tax lien for taxes due and payable (except as currently being
contested in good faith and for which reserves required by IFRS have been created in the financial statements of the Company), whether
imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of the Company.

 

    	13

     

    

 

(xxxiv)
No labor disturbance or dispute by or with the employees of the Company which, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect, currently exists or, to the Company’s knowledge, is threatened. The Company is in compliance
in all material respects with the labor and employment laws and collective bargaining agreements and extension orders applicable to its
employees.

 

(xxxv)
Except as would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect, (x) the Company (and
its Subsidiaries) is in compliance with all material Environmental Laws (as hereinafter defined), and (y) to the Company’s knowledge,
no future expenditures are or will be required in order to comply therewith. The Company has not received any written notice or communication
that relates to or alleges any actual or potential violation or failure to comply with any Environmental Laws that would, individually
or in the aggregate, be reasonably expected to have a Material Adverse Effect. As used herein, the term “Environmental Laws”
means all applicable laws and regulations, including any licensing, permits or reporting requirements, and any action by a federal, state
or local government entity, pertaining to the protection of the environment, protection of public health, or the handling of hazardous
materials, including without limitation, the Clean Air Act, 42 U.S.C. § 7401, et seq., the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 42 U.S.C. § 9601, et seq., the Federal Water Pollution Control Act, 33 U.S.C. § 1321,
et seq., the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
§ 690-1, et seq., and the Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.

 

(xxxvi)
The Registration Statement and the Prospectus identify each employment, severance or other similar agreement, arrangement or policy and
each material arrangement providing for insurance coverage, benefits, bonuses, stock options or other forms of incentive compensation,
or post-retirement insurance, compensation or benefits which: (i) is entered into, maintained or contributed to, as the case may be,
by the Company and (ii) covers any officer or director or former officer or former director of the Company, in each case to the extent
required by the Rules and Regulations. These contracts, plans and arrangements are referred to collectively in this Agreement as the
“Benefit Arrangements.” Each Benefit Arrangement has been maintained in material compliance with its terms
and with requirements prescribed by any and all statutes, orders, rules and regulations that are applicable to that Benefit Arrangement
in each case except where the failure to comply is not reasonably likely to have a Material Adverse Effect.

 

(xxxvii)
The Company is not a party to or subject to any employment contract or arrangement providing for annual future compensation, or the opportunity
to earn annual future compensation (whether through fixed salary, bonus, commission, options or otherwise) of more than $120,000 to any
executive officer or director that is required to be described in the Registration Statement or the Prospectus, which is not so described.

 

    	14

     

    

 

(xxxviii)
The conditions for use of Form F-3 to register the Offering under the Securities Act, as set forth in the General Instructions to such
Form, have been satisfied.

 

(xxxix)
Except as disclosed in the Registration Statement and the Prospectus, neither the execution of this Agreement nor the consummation of
the Offering, constitutes a triggering event under any Benefit Arrangement or any other employment contract, whether or not legally enforceable,
which (either alone or upon the occurrence of any additional or subsequent event) will or may result in any payment (of severance pay
or otherwise), acceleration, increase in vesting or increase in benefits to any current or former participant, employee or director of
the Company other than an event that is not material to the financial condition or business of the Company.

 

(xl)
Neither the Company nor, to the Company’s knowledge, any of its employees or agents, has at any time during the last three (3)
years: (i) made any unlawful contribution to any candidate for foreign office, or failed to disclose fully any contribution in violation
of law, or (ii) made any payment to any person that is, to the Company’s knowledge, a federal or state governmental officer or
official or other person charged with similar public or quasi-public duties in the United States, other than payments that are not prohibited
by the laws of the United States or any jurisdiction thereof.

 

(xli)
The Company has not offered, or caused the Agent to offer, any Shares to any person or entity with the intention of unlawfully influencing:
(i) a supplier of the Company to alter the supplier’s level or type of business with the Company or (ii) a journalist or publication
to write or publish favorable information about the Company.

 

(xlii)
The operations of the Company are and have been conducted at all times in compliance in all material respects with applicable financial
record keeping and reporting requirements and applicable money laundering statutes of the United States and, to the Company’s knowledge,
all other applicable jurisdictions to which the Company is subject, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened.

 

    	15

     

    

 

(xliii)
Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee or Affiliate of the Company is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such
proceeds to any joint venture partner or other person or entity, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.

 

(xliv)
None of the Company or, to the Company’s knowledge, any director, officer, agent, employee, affiliate or other person acting on
behalf of the Company has engaged in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010, the Iran Sanctions Act of 1996, the National Defense Authorization Act for Fiscal Year 2012, the Iran Threat Reduction and
Syria Human Rights Act of 2012 or any Executive Order relating to any of the foregoing (collectively, and as each may be amended from
time to time, the “Iran Sanctions”); and the Company will not directly or indirectly use the proceeds of the
Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity,
for the purpose of engaging in any activities sanctionable under the Iran Sanctions.

 

(xlv)
Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings
relating to the payment of a finder’s, consulting or origination fee by the Company or, to the Company’s knowledge, any officer,
director or stockholder of the Company (each, an “Insider”) with respect to the sale of the Shares hereunder
or any other arrangements, agreements or understandings of the Company or, to the Company’s knowledge, any of its stockholders
that may affect the Agent’s compensation, as determined by FINRA. Except as described in the Registration Statement and the Prospectus,
the Company has not made any direct or indirect payments (in cash, securities or otherwise), including the issuance any warrants or other
securities or granted any options, directly or indirectly, to (i) any person, as a finder’s fee, consulting fee or otherwise, in
consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to
the Company, (ii) a potential underwriter in the Offering or a related person (as defined by FINRA rules), (iii) to any FINRA member,
or (iv) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, in each case, within
the 180 days prior to the filing date of the Registration Statement and shall not make such a payment between such date and the effective
date of the Registration Statement. None of the Net Proceeds will be paid by the Company to any participating FINRA member or its affiliates,
except as specifically authorized herein. To the Company’s knowledge, (w) no officer, director or any beneficial owner of 5% or
more of the Company’s securities (whether debt or equity, registered or unregistered, regardless of the time acquired or the source
from which derived) (any such individual or entity, a “Company Affiliate”) has any direct or indirect affiliation
or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA); (x) no Company Affiliate
is an owner of stock or other securities of any FINRA member (other than securities purchased on the open market); (y) no Company Affiliate
has made a subordinated loan to any FINRA member; and (z) no Net Proceeds from the sale of the Shares will be paid to any FINRA member,
or any persons associated with or affiliated with any FINRA member. Except as disclosed in the Registration Statement and the Prospectus,
to the Company’s knowledge, no FINRA member participating in the offering has a conflict of interest with the Company. For this
purpose, a “conflict of interest” has the meaning ascribed to such term in FINRA Rule 5121(f)(5).

 

    	16

     

    

 

(xlvi)
The Company has not distributed and will not distribute any prospectus or other offering material in connection with the Offering other
than the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed by the Company;
provided, however, that the Company has not made and will not make any offer relating to the Shares that would constitute a “free
writing prospectus” as defined in Rule 405 under the Securities Act, except any Permitted Free Writing Prospectus.

 

(xlvii)
The Company has all requisite corporate power and authority to execute and deliver the Acquisition Agreement entered into by and among
the Company, Cenntro Automotive Group Limited, a Cayman Islands company (“CAG”), Cenntro Automotive Group Limited,
a Hong Kong company (“CAG HK”), Cenntro Automotive Corporation, a Delaware corporation (“CAC”),
and Cenntro Electric Group, Inc., a Delaware corporation (“CEG” and, collectively with CAG HK and CAC, “Cenntro”)
(the “Acquisition Agreement”) and all other agreements, documents, certificates and instruments required to be delivered
pursuant to the Acquisition Agreement. The Company’s execution, delivery and performance under the Acquisition Agreement and each
of the transactions contemplated hereby have been duly authorized by all necessary corporate action. The Acquisition Agreement has been
duly and validly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company and is
enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification or contribution
provision may be limited under federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought.

 

    	17

     

    

 

(b)
Any certificate signed by any officer of the Company and delivered to the Agent or the Agent’s counsel shall be deemed a representation
and warranty by the Company to Agent as to the matters covered thereby.

 

(c)
At each Bringdown Date (as hereinafter defined) and each Time of Sale, the Company shall be deemed to have affirmed each representation
and warranty contained in or made pursuant to this Agreement in all material respects as of such date as though made at and as of such
date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended
and supplemented relating to such Shares on such date, and except that representations and warranties made as of a specific date shall
be deemed to be affirmed in all material respects as of such specific date).

 

(d)
As used in this Agreement, references to matters being “material” with respect to the Company shall mean a
material event, change, condition, status or effect related to the condition (financial or otherwise), properties, assets (including
intangible assets), liabilities, business, prospects, operations or results of operations of the Company, either individually or taken
as a whole, as the context requires.

 

2.
Purchase, Sale and Delivery of Shares.

 

(a)
At the Market Sales. On the basis of the representations, warranties and agreements herein the Company agrees that, from time
to time following the effective date of the Registration Statement on the terms and subject to the conditions set forth herein, it may
issue and sell through the Agent, acting as sales agent, Shares having an aggregate offering price of up to $300,000,000 (the “Offering
Size”); provided, however, that in no event shall the Company issue or sell through the Agent such number of Shares that
(a) exceeds the number or dollar amount of Ordinary Shares registered on the Registration Statement pursuant to which the Offering is
being made, or (b) would cause the Company or the Offering to not satisfy the eligibility and transaction requirements for use of Form
F-3 (including, if then applicable, General Instruction I.B.5 of Form F-3) (the lesser of (a) and (b), the “Maximum Amount”).
Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in
this Section 2(a) on the number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility
of the Company and the Agent shall have no obligation in connection with such compliance. Notwithstanding the foregoing, the Company
agrees that it will provide the Agent with written notice no less than one (1) Business Day prior to the date on which it makes the initial
sale of Shares under this Agreement. “Business Day”, as used herein, shall mean any day other than Saturday,
Sunday or other day on which commercial banks in The City of New York, Sydney, Australia or Auckland, New Zealand are authorized or required
by law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in
place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental
authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such
day. For the avoidance of doubt, the Company and Agent acknowledge and agree that no sales shall be made pursuant to this Agreement until
such time as the Registration Statement has been declared effective by the Commission.

 

    	18

     

    

 

(i)
For purposes of selling the Shares through the Agent, the Company hereby appoints the Agent as exclusive agent of the Company (including
in the event the Company increases the Offering Size) for the purpose of soliciting purchases of the Shares from the Company pursuant
to this Agreement and the Agent agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the
conditions stated herein.

 

(ii)
Each time the Company wishes to issue and sell the Shares hereunder (each, a “Transaction”), it will notify
the Agent by telephone (confirmed promptly by e-mail to the appropriate individual listed on Schedule D hereto, using a form substantially
similar to that set forth on Schedule C hereto) (a “Transaction Notice”) as to the maximum number of
Shares to be sold by the Agent on such day and in any event not in excess of the amount available for issuance under the Prospectus and
the currently effective Registration Statement, the time period during which sales are requested to be made, any limitation on the number
of shares that may be sold in any one Trading Day (as defined below), and any minimum price below which sales may not be made. The Transaction
Notice shall originate from any of the individuals from the Company set forth on Schedule B (with a copy to each of the other
individuals from the Company listed on such Schedule), and shall be addressed to each of the individuals from the Agent set forth on
Schedule D, as such Schedule D may be amended from time to time. Subject to the terms and conditions hereof and unless
the sale of the Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
the Agent shall promptly acknowledge the Transaction Notice by e-mail (or by some other method mutually agreed to in writing by the parties)
and shall use its commercially reasonable efforts to sell all of the Shares so designated by the Company in the Transaction Notice and
in accordance with the terms set forth herein; provided, however, that any obligation of the Agent to use such commercially reasonable
efforts shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by
the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section 4
of this Agreement. The gross sales price of the Shares sold under this Section 2(a) shall be equal to the market price for the
Ordinary Shares sold by the Agent under this Section 2(a) on the Exchange at the time of such sale. For the purposes hereof, “Trading
Day” means any day on which Ordinary Shares are purchased and sold on the principal market on which the Ordinary Shares
are listed or quoted.

 

    	19

     

    

 

(iii)
The Company or the Agent may, upon notice to the other party hereto by telephone (confirmed promptly by e-mail to the respective individuals
of the other party set forth on Schedule D hereto, which confirmation shall be promptly acknowledged by the other party), suspend
the Offering for any reason and at any time, whereupon the Agent shall so suspend the offering of Shares until further notice is provided
by the other party to the contrary; provided, however, that such suspension or termination shall not affect or impair the
parties’ respective obligations with respect to the Shares sold hereunder prior to the receipt by the Agent of such notice. Each
of the parties agrees that no such notice under this Section 2(a)(iii) shall be effective against the other unless it is made
to one of the individuals named on Schedule D hereto, as such Schedule may be amended from time to time.

 

(iv)
The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in selling the Shares, (B) the
Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other
than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable
law and regulations to sell such Shares as required under this Agreement, and (C) the Agent shall be under no obligation to purchase
shares on a principal basis pursuant to this Agreement.

 

(v)
The Agent may sell Shares by any method permitted by law to be an “at-the-market offering” as defined in Rule 415 of the
Securities Act including without limitation sales made directly on the Exchange, on any other existing trading market for the Ordinary
Shares or to or through a market maker. With the prior written consent of the Company, which may be provided in a Transaction Notice,
the Agent may also sell Shares in privately negotiated transactions.

 

(vi)
The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be 3.0% of the gross sales price of all Shares
sold pursuant to this Section 2(a) (the “Transaction Fee”). The remaining proceeds, after further deduction
for any transaction or other fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute
the net proceeds to the Company for such Shares (the “Net Proceeds”). The Agent shall notify the Company as
promptly as practicable if any deduction referenced in the preceding sentence will be required.

 

    	20

     

    

 

(vii)
The Agent shall provide written confirmation to the Company following the close of trading on the Exchange each day in which the Shares
are sold under this Section 2(a) setting forth the number of the Shares sold on such day, the aggregate gross sale proceeds, the
Net Proceeds to the Company, and the compensation payable by the Company to the Agent with respect to such sales.

 

(viii)
All Shares sold pursuant to this Section 2(a) will be delivered by the Company to Agent for the accounts of the Agent on the second
full Trading Day following the date on which such Shares are sold, or at such other time and date as Agent and the Company determine
pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery being herein referred to as a “Settlement
Date.” On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered
by the Company to the Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be
effected by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee’s account (provided
the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
(“DTC”) or (ii) by such other means of delivery as may be mutually agreed upon by the parties hereto, which
in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in same day funds
delivered to an account designated by the Company. If the Company or its transfer agent (if applicable) shall default on its obligation
to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Agent harmless against any loss, claim or
damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise be
entitled absent such default. If the Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for
the shares delivered by the Company, the Agent will pay the Company interest based on the effective prime rate until such proceeds, together
with such interest, have been fully paid.

 

(ix)
Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale of such
Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of
Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration
Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Board, a duly authorized
committee thereof or a duly authorized executive committee, and the Agent has been so notified in writing. Under no circumstances shall
the Company cause or request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time by
the Board, duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Further,
under no circumstances shall the aggregate offering amount of Shares sold pursuant to this Agreement exceed the Maximum Amount.

 

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(b)
Nothing herein contained shall constitute the Agent to be in an unincorporated association with, or a partner of, the Company. Under
no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement
was first declared effective by the Commission.

 

(c)
Notwithstanding any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place, and the Company shall
not request the sale of any Shares, and the Agent shall not be obligated to sell, during any period in which the Company is, or could
be deemed to be, in possession of material non-public information.

 

(d)
Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied with respect to the
Shares, the Company shall give the Agent at least one Business Day’s prior notice of its intent to sell any Shares in order to
allow the Agent time to comply with Regulation M.

 

3.
Covenants. The Company covenants and agrees with the Agent as follows:

 

(a)
After the date hereof and at all times during which a prospectus is required by the Securities Act to be delivered (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the “Prospectus
Delivery Period”), prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration
Statement), the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus related to changes in this Agreement, the Company
shall furnish to the Agent for review a copy of each such proposed amendment or supplement, allow the Agent a reasonable amount of time
to review and comment on such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement
to which the Agent or counsel to the Agent reasonably object; provided that the foregoing shall not apply with regards to the filing
by the Company of any Form 20-F, 6-K or other Incorporated Document. Subject to this Section 3(a), immediately following execution
of this Agreement, if not previously prepared, the Company will prepare a prospectus supplement describing the selling terms of the Shares
hereunder, the plan of distribution thereof and such other information as may be required by the Securities Act or the Rules and Regulations
or as the Agent and the Company may deem appropriate, and if requested by the Agent, a Permitted Free Writing Prospectus containing the
selling terms of the Shares hereunder and such other information as the Company and the Agent may deem appropriate, and will file or
transmit for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus as
supplemented and each such Permitted Free Writing Prospectus.

 

    	22

     

    

 

(b)
After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any comments of, or requests
for additional or supplemental information from, the Commission or for any amendments or supplements to the Registration Statement, the
Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any Incorporated Documents), (ii) of the time and
date of any filing of any pre-effective or post-effective amendment to the Registration Statement or any amendment or supplement to any
Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any Incorporated Documents), (iii) of the time and
date that the Registration Statement and any post-effective amendment to the Registration Statement becomes effective, (iv) of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus,
or (v) of any proceedings to remove, suspend or terminate from listing or quotation the Ordinary Shares from any securities exchange
upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for
any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its best efforts to obtain
the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions
of Rules 424(b), 430B and 430C, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings
made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule
424(b)(8) or Rule 164(b)).

 

(c)
From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any applicable Prospectus Delivery
Period, the Company will comply in all material respects with all requirements imposed upon it by the Securities Act, as now and hereafter
amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary to permit the continuance
of sales of or dealings in the Shares as contemplated by the provisions hereof, the Base Prospectus, the Prospectus and any Permitted
Free Writing Prospectus. If during any applicable Prospectus Delivery Period any event occurs as a result of which the Base Prospectus,
the Prospectus, or any Permitted Free Writing Prospectus would include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during any applicable
Prospectus Delivery Period it is necessary or appropriate in the opinion of the Company or its counsel or in the reasonable opinion of
the Agent or counsel to the Agent to amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted
Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be
incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company will promptly
notify Agent (or the Agent will notify the Company, as applicable), and the Agent shall suspend the offering and sale of any such Shares,
and the Company will amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance
within the time period prescribed by the Securities Act or the Exchange Act.

 

    	23

     

    

 

(i)
In case the Agent is required to deliver (whether physically or through compliance with Rule 172 under the Securities Act or any similar
rule), in connection with the sale of the Shares, a Prospectus after the nine-month period referred to in Section 10(a)(3) of the Securities
Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item 512(a) of Regulation S-K
under the Securities Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration
Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act
or Item 512(a) of Regulation S-K under the Securities Act, as the case may be. The Company shall cause each amendment or supplement to
any Base Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b)
of the Securities Act or, in the case of any document which would be deemed to be incorporated by reference therein, to be filed with
the Commission as required pursuant to the Exchange Act, within the time period prescribed. The Company shall promptly notify the Agent
if any material obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement, mortgage, deed
of trust or any other material contract, lease or other instrument to which it is subject or by which any of them may be bound, or to
which any of the material property or assets of the Company or any of its Subsidiaries is subject (each a “Material Contract”)
is terminated or if the other party thereto gives written notice of its intent to terminate any such contract (other than in connection
with the expiration of any such Material Contract).

 

(ii)
If at any time following issuance of a Permitted Free Writing Prospectus there occurs an event or development as a result of which such
Permitted Free Writing Prospectus would conflict with the information contained in the Registration Statement, the Base Prospectus or
the Prospectus, or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company
promptly will notify the Agent and will promptly amend or supplement, at its own expense, such Permitted Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.

 

    	24

     

    

 

(d)
The Company shall use commercially reasonable efforts to take or cause to be taken all necessary action to qualify the Shares for sale
under the securities laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect, if and
for so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith to
qualify as a foreign corporation or to execute a general consent to service of process in any state. The Company shall promptly advise
the Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer
or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

 

(e)
The Company will furnish to the Agent and counsel for the Agent, to the extent requested, copies of the Registration Statement, the Base
Prospectus, the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents, in each case
as soon as available and in such quantities as the Agent may from time to time reasonably request.

 

(f)
The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not be audited)
covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.
If the Company makes any public announcement or release disclosing its results of operations or financial condition for a completed quarterly,
semi-annual or annual fiscal period (each, an “Earnings Release”) and the Company has not yet filed an Annual
Report on Form 20-F for such annual fiscal period or a Form 6-K containing unaudited financial statements for such quarterly or semi-annual
fiscal period, as applicable, then, prior to any sale of Shares, the Company shall be obligated to (x) file a prospectus supplement with
the Commission under the applicable paragraph of Rule 424(b), which prospectus supplement shall include the applicable financial information
or (y) file a Report on Form 6-K, which Form 6-K shall include the applicable financial information.

 

    	25

     

    

 

(g)
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause
to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred
in connection with the registration, issue, sale and delivery of the Shares, (ii) all reasonable expenses and fees (including, without
limitation, fees and expenses of the Company’s accountants and counsel) in connection with the preparation, printing, filing, delivery,
and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto),
the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement thereto, and the
producing, word-processing, printing, delivery, and shipping of this Agreement and other closing documents, including blue sky memoranda
(covering the states and other applicable jurisdictions) and including the cost to furnish copies of each thereof to the Agent, (iii)
all filing fees, (iv) listing fees, if any, (v) [intentionally omitted], and (vi) all other costs and expenses of the Company
incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein (including the costs
and expenses related to any investor presentations or “roadshow” undertaken in connection with marketing of the Shares as
agreed to by the Company). The Company shall reimburse the Agent upon request for its actual, reasonable and documented costs and out-of-pocket
expenses incurred in connection with this Agreement, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, including the actual, reasonable and documented fees and out-of-pocket expenses of its legal counsel, up to an aggregate
of $30,000. In addition, the Company shall pay the Agent up to $5,000 for the reasonable and documented fees and out-of-pocket expenses
of its legal counsel in connection with each Bringdown Date (other than a Bringdown Date that is waived).

 

(h)
The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption “Use of Proceeds”
in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.

 

(i)
During each period commencing on the date of each Transaction Notice and ending after the close of business on the Settlement Date for
the related transactions covered by such Transaction Notice, the Company will not offer for sale, sell, contract to sell, pledge, grant
any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any Subsidiary,
or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to make any such offer, sale, pledge, grant,
issuance or other disposition), of any Ordinary Shares or any securities convertible into or exchangeable for, or any options or rights
to purchase or acquire, Ordinary Shares, or permit the registration under the Securities Act of any Ordinary Shares, such securities,
options or rights, except for (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement, (ii) the
issuance of securities issuable upon exercise, exchange or conversion of any options, convertible preferred stock, convertible notes
and warrants that are outstanding as of the date of this Agreement, or under the Acquisition Agreement, and described in the Registration
Statement and the Prospectus, (iii) a registration statement on Form S-8 relating to employee benefit plans and (iv) the issuance of
securities pursuant to any employee stock incentive plan, stock ownership plan or employee stock purchase plan of the Company in effect
at the time of this Agreement or any compensatory inducement grants made by the Company and approved by the Board consistent with past
practice.

 

    	26

     

    

 

(j)
The Company shall not, at any time at or after the execution of this Agreement, offer or sell any of the Shares pursuant to this Agreement
by means of any “prospectus” (within the meaning of the Securities Act), or use any “prospectus” (within the
meaning of the Securities Act) in connection with the offer or sale of the Shares pursuant to this Agreement, in each case other than
the Prospectus or any Permitted Free Writing Prospectus.

 

(k)
The Company has not taken and will not take, directly or indirectly, any action designed to or which might reasonably be expected to
cause or result in, or which has constituted, (i) the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Shares or (ii) a violation of Regulation M. The Company shall notify the Agent of any violation of Regulation
M by the Company or any of its officers or directors promptly after the Company has received notice or obtained knowledge of any such
violation.

 

(l)
The Company will not incur any liability for any finder’s or broker’s fee or agent’s commission in connection with
the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or thereby, except as contemplated
herein.

 

(m)
During any applicable Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic and current
reports as required by the Rules and Regulations.

 

(n)
The Company has maintained, and will maintain such controls and procedures, including without limitation those required by Sections 302
and 906 of Sarbanes-Oxley and the applicable regulations thereunder, that are designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the Commission’s rules and forms, including without limitation, controls and procedures designed
to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is
accumulated and communicated to the Company’s management, including its principal executive officer and its principal financial
officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure, to ensure that
material information relating to Company is made known to them by others within those entities.

 

(o)
[Intentionally omitted.]

    	27

     

    

 

(p)
Each of the Company and Agent hereby represent and agree that, neither the Company nor the Agent has made nor will make any offer relating
to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act,
or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under the Securities Act, required
to be filed with the Commission other than a Permitted Free Writing Prospectus. The Company represents that it has treated or agrees
that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433,
and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely
Commission filing where required, legending and record keeping.

 

(q)
(1) On or prior to the date of the first Transaction Notice delivered hereunder, the Company shall cause (A) Graubard Miller, U.S. counsel
for the Company, to furnish to the Agent its written opinion and negative assurance letter, in form and substance reasonably acceptable
to Agent’s counsel and (B) Mills Oakley, Australian counsel for the Company, to furnish to the Agent its written opinion, in form
and substance reasonably acceptable to Agent’s counsel.

 

(2)
On each date that the Company (i) amends or supplements the Registration Statement or the Prospectus (other than by means of incorporation
by reference); (ii) files an annual report on Form 20-F under the Exchange Act; (iii) files a report on Form 6-K under the Exchange Act
containing quarterly or semi-annual financial statements; or (iv) files a report on Form 6-K under the Exchange Act containing amended
financial information (each of such date referred to herein as a “Bringdown Date”), the Company shall cause
(A) Graubard Miller, U.S. counsel for the Company, to furnish to the Agent its opinion and negative assurance letter, in form and substance
reasonably acceptable to Agent’s counsel and (B) Mills Oakley, Australian counsel for the Company, to furnish to the Agent its
written opinion, in form and substance reasonably acceptable to Agent’s counsel, each dated as of a date within ten (10) days after
the applicable Bringdown Date, addressed to the Agent and modified as necessary to relate to the Registration Statement and the Prospectus
as amended and supplemented to the time of delivery of such opinions. With respect to this Section 3(q)(2), in lieu of delivering
such opinions or letters for Bringdown Dates subsequent to the date of effectiveness of the Registration Statement, such counsel may
furnish agent with a letter (a “Reliance Letter”) to the effect that Agent may rely upon a prior opinion or
letter delivered under Section 3(q)(1) or this Section 3(q)(2) to the same extent as if it were dated the date of such
letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended
or supplemented as of the date of Reliance Letter). Provided, however, the requirement to provide opinions and letters under this Section
3(q)(2) is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall
terminate as of the date the Company delivers a Transaction Notice hereunder prior to the next occurring Bringdown Date. Notwithstanding
the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and
did not provide Agent with opinions and letters under this Section 3(q)(2), then before the Company delivers the Transaction Notice
or Agent sells any Shares, the Company shall cause each of Graubard Miller to furnish to the Agent a written opinion and negative assurance
letter, and Mills Oakley to furnish the Agent a written opinion dated the date of the Transaction Notice.

 

    	28

     

    

 

(r)
Prior to the delivery of the first Transaction Notice hereunder and within five (5) days after each Bringdown Date, the Company shall
cause the Auditor, or other independent accountants satisfactory to the Agent, to deliver to the Agent (x) a customary comfort letter
(the initial letter, the “Initial Comfort Letter,” and each subsequent letter, a “Bringdown
Comfort Letter”) addressed to Agent, in form and substance satisfactory to Agent, confirming that they are independent
public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications
of accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect
to the financial information and other matters and (y) a letter updating the Initial Comfort Letter with any information that would have
been included in the Initial Comfort Letter had it been given on such date and as modified as necessary to relate to the date of such
letter. Provided, however, the requirement to provide a Bringdown Comfort Letter under this Section 3(r) is hereby waived for
any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall terminate as of the date the Company
delivers a Transaction Notice hereunder prior to the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a Bringdown Comfort
Letter under this Section 3(r), then before the Company delivers the Transaction Notice or Agent sells any Shares, the Company
shall cause the Auditor, or other independent accountants satisfactory to the Agent, to deliver to the Agent a Bringdown Comfort Letter
dated the date of the Transaction Notice.

 

(s)
Prior to the delivery of the first Transaction Notice hereunder and within five (5) days after each Bringdown Date, the Company shall
cause Marcum Bernstein & Pinchuk LLP, the independent registered public accounting firm for Cenntro, or other independent
accountants satisfactory to the Agent, to deliver to the Agent (x) a customary comfort letter (the initial letter, the “Initial
Cenntro Comfort Letter,” and each subsequent letter, a “Bringdown Cenntro Comfort Letter”)
addressed to Agent, in form and substance satisfactory to Agent, confirming that they are independent public accountants within the meaning
of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule
2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to certain financial information
and other matters and (y) a letter updating the Initial Cenntro Comfort Letter with any information that would have been included in
the Initial Cenntro Comfort Letter had it been given on such date and as modified as necessary to relate to the date of such letter.
Provided, however, the requirement to provide a Bringdown Cenntro Comfort Letter under this Section 3(s) is hereby waived for
any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall terminate as of the date the Company
delivers a Transaction Notice hereunder prior to the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a Bringdown Cenntro
Comfort Letter under this Section 3(s), then before the Company delivers the Transaction Notice or Agent sells any Shares, the
Company shall cause Marcum Bernstein & Pinchuk LLP, or other independent accountants satisfactory to the Agent, to deliver
to the Agent a Bringdown Cenntro Comfort Letter dated the date of the Transaction Notice.

 

    	29

     

    

 

(t)
On or prior to the date of the first Transaction Notice delivered hereunder and each Bringdown Date, the Company shall furnish to the
Agent an officer’s certificate, dated as of a date within five (5) days after the applicable Bringdown Date and addressed to Agent,
signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:

 

(i)
The representations and warranties of the Company in this Agreement are true and correct in all material respects as if made at and as
of the date of the certificate (except that such representations and warranties shall be deemed to relate to the Registration Statement
and the Prospectus as amended and supplemented relating to such Shares on such date, and except that representations and warranties made
as of a specific date are true and correct in all material respects as of such specific date), and the Company has complied in all material
respects with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the date of
the certificate;

 

(ii)
No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
or the qualification of the Shares for offering or sale or notice that would prevent use of the Registration Statement, nor suspending
or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, has been issued, and no proceeding
for that purpose has been instituted or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory
body;

 

(iii)
The Shares to be sold on that date have been duly and validly authorized by the Company and all corporate action required to be taken
for the authorization, issuance and sale of the Shares on that date has been validly and sufficiently taken;

 

    	30

     

    

 

(iv)
Subsequent to the respective dates as of which information is given in the Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus, as amended and supplemented, and except for pending transactions disclosed therein, the Company has not incurred any material
liabilities or obligations, direct or contingent, or entered into any material transactions, not in the ordinary course of business,
or declared or paid any dividends or made any distribution of any kind with respect to its capital stock, and there has not been any
material change in the capital stock or any material issuance of options, warrants, convertible securities or other rights to purchase
the capital stock (other than as a result of the exercise of any currently outstanding options, warrants, preferred stock and notes that
are disclosed in the Registration Statement or the Prospectus or the issuance of securities pursuant to the Company’s equity incentive
plans or employee stock purchase plans described in the Registration Statement or the Prospectus), or any material change in the short-term
or long-term debt, of the Company, or any Material Adverse Effect or any development that would reasonably be likely to result in a Material
Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake,
accident or other calamity, whether or not covered by insurance, incurred by the Company; and

 

(v)
Except as stated in the Prospectus and any Permitted Free Writing Prospectus, as amended and supplemented, there is not pending, or,
to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before or
by any court or governmental agency, authority or body, or any arbitrator, which would reasonably be likely to result in any Material
Adverse Effect; provided, however, the requirement to provide a certificate under this Section 3(t) is hereby waived for any Bringdown
Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date
the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company
subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with
a certificate under this Section 3(t), then before the Company delivers the Transaction Notice or Agent sells any Shares, the
Company shall provide Agent with a certificate dated the date of the Transaction Notice.

 

provided,
however, the requirement to provide a certificate under this Section 3(t) is hereby waived for any Bringdown Date occurring at
a time at which no Transaction Notice is pending, which waiver shall terminate as of the date the Company delivers a Transaction Notice
hereunder prior to the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares
following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a certificate under this Section
3(t), then before the Company delivers the Transaction Notice or Agent sells any Shares, the Company shall provide Agent with a certificate
dated the date of the Transaction Notice.

 

    	31

     

    

 

(u)
A reasonable time prior to each Bringdown Date, the Company, if so requested by the Agent, shall conduct a due diligence session, in
form and substance, satisfactory to the Agent, which shall include representatives of the management and the accountants of the Company.

 

(v)
The Company shall disclose in its annual report on Form 20-F and its reports on Form 6-K containing quarterly or semi-annual financial
statements the number of Shares sold through the Agent under this Agreement, the Net Proceeds to the Company and the compensation paid
by the Company with respect to sales of the Shares pursuant to this Agreement.

 

(w)
The Company shall ensure that there are at all times sufficient Ordinary Shares to provide for the issuance, free of any preemptive rights,
out of its authorized but unissued Ordinary Shares, of the maximum aggregate number of Shares authorized for issuance by the Board pursuant
to the terms of this Agreement. The Company will use its reasonable best efforts to cause the Shares to be listed on the Exchange, and
to maintain such listing. The Company shall cooperate with Agent and use its reasonable efforts to permit Shares to be eligible for clearance
and settlement through the facilities of DTC.

 

(x)
At any time during the term of this Agreement, the Company will advise the Agent promptly after it receives notice or obtains knowledge
of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Agent pursuant
to Section 3.

 

(y)
Subject to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with applicable securities
laws, the Company consents to the Agent trading in the Ordinary Shares for the Agent’s own account and for the account of its clients
(in compliance with all applicable laws) at the same time as sales of the Shares occur pursuant to this Agreement.

 

(z)
If to the knowledge of the Company, any condition set forth in Section 4 shall not have been satisfied on the applicable Settlement
Date or will not be satisfied on or prior to the date required by this Agreement, the Company will offer to any person who has agreed
to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited by the Agent the right
to refuse to purchase and pay for such Shares.

 

(aa)
On or prior to the date of the first Transaction Notice delivered hereunder and each Bringdown Date, the Company shall furnish to the
Agent an incumbency certificate, dated as of such date and addressed to Agent, signed by the secretary of the Company.

 

    	32

     

    

 

(bb)
Each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Agent that the
representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct in all material respects
as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties
will be true and correct in all material respects as of the Settlement Date for the Shares relating to such acceptance, as though made
at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the
Prospectus as amended and supplemented relating to such Shares, and except that representations and warranties made as of a specific
date are true and correct in all material respects as of such specific date).

 

(cc)
During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement
may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, the Company will file all documents
required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the regulations
thereunder.

 

(dd)
The Company shall cooperate with Agent and use its reasonable efforts to permit the Shares to be eligible for clearance and settlement
through the facilities of DTC.

 

(ee)
The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(ff)
Following the initial effective date of the Registration Statement, to the extent that the Registration Statement is not available for
the sale of the Shares as contemplated by this Agreement, the Company shall file a new registration statement with respect to any additional
Ordinary Shares necessary to complete such sales of the Shares and shall cause such registration statement to become effective as promptly
as practicable. After the effectiveness of any such registration statement, all references to “Registration Statement” included
in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by reference therein
pursuant to Item 6 of Form F-3, and all references to “Base Prospectus” included in this Agreement shall be deemed to include
the final form of prospectus, including all documents incorporated therein by reference, included in any such registration statement
at the time such registration statement became effective.

 

(gg)
During the term of the Agreement, the Company will provide the Agent with prompt notice of any planned offering of its equity, equity-linked
or debt securities to permit the Agent to determine if and when sales under the Agreement must be suspended. The Agent shall use its
best efforts to provide consent to such planned offering within one (1) Business Day after receipt of such notice but in no event later
than three (3) Business Days after receipt of such notice. The Company covenants and agrees that until the Agent has provided consent,
the Company shall not commence any such planned offering, provided that after such three (3) Business Day period, the Company may proceed
with such offering without the Agent’s consent.

 

    	33

     

    

 

4.
Conditions of Agent’s Obligations. The obligations of the Agent hereunder are subject to (i) the accuracy in all
material respects of all representations and warranties of the Company contained herein, as of the date hereof, as of the date of the
first Transaction Notice, each Bringdown Date, and each Time of Sale (in each case, as if made at such date, except that such representations
and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such
Shares on such date, and except that representations and warranties made as of a specific date shall be accurate in all material respects
as of such specific date), (ii) the performance by the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a)
If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, is required under the
Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Permitted
Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8)
or Rule 164(b)); the Registration Statement shall have become and remain effective; no stop order suspending the effectiveness of the
Registration Statement or any part thereof, any Rule 462(b) Registration Statement, or any amendment thereof, nor suspending or preventing
the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall have been issued; no proceedings for the
issuance of such an order shall have been initiated or threatened; and any request of the Commission for additional information (to be
included in the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus or otherwise) shall
have been complied with to the Agent’s satisfaction.

 

(b)
The Agent shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or any amendment or
supplement thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in the Agent’s opinion,
is material, or omits to state a fact which, in the Agent’s opinion, is material and is required to be stated therein or is necessary
to make the statements therein (i) with respect to the Registration Statement, not misleading and (ii) with respect to the Base Prospectus,
the Prospectus or any Permitted Free Writing Prospectus, in light of the circumstances under which they were made, not misleading.

 

    	34

     

    

 

(c)
Except as set forth or contemplated in the Prospectus and any Permitted Free Writing Prospectus, as amended and supplemented, subsequent
to the respective dates as of which information is given therein, the Company shall not have incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions, not in the ordinary course of business, or declared or paid any dividends
or made any distribution of any kind with respect to its capital stock, and there shall not have been any material change in the capital
stock, or any material issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other than
as a result of the exercise of any currently outstanding options, preferred stock, notes or warrants that are disclosed in the Registration
Statement or the Prospectus or the issuance of securities pursuant to the Company’s equity incentive plans or employee stock purchase
plans described in the Registration Statement or the Prospectus), or any material change in the short-term or long-term debt, of the
Company, or any Material Adverse Effect or any development that would be reasonably likely to result in a Material Adverse Effect (whether
or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident or other calamity,
whether or not covered by insurance, incurred by the Company, the effect of which, in any such case described above, in the Agent’s
judgment, makes it impractical or inadvisable to offer or deliver the Shares.

 

(d)
The Company shall have performed each of its obligations under Section 3(q).

 

(e)
The Company shall have performed each of its obligations under Section 3(r).

 

(f)
The Company shall have performed each of its obligations under Section 3(s).

 

(g)
FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

 

(h)
All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement Date shall have been
made within the applicable time period prescribed for such filing by Rule 424.

 

(i)
The Company shall have furnished to Agent and the Agent’s counsel such additional documents, certificates and evidence as they
may have reasonably requested.

 

(j)
Trading in the Ordinary Shares shall not have been suspended on the Exchange. The Shares shall have been listed and authorized for trading
on the Exchange prior to the first Settlement Date, and satisfactory evidence of such actions shall have been provided to the Agent and
its counsel, which may include oral confirmation from a representative of the Exchange.

 

    	35

     

    

 

(k)
On the date of the first Placement Notice and thereafter on each Bringdown Date, Ellenoff Grossman & Schole LLP, counsel for the
Agent, shall not have reasonably determined that the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus, as of
such date, includes an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein,
in the light of the circumstances then existing, not misleading.

 

All
such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably
satisfactory in form and substance to Agent and the Agent’s counsel. The Company will furnish Agent with such conformed copies
of such opinions, certificates, letters and other documents as Agent shall reasonably request.

 

5.
Indemnification and Contribution.

 

(a)
The Company agrees to indemnify and hold harmless the Agent and each of the other Indemnified Parties (as defined below) from and against
any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all
actions suits proceedings and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in
giving testimony or furnishing documents in response to subpoena or otherwise (including, without limitation, the costs, expenses and
disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation
(whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”),
directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with this Agreement, including, without
limitation, any act or omission by the Agent in connection with its acceptance of or the performance or non-performance of its obligations
under the Agreement, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or
in any instrument, document or agreement relating thereto, including any agency agreement), or the enforcement by the Agent of its rights
under the Agreement or these indemnification provisions, except to the extent that any such Losses are found in a final judgment by a
court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the gross negligence or
willful misconduct of the Indemnified Party seeking indemnification hereunder. The Company also agrees that no Indemnified Party shall
have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with this Agreement
for any other reason, except to the extent that any such liability is found in a final judgment by a court of competent jurisdiction
(not subject to further appeal) to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful
misconduct This indemnity agreement will be in addition to any liability that the Company otherwise might have.

 

(i)
These indemnification provisions shall extend to the following persons (collectively, the “Indemnified Parties”):
the Agent, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling
persons (within the meaning of the federal securities laws), and the officers, directors, partners, stockholders, members, managers,
employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to any
liability which the Company may otherwise have to any Indemnified Party.

 

    	36

     

    

 

(ii)
If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it
shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify
the Company shall not relieve the Company from its obligations hereunder except to the extent that the Company is actually and materially
prejudiced by such failure to notify. If the Company so elects or is requested by the Agent, the Company will assume the defense of such
action or proceeding and will employ counsel reasonably satisfactory to the Agent and will pay the fees, expenses and disbursements of
such counsel. An Indemnified Party may employ counsel to participate in the defense of any such action; provided, that the employment
by such Indemnified Party of such counsel shall be at the Indemnified Party’s own expense, unless (i) counsel for the Agent reasonably
determines that it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent
both the Company and the Indemnified Person, (ii) the defendants include both the Indemnified Persons and the Company and the Agent reasonably
concludes that there may be legal defenses available to the Indemnified Persons that are different from or in addition to those available
to the Company, or (iii) the Company has not in fact employed counsel reasonably satisfactory to the Indemnified Party to assume the
defense of such action or proceeding within a reasonable time after receiving notice of the action or proceeding, in each of which cases
the reasonable fees, expenses and disbursements of one firm representing the Indemnified Parties (unless the defense of one Indemnified
Party is unique or separate from that of another Indemnified Party subject to the same action or proceeding) will be at the expense of
the Company. In the event the Company assumes the defense of such action or proceeding, the Agent shall cooperate, and shall cause the
Indemnified Parties and any such counsel, to the extent consistent with its professional responsibilities, to cooperate, with the Company
and any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified Party
made with the Company’s written consent. The Company shall not, without the prior written consent of the Agent, settle or compromise
any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent
(i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release
from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified
Party or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any
action or inaction of any Indemnified Party.

 

    	37

     

    

 

(b)
(i) The Agent will indemnify and hold harmless the Company and its affiliates and directors and each officer of the Company who signed
the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (the “Company Indemnified Parties”) from and against any Losses to which the
Company or the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in settlement of any
litigation, if such settlement is effected with the written consent of the Agent), insofar as such Losses (or actions in respect thereof)
arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission of a material fact contained in
the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing
Prospectus, to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration
Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance
upon and in conformity with written information furnished to the Company by Agent expressly for use in the preparation thereof, it being
understood and agreed that the only information furnished by the Agent consists of the information described as such in Section 5(b)(ii).
(ii) The Agent confirms and the Company acknowledges that as of the date hereof no information has been furnished in writing to the Company
by or on behalf of the Agent specifically for inclusion in the Registration Statement, any Base Prospectus, the Prospectus or any Permitted
Free Writing Prospectus, other than information about the Agent included in the Prospectus Supplement under the heading “Plan of
Distribution”.

 

(c)
In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions
is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification
may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the indemnifying
party shall contribute to the Losses to which any indemnified party may be subject (i) in accordance with the relative benefits received
by the indemnifying party and its stockholders, Subsidiaries and affiliates, on the one hand, and the indemnified party, on the other
hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion
as to reflect not only the relative benefits, but also the relative fault of the indemnifying party, on the one hand, and the indemnified
party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant
equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person
who is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be received) by the
Company shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction
or transactions to which the Agreement relates relative to the amount of fees actually received by the Agent in connection with such
transaction or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed
the amount of fees previously received by the Agent pursuant to the Agreement.

 

    	38

     

    

 

(d)
Neither the termination of this Agreement nor completion of the Offering shall affect these indemnification provisions, which shall remain
operative and in full force and effect. The indemnification provisions shall be binding upon the Company and the Agent and their respective
successors and assigns and shall inure to the benefit of the Indemnified Parties and the Company Indemnified Parties and their respective
successors, assigns, heirs and personal representatives.

 

6.
Representations and Agreements to Survive Delivery. All representations and warranties of the Company herein or in certificates
delivered pursuant hereto, and agreements of the Agent and the Company herein, including but not limited to the agreements of the Agent
and the Company contained in Section 5, shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of the Agent or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons,
and shall survive delivery of, and payment for, the Shares to and by the Agent hereunder.

 

7.
Termination of this Agreement. The term of this Agreement shall begin on the date hereof, and shall continue until the
earlier of (i) the sale of Shares having an aggregate offering price of $300,000,000 or (ii) the termination by either the Agent or the
Company upon the provision of ten (10) days written notice. Any such termination by mutual agreement shall in all cases be deemed to
provide that Section 3(g), Section 5 and Section 6 shall remain in full force and effect. Notwithstanding the foregoing,
the Agent shall have the right, in its sole discretion, to terminate this Agreement if at any time from the date of this Agreement to
the effectiveness of the Registration Statement, the Agent is not fully satisfied, in its sole discretion, with the results of its and
its representatives’ review of the Company and the Company’s business.

 

8.
Default by the Company. If the Company shall fail at any Settlement Date to sell and deliver the number of Shares which
it is obligated to sell hereunder, then the Agent may terminate this Agreement immediately without any liability on the part of the Agent
or, except as provided in Section 3(g), any non-defaulting party. No action taken pursuant to this Section 8 shall relieve
the Company from liability, if any, in respect of such default, and the Company shall (A) hold the Agent harmless against any loss, claim
or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise
be entitled absent such default.

 

    	39

     

    

 

9.
Notices. Except as otherwise provided herein, all communications under this Agreement shall be in writing and, if to the
Agent, shall be mailed, delivered or emailed to Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, Attention: Clifford
A. Teller and James Siegel, email: cteller@maximgrp.com and/or jsiegel@maximgrp.com, with a required copy (which shall
not constitute notice) to Ellenoff Grossman & Schole LLP, counsel for the Agent, at 1345 Avenue of the Americas, New York, New York
10105 Attention: Sarah Williams, Esq., email: swilliams@egsllp.com. Notices to the Company shall be given to it at Naked Brand
Group Limited, c/o Bendon Limited, 8 Airpark Drive, Airport Oaks, Auckland 2022, New, Zealand, Attention: Justin Davis-Rice, email: justin.davis@bendon.com,
with required copies (which shall not constitute notice) to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New York, New
York 10174, Attention: Jeffrey M. Gallant, Esq., and Eric T. Schwartz, Esq., email: jgallant@graubard.com and eschwartz@graubard.com.
Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address
for such purpose.

 

10.
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 5.
Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term “successors and assigns” as herein
used shall not include any purchaser, as such purchaser, of any of the Shares from the Agent.

 

11.
Absence of Fiduciary Relationship. The Company acknowledges and agrees that: (a) the Agent has been retained solely to
act as an sales agent and/or principal in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship
between the Company and the Agent has been created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Agent has advised or is advising the Company on other matters; (b) the price and other terms of the Shares set forth in
this Agreement were established by the Company following discussions and arms-length negotiations with the Agent and the Company is capable
of evaluating and understanding, and understands and accepts the terms, risks and conditions of the transactions contemplated by this
Agreement; (c) it has been advised that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that the Agent has no obligation to disclose such interest and transactions to the Company
by virtue of any fiduciary, advisory or agency relationship; (d) it has been advised that the Agent is acting, in respect of the transactions
contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and (e) it waives to the fullest
extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach of fiduciary duty in
respect of any of the transactions contemplated by this Agreement and agrees that the Agent shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees
or creditors of the Company.

 

    	40

     

    

 

12.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules
that would apply the laws of any other jurisdiction.

 

13.
Counterparts. This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart,
the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same
instrument.

 

14.
Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.

 

15.
Entire Agreement; Amendment; Severability; Headings. This Agreement (including all schedules and exhibits attached hereto
and transaction notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor
any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid,
illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and
the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.
The section headings used in this Agreement are for convenience only and shall not affect the construction hereof.

 

16.
Waiver of Jury Trial. Each of the Company and the Agent hereby waives any right it may have to a trial by jury in respect
of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.

 

[Signature
Page to Follow]

 

    	41

     

    

 

Please
sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the
Company and the Agent in accordance with its terms.

 

Very
truly yours,

 

NAKED
BRAND GROUP LIMITED

 

	By:	/s/
    Justin Davis-Rice	 
	Name:	Justin
    Davis-Rice	 
	Title:	Executive
    Chairman and Chief Executive Officer	 

 

	By:	/s/
    Mark Ziirsen	 
	Name:	Mark
    Ziirsen	 
	Title:	Chief
    Financial Officer and Corporate Secretary	 

 

Confirmed
as of the date first

above
mentioned.

 

MAXIM
GROUP LLC

 

	By:	/s/
    Clifford A. Teller	 
	Name:	Clifford
    A. Teller	 
	Title:	Executive
    Managing Director, Investment Banking	 

 

[Signature
page to Naked Brand Group Limited Equity Distribution Agreement]

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