Document:

Exhibit 10.4

 

Execution Version

 

FORM OF NON-COMPETITION AND
NON-SOLICITATION AGREEMENT

 

THIS NON-COMPETITION AND NON-SOLICITATION
AGREEMENT (this “Agreement”) is being executed and delivered as of November 11, 2022, by the undersigned security
holder of the Company (as defined below) (the “Subject Party”) in favor of and for the benefit of NWTN Inc.,
an exempted company incorporated with limited liability in the Cayman Islands (“Pubco”), East Stone Acquisition
Corporation, a British Virgin Islands company (together with its successors, including the Surviving Corporation (as defined in the Business
Combination Agreement) “Purchaser”), Iconiq Holdings Limited, a Cayman Islands limited liability company
(the “Company”), and each of Pubco’s, Purchaser’s and/or the Company’s present and future
Affiliates, successors and direct and indirect Subsidiaries (including the Company) (collectively with Pubco, Purchaser and the Company,
the “Covered Parties”). Any capitalized term used, but not defined in this Agreement will have the meaning ascribed
to such term in the Business Combination Agreement.

 

WHEREAS, on April 15, 2022,
(i) the Purchaser, (ii) Navy Sail International Limited, a British Virgin Islands company, in the capacity as the Purchaser Representative
thereunder (the “Purchaser Representative”), (iii) Pubco, (iv) Muse Merger Sub I Limited, an exempted company
incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“First Merger Sub”),
(v) Muse Merger Sub II Limited, a British Virgin Islands business company and a wholly-owned subsidiary of Pubco (“Second
Merger Sub”), and (vi) ICONIQ Holding Limited, an exempted company incorporated with limited liability in the Cayman Islands
(“Iconiq”), entered into that certain Business Combination Agreement (as amended from time to time in accordance
with the terms thereof, the “Business Combination Agreement”), pursuant to which, subject to the terms and conditions
thereof, among other matters, (a) First Merger Sub will merge with and into Iconiq, with Iconiq continuing as the surviving entity and
a wholly-owned subsidiary of Pubco (the “First Merger”), and (i) each Class A ordinary share of Iconiq issued
and outstanding immediately prior to the effective time of the First Merger will automatically be cancelled, in exchange for the right
of the holder thereof to receive Pubco Class A Ordinary Shares, along with a contingent right to receive additional Pubco Class A Ordinary
Shares upon the occurrence of certain events set forth in the Business Combination Agreement (the “Earnout Shares”),
and (ii) each Class B ordinary share of Iconiq issued and outstanding immediately prior to the effective time of the First Merger will
automatically be cancelled, in exchange for the right of the holder thereof to receive Pubco Class B Ordinary Shares (such Pubco Class
A Ordinary Shares, Pubco Class B Ordinary Shares and the Earnout Shares, collectively, the “Company Share Consideration”),
and (b) one business day following, and as part of the same overall transaction as the First Merger, Second Merger Sub will merge with
and into the Purchaser (the “Second Merger”), with the Purchaser surviving the Second Merger as a wholly-owned
subsidiary of Pubco and with the holders of Purchaser’s securities receiving substantially equivalent securities of Pubco, all upon
the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions of applicable
law;

 

WHEREAS, the Company (and
after the First Merger, Pubco), directly and indirectly through its Subsidiaries, [engages in the business of developing smart electric
vehicles that aim to integrate avant-garde design, life-style personalization, IoT connectivity, and autonomous driving technology into
“a passenger-centric green premium vehicles] (the “Business”);

 

WHEREAS, in connection with,
and as a condition to the execution and delivery of the Business Combination Agreement and the consummation of the First Merger, the Second
Merger and the other transactions contemplated thereby (collectively, the “Transactions”), and to enable Pubco
and Purchaser to secure more fully the benefits of the Transactions, including the protection and maintenance of the goodwill and confidential
information of the Company, Pubco and their respective Subsidiaries, each of Pubco and Purchaser has required that the Subject Party enter
into this Agreement;

 

     

     

    

 

WHEREAS, the Subject Party
is entering into this Agreement in order to induce Pubco, Purchaser and the Company to enter into the Business Combination Agreement and
consummate the Transactions, pursuant to which the Subject Party will directly or indirectly receive a material benefit; and

 

WHEREAS, [the Subject Party,
as a former and/or current shareholder, director, officer and/or employee of the Company or its Subsidiaries (and after the First Merger,
Pubco),] has contributed to the value of the Company and its Subsidiaries and has obtained extensive and valuable knowledge and confidential
information concerning the business of the Company and its Subsidiaries (and after the First Merger, Pubco).

 

NOW, THEREFORE, in order to
induce Pubco, Purchaser and the Company to enter into the Business Combination Agreement and consummate the Transactions, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Subject Party hereby agrees as follows:

 

1.   Restriction
on Competition.

 

(a)   Restriction.
The Subject Party hereby agrees that during the period from the Closing until the three (3) year anniversary of the Closing Date (such
period, the “Restricted Period”), the Subject Party will not, and will cause its Affiliates not to, without
the prior written consent of Pubco (which may be withheld in its sole discretion), anywhere in the People’s Republic of China or
in any other markets in which the Covered Parties are engaged, or are actively contemplating to become engaged, in the Business as of
the Closing Date or during the Restricted Period (the “Territory”), directly or indirectly engage in the Business
(other than through a Covered Party) or own, manage, finance or control, or participate in the ownership, management, financing or control
of, or become engaged or serve as an officer, director, member, partner, employee, agent, consultant, advisor or representative of, a
business or entity (other than a Covered Party) that engages in the Business (a “Competitor”). Notwithstanding
the foregoing, the Subject Party and its Affiliates may own passive investments of no more than two percent (2%) of any class of outstanding
equity interests in a Competitor that is publicly traded, so long as the Subject Party and its Affiliates and immediate family members
are not directly or indirectly involved in the management or control of such Competitor (“Permitted Ownership”).

 

(b)   Acknowledgment.
The Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or the Subject Party’s own education, experience
and training, that (i) the Subject Party possesses knowledge of confidential information of the Covered Parties and the Business, (ii)
the Subject Party’s execution of this Agreement is a material inducement to Purchaser and Pubco to enter into the Business Combination
Agreement and consummate the Transactions and to realize the goodwill of the Company and its Subsidiaries, for which the Subject Party
and/or its Affiliates will receive a substantial direct or indirect financial benefit, and that Purchaser and Pubco would not have entered
into the Business Combination Agreement or consummated the Transactions but for the Subject Party’s agreements set forth in this
Agreement; (iii) it would impair the goodwill of the Covered Parties and reduce the value of the assets of the Covered Parties and cause
serious and irreparable injury if the Subject Party and/or its Affiliates were to use their ability and knowledge by engaging in the Business
in competition with a Covered Party, and/or to otherwise breach the obligations contained herein and that the Covered Parties would not
have an adequate remedy at law because of the unique nature of the Business, (iv) the Subject Party and its Affiliates have no intention
of engaging in the Business (other than through the Covered Parties) during the Restricted Period other than through Permitted Ownership,
(v) the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed,
and every effort has been made to limit the restrictions placed upon the Subject Party to those that are reasonable and necessary to protect
the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business everywhere in the
Territory and compete with other businesses that are or could be located in any part of the Territory, (vii) the foregoing restrictions
on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration, (viii) the consideration
provided to the Subject Party under this Agreement and the Business Combination Agreement is not illusory, and (ix) such provisions do
not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Covered Parties.

 

    2

     

    

 

2.   No
Solicitation; No Disparagement.

 

(a)   No
Solicitation of Employees and Consultants. The Subject Party agrees that, during the Restricted Period, the Subject Party will not
and will not permit its Affiliates to, without the prior written consent of Pubco (which may be withheld in its sole discretion), either
on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of its duties on behalf
of the Covered Parties), directly or indirectly: (i) hire or engage as an employee, independent contractor, consultant or otherwise any
Covered Personnel (as defined below); (ii) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing)
any Covered Personnel to leave the service (whether as an employee, consultant or independent contractor) of any Covered Party; or (iii)
in any way interfere with or attempt to interfere with the relationship between any Covered Personnel and any Covered Party; provided,
however, the Subject Party and its Affiliates will not be deemed to have violated this Section 2(a) if any Covered Personnel
voluntarily and independently solicits an offer of employment from the Subject Party or its Affiliate (or other Person whom any of them
is acting on behalf of) by responding to a general advertisement or solicitation program conducted by or on behalf of the Subject Party
or its Affiliate (or such other Person whom any of them is acting on behalf of) that is not targeted at such Covered Personnel or Covered
Personnel generally, so long as such Covered Personnel is not hired. For purposes of this Agreement, “Covered Personnel”
shall mean any Person who is or was an employee, consultant or independent contractor of the Covered Parties as of the date of the relevant
act prohibited by this Section 2(a) or during the one (1) year period preceding such date.

 

(b)   Non-Solicitation
of Customers and Suppliers. The Subject Party agrees that, during the Restricted Period, the Subject Party will not and it will not
permit its Affiliates to, without the prior written consent of Pubco (which may be withheld in its sole discretion), individually or on
behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party’s duties on behalf
of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of
the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become, a client or customer of any Covered Party with
respect to the Business or (B) reduce the amount of business of such Covered Customer with any Covered Party, or otherwise alter such
business relationship in a manner adverse to any Covered Party, in either case, with respect to or relating to the Business; (ii) interfere
with or disrupt (or attempt to interfere with or disrupt) the contractual relationship between any Covered Party and any Covered Customer;
(iii) divert any business with any Covered Customer relating to the Business from a Covered Party; (iv) solicit for business, provide
services to, engage in or do business with, any Covered Customer for products or services that are part of the Business; or (v) interfere
with or disrupt (or attempt to interfere with or disrupt), any Person that was a vendor, supplier, distributor, agent or other service
provider of a Covered Party at the time of such interference or disruption, for a purpose competitive with a Covered Party as it relates
to the Business. For purposes of this Agreement, a “Covered Customer” shall mean any Person who is or was an
actual customer or client (or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action
to make a proposal) of a Covered Party as of the date of the relevant act prohibited by this Section 2(b) or during the one (1) year period
preceding such date.

 

    3

     

    

 

(c)   Non-Disparagement.
The Subject Party agrees that from and after the Closing until the second (2nd) anniversary of the end of the Restricted Period,
the Subject Party will not and will not permits its Affiliates to, directly or indirectly engage in any conduct that involves the making
or publishing (including through electronic mail distribution or online social media) of any written or oral statements or remarks (including
the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious or damaging
to the integrity, reputation or good will of one or more Covered Parties or their respective management, officers, employees, independent
contractors or consultants. Notwithstanding the foregoing, subject to Section 3 below, the provisions of this Section 2(c)
shall not restrict the Subject Party from providing truthful testimony or information in response to a subpoena or investigation by a
Governmental Authority or in connection with any legal action by the Subject Party or its Affiliate against any Covered Party under this
Agreement, the Business Combination Agreement or any other Ancillary Document that is asserted by the Subject Party or its Affiliate in
good faith.

 

3.   Confidentiality.
From and after the Closing Date, the Subject Party will, and will cause its Representatives to, keep confidential and not (except,
if applicable, in the performance of its duties on behalf of the Covered Parties) directly or indirectly use, disclose, reveal, publish,
transfer or provide access to, any and all Covered Party Information without the prior written consent of Pubco (which may be withheld
in its sole discretion). As used in this Agreement, “Covered Party Information” means all material and information
relating to the business, affairs and assets of any Covered Party, including material and information that concerns or relates to such
Covered Party’s bidding and proposal, technical information, computer hardware or software, administrative, management, operational,
data processing, financial, marketing, sales, human resources, business development, planning and/or other business activities, regardless
of whether such material and information is maintained in physical, electronic, or other form, that is: (A) gathered, compiled, generated,
produced or maintained by such Covered Party through its Representatives, or provided to such Covered Party by its suppliers, service
providers or customers; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service providers or
customers to be kept in confidence. The obligations set forth in this Section 3 will not apply to any Covered Party Information
where the Subject Party can prove that such material or information: (i) is known or available through other lawful sources not bound
by a confidentiality agreement with, or other confidentiality obligation to, any Covered Party; (ii) is or becomes publicly known through
no violation of this Agreement or other non-disclosure obligation of the Subject Party or any of its Representatives; (iii) is already
in the possession of the Subject Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or other
confidentiality obligation as evidenced by the Subject Party’s documents and records; or (iv) is required to be disclosed pursuant
to an order of any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable
prior written notice, (B) the Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any
Covered Party to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still
required, the Subject Party and its Representatives only disclose such portion of the Covered Party Information that is expressly required
by such order, as it may be subsequently narrowed).

 

4.   Representations
and Warranties. The Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the date of
this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver, and to perform
all of the Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery of this Agreement nor the
performance of the Subject Party’s obligations hereunder will result directly or indirectly in a violation or breach of any agreement
or obligation by which the Subject Party is a party or otherwise bound. By entering into this Agreement, the Subject Party certifies and
acknowledges that the Subject Party has carefully read all of the provisions of this Agreement, and that the Subject Party voluntarily
and knowingly enters into this Agreement.

 

    4

     

    

 

5.   Remedies.
The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special, unique and
extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties, the
amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject Party agrees that,
in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained in this Agreement, each applicable
Covered Party will be entitled to obtain the following remedies (in addition to, and not in lieu of, any other remedy at law or in equity
or pursuant to the Business Combination Agreement or the other Ancillary Documents that may be available to the Covered Parties, including
monetary damages), and a court of competent jurisdiction may award: (i) an injunction, restraining order or other equitable relief restraining
or preventing such breach or threatened breach, without the necessity of proving actual damages or that monetary damages would be insufficient
or posting bond or security, which the Subject Party expressly waives; and (ii) recovery of the Covered Party’s attorneys’
fees and costs incurred in enforcing the Covered Party’s rights under this Agreement. The Subject Party hereby consents to the award
of any of the above remedies to the applicable Covered Party in connection with any such breach or threatened breach. The Subject Party
hereby acknowledges and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement
(or any other non-competition agreement with the Subject Party) under or in connection with the Business Combination Agreement shall not
be considered a measure of, or a limit on, the damages of the Covered Parties.

 

6.   Survival
of Obligations. The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability arising
from any breach by the Subject Party of this Agreement during the Restricted Period. The Subject Party further agrees that the time period
during which the covenants contained in Section 1, 2 and 3 and of this Agreement will be effective will be computed
by excluding from such computation any time during which the Subject Party is in violation of any provision of such Sections.

 

7.   Miscellaneous.

 

(a)   Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day
after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed,
if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party at the following
addresses (or at such other address for a party as shall be specified by like notice):

 

	
     

    If to Purchaser prior to the Closing, to:

     

    East Stone Acquisition Corp.

    25 Mall Road, Suite 330

    Burlington, MA 01803

    Attn: Sherman Xiaoma Lu, Chief Executive Officer

    Telephone No.: 781 202 9128

    Email: sherman@estonecapital.com
	
     

    with a copy (that will not constitute notice)
    to: 

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105, USA

    Attn: Barry I. Grossman, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email: bigrossman@egsllp.com

     

 

    5

     

    

 

	
     

    If to the Company or Pubco prior to the Closing,
    to:

     

    ICONIQ Holding Limited

    No.76 Mu Nan Road, Heping District, Tianjin, China

    Attn: Baoji Su

    Telephone No.: +86 022-23303776

    Email: ir@iconiqmotors.com

     

     

     
	
     

    with a copy (that will not constitute notice)
    to: 

     

    Linklaters LLP

    1290 Avenue of the Americas

    New York, NY 10104

    Facsimile No.: +1 212 903 9100

    Telephone No.: +1 212 903 9000

     

    and a copy to:

     

    Linklaters LLP

    11th Floor, Alexandra House

    Chater Road

    Hong Kong SAR

    Facsimile No.: +852 2810 8133

    Telephone No.: +852 2842 4888

     

	
     

    If to Purchaser, Pubco, the Company or any other
    Covered Party from or after the Closing, to:

     

    NWTN Inc.

    No.76 Mu Nan Road, Heping District, Tianjin, China

    Attn: Baoji Su

    Telephone No.: +86 022-23303776

    Email: ir@iconiqmotors.com

     

     

     
	
     

    with a copy (that will not constitute notice)
    to: 

     

    Linklaters LLP

    1290 Avenue of the Americas

    New York, NY 10104

    Facsimile No.: +1 212 903 9100

    Telephone No.: +1 212 903 9000

     

    and a copy to:

     

    Linklaters LLP

    11th Floor, Alexandra House

    Chater Road

    Hong Kong SAR

    Facsimile No.: +852 2810 8133

    Telephone No.: +852 2842 4888

     

	If to the Subject Party, to: 

the address below the Subject Party’s name on the signature page to this Agreement.

 

(b)   Integration
and Non-Exclusivity. This Agreement, the Business Combination Agreement and the other Ancillary Documents contain the entire agreement
between the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and
remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they may have,
whether at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without limiting the generality
of the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities of the Subject Party and its Affiliates,
under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities (i) under the laws of unfair competition,
misappropriation of trade secrets, or other requirements of statutory or common law, or any applicable rules and regulations and (ii)
otherwise conferred by contract, including the Business Combination Agreement and any other written agreement between the Subject Party
or its Affiliate and any of the Covered Parties. Nothing in the Business Combination Agreement will limit any of the obligations, liabilities,
rights or remedies of the Subject Party or the Covered Parties under this Agreement, nor will any breach of the Business Combination Agreement
or any other agreement between the Subject Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or
remedy of the Covered Parties under this Agreement. If any term or condition of any other agreement between the Subject Party or its Affiliate
and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive terms
will control as to the Subject Party or its Affiliate, as applicable.

 

    6

     

    

 

(c)   Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of this
Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction, then (i)
such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest possible extent,
(ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability of such
provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality or unenforceability of such
provision will not affect the validity, legality or enforceability of the remainder of such provision or the validity, legality or enforceability
of any other provision of this Agreement. The Subject Party and the Covered Parties will substitute for any invalid, illegal or unenforceable
provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of
such invalid, illegal or unenforceable provision. Without limiting the foregoing, if any court of competent jurisdiction determines that
any part hereof is unenforceable because of the duration, geographic area covered, scope of such provision, or otherwise, such court will
have the power to reduce the duration, geographic area covered or scope of such provision, as the case may be, and, in its reduced form,
such provision will then be enforceable. The Subject Party will, at a Covered Party’s request, join such Covered Party in requesting
that such court take such action.

 

(d)   Amendment;
Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject Party,
Pubco, Purchaser and, from and after the Closing, the Purchaser Representative (or their respective permitted successors or assigns).
No waiver will be effective unless it is expressly set forth in a written instrument executed by the waiving party (and from and after
the Closing if such waiving party is a Covered Party, the Purchaser Representative) and any such waiver will have no effect except in
the specific instance in which it is given. Any delay or omission by a party in exercising its rights under this Agreement, or failure
to insist upon strict compliance with any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant,
condition or right, nor will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a
waiver or relinquishment of such right or power at any other time or times.

 

(e)   Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws (both substantive and procedural)
of the State of Delaware. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any Delaware
Chancery Court; provided, that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal Action may be
brought in any federal court located in the State of Delaware or any other Delaware state court (collectively, the “Specified
Courts”). Each Party hereto hereby (a) submits to the exclusive personal and subject matter jurisdiction of any Specified
Court for the purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject to the personal
or subject matter jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the
Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated
hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents
to the service of the summons and complaint and any other process in any other Action relating to the transactions contemplated by this
Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable address
set forth Section 7(a). Nothing in this Section 7(e) shall affect the right of any party to serve legal process in any other
manner permitted by Law.

 

    7

     

    

 

(f)   WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(f).
ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7(f) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

(g)   Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party and the Subject Party’s estate,
successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. Each Covered
Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person which acquires,
in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or otherwise) of such Covered
Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole, without obtaining the consent
or approval of the Subject Party. The Subject Party agrees that the obligations of the Subject Party under this Agreement are personal
and will not be assigned by the Subject Party. Each of the Covered Parties are express third party beneficiaries of this Agreement and
will be considered parties under and for purposes of this Agreement.

 

(h)   Purchaser
Representative Authorized to Act on Behalf of Covered Parties. The parties acknowledge and agree that from and after the Closing the
Purchaser Representative is authorized and shall have the sole right to act on behalf of Pubco, Purchaser and the other Covered Parties
under this Agreement, including the right to enforce Pubco’s, Purchaser’s and the other Covered Parties’ rights and
remedies under this Agreement. Without limiting the foregoing, in the event that the Subject Party serves as a director, officer, employee
or other authorized agent of a Covered Party, the Subject Party shall have no authority, express or implied, to act or make any determination
on behalf of a Covered Party in connection with this Agreement or any dispute or Action with respect hereto.

 

    8

     

    

 

(i)   Construction.
The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity to be represented by counsel
of the Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party
will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history
of this Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings and
subheadings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. In this Agreement: (i) the words “include,” “includes” and “including” when used
herein shall be deemed in each case to be followed by the words “without limitation”; (ii) the definitions contained herein
are applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and
vice versa; (iv) the words “herein,” “hereto,” and “hereby” and other words of similar import shall
be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement;
(v) the word “if” and other words of similar import when used herein shall be deemed in each case to be followed by the phrase
“and only if”; (vi) the term “or” means “and/or”; and (vii) any agreement or instrument defined or
referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time
amended, modified or supplemented, including by waiver or consent and references to all attachments thereto and instruments incorporated
therein.

 

(j)   Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. A photocopy,
faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same validity and enforceability
as an originally signed copy.

 

(k)   Effectiveness.
This Agreement shall be binding upon the Subject Party upon the Subject Party’s execution and delivery of this Agreement, but this
Agreement shall only become effective upon the consummation of the Transactions. In the event that the Business Combination Agreement
is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate
and become null and void, and the parties shall have no obligations hereunder.

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the undersigned
has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the date first written above.

 

	 	Subject Party:
	 	 
	 	[________________________________]
	 	 
	 	By:	                                                                
	 	Name:	 
	 	Title:	 

 

	 	Address for Notice:
	 	 
	 	Address:	        
	 	 
	 	 

 

	 	Facsimile No.:	        
	 	Telephone No.:	          
	 	Email:	 

 

{Signature Page to Non-Competition Agreement}

 

    10

     

    

 

	Acknowledged and accepted as of the date first written above:
	 	 	 
	Pubco:	 
	 	 
	NWTN INC	 
	 	 
	By:	              	 
	Name:	 	 
	Title:	 	 

 

	 	 	 
	Purchaser:	 
	 	 
	East Stone Acquisition Corporation	 
	 	 
	By:	                    	 
	Name:	 	 
	Title:	 	 

 

	The Company:	 
	 	 
	ICONIQ HOLDING LIMITED	 
	 	 
	By:	        	 
	Name:	 	 
	Title:	 	 

 

	The Purchaser Representative:	 
	 	 
	NAVY SAIL INTERNATIONAL LIMITED,	 
	solely in the capacity as the Purchaser	 
	Representative	 
	 	 
	By:	                      	 
	Name:	 	 
	Title:	 	 

 

{Signature Page to Non-Competition Agreement}

 

 

11Exhibit
10.1

 

November
14, 2022

 

Holder
of December 14, 2021 Warrant to Purchase Common Stock

and
Holders of Senior Secured Convertible Notes

 

		Re:	Exchange
                                            Offer of Warrants to Purchase Common Stock 
	 	 	and
                                            Amendment of Certain Senior Secured Convertible Notes

 

Dear
Holder:

 

Novo
Integrated Sciences, Inc., a Nevada corporation (the “Company”), is pleased to offer to you the opportunity to exchange
certain common stock purchase warrants of the Company issued on December 14, 2021 (as amended from time to time, including but not limited
to the waiver and amendment between the Parties (as defined below) dated October 13, 2022, the “Exchange Warrants”)
currently held by you (the “Holder”, and together with the Company, the “Parties”) for shares of
Common Stock. In addition, the Company and the Holder agree to amend certain terms and conditions as part of the Senior Secured Convertible
Notes due on June 14, 2023 (each a “Note”, and collectively the “Notes”) each in the original principal
amount of $8,333,333.00 as further described below. Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Securities Purchase Agreement (the “Purchase Agreement”), dated as of December 14, 2021, between the Company
and the purchasers signatory thereto pursuant to which the Company issued the Exchange Warrants and the Notes. 

 

		1.	Exchange
                                            of Warrants to Purchase Common Stock.

 

		a.	In
                                            consideration for exchanging the Exchange Warrants held by you (the “Warrant Exchange”),
                                            the Company hereby offers you one (1) share of Common Stock (“Exchange Shares”)
                                            for each Warrant Share underlying the Exchange Warrants being exchanged. Notwithstanding
                                            anything herein to the contrary, in the event that the Warrant Exchange would cause the Holder
                                            to exceed the beneficial ownership limitation in the Exchange Warrant, the Company shall
                                            only issue such number of shares of Common Stock to the Holder that would not cause the Holder
                                            to exceed the beneficial ownership limitation with the balance to be held in abeyance until
                                            written notice from the Holder that the balance (or portion thereof) may be issued in compliance
                                            with the beneficial ownership limitation. The Company agrees that the Warrant Exchange shall
                                            in no event result in the Holder beneficially owning more than the Maximum Percentage (as
                                            such term is defined in the Exchange Warrants). Within two (2) Trading Days of the date that
                                            this exchange offer (the “Agreement”) is executed and delivered by the
                                            Parties (the “Closing Date”), the Company shall deliver the Exchange Shares
                                            to the DTC account of the Holder via the DWAC system. The terms of the Warrant Exchange,
                                            including but not limited to the obligations to deliver the Exchange Shares, shall remain
                                            in effect as if the acceptance of this offer was a formal Notice of Exercise under the Exchange
                                            Warrants (including but not limited to any liquidated damages and compensation as provided
                                            for in the Exchange Warrants in the event of late delivery of the Exchange Shares).

 

		b.	The
                                            Exchange Shares are being issued in a cashless exchange for the Exchange Warrants and the
                                            parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act,
                                            the holding period of the Exchange Shares under Rule 144 shall be tacked on to the holding
                                            period of the Exchange Warrants. The Company agrees not to take any position contrary to
                                            this. 

 

    	 

     

    

 

		2.	Amendment
                                            of Certain Senior Secured Convertible Notes.

 

		a.	Upon
                                            execution of this Agreement, the Company shall pay the Holder, in cash, the Interest (as
                                            defined in the Notes) that was due and payable for November 2022 and will be due and payable
                                            for December 2022 under the Note held by the Holder, which is equal to an aggregate total
                                            of $37,384.26.

 

		b.	The
                                            Company agrees to pay the Holder $50,000.00 (the “Cash Fee”) in addition
                                            to the regularly scheduled Amortization Redemption Amounts (as defined in the Notes) over
                                            five (5) equal monthly periods, as follows: $10,000.00 on January 15, 2023, $10,000.00 on
                                            February 14, 2023, $10,000.00 on March 14, 2023, $10,000.00 on April 14, 2023, and $10,000.00
                                            on May 15, 2023. For the avoidance of doubt, the payment of the Cash Fee is in addition to
                                            the regularly scheduled Amortization Redemption Amounts (as defined in the Notes).

 

		c.	The
                                            aggregate principal amounts due on November 14, 2022 and December 14, 2022 (the “Amortization
                                            Extension Amount”), under the Note held by the Holder, shall no longer be due on
                                            the aforementioned dates, and instead the Company shall pay 1/5 of the Amortization Extension
                                            Amount to the Holder on each Amortization Date (as defined in the Notes) in January 2023,
                                            February 2023, March 2023, April 2023, and May 2023 (for the avoidance of doubt, the additional
                                            amount to be paid as described in this sentence shall be in addition to the Amortization
                                            Redemption Amounts due on January 2023, February 2023, March 2023, April 2023, and May 2023).

 

		d.	The
                                            Company agrees to hold an annual or special meeting of stockholders on or prior to the date
                                            that is ninety (90) calendar days after the Effective Date (as defined in this Agreement)
                                            for the purpose of obtaining shareholder approval (“Shareholder Approval”)
                                            to amend the Notes as follows:

 

		i.	The
                                            definition of the term Conversion Price (as defined in the Notes) shall be amended such that,
                                            as to the first $1,000,000 of principal amount of each of the Notes converted after the date
                                            that the Shareholder Approval is obtained (whether through voluntary conversions or periodic
                                            amortization payments), the Conversion Price shall be the lower of (i) the Conversion Price
                                            in effect at such time and (ii) 82.0% of the lowest VWAP (as defined in the Notes) during
                                            the five (5) trading days immediately prior to a Conversion Date (the “Adjusted
                                            Conversion Price”) (for the avoidance of doubt, all such determinations of the
                                            Conversion Price shall be appropriately adjusted for any stock dividend, stock split, stock
                                            combination, recapitalization or other similar transaction as further provided in the Notes),
                                            provided, however, that the portion of the first $1,000,000 of principal amount of each of
                                            the Notes that is converted after the date that the Shareholder Approval is obtained pursuant
                                            to a voluntary conversion by the Holder (not a periodic amortization payment) (the “Voluntary
                                            Conversion Portion”), at the Adjusted Conversion Price, shall reduce each of the
                                            remaining Amortization Redemption Amounts proportionately on a pro rata basis by the Voluntary
                                            Conversion Portion (by way of example, if the Voluntary Conversion Portion is equal to $400,000.00
                                            and there are four (4) Amortization Redemption Amounts remaining to be paid, then each of
                                            the four (4) Amortization Redemption Amounts shall be reduced by $100,000.00);

 

    	 

     

    

 

		ii.	the
                                            Holder has the ability to accelerate up to four Amortization Redemption Amounts (as defined
                                            in the Notes) provided that the Holder agrees to accept shares of Common Stock instead of
                                            cash for such payments in accordance with the terms of the Notes (for the avoidance of doubt,
                                            the Conversion Price utilized with respect to each such accelerated Amortization Redemption
                                            Amount shall be equal to the Adjusted Conversion Price as calculated on the immediately preceding
                                            Amortization Date (as defined in the Notes)); and

 

		iii.	upon
                                            mutual consent by the Company and the Holder, the Holder may elect to utilize the Adjusted
                                            Conversion Price for the balance of the Notes not subject to clause (i) above.

 

If
the Company does not obtain Shareholder Approval at the first such meeting called for the purposes described hereunder, the Company shall
call a meeting every ninety (90) days thereafter to seek Shareholder Approval until the earlier of the date on which Shareholder Approval
is obtained or the Notes are no longer outstanding.

 

		3.	Market
                                            Standstill. Except with respect to an Exempt Issuance, the Company agrees from November
                                            14, 2022 (the “Effective Date”) until thirty (30) days following the Effective
                                            Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to
                                            issue or announce the issuance or proposed issuance of any Common Stock or any securities
                                            convertible or exchangeable into Common Stock, or (ii) enter into any agreement to amend,
                                            exchange or otherwise provide any incentive to exercise any of the warrants originally issued
                                            together with the Exchange Warrants or any other warrants of the Company that are outstanding
                                            on the Effective Date. “Exempt Issuance” shall mean (a) the issuance, vesting
                                            and/or exercise of options, warrants, restricted stock, restricted stock units or other common
                                            stock purchase rights issued (or to be issued) to employees, officers or directors of, or
                                            consultants or advisors to, the Company for compensatory purposes (including but not limited
                                            to bonuses), (b) issuances of securities pursuant to the exercise or conversion of preferred
                                            stock, options, warrants or any evidence of indebtedness, shares of capital stock (other
                                            than Common Stock) or other securities convertible into or exchangeable for Common Stock
                                            outstanding prior to the Effective Date, (c) securities issued pursuant to any merger, acquisition
                                            or strategic transaction approved by a majority of the directors of the Company, provided
                                            that any such issuance shall only be to a Person (as defined in the Notes) (or to the equity
                                            holders of a Person (as defined in the Notes)) which is, itself or through its subsidiaries,
                                            an operating company or an owner of an asset in a business synergistic with the business
                                            of the Company and which shall reasonably be expected to provide to the Company additional
                                            benefits, but shall not include a transaction in which the Company is issuing securities
                                            primarily for the purpose of raising capital or to an entity whose primary business is investing
                                            in securities, and (d) debt securities of the Company (which may be convertible into Common
                                            Stock) in the aggregate principal amount of up to $2,000,000.00 so long as (i) such debt
                                            securities are expressly junior to the Company’s obligations under the Notes and (ii)
                                            a Dilutive Issuance (as defined in the Exchange Warrants) would not be deemed to have occurred
                                            as a result of such issuance.

 

    	 

     

    

 

		4.	Representations
                                            and Warranties of the Company. Each of the representations and warranties of the Company
                                            in the Purchase Agreement are true and correct as of the Effective Date and incorporated
                                            by reference herein. Additionally, the Company agrees to the representations, warranties
                                            and covenants set forth on Annex A attached hereto.

 

		5.	Representations
                                            and Warranties of the Holder. Each of the representations and warranties of the Holder
                                            in the Purchase Agreement are true and correct as of the Effective Date and incorporated
                                            by reference herein.

 

		6.	Disclosures.
                                            On or before 9:00 a.m. (New York City time) on November 15, 2022, the Company shall file
                                            a Current Report on Form 8-K with the Securities and Exchange Commission disclosing all material
                                            terms of the transactions contemplated hereunder, including this Agreement as an exhibit
                                            thereto (“8-K Filing”). From and after the issuance of the 8-K Filing,
                                            the Company represents to the Holder that it shall not be in possession of any material,
                                            nonpublic information received from the Company, any of its Subsidiaries or any of their
                                            respective officers, directors, employees or agents, that is not disclosed in the 8-K Filing.
                                            In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees
                                            that any and all confidentiality or similar obligations under any agreement, whether written
                                            or oral, between the Company, any of its Subsidiaries or any of their respective officers,
                                            directors, employees or agents, on the one hand, and the Holder or any of its affiliates,
                                            on the other hand, shall terminate. The Company shall not, and shall cause each of its Subsidiaries
                                            and its and each of their respective officers, directors, employees and agents, not to, provide
                                            the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries
                                            from and after the Effective Date without the express prior written consent of the Holder.
                                            To the extent that the Company, any of its Subsidiaries or any of their respective officers,
                                            directors, employees or agents, delivers any material, non-public information to the Holder
                                            without the Holder’s consent, the Company hereby covenants and agrees that the Holder
                                            shall not have any duty of confidentiality with respect to, or a duty not to trade on the
                                            basis of, such material, non-public information.

 

    	 

     

    

 

		7.	Amendments;
                                            Waivers; No Other Amendment. No provision of this Agreement may be waived, modified,
                                            supplemented or amended except in a written instrument signed by the Company and the Holder.
                                            No waiver of any default with respect to any provision, condition or requirement of this
                                            Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
                                            default or a waiver of any other provision, condition or requirement hereof, nor shall any
                                            delay or omission of any party to exercise any right hereunder in any manner impair the exercise
                                            of any such right. Except as expressly modified by this Agreement, all terms, conditions
                                            and covenants contained in the Note and Exchange Warrant shall remain in full force and effect.

 

		8.	Successors
                                            and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
                                            and their successors and permitted assigns. The Company may not assign this Agreement or
                                            any rights or obligations hereunder without the prior written consent of the Holder (other
                                            than by merger). The Holder may assign any or all of its rights under this Agreement to any
                                            Person to whom the Holder assigns or transfers any Securities, provided that such transferee
                                            agrees in writing to be bound, with respect to the transferred Securities, by the provisions
                                            of the documents that apply to the Holder.

 

		9.	Severability.
                                            If any term, provision, covenant or restriction of this Agreement is held by a court of competent
                                            jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
                                            covenants and restrictions set forth herein shall remain in full force and effect and shall
                                            in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
                                            reasonable efforts to find and employ an alternative means to achieve the same or substantially
                                            the same result as that contemplated by such term, provision, covenant or restriction. It
                                            is hereby stipulated and declared to be the intention of the parties that they would have
                                            executed the remaining terms, provisions, covenants and restrictions without including any
                                            of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

		10.	Interpretation.
                                            No provision of this Agreement shall be interpreted or construed against any party hereto
                                            because that party or its legal representative drafted it.

 

		11.	Independent
                                            Nature of Holder. The Company acknowledges and agrees that the obligations of the Holder
                                            under this Agreement are several and not joint with the obligations of any other holder of
                                            Exchange Warrants or Notes (each, an “Other Holder”) under any other agreement
                                            related to the exercise of such warrants (“Other Warrant Exchange Agreement”),
                                            and the Holder shall not be responsible in any way for the performance of the obligations
                                            of any Other Holder or under any such Other Warrant Exchange Agreement. Nothing contained
                                            in this Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to
                                            constitute the Holder and the Other Holders as a partnership, an association, a joint venture
                                            or any other kind of entity, or create a presumption that the Holder and the Other Holders
                                            are in any way acting in concert or as a group with respect to such obligations or the transactions
                                            contemplated by this Agreement and the Company acknowledges that the Holder and the Other
                                            Holders are not acting in concert or as a group with respect to such obligations or the transactions
                                            contemplated by this Agreement or any Other Warrant Exchange Agreement. The Company and the
                                            Holder confirm that the Holder has independently participated in the negotiation of the transactions
                                            contemplated hereby with the advice of its own counsel and advisors. The Holder shall be
                                            entitled to independently protect and enforce its rights, including, without limitation,
                                            the rights arising out of this Agreement, and it shall not be necessary for any Other Holder
                                            to be joined as an additional party in any proceeding for such purpose.

 

    	 

     

    

 

		12.	Most
                                            Favored Nation. The Company hereby represents and warrants as of the Effective Date and
                                            covenants and agrees from and after the Effective Date until the three (3) month anniversary
                                            of the Effective Date that none of the terms offered to any Other Holder with respect to
                                            any Other Warrant Exchange Agreement (or any amendment, modification or waiver thereof),
                                            is or will be more favorable to such Other Holder than those of the Holder under this Agreement.
                                            If, from and after the Effective Date until the three (3) month anniversary of the Effective
                                            Date, the Company enters into an Other Warrant Exchange Agreement, then (i) the Company shall
                                            provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the
                                            terms and conditions of this Agreement shall be, without any further action by the Holder
                                            or the Company, automatically amended and modified in an economically and legally equivalent
                                            manner such that the Holder shall receive the benefit of the more favorable terms and/or
                                            conditions (as the case may be) set forth in such Other Warrant Exchange Agreement (including
                                            the issuance of additional Exchange Shares or the issuance of new common stock purchase warrants
                                            to the Other Holder), including, without limitation, the same price discount and the same
                                            issuance of new warrants as in the Other Warrant Exchange Agreement, provided that upon written
                                            notice to the Company at any time the Holder may elect not to accept the benefit of any such
                                            amended or modified term or condition, in which event the term or condition contained in
                                            this Agreement shall apply to the Holder as it was in effect immediately prior to such amendment
                                            or modification as if such amendment or modification never occurred with respect to the Holder.
                                            The provisions of this paragraph shall apply similarly and equally to each Other Warrant
                                            Exchange Agreement.

 

		13.	Fees;
                                            Expenses; Choice of Law. Except as expressly set forth herein, each party shall pay the
                                            fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
                                            other expenses incurred by such party incident to the negotiation, preparation, execution,
                                            delivery and performance of this Agreement. The Company shall pay all transfer agent fees,
                                            stamp taxes and other taxes and duties levied in connection with the delivery of any Exchange
                                            Shares. This Agreement shall be governed by the laws of the State of New York without regard
                                            to the principles of conflicts of law thereof.

 

		14.	Counterparts.
                                            This Agreement may be executed in two or more counterparts, each of which when so executed
                                            and delivered to the other party shall be deemed an original. The executed page(s) from each
                                            original may be joined together and attached to one such original and shall thereupon constitute
                                            one and the same instrument. Such counterparts may be delivered via facsimile, electronic
                                            mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act
                                            of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
                                            shall be deemed to have been duly and validly delivered and be valid and effective for all
                                            purposes..

 

***************

 

    	 

     

    

 

To
accept this offer, Holder must counter execute this Agreement and return the fully executed copy to the Company at e-mail: robert.mattacchione@novointegrated.com,
attention: Robert Mattacchione, on or before 6:00 pm (New York City time) on November 14, 2022.

 

Please
do not hesitate to call me if you have any questions.

 

	 	Sincerely yours,
	 	 
	 	NOVO INTEGRATED SCIENCES, INC.
	 	 
	 	By:	/s/ Robert Mattacchione
	 	Name:	Robert Mattacchione
	 	Title:	 Chief Executive Officer

 

Accepted
and Agreed to:

 

Name
of Holder: CVI Investments, Inc., By: Heights Capital Management, Inc., its authorized agent

 

Signature
of Authorized Signatory of Holder: /s/ Martin Kobinger

 

Name
of Authorized Signatory: Martin Kobinger

 

Title
of Authorized Signatory: President

 

Exchange
Warrant Shares: 2,916,667

 

Exchange
Shares: 2,916,667

 

DTC
Instructions:

 

    	 

     

    

 

Annex
A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

(a) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this agreement by
the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection
therewith. This letter agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will
constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.

(b) No
Conflicts. The execution, delivery and performance of this agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate or articles of
incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or
assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with
or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing
Company debt or otherwise) or other material understanding to which such Company is a party or by which any property or asset of the
Company is bound or affected; or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected.

 

(c) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in
connection with the execution, delivery and performance by the Company of this agreement, other than: (i) the filings required pursuant
to Section 2 of this Agreement and (ii) such filings as are required to be made under applicable state securities laws.

 

(d) Nasdaq
Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of the Nasdaq Stock Market.

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