Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of January 13, 2022, between Planet Green Holdings Corporation, a Nevada corporation
(the “Company”), and investors as listed in the Exhibit I (the “Purchaser”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities
of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Company and the Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
have the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
shall have the meaning ascribed to such term in Section 2.1(a).

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

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“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto pursuant to Section 2.2(a), and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount
as to the Closing and (ii) the Company’s obligations to deliver the Securities as to the Closing, in each case, have been satisfied
or waived.

 

“Closing
Shares” shall have the meaning ascribed to such term in Section 2.1(a).

 

“Closing
Subscription Amount” means $7,000,000, in United States dollars and in immediately available funds.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Liens”
means a material lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Per Share
Purchase Price” equals $1.00, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

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“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include the location and/or reservation of borrowable shares of Common Stock). 

 

“Subscription
Amount” means the Closing Subscription Amount.

 

“Subsidiary”
means any direct or indirect subsidiary of the Company formed or acquired.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE MKT, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or
the OTC Bulletin Board (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, and any other documents or agreements executed by the Company and/or the Purchaser in connection
with the transactions contemplated hereunder. 

 

“Transfer
Agent” means Empire Stock Transfer Inc., the current transfer agent of the Company, with a mailing address of 1859 Whitney Mesa
Dr. Henderson, NV 89014, and any successor transfer agent of the Company.

 

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ARTICLE II.

PURCHASE AND SALE

 

2.1  Closing. On the Closing Date,
upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agree to purchase
7,000,000 shares of Common Stock (the “Closing Shares”). The Purchaser shall deliver to the Company, via wire
transfer or a certified check, immediately available funds equal to the Closing Subscription Amount and the Company shall deliver to
the Purchaser the Closing Shares within three Trading Days of the Closing Date, and the Company and the Purchaser shall deliver the
other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in
Sections 2.2 and 2.3, but no later than three Trading Days subsequent to the Closing date, the Closing shall occur at the location
as the parties shall mutually agree or remotely by exchange of Closing documents.

 

2.2
Deliveries.

 

(a)  On
or prior to each Closing, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(i)
as to each Closing, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver a certificate
evidencing the Shares, registered in the name of the Purchaser

 

(b) On
or prior to each Closing, the Purchaser shall deliver or cause to be delivered to the Company, as to the Closing, the Closing Subscription
Amount, by wire transfer of immediately available funds to the account specified in writing by the Company;

 

2.3
 Closing Conditions.

 

(a)  The
obligations of the Company hereunder in connection with each Closing are subject to the following conditions being met:

 

(i)
all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the applicable Closing shall have been
performed; and

 

(ii)  as to the
Closing, the Company and the Purchaser shall have agreed on the use of proceeds from the transactions contemplated hereunder; and

 

(iii) the
delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.  

 

(b) The obligations
of the Purchaser hereunder in connection with each applicable Closing are subject to the following conditions being met:

 

(i)
all obligations, covenants and agreements of the Company required to be performed at or prior to the applicable Closing shall have been
performed;

  

(ii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iii) the
Company is listed as a public company on, and the shares of Common Stock are tradable over the NYSE American;

 

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(v) as to the Closing,
the Company and the Purchaser shall have agreed on the use of proceeds from the transactions contemplated hereunder; and

 

(vi) On
the date of the applicable Closing, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, on the date of the applicable Closing, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such
service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities
nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude
in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser,
makes it impracticable or inadvisable to purchase the Securities at the applicable Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules and the SEC Reports, which Disclosure
Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure
contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to the Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued
and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid and non-assessable. If the Company has
no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in
violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected
to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
effect on the results of operations, assets, or business, of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other
than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or
upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, 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.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it
is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do
not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’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 or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or
otherwise) to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound
or affected, or (iii) subject to the Required Approvals, 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 or a Subsidiary is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected;
except in the case of each of clauses (ii) and (iii), such as could not have or would not reasonably be expected to result in a Material
Adverse Effect.

 

(e)
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 the Transaction Documents, other than: (i) the filings
required pursuant to Section 4.4 of this Agreement, (ii) application(s) to each applicable Trading Market for the additional listing of
the Shares for trading thereon in the time and manner required thereby, and (iii) such filings as are required to be made under applicable
state securities laws (collectively, the “Required Approvals”).

 

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(f) Issuance
of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than
restrictions on transfer provided by the Transaction Documents. The Company has reserved from its duly authorized capital stock the maximum
number of shares of Common Stock issuable pursuant to this Agreement.

 

(g) Capitalization.
As of January 4, 2022, the company has 35,581,930 shares issued and outstanding. Since January 4, 2022, the Company has not issued any
capital stock. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by the Transaction Documents. All of the outstanding shares of capital stock of the Company are duly
authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and
sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two
years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein being collectively referred to herein as the
“SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The Company is an issuer subject to
Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time
of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied
on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

(i) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been
no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the
Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the
ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed
or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities
to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement
or as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably
expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation
is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

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(j)
Litigation. Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any
of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to
result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission
involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the
Securities Act.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the
Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that
their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary,
is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third
party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all applicable laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be
in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

  

(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that
has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor
has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other material agreement or instrument to which it is a party or by which it or any of its properties
is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court,
arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as would not have or reasonably be
expected to result in a Material Adverse Effect.

 

(m) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good
and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each
case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal,
state or other taxes, for which appropriate reserves have been made in accordance with GAAP and, the payment of which is neither delinquent
nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under
valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

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(n)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance. Neither the Company nor any Subsidiary has any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business without a significant increase in cost.

 

(o)
Internal Accounting Controls. The Company and the Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures
to ensure that information required to be disclosed by the Company in the reports 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. The Company’s certifying
officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end
of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the
Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial
reporting of the Company and its Subsidiaries.

 

(p)
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or
on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated
by the Transaction Documents.

 

(q)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby.
The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

 

(r)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and
certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

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(s)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of
the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. The Company is in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible
for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in
payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic
transfer.

 

(t)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the
laws of its state of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling
their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s
issuance of the Securities and the Purchaser’s ownership of the Securities.

 

(u)
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its Subsidiaries,
their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and
correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

(v)
Accountants. The Company’s current accounting firm is WWC, P. C. To the knowledge and belief of the Company, such accounting
firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the
financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2021.

 

3.2
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of each
Closing to the Company as follows (unless as of a specific date therein):

 

(a)
Organization; Authority. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar 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 and performance by the Purchaser of the
transactions contemplated by this Agreement have been duly authorized by all necessary corporate, partnership, limited liability company
or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed
by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding
obligation of the Purchaser, enforceable against it 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.

 

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(b) Own
Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered under
the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with
a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state
securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution
of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting
the Purchaser’s right to sell the Securities pursuant to a registration statement or otherwise in compliance with applicable federal
and state securities laws). The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, either: (i) an
“accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified
institutional buyer” as defined in Rule 144A(a) under the Securities Act; or (iii) non-US residents, as permitted by Regulation
S.

 

(d)
Experience of the Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an
investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. The Purchaser is not, to its knowledge, purchasing the Securities as a result of any advertisement, article,
notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

    11

     

    

 

(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases
or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser
first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material
pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing,
in the case the Purchaser is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of the Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by
the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons
party to this Agreement, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein
shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or
securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future.

 

(g)
Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities
and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
to make an informed investment decision with respect to the investment.

 

(h)
Acknowledgement of Risk. The Purchaser acknowledges and understands that its investment in the Securities involves a significant
degree of risk, including, without limitation that (i) an investment in the Company is speculative, and only Purchaser who can afford
the loss of their entire investment should consider investing in the Company and the Securities and (ii) the Company has not paid any
dividends on its Common Stock since inception and does not anticipate the payment of dividends in the foreseeable future.

 

The Company acknowledges and agrees that the representations
contained in this Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely on the Company’s representations
and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other
document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated
hereby.

 

    12

     

    

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Transfer
Restrictions.

 

(a)  The
Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the Purchaser or in connection
with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of
counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have
the rights and obligations of the Purchaser under this Agreement.

 

(b)
The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following
form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

4.2
Furnishing of Information; Public Information. Until the time that the Purchaser does not own any Securities, the Company covenants
to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security
(as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would
require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of
the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to
the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

    13

     

    

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) within four Trading Days following
the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report
on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act.
From and after the issuance of such press release, the Company represents to the Purchaser that it shall have publicly disclosed all material,
non-public information delivered to any of the Purchaser by the Company or any of its Subsidiaries, or any of their respective officers,
directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. The Company and the Purchaser
shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the
Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of
the Company, with respect to any press release of any Purchaser, or without the prior consent of the Purchaser, with respect to any press
release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in
which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under
the Transaction Documents or under any other agreement between the Company and the Purchaser.

 

4.6
Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities in accordance with the schedule agreed
to by the parties.

 

4.7
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep
available at all times, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant
to this Agreement.

 

4.8 Listing
of Common Stock. During the term of 5 years after the closing of this transaction, the Company hereby agrees to use commercially reasonable
efforts to maintain the listing or quotation of the Common Stock on the Trading Market on which it is currently listed, and concurrently
with each Closing, the Company shall apply to list or quote all of the Shares on such Trading Market and take all reasonable actions to
secure the listing of all of the Shares on such Trading Market. The Company will then take all action reasonably necessary to continue
the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Trading Market.

 

    14

     

    

 

4.9
Certain Transactions and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant
to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during
the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement
are first publicly announced pursuant to the initial press release as described in Section 4.4.  The Purchaser covenants that until
such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.4, the Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information
included in the Disclosure Schedules. 

 

4.10
Blue Sky Filings. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain
an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky”
laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser.

 

ARTICLE V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser or by the Company with respect to any Purchaser, as to the
Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchaser,
by written notice to the other parties, if the Closing has not been consummated on or before February 28, 2022; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, 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 (including,
without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice
delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment as set forth on the signature pages attached hereto at or prior to 5:30 p.m.
(New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment as set forth on the signature pages attached hereto on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of
mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

    15

     

    

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought. 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.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

5.7
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 Purchaser
(other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser 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 Transaction Documents that apply to the “Purchaser.”

 

5.8
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the City 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 (including with respect to the enforcement of any of the Transaction Documents),
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 improper or is an inconvenient venue for such proceeding.
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 via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this 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 other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in
addition to the obligations of the Company under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

 

    16

     

    

 

5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that
the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature 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 facsimile or “.pdf” signature page were an original
thereof.

 

5.12 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.

 

5.13 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.14 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchaser
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may
not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby
agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would
be adequate.

 

    17

     

    

 

5.15
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

5.16
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the
date of this Agreement.

 

5.17
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Page Follows)

 

    18

     

    

 

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

 

	 	Planet green holdings corp. 
	 	 	 
	 	By:	 
	 	Name:	Bin Zhou 
	 	Title:	Chairman 
	 	 	 
	 	Address for Notice:
	 	36-10 Union St, 2nd Floor, 
	 	Flushing, NY 11354

  

    19

     

    

 

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

 

	 	JIe YANG  
	 	 
	 	By:	 
	 	Name: 	Jie Yang
	 	 	 
	 	Address for Notice:
	 	No.118-1-2-301, Yongan Avenue 
	 	Xianning District, Xianning City, 
	 	Hubei Province, China 

 

    20

     

    

 

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

 

	 	YAN
    ZUO
	 	 
	 	By:	 
	 	Name:	Yan Zuo 
	 	 	 
	 	Address for
    Notice:
	 	No. 15, Fushan,
    Xianning District
	 	Xianning City,
    Hubei Province, China

  

    21

     

    

 

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

 

	 	JIAN ZHENG
	 	 
	 	By:	 
	 	Name: 	Jian Zheng
	 	 	 
	 	Address for
    Notice:
	 	No. 22, Zhengjiawan 
	 	Henggou Town, Xianning City
	 	Hubei Province, China

 

    22

     

    

 

Exhibit I 

 

	Name	 	Number Of Shares	 
	Jie Yang	 	 	2,600,000	 
	Yan Zuo	 	 	2,000,000	 
	Jian Zheng 	 	 	2,400,000	 

 

 

23Exhibit 10.1

 

Arcimoto,
Inc. 

 

$100,000,000

 

EQUITY DISTRIBUTION AGREEMENT 

 

January 14, 2022

 

Canaccord Genuity LLC

99 High Street, 12th Floor

Boston, Massachusetts 02110

 

Ladies and Gentlemen:

 

Arcimoto, Inc., an Oregon corporation (the “Company”),
confirms its agreement (this “Agreement”) with Canaccord Genuity LLC (“Canaccord”), as follows:

 

1. Issuance
and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the
conditions set forth herein, it will issue and sell through Canaccord, acting as sales agent, shares (the “Shares”)
of the Company’s common stock, no par value per share (the “Common Stock”) having an aggregate offering price
of up to $100,000,000. The Shares will be sold on the terms set forth herein at such times and in such amounts as the Company and Canaccord
shall agree from time to time. The issuance and sale of the Shares through Canaccord will be effected pursuant to the Registration Statement
(as defined below) filed by the Company with, and declared effective by, the Securities and Exchange Commission (the “Commission”).

 

2. Placements.

 

		(a)	Placement Notice. Each time that the Company wishes to issue and sell Shares hereunder (each,
a “Placement”), it will notify Canaccord by e-mail notice (or other method mutually agreed to in writing by the parties)
containing the parameters within which it desires to sell the Shares, which shall at a minimum include the number of Shares (“Placement
Shares”) to be issued, 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 day and any minimum price below which sales may not be made (a “Placement Notice”), a form of
which shall be mutually agreed upon by the Company and Canaccord. The Placement Notice shall originate from any of the individuals (each
an “Authorized Representative”) from the Company set forth on Schedule 1 (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 Canaccord set forth on Schedule 1
attached hereto, as such Schedule 1 may be amended from time to time. The Placement Notice shall be effective upon confirmation
by Canaccord unless and until (i) Canaccord declines to accept the terms contained therein for any reason, in its sole discretion, in
accordance with the notice requirements set forth in Section 4, (ii) the entire amount of the Placement Shares have been sold,
(iii) the Company suspends or terminates the Placement Notice in accordance with the notice requirements set forth in Section 4,
(iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v)
the Agreement has been terminated under the provisions of Section 12.

 

		(b)	Placement Fee. The amount of compensation to be paid by the Company to Canaccord with respect
to each Placement (in addition to any expense reimbursement pursuant to Section 7(i)(ii)) shall be equal to 3.0% of gross proceeds
from each Placement. 

 

		(c)	No Obligation. It is expressly acknowledged and agreed that neither the Company nor Canaccord
will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement
Notice to Canaccord, and then only upon the terms specified therein and herein. It is also expressly acknowledged that Canaccord will
be under no obligation to purchase Shares on a principal basis. In the event of a conflict between the terms of this Agreement and the
terms of a Placement Notice, the terms of the Placement Notice control. 

 

     

     

    

 

3. Sale
of Placement Shares by Canaccord. Subject to the terms and conditions of this Agreement, upon the Company’s issuance of a Placement
Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance
with the terms of this Agreement, Canaccord will use its commercially reasonable efforts consistent with its normal trading and sales
practices to sell on behalf of the Company and as agent, such Placement Shares up to the amount specified, and otherwise in accordance
with the terms of such Placement Notice. The Company acknowledges that Canaccord will conduct the sale of Placement Shares in compliance
with applicable law including, without limitation, Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and that such compliance may include a delay in commencement of sales efforts after receipt of a Placement Notice. Canaccord
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) next following the Trading
Day on which they have made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation
payable by the Company to Canaccord with respect to such sales, and the Net Proceeds (as defined below) payable to the Company. Canaccord
may sell Placement Shares by any method permitted by law deemed to be an “at the market offering” under Rule 415 of the Securities
Act of 1933, as amended (the “Securities Act”), including without limitation sales made directly on The Nasdaq Global
Market (the “Principal Trading Market”), on any other existing trading market for the Common Stock or to or through
a market maker. Notwithstanding anything to the contrary set forth in this Agreement or a Placement Notice, the Company acknowledges and
agrees that (i) there can be no assurance that Canaccord will be successful in selling any Placement Shares or as to the price at which
any Placement Shares are sold, if at all, and (ii) Canaccord will incur no liability or obligation to the Company or any other person
or entity if they do not sell Placement Shares for any reason other than a failure by Canaccord to use its commercially reasonable efforts
consistent with its normal trading and sales practices to sell on behalf of the Company and as agent such Placement Shares as provided
under this Section 3. For the purposes hereof, “Trading Day” means any day on which the Principal Trading Market
is open for trading.

 

4. Suspension
of Sales. The Company or Canaccord may, upon notice to the other party in writing, by telephone (confirmed immediately by verifiable
facsimile transmission) or by e-mail notice (or other method mutually agreed to in writing by the parties), suspend any sale of Placement
Shares; provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement
Shares sold hereunder prior to the receipt of such notice. The Company agrees that no such notice shall be effective against Canaccord
unless it is made to one of the individuals named on Schedule 1 hereto, as such Schedule may be amended from time to time.

 

5. Settlement.

 

		(a)	Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice,
settlement for sales of Placement Shares will occur on the second (2nd) Business Day (or such earlier day as is agreed by the parties
to be industry practice for regular-way trading) following the date on which such sales are made (each a “Settlement Date”).
The amount of proceeds to be delivered to the Company on a Settlement Date against the receipt of the Placement Shares sold (“Net
Proceeds”) will be equal to the aggregate sales price at which such Placement Shares were sold, after deduction for (i) the
commission or other compensation for such sales payable by the Company to Canaccord, as the case may be, pursuant to Section 2
hereof, as the case may be, (ii) any other amounts due and payable by the Company to Canaccord hereunder pursuant to Section 7(i)
hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. 

 

		(b)	Delivery of Shares. On each Settlement Date, the Company will, or will cause its transfer agent
to, electronically transfer the Placement Shares being sold by crediting Canaccord’s accounts or its designee’s account at
The Depository Trust Company through its Deposit Withdrawal Agent Commission System or by such other means of delivery as may be mutually
agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all cases shall be freely tradeable, transferable,
registered shares in good deliverable form, Canaccord will, on each Settlement Date, deliver the related Net Proceeds in same day funds
delivered to an account designated by the Company prior to the Settlement Date. If the Company defaults in its obligation to deliver Placement
Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Section
10 hereto, it will (i) hold Canaccord harmless against any loss, claim, damage, or expense (including actual, reasonable and documented
legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay to Canaccord any
commission, discount, or other compensation to which it would otherwise have been entitled absent such default. 

 

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6. Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with, Canaccord that: 

 

		(a)	Registration Statement and Prospectus. The Common Stock is registered pursuant to Section 12(b)
of the Exchange Act, and the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it
with the Commission (the “Commission Documents”) since the Company has been subject to the requirements of Section
12 of the Exchange Act, and all of such filings required to be filed within the last 12 months have been made on a timely basis. The Common
Stock is currently quoted on the Principal Trading Market under the trading symbol “FUV”. To the Company’s knowledge,
it is in compliance with all listing requirements of the Principal Trading Market. The Company and the transactions contemplated hereby
meet the requirements for use of Form S-3 under the Securities Act and the rules and regulations thereunder (“Rules and Regulations”),
including but not limited to the transaction requirements for an offering made by the issuer set forth in Instruction I.B.1 to Form S-3.
The Company has prepared and filed with the Commission a registration statement on Form S-3 (File No. 333-261955) with respect to the
Shares to be offered and sold by the Company pursuant to this Agreement. Such registration statement, at any given time, including the
amendments thereto to such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 under the Securities Act at such time and the documents otherwise deemed to be a part thereof or included
therein by the rules and regulations under the Securities Act, is herein called the “Registration Statement.” The Registration
Statement, including the base prospectus contained therein (the “Base Prospectus”) was prepared by the Company in conformity
with the requirements of the Securities Act and all applicable Rules and Regulations. One or more prospectus supplements (the “Prospectus
Supplements,” and together with the Base Prospectus and any amendment thereto and all documents incorporated therein by reference,
the “Prospectus”) have been or will be prepared by the Company in conformity with the requirements of the Securities
Act and all applicable Rules and Regulations and have been or will be filed with the Commission in the manner and time frame required
by the Securities Act and the Rules and Regulations. Any amendment or supplement to the Registration Statement or Prospectus required
by this Agreement will be so prepared and filed by the Company and, as applicable, the Company will use commercially reasonable efforts
to cause it to become effective as soon as reasonably practicable. No stop order suspending the effectiveness of the Registration Statement
has been issued, and no proceeding for that purpose has been instituted or, to the knowledge of the Company, threatened by the Commission.
No order preventing or suspending the use of the Base Prospectus, the Prospectus Supplement, the Prospectus or any Issuer Free Writing
Prospectus has been issued by the Commission. Copies of all filings made by the Company under the Securities Act and all Commission Documents
that were filed with the Commission have either been delivered to Canaccord or made available to Canaccord on the Commission’s Electronic
Data Gathering, Analysis, and Retrieval system (“EDGAR”). Any reference herein to the Registration Statement, the Prospectus,
or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated (or deemed to be incorporated)
by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, and any reference herein to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement or Prospectus shall be deemed to refer
to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein.
For the purposes of this Agreement, the “Applicable Time” means, with respect to any Shares, the time of sale of such
Shares pursuant to this Agreement.

 

		(b)	No Misstatement or Omission. Each part of the Registration Statement, when such part became effective,
at any deemed effective date pursuant to Rule 430B(f)(2) on the date of filing thereof with the Commission and at each Applicable Time
and Settlement Date, and the Prospectus, on the date of filing thereof with the Commission and at each Applicable Time and Settlement
Date, conformed or will conform in all material respects with the requirements of the Securities Act and the Rules and Regulations; each
part of the Registration Statement, when such part became effective, did not or will not 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; and the Prospectus,
on the date of filing thereof with the Commission, and the Prospectus and the applicable Issuer Free Writing Prospectus(es) issued at
or prior to such Applicable Time, taken together (collectively, and with respect to any Shares, together with the public offering price
of such Shares, the “Disclosure Package”) and at each Applicable Time and Settlement Date, did not or will not include
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; except that the foregoing shall not apply to statements or omissions in any such document
made in reliance on information furnished in writing to the Company by Canaccord intended for use in the Registration Statement, the Prospectus,
or any amendment or supplement thereto. 

 

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		(c)	Conformity with Securities Act and Exchange Act. The documents incorporated by reference in the
Registration Statement or the Prospectus, or any amendment or supplement thereto, when they became effective under the Securities Act
or were filed with the Commission under the Exchange Act, as the case may be, conformed in all material respects with the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such
documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Registration Statement
or the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission,
as the case may be, will conform to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations
of the Commission thereunder and will not 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; provided however, that this representation and warranty
shall not apply to any statements or omissions (a) that have been corrected in a filing that has been incorporated by reference in the
Prospectus not less than 24 hours prior to the relevant Applicable Time or (b) made in reliance on information furnished in writing to
the Company by Canaccord intended for use in any such document.

 

		(d)	Financial Information. The consolidated financial statements and the related notes thereto and
the supporting schedules of the Company and all significant subsidiaries (as defined in Rule 1-02 (w) of Regulation S-X of the Exchange
Act) of the Company (the “Subsidiaries”), together with the related notes, set forth or incorporated by reference in
the Registration Statement, Prospectus and Disclosure Package, have been and will be prepared in accordance with Regulation S-X under
the Securities Act and with United States generally accepted accounting principles consistently applied at the times and during the periods
involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited
interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material
respects and will fairly present in all material respects the financial position of the Company as of the dates thereof and the results
of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end adjustments);
and the other financial information included or incorporated by reference in the Registration Statement, the Prospectus and the Disclosure
Package has been compiled on a basis consistent in all material respects with that of the financial statements and presents fairly in
all material respects the information shown thereby. The Company does not have any material liabilities or obligations, direct or contingent,
which are not disclosed in the Registration Statement, Prospectus and Disclosure Package. 

 

		(e)	Organization.

 

		(i)	The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of Oregon with full corporate power and authority to own, lease and operate its properties and to conduct its business as described
in the Registration Statement and Prospectus; and the Company is duly qualified as a foreign entity to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the
conduct of business, except where the failure, individually or in the aggregate, to be so qualified and be in good standing would not
have a material adverse effect on (i) the consolidated business, operations, assets, properties, financial condition, prospects or results
of operations of the Company and its Subsidiaries taken as a whole, (ii) the transactions contemplated hereby or (iii) the ability of
the Company to perform its obligations under this Agreement (collectively, a “Material Adverse Effect”).

 

		(ii)	Each of the Subsidiaries has been duly formed and is validly existing (and in good standing, where applicable)
under the laws of the jurisdiction of its formation has full power and authority to own, lease and operate its properties and conduct
its business as described in the Registration Statement and their Prospectus and is duly qualified to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the
conduct of business, except where the failure to be so qualified would not have a Material Adverse Effect. 

 

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		(f)	Subsidiaries. Except as described in the Prospectus, all of the assets described in the Prospectus
as owned by the Subsidiaries of the Company are owned directly by the Subsidiaries. Except for the Subsidiaries, the Company owns no beneficial
interest, directly or indirectly, in any corporation, partnership, joint venture, limited liability company or other entity. 

 

		(g)	Encumbrances. Except as set forth in the Registration Statement, the Disclosure Package and the
Prospectus, each of the Company and its Subsidiaries has (i) good and marketable title to all of the properties and assets owned by it,
free and clear of all liens, charges, claims, security interests or encumbrances (collectively, “Encumbrances”), other
than Encumbrances that would not have a Material Adverse Effect or do not materially interfere with the use made and proposed to be made
of such property by the Company and its Subsidiaries, and (ii) possession under all material leases to which it is party as lessee. All
leases and contracts to which the Company or its Subsidiaries is a party are valid and binding and no material default has occurred and
is continuing thereunder, and no event or circumstance that with the passage of time or giving of notice, or both, would constitute such
a material default has occurred and is continuing, and, to the knowledge of the Company, no defaults by the counterparties exist under
any such leases or contracts. 

 

		(h)	No Improper Practices. (i) Neither the Company nor the Subsidiaries, nor to the knowledge of
the Company, any director, officer, agent, employee or other person acting on behalf of the Company or the Subsidiaries, has, in the past
five years, used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds,
violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; or made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment; (ii) no relationship, direct or indirect, exists between or among the Company or, to the
knowledge of the Company, the Subsidiaries or any affiliate of either of them, on the one hand, and, to the knowledge of the Company,
the directors, officers and stockholders of the Company or the Subsidiaries, on the other hand, that is required by the Securities Act
to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect,
exists between or among the Company or the Subsidiaries or any affiliate of them, on the one hand, and, to the knowledge of the Company,
the Subsidiaries, the directors, officers, stockholders or directors of the Company or on the other hand, that is required by the rules
of the Financial Industry Regulatory Authority (“FINRA”) to be described in the Registration Statement and the Prospectus
that is not so described; and (iv) except as described in the Registration Statement and the Prospectus, there are no material outstanding
loans or advances or material guarantees of indebtedness by the Company or, to the knowledge of the Company, the Subsidiaries to or for
the benefit of any of their respective officers or directors or any of the members of the families of any of them. 

 

		(i)	Investment Company Act. Neither the Company nor the Subsidiaries, is now or, after giving effect
to the offering and sale of the Shares, will be required to register as an “investment company” or an entity “controlled”
by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”). 

 

		(j)	Capitalization. The Company has authorized and outstanding capitalization as set forth in the
Prospectus, and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully
paid and non-assessable and have been issued in compliance with all applicable United States federal and state and, to the knowledge of
the Company, all applicable foreign securities laws; and all of the issued shares of capital stock of the Subsidiaries of the Company
have been duly and validly authorized and issued and are fully paid and non-assessable and the shares of such Subsidiaries are owned directly
or indirectly by the Company and, except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, are held
free and clear of all Encumbrances. Except as set forth in the Registration Statement and the Prospectus, and except with respect to equity
awards issued under the Company’s equity incentive plans, there are no outstanding options, warrants, preemptive rights, rights
of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital
stock of the Company. 

 

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		(k)	The Shares. The Shares have been duly authorized and, when issued, delivered and paid for pursuant
to this Agreement, will be validly issued, fully paid and non-assessable, free and clear of all Encumbrances and will be issued in compliance
with all applicable United States federal and state and all applicable foreign securities laws; the capital stock of the Company, including
the Common Stock, conforms in all material respects to the description thereof contained in the Registration Statement and the Common
Stock, including the Placement Shares, will conform to the description thereof contained in the Prospectus as amended or supplemented.
Neither the stockholders of the Company, nor any other person or entity have any preemptive rights or rights of first refusal with respect
to the Placement Shares or other rights to purchase or receive any of the Placement Shares or any other securities or assets of the Company,
and no person has the right, contractual or otherwise, to cause the Company to issue to it, or register pursuant to the Securities Act,
any shares of capital stock or other securities or assets of the Company upon the issuance or sale of the Placement Shares.

 

		(l)	No Material Changes. Subsequent to the respective dates as of which information is given in the
Registration Statement, the Prospectus and the Disclosure Package, and except as may be otherwise stated or incorporated by reference
in the Registration Statement, the Prospectus and the Disclosure Package, (i) neither the Company nor the Subsidiaries has sustained any
material loss or interference with the business of the Company and its Subsidiaries, taken as a whole, including without limitation, from
fire, explosion, flood or other calamity or damage to any asset, whether or not covered by insurance, or from any labor dispute or court
or governmental action, order or decree, (ii) there have been no transactions entered into by the Company or the Subsidiaries which are
material to the Company and its Subsidiaries, considered as a whole, (iii) there has not been any change, development, or event that has
caused, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and (iv) since the date of
the latest financial statements included or incorporated by reference in the Registration Statement and the Prospectus there has not been
any material change, on a consolidated basis, in the authorized capital stock of the Company and its Subsidiaries, any material increase
in the short-term debt or long-term debt of the Company and its Subsidiaries, on a consolidated basis, or any dividend or distribution
of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or any Material Adverse Effect,
or any development reasonably likely to cause or result in a Material Adverse Effect. 

 

		(m)	Legal Proceedings. 

 

		(i)	Except as set forth in the Prospectus, there is no legal, governmental, administrative or other claim,
proceeding, investigation, action, suit or inquiry pending, or, to the knowledge of the Company, threatened against or affecting the Company
or its Subsidiaries or any of their respective properties or to which the Company or its Subsidiaries is or may be a party or to which
any property of the Company or its Subsidiaries is or may be the subject, or, to the knowledge of the Company, against any officer, director
or employee of the Company or the Subsidiaries in connection with such person’s employment therewith that, if determined adversely
to the Company or the Subsidiaries or such officer, director or employee, could individually or in the aggregate have, or reasonably be
expected to have, a Material Adverse Effect. Neither the Company nor its Subsidiaries is a party to or subject to the provisions of, any
order, writ, injunction, judgment or decree of any court or government agency or instrumentality which could have a Material Adverse Effect.

 

		(ii)	There are no legal, governmental or administrative proceedings, investigations, actions, suits or inquiries
or contracts or documents of the Company or its Subsidiaries that are required to be described in or filed as exhibits to the Commission
Documents, Registration Statement or any of the documents incorporated by reference therein by the Securities Act or the Exchange Act
or by the rules and regulations of the Commission thereunder that have not been so described or filed as required by the Securities Act
or the Exchange Act and the Rules and Regulations under either of them. 

 

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		(n)	Authorization; Enforceability. 

 

		(i)	The Company has all requisite corporate power and authority to execute and deliver this Agreement and
to perform its obligations hereunder, to provide the representations, warranties and indemnities under this Agreement and all necessary
action has been duly and validly taken by the Company to authorize the execution, delivery and performance of this Agreement. This Agreement
has been duly and validly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of
the Company. 

 

		(ii)	Executing and delivering this Agreement and the issuance and sale of the Shares and the compliance by
the Company with all of the provisions of this Agreement and the consummation of the transactions contemplated herein will not result
in (i) a breach or violation of any of the terms and provisions of, or constitute a default under, any obligation, agreement, covenant
or condition contained in any material indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to
which the Company or its Subsidiaries is a party or by which either of them is bound or to which any of the property of the Company or
its Subsidiaries is subject, (ii) a violation of the Company’s certificate of incorporation or bylaws, or any statute or any order,
rule or regulation of any court or governmental agency or body having jurisdiction over the Company or its Subsidiaries or any of their
properties, (iii) the creation of any material Encumbrance upon any assets of the Company or its Subsidiaries or the triggering, solely
as a result of the Company’s execution and delivery of this Agreement, of any preemptive or anti-dilution rights or rights of first
refusal or first offer, or any similar rights (whether pursuant to a “poison pill” provision or otherwise), on the part of
holders of the Company’s securities or any other person or (iv) the violation of any law or statute or any judgment, order, rule
or regulation of any court or arbitrator or governmental or regulatory authority having jurisdiction over the Company or its Subsidiaries
or any of their properties. Neither the Company nor its Subsidiaries or affiliates, nor any person acting on its or their behalf, has
issued or sold any shares of Common Stock or securities or instruments convertible into, exchangeable for and/or otherwise entitling the
holder thereof to acquire shares of Common Stock which would be integrated with the offer and sale of the Shares hereunder.

 

		(o)	Enforceability of Agreements. All agreements between the Company and third parties expressly
referenced in the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms,
except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements may
be limited by federal or state securities laws or public policy considerations in respect thereof and except for any unenforceability
that, individually or in the aggregate, would not unreasonably be expected to have a Material Adverse Effect. 

 

		(p)	No Violations or Default. Neither the Company nor its Subsidiaries is (i) in violation of any
provisions of its articles of incorporation, bylaws or any other equivalent organizational or governing document as amended and in effect
on and as of the date hereof, (ii) in default (and no event has occurred which, with notice or lapse of time or both, would constitute
a default) under any indenture, mortgage, deed of trust, loan or credit agreement or any provision of any instrument or contract to which
it is a party or by which it is bound that, individually or in the aggregate, could have a Material Adverse Effect, or (iii) subject to
a Company Repayment Event (as defined below). As used herein, “Company Repayment Event” means any event or condition
which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the
right to require the repurchase, redemption or repayment prior to the stated maturity or date of mandatory redemption or repayment thereof
of all or a portion of such indebtedness by the Company or its Subsidiaries. 

 

		(q)	Compliance with Laws. The Company and its Subsidiaries have not violated and are in compliance
with all laws, statutes, ordinances, regulations, rules and orders of each foreign, federal, state or local government and any other governmental
department or agency having jurisdiction over the Company and the Subsidiaries, and any judgment, decision, decree or order of any court
or governmental agency, department or authority having jurisdiction over the Company and the Subsidiaries, except for such violations
or noncompliance which, individually or in the aggregate, would not have a Material Adverse Effect. 

 

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		(r)	Consents and Permits. The Company and its Subsidiaries possess all such licenses, permits, consents,
orders, certificates, authorizations, approvals, franchises and rights issued by and have obtained or made all such registrations with
the appropriate federal, state, foreign or local regulatory agencies or judicial or governmental bodies that are or will be necessary
to conduct their business as described in the Registration Statement and the Prospectus except for licenses, permits, consents, orders,
certificates, authorizations, approvals, franchises, rights or registrations, the absence of which, individually or in the aggregate,
would not have a Material Adverse Effect; the Company and its Subsidiaries have not received any notice of proceedings or investigations
relating to the revocation or modification of any such licenses, permits, consents, orders, certificates, authorizations, approvals, franchises,
rights or registrations which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a
Material Adverse Effect. No consent, approval, authorization, permit, or order of, or filing or registration with, any court or governmental
or self-regulatory agency or body is required for the issue and sale of the Shares and the consummation by the Company of the transactions
contemplated by this Agreement, except as required pursuant to Section 9(h) below, and except the filing with the Commission of
the Registration Statement (including the Prospectus) and amendments and supplements to the Registration Statement and Prospectus related
to the issue and sale of the Shares, filings related to the transactions contemplated hereby on Form 8-K and such consents, approvals,
authorizations, registrations or qualifications as have already been obtained or made or as may be required under state securities or
Blue Sky laws.

 

		(s)	Insurance. Other than as set forth in the Prospectus, the Company and its Subsidiaries carry,
or are covered by, insurance in such amounts and covering such risks as is prudent, reasonable and customary for companies engaged in
similar businesses in similar industries; neither the Company nor its Subsidiaries has received notice from any insurer or agent of such
insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance; all such
insurance is outstanding and in full force and effect and neither the Company nor the Subsidiaries has received any notice of cancellation
or proposed cancellation relating to such insurance except as is customary during the annual renewal process. 

 

		(t)	Environmental Laws. Other than as set forth in the Prospectus, the Company and its Subsidiaries
have obtained all environmental permits, licenses and other authorizations required by federal, state, foreign and local law relating
to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental
Laws”), in order to conduct their businesses as described in the Prospectus except where the failure to obtain a particular
environmental permit, license, or authorization, has not or would not reasonably be expected to, either individually or in the aggregate,
result in a Material Adverse Effect; the Company and the Subsidiaries are conducting their businesses in compliance in all material respects
with such permits, licenses and authorizations and with applicable environmental laws; and, except as described in the Prospectus, the
Company is not in violation of any federal, state, foreign or local law or regulation relating to the storage, handling, disposal, release
or transportation of hazardous or toxic materials except for such violations or noncompliance which, individually or in the aggregate,
would not have a Material Adverse Effect. 

 

		(u)	Independent Public Accountants. Dbbmckennon LLC, which has audited the consolidated balance sheets
of the Company as of December 31, 2020 and the consolidated statements of income, stockholders’ equity, and cash flows for the year
then ended, included in or incorporated by reference in the Registration Statement and the Prospectus, is a registered independent public
accounting firm as required by the Securities Act, the Rules and Regulations and the Exchange Act.

 

		(v)	Forward-Looking Statements. No forward looking statement within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act contained in the Commission Documents, the Registration Statement or the Prospectus,
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

 

		(w)	Intellectual Property. The Company and its Subsidiaries own or possess sufficient legal rights
to all patents, trademarks, service marks, tradenames, copyrights, trade secrets, licenses, information and proprietary rights and processes
necessary for their respective businesses as now conducted (collectively, the “Company Intellectual Property Rights”)
without any conflict with, or infringement of, the rights of others, except where the failure to own or possess such Company Intellectual
Property Rights, individually or in the aggregate, would not have a Material Adverse Effect. Neither the Company nor the Subsidiaries
has received any written communications alleging that the Company or its Subsidiaries has violated or, by conducting its business as now
conducted, would violate any of the patents, trademarks, service marks, service marks, tradenames or copyrights, of any other person or
entity. Other than as set forth in the Prospectus, to the Company’s knowledge, all Company patents and trademarks are enforceable
and there is no existing infringement by any person of such Company Intellectual Property Rights.

 

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		(x)	Taxes.

 

		(i)	The Company was not, for the immediately preceding taxable year, treated as, will not, for the current
taxable year, be treated as, and does not anticipate that, for any subsequent taxable year, it will be treated as a “passive foreign
investment company,” a “foreign investment company” or a “foreign personal holding company” for United States
federal income tax purposes. 

 

		(ii)	The Company has filed all United States federal and state and all applicable local and foreign income
tax returns which have been required to be filed, except in any case in which the failure to so file would not have a Material Adverse
Effect. 

 

		(iii)	The Company has paid all United States federal, state and local and foreign taxes required to be paid
and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except,
in all cases, for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the
failure to so pay would not result in a Material Adverse Effect.

 

		(iv)	No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or
other taxes are payable by or on behalf of Canaccord to any political subdivision or taxing authority in connection with the sale and
delivery by the Company of the Placement Shares to or for the account of Canaccord or the sale and delivery by Canaccord of the Placement
Shares to the purchasers thereof. 

 

		(y)	No Reliance. The Company has not relied upon Canaccord or legal counsel for Canaccord for any
legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. 

 

		(z)	[Reserved]. 

 

		(aa)	Disclosure Controls. 

 

		(i)	The Company has established and maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15 under the Exchange Act), which (a) are designed to ensure that material information relating to the Company, including
its consolidated Subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by
others within those entities, particularly during the preparation of the Registration Statement; (b) have been evaluated for effectiveness
as of the date of the filing of the Registration Statement with the Commission; and (c) are effective in all material respects to perform
the functions for which they were established. 

 

		(ii)	The Company (a) makes and keeps accurate books and records and (b) maintains internal accounting controls
which provide reasonable assurance that (1) transactions are executed in accordance with management’s authorization, (2) transactions
are recorded as necessary to permit preparation of its financial statements and to maintain accountability for its assets, (3) access
to its assets is permitted only in accordance with management’s authorization and (4) the reported accountability for its assets
is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

 

		(bb)	Accounting Controls. There is no (i) significant deficiency or material weakness in the design
or operation of internal controls over financial reporting; or (ii) fraud, whether or not material, that involves management or other
employees who have a significant role in the Company’s internal controls over financial reporting. 

 

		(cc)	Certain Market Activities. The Company has not taken, directly or indirectly, any action designed
to, or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Common Stock. 

 

		(dd)	Broker/Dealer Relationships. Neither the Company nor the Subsidiaries or any related entities
(i) is required to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or
(ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a FINRA member” or
“associated person of a FINRA member” (within the meaning of Article I of the Bylaws of the FINRA). 

 

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		(ee)	Sarbanes-Oxley. The principal executive officer and principal financial officer of the Company
have made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
in connection therewith (the “Sarbanes-Oxley Act”) with respect to all reports, schedules, forms, statements and other
documents required to be filed by it with the Commission, and the statements contained in any such certification are complete and correct.
The Company, and to its knowledge, all of the Company’s directors or officers, in their capacities as such, are in compliance in
all material respects with all applicable effective provisions of the Sarbanes-Oxley Act. 

 

		(ff)	Finder’s Fees. Neither the Company nor the Subsidiaries has incurred any liability for
any brokerage commission, finder’s fees or similar payments in connection with the transactions herein contemplated, except as may
otherwise exist with respect to Canaccord pursuant to this Agreement. 

 

		(gg)	Labor Disputes. There are no existing or, to the knowledge of the Company, threatened, labor
disputes with the employees of the Company or its Subsidiaries which would reasonably be expected to have a Material Adverse Effect. 

 

		(hh)	Canaccord Purchases. The Company acknowledges and agrees that Canaccord has informed the Company
that Canaccord may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for
Canaccord’s own account and for the account of its clients at the same time as sales of Placement Shares occur pursuant to this
Agreement. 

 

		(ii)	No Registration Rights. Except as may be described in the Prospectus, neither the Company nor
its Subsidiaries is party to any agreement that provides any person with the right to require the Company or its Subsidiaries to register
any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance
and sale of the Placement Shares. 

 

		(jj)	Prospectus Disclosure. The statements set forth in the Prospectus under the caption “Description
of Capital Stock” insofar as they purport to constitute a summary of the terms of the Shares, and under the caption “Plan
of Distribution,” insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate
and complete in all material respects. 

 

		(kk)	OFAC. To the knowledge of the Company, none of the Company, its Subsidiaries or any director,
officer, agent, employee or affiliate of the Company or its Subsidiaries is currently the target of any proceeding, investigation, suit
or other action arising out of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Placement Shares
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, 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. 

 

		(ll)	Operations. The operations of the Company and its Subsidiaries are and have been conducted at
all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company and its Subsidiaries are subject, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”), except as would not reasonably be expected to result
in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the
Company, threatened. 

 

		(mm)	Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships
between and/or among the Company, and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including,
but not limited to, any structural finance, special purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”)
that could reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for its capital
resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion
and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the
Prospectus which have not been described as required. 

 

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		(nn)	ERISA. Each material employee benefit plan, within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by
the Company or any of its affiliates for employees or former employees of the Company and its Subsidiaries has been maintained in material
compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to
ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); no prohibited transaction, within the meaning
of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect
to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject
to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in
Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding
for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using
reasonable actuarial assumptions.

 

		(oo)	No Misstatement or Omission in an Issuer Free Writing Prospectus. Each issuer free writing prospectus,
as defined in Rule 405 under the Securities Act (an “Issuer Free Writing Prospectus”), as of the Applicable Time did
not or will not 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, in light of the circumstances under which they were made, not misleading; provided, however, that the
Company makes no representation or warranty with respect to any statement contained in any Issuer Free Writing Prospectus in reliance
upon and in conformity with written information furnished to the Company by and through Canaccord for use therein. 

 

		(pp)	Conformity of Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or
will conform in all material respects with the requirements of the Securities Act on the date of first use, and the Company has complied
or will comply with any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer
Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Placement
Shares, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained
in the Registration Statement or the Prospectus, including any document incorporated by reference therein that has not been superseded
or modified. The Company has not made any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus without
the prior written consent of Canaccord. The Company has retained in accordance with the Securities Act all Issuer Free Writing Prospectuses
that were not required to be filed pursuant to the Securities Act. 

 

		(qq)	FINRA Exemption. To enable Canaccord to rely on Rule 5110(b)(7)(C)(i) of FINRA, the Company represents
that, (i) as of a date within 60 days of the date of this Agreement, the Company had a non-affiliate, public common equity float of at
least $150 million or a non-affiliate, public common equity float of at least $100 million and annual trading volume of at least three
million shares and (ii) as of the date of this Agreement, has been subject to the Exchange Act reporting requirements for a period of
at least 36 months.

 

7. Covenants
of the Company. The Company covenants and agrees with Canaccord that: 

 

		(a)	Registration Statement Amendments. After the date of this Agreement and during the period in
which a prospectus relating to the Placement Shares is required to be delivered by Canaccord under the Securities Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) under the Securities Act), (i) the Company will notify Canaccord
promptly of the time when any subsequent amendment to the Registration Statement has been filed with the Commission and has become effective
or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to
the Registration Statement or Prospectus or for additional information; (ii) the Company will file promptly all other material required
to be filed by it with the Commission pursuant to Rule 433(d) under the Securities Act; (iii) it will prepare and file with the Commission,
promptly upon Canaccord’s request, any amendments or supplements to the Registration Statement or Prospectus that, in Canaccord’s
reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by Canaccord (provided,
however that the failure of Canaccord to make such request shall not relieve the Company of any obligation or liability hereunder, or
affect Canaccord’s right to rely on the representations and warranties made by the Company in this Agreement); (iv) the Company
will submit to Canaccord a copy of any amendment or supplement to the Registration Statement or Prospectus a reasonable period of time
before the filing thereof and will afford Canaccord and Canaccord’s counsel a reasonable opportunity to comment on any such proposed
filing prior to such proposed filing; and (v) it will furnish to Canaccord at the time of filing thereof a copy of any document that upon
filing is deemed to be incorporated by reference in the Registration Statement or Prospectus, except for those documents available via
EDGAR; and the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant
to the applicable paragraph of Rule 424 (b) of the Rules and Regulations or, in the case of any document to be incorporated therein by
reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

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		(b)	Notice of Commission Stop Orders. The Company will advise Canaccord, promptly after it receives
notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus
or other prospectus in respect of the Shares, of any notice of objection of the Commission to the use of the form of the Registration
Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, of the suspension of the qualification
of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of
any request by the Commission for the amending or supplementing of the form of the Registration Statement or the Prospectus or for additional
information; and, in the event of the issuance of any such stop order or of any such order preventing or suspending the use of the Prospectus
in respect of the Shares or suspending any such qualification, to promptly use its commercially reasonable efforts to obtain the withdrawal
of such order; and in the event of any such issuance of a notice of objection, promptly to take such reasonable steps as may be necessary
to permit offers and sales of the Placement Shares by Canaccord, which may include, without limitation, amending the Registration Statement
or filing a new registration statement, at the Company’s expense (references herein to the Registration Statement shall include
any such amendment or new registration statement).

 

		(c)	Delivery of Prospectus; Subsequent Changes. Within the time during which a prospectus relating
to the Shares is required to be delivered by Canaccord under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule 172 or Rule 173(a) under the Securities Act), the Company will comply with all requirements imposed upon
it by the Securities Act and by the Rules and Regulations, as from time to time in force, and will file on or before their respective
due dates all reports required to be filed by it with the Commission pursuant to Sections 13(a), 13(c), 15(d), if applicable, or any other
provision of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or
supplemented would include an untrue statement of 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 such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will immediately notify Canaccord to suspend the offering of Shares
during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance. 

 

		(d)	Exchange Filings. In connection with the offering and sale of the Placement Shares, the Company
will file with the Principal Trading Market all documents and notices, and make all certifications, required by the Principal Trading
Market of companies that have securities that are listed on the Principal Trading Market. 

 

		(e)	Listing of Placement Shares. The Company will use commercially reasonable efforts to cause the
Placement Shares to be listed on the Principal Trading Market and to qualify the Placement Shares for sale under the securities laws of
such jurisdictions as Canaccord designates and to continue such qualifications in effect so long as required for the distribution of the
Placement Shares; provided that the Company shall not be required in connection therewith to qualify as a foreign corporation or to file
a general consent to service of process in any jurisdiction. 

 

		(f)	Delivery of Registration Statement and Prospectus. The Company will furnish to Canaccord and
its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated
by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission
during the period in which a prospectus relating to the Shares is required to be delivered under the Securities Act (including all documents
filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably
practicable and in such quantities as Canaccord may from time to time reasonably request and, at Canaccord’s request, will also
furnish copies of the Prospectus to each exchange or market on which sales of Placement Shares may be made. Such delivery shall be satisfied
to the extent such documents have been publicly filed with the Commission and available via EDGAR.

 

		(g)	Company Information. The Company will furnish to Canaccord for a period of one (1) year from
the date of this Agreement such information as is reasonably requested by Canaccord regarding the Company or its Subsidiaries. 

 

		(h)	Earnings Statement. The Company will make generally available to its security holders as soon
as practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement
covering a 12-month period that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

 

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		(i)	Expenses. 

 

		(i)	The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, will pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation,
printing and filing of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment
and supplement thereto and each Issuer Free Writing Prospectus (as defined in Section 8 of this Agreement), (ii) the preparation,
issuance and delivery of the Placement Shares, (iii) all fees and disbursements of the Company’s counsel, accountants and other
advisors, (iv) the qualification of the Placement Shares under securities laws in accordance with the provisions of Section 7(e)
of this Agreement, including filing fees in connection therewith, (v) the printing and delivery to Canaccord of copies of the Prospectus
and any amendments or supplements thereto, and of this Agreement, (vi) the fees and expenses incurred in connection with the listing or
qualification of the Placement Shares for trading on the Principal Trading Market, and (vii) any filing fees and expenses related to the
Commission and the Financial Industry Regulatory Authority (including reasonable fees and disbursements of counsel to Canaccord incurred
in connection therewith). 

 

		(ii)	In addition to any fees that may be payable to Canaccord hereunder and regardless of whether or not
the transactions contemplated hereunder are consummated or this Agreement is terminated, the Company shall reimburse Canaccord for all
of its actual, reasonable, documented out-of-pocket expenses, arising out of this Agreement (including travel and related expenses, the
costs of document preparation, production and distribution, third party research and database services and the actual, reasonable, documented
out-of-pocket fees and disbursements of counsel to Canaccord) as follows: (A) $50,000 upon execution of this Agreement and (B) such additional
amounts from time to time upon Canaccord’s request within 30 days after presentation by Canaccord to the Company of a reasonably
detailed statement therefor.

 

		(j)	Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus. 

 

		(k)	Other Sales. Without the prior written consent of Canaccord (which consent shall not be unreasonably
withheld), the Company will not (A) directly or indirectly, offer to sell, sell, announce the intention to sell, contract to sell, pledge,
lend, grant or sell any option, right or warrant to sell or any contract to purchase, purchase any contract or option to sell or otherwise
transfer or dispose of any shares of Common Stock (other than the Shares offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock or file any registration
statement under the Securities Act with respect to any of the foregoing (other than a registration statement on Form S-8), or (B) enter
into any swap or other agreement or any transaction that transfers in whole or in part, directly or indirectly, any of the economic consequence
of ownership of the Common Stock, or any securities convertible into or exchangeable or exercisable for or repayable with Common Stock,
whether any such swap or transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or such other securities,
in cash or otherwise, during the period beginning on the fifth (5th) Business Day immediately prior to the date on which any Placement
Notice is delivered by the Company hereunder and ending on the fifth (5th) Business Day immediately following the final Settlement Date
with respect to Placement Shares sold pursuant to such Placement Notice. The foregoing sentence shall not apply to (1) Common Stock or
securities convertible into or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, other business combinations
or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes, (2) Common Stock,
options or other rights to purchase Common Stock or Common Stock issuable upon the exercise of options or upon the lapse of forfeiture
restrictions on awards made pursuant to any employee or director stock incentive or benefits plan, stock ownership plan (including shares
of Common Stock withheld by the Company for the purpose of paying on behalf of the holder thereof the exercise price of stock options
or for paying taxes due as a result of such exercise or lapse of forfeiture restrictions) or dividend reinvestment plan (but not Common
stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented,
(3) Common Stock, options or other rights to purchase Common Stock or Common Stock issuable upon the exercise of options or upon the lapse
of forfeiture restrictions on awards made pursuant to any stock option exchange program of the Company, whether now in effect or hereafter
implemented, (4) any securities issuable upon the exercise or conversion of warrants, options, convertible securities or rights either
in existence prior to the date of this Agreement or issued thereafter in compliance with this Section 7(k), (5) shares of Common Stock
related to the filing by the Company of any registration statement on Form S-8 or a successor form thereto relating to shares of Common
Stock granted under any equity compensation plan or employee stock purchase plan, and (6) equity incentive awards approved by the board
of directors of the Company or the compensation committee thereof or the issuance of Common Stock upon exercise thereof.

 

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		(l)	Change of Circumstances. The Company will, at any time a Placement Notice is outstanding, advise
Canaccord immediately after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or
affect any opinion, certificate, letter or other document provided to Canaccord in connection with such Placement Notice; and without
the prior written consent of Canaccord (which consent shall not be unreasonably withheld), the Company will not directly or indirectly
in any other “at the market” or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell
or otherwise dispose of any shares of Common Stock (other than the Placement Shares offered pursuant to the provisions of this Agreement)
or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior to
the later of the termination of this Agreement and the tenth (10th) day immediately following the final Settlement Date with respect to
Placement Shares sold pursuant to such Placement Notice; provided, however, that such restrictions will not be applicable to the Company’s
issuance or sale of (i) Common Stock, options to purchase shares of Common Stock or Common Stock issuable upon the exercise of options,
restricted stock awards, restricted stock unit awards, Common Stock issuable upon vesting of restricted stock unit awards, or other equity
awards or Common Stock issuable upon exercise or vesting of equity awards, pursuant to any employee or director (x) equity award or benefits
plan or otherwise approved by the Company’s Board of Directors, (y) stock ownership or stock purchase plan or (z) dividend reinvestment
plan (but not shares subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect
or hereafter implemented, and (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options or other rights
in effect or outstanding on the date hereof or otherwise disclosed in the Registration Statement, Disclosure Package or Prospectus.

 

		(m)	Due Diligence Cooperation. The Company will cooperate with any reasonable due diligence review
conducted by Canaccord or its agents, including, without limitation, providing information and making available documents and the Company’s
senior corporate officers, as Canaccord may reasonably request; provided, however, that the Company shall be required to make available
senior corporate officers only (i) by telephone or at the Company’s principal offices and (ii) during the Company’s ordinary
business hours. 

 

		(n)	Affirmation of Representations, Warranties, Covenants and Other Agreements. Upon commencement
of the offering of the Placement Shares under this Agreement (and upon the recommencement of the offering of the Placement Shares under
this Agreement following any termination of a suspension of sales hereunder), and at each Applicable Time, the Company shall be deemed
to have affirmed each representation, warranty, covenant and other agreement contained in this Agreement. 

 

		(o)	Required Filings Relating to Placement of Placement Shares. In each Annual Report on Form 10-K
or Quarterly Report on Form 10-Q filed by the Company in respect of any quarter in which sales of Placement Shares were made by Canaccord
under this Agreement, the Company shall set forth with regard to such quarter the number of Shares sold through Canaccord under this Agreement,
the Net Proceeds received by the Company and the compensation paid by the Company to Canaccord with respect to sales of Placement Shares
pursuant to this Agreement. 

 

		(p)	Representation Dates; Certificate. During the term of this Agreement, on the date of each Placement
Notice given hereunder, if requested by Canaccord, promptly upon each such request, and each time the Company (i) files the Prospectus
relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares
by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of document(s) by reference to the Registration
Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files
its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a report on Form 8-K containing amended financial information
(other than an earnings release, to “furnish” information pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure
pursuant to Item 8.01 of Form 8-K relating to the reclassifications of certain properties as discontinued operations in accordance with
Statement of Financial Accounting Standards No. 144) under the Exchange Act (each date of filing of one or more of the documents referred
to in clauses (i) through (iv) shall be a “Representation Date”); the Company shall furnish Canaccord with a certificate,
in the form attached hereto as Exhibit A. The requirement to provide a certificate under this Section 7(p) shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which
the Company files its annual report on Form 10-K.

 

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Notwithstanding the foregoing, if the Company subsequently
decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide Canaccord
with a certificate under this Section 7(p), then before the Company delivers the Placement Notice or Canaccord sells any Placement Shares,
the Company shall provide Canaccord with a certificate, in the form attached hereto as Exhibit A, dated the date of the Placement
Notice.

 

		(q)	Legal Opinions. Upon execution of this Agreement, upon the recommencement of the offering of
Placement Shares under this Agreement following any termination of a suspension of sales hereunder, and within three (3) trading days
of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit
A for which no waiver is applicable, the Company will furnish or cause to be furnished to Canaccord and to counsel to Canaccord the
written opinion and negative assurance letter of Nelson Mullins Riley & Scarborough LLP, counsel for the Company, dated the date the
opinion and letter are required to be delivered, as the case may be, in a form and substance reasonably satisfactory to Canaccord and
its counsel, or, in lieu of such opinion and letter, counsel last furnishing such opinion and letter to Canaccord shall furnish Canaccord
with a letter substantially to the effect that Canaccord may rely on such last opinion and letter to the same extent as though each were
dated the date of such letter authorizing reliance (except that statements in such last opinion and letter shall be deemed to relate to
the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such letter authorizing reliance).

 

		(r)	Comfort Letters. Upon the execution of this Agreement, upon the recommencement of the offering
of the Placement Shares under this Agreement following any termination of a suspension of sales hereunder, and within three (3) trading
days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
Exhibit A for which no waiver is applicable, the Company shall cause its independent accountants reasonably satisfactory to Canaccord,
to furnish Canaccord letters dated the date of effectiveness of the Registration Statement or the date of such recommencement or the date
of such Representation Date (but in the case of clauses (i) and (iv) of Section 7(p) above, only if Canaccord reasonably determines that
the information contained in such filings with the Commission contains a material change in the financial disclosure of the Company),
as the case may be (the “Comfort Letters”), in form and substance satisfactory to Canaccord, (i) confirming that they
are registered independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of such date, the conclusions
and findings of such firm with respect to the financial information and other matters included in or incorporated by reference in the
Registration Statement as ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered
public offerings (the first such letters, the “Initial Comfort Letters”) and (iii) updating the Initial Comfort Letters
with any information which would have been included in the Initial Comfort Letters had it been given on such date and modified as necessary
to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letters.

 

		(s)	Market Activities. The Company will not, directly or indirectly, (i) take any action designed
to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price
of any security of the Company to facilitate the sale or resale of the Shares or (ii) sell, bid for, or purchase the Shares, or pay anyone
any compensation for soliciting purchases of the Shares other than Canaccord. 

 

		(t)	Insurance. The Company and its Subsidiaries shall maintain, or cause to be maintained, insurance
in such amounts and covering such risks as is reasonable and customary for companies engaged in similar businesses in similar industries.

 

		(u)	Compliance with Laws. The Company and its Subsidiaries shall comply with all applicable federal,
state and local or foreign law, rule, regulation, ordinance, order or decree, except where failure to so comply would not reasonably be
expected to have a Material Adverse Effect. Furthermore, the Company and its Subsidiaries shall maintain, or cause to be maintained, all
material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses
as described in the Prospectus, and the Company and its Subsidiaries shall conduct their businesses, or cause their businesses to be conducted,
in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except where the failure
to maintain or be in compliance with such permits, licenses and authorizations would not reasonably be expected to have a Material Adverse
Effect. 

 

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		(v)	Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably
ensure that neither it nor the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment
company,” as such term is defined in the Investment Company Act, assuming no change in the Commission’s current interpretation
as to entities that are not considered an investment company.

 

		(w)	Securities Act and Exchange Act. The Company will use commercially reasonable efforts to comply
with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to
permit the continuance of sales of, or dealings in, the Shares as contemplated by the provisions hereof and the Prospectus. 

 

		(x)	No Offer to Sell. Other than a free writing prospectus (as defined in Rule 405 under the Securities
Act) approved in advance by the Company and Canaccord in its capacity as principal or agent hereunder, neither Canaccord nor the Company
(including its agents and representatives, other than Canaccord in its capacity as such) will make, use, prepare, authorize, approve or
refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed by it with the Commission,
that constitutes an offer to sell or solicitation of an offer to buy Common Stock hereunder. 

 

		(y)	Sarbanes-Oxley Act. The Company and the Subsidiaries will use their commercially reasonable efforts
to comply with all effective applicable provisions of the Sarbanes-Oxley Act. 

 

		(z)	Consent to Canaccord Trading. The Company consents to Canaccord trading in the shares of Common
Stock of the Company for Canaccord’s own account and for the account of its clients at the same time as sales of Placement Shares
occur pursuant to this Agreement. 

 

		(aa)	Rescission Offers. If, to the knowledge of the Company, all filings required by Rule 424 in connection
with this offering shall not have been made or the representation in Section 6 shall not be true and correct on the applicable
Settlement Date, the Company will offer to any person who has agreed to purchase Placement Shares from the Company as the result of an
offer to purchase solicited by Canaccord the right to refuse to purchase and pay for such Placement Shares. 

 

		(bb)	Actively Traded Security. If, at the time of execution of this Agreement, the Company’s
Common Stock is not an “actively traded security” exempted from the requirements of Rule 101 of Regulation M under the Exchange
Act by subsection (c)(1) of such rule, the Company shall notify Canaccord at the time the Common Stock becomes an “actively traded
security” under such rule. Furthermore, the Company shall notify Canaccord immediately if the Common Stock, having once qualified
for such exemption, ceases to so qualify. 

 

8. Additional
Representations and Covenants of the Company. 

 

		(a)	Issuer Free Writing Prospectuses. 

 

		(i)	The Company represents that it has not made, and covenants that, unless it obtains the prior written
consent of Canaccord, it will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus required
to be filed by it with the Commission or retained by the Company under Rule 433 of the Securities Act; except as set forth in a Placement
Notice, no use of any Issuer Free Writing Prospectus has been consented to by Canaccord. The Company agrees that it will comply with the
requirements of Rules 164 and 433 of the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with
the Commission or retention where required and legending. 

 

		(ii)	The Company agrees that no Issuer Free Writing Prospectus, if any, will include any information that
conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that
has not been superseded or modified, or the Prospectus. In addition, no Issuer Free Writing Prospectus, if any, will include an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided however, the foregoing shall not apply to any statements or omissions in any Issuer
Free Writing Prospectus made in reliance on information furnished in writing to the Company by Canaccord intended for use therein. 

 

    16

     

    

 

		(iii)	The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event
occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement,
including any document incorporated by reference therein that has not been superseded or modified, or the Prospectus or would include
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, the Company will give prompt notice thereof to Canaccord and, if requested by Canaccord, will
prepare and furnish without charge to Canaccord an Issuer Free Writing Prospectus or other document which will correct such conflict,
statement or omission; provided, however, the foregoing shall not apply to any statements or omissions in any Issuer Free Writing Prospectus
made in reliance on information furnished in writing to the Company by Canaccord intended for use therein. 

 

		(b)	Non-Issuer Free Writing Prospectus. The Company consents to the use by Canaccord of a free writing
prospectus that (a) is not an “Issuer Free Writing Prospectus” as defined in Rule 433 under the Securities Act, and (b) contains
only information describing the preliminary terms of the Shares or their offering, or information permitted under Rule 134 under the Securities
Act; provided that Canaccord covenants with the Company not to take any action that would result in the Company being required to file
with the Commission under Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of Canaccord that otherwise
would not be required to be filed by the Company thereunder, but for the action of Canaccord.

 

		(c)	Distribution of Offering Materials. The Company has not distributed and will not distribute,
during the term of this Agreement, any offering materials in connection with the offering and sale of the Placement Shares other than
the Registration Statement, Prospectus or any Issuer Free Writing Prospectus reviewed and consented to by Canaccord and included in a
Placement Notice (as described in clause (a)(i) above). 

 

9. Conditions
to Canaccord’s Obligations. The obligations of Canaccord hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein and in the applicable Placement Notices, to
the due performance by the Company of its obligations hereunder, to the completion by Canaccord of a due diligence review satisfactory
to Canaccord in its reasonable judgment, and to the continuing satisfaction (or waiver by Canaccord in its sole discretion) of the following
additional conditions:

 

		(a)	Registration Statement Effective. The Registration Statement shall be effective and shall be
available for the sale of (i) all Placement Shares issued pursuant to all prior Placements and not yet sold by Canaccord and (ii) all
Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. 

 

		(b)	No Material Notices. None of the following events shall have occurred and be continuing: (i)
receipt by the Company of any request for additional information from the Commission or any other federal or state or foreign or other
governmental, administrative or self-regulatory authority during the period of effectiveness of the Registration Statement, the response
to which might reasonably require any amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by
the Commission or any other federal or state or foreign or other governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Shares for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any statement made in
the Registration Statement or the Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in
any material respect or that requires the making of any changes in the Registration Statement, related prospectus or documents so that,
in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any 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; and (v) the Company’s reasonable
determination that a post-effective amendment to the Registration Statement would be appropriate.

  

		(c)	No Misstatement or Material Omission. Canaccord shall not have advised the Company that the Registration
Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in Canaccord’s opinion
is material, or omits to state a fact that in Canaccord’s opinion is material and is required to be stated therein or is necessary
to make the statements therein not misleading. 

 

    17

     

    

 

		(d)	Material Changes. Except as contemplated and appropriately disclosed in the Prospectus, or disclosed
in the Company’s reports filed with the Commission, in each case at the time the applicable Placement Notice is delivered, there
shall not have been any material change, on a consolidated basis, in the authorized capital stock of the Company and its Subsidiaries,
or any Material Adverse Effect, or any development that may reasonably be expected to cause a Material Adverse Effect, or a downgrading
in or withdrawal of the rating assigned to any of the Company’s securities by any rating organization or a public announcement by
any rating organization that it has under surveillance or review its rating of any of the Company’s securities, the effect of which,
in the sole judgment of Canaccord (without relieving the Company of any obligation or liability it may otherwise have), is so material
as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated
in the Prospectus. 

 

		(e)	Certificate. Canaccord shall have received the certificate required to be delivered pursuant
to Section 7(p) on or before the date on which delivery of such certificate is required pursuant to Section 7(p). 

 

		(f)	Legal Opinions. Canaccord shall have received the opinions of counsel to the Company required
to be delivered pursuant Section 7(q) on or before the date on which such delivery of such opinions are required pursuant to Section
7(q). In addition, Canaccord shall have received the opinion of Goodwin Procter LLP, counsel to Canaccord, on such dates and with
respect to such matters as Canaccord may reasonably request. 

 

		(g)	Comfort Letters. Canaccord shall have received the Comfort Letters required to be delivered pursuant
Section 7(r) on or before the date on which such delivery of such letters is required pursuant to Section 7(r). 

 

		(h)	Approval for Listing; No Suspension. The Placement Shares shall have either been (i) approved
for listing, subject to notice of issuance, on the Principal Trading Market, or (ii) the Company shall have filed an application for listing
of the Placement Shares on the Principal Trading Market at or prior to the issuance of the Placement Notice. Trading in the Common Stock
shall not have been suspended on the Principal Trading Market. 

 

		(i)	Other Materials. On each date on which the Company is required to deliver a certificate pursuant
to Section 7(p), the Company shall have furnished to Canaccord such appropriate further information, certificates, opinions and
documents as Canaccord may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with
the provisions hereof. The Company will furnish Canaccord with such conformed copies of such opinions, certificates, letters and other
documents as Canaccord shall reasonably request. 

 

		(j)	Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities
Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period
prescribed for such filing by Rule 424. 

 

		(k)	No Termination Event. There shall not have occurred any event that would permit Canaccord to
terminate this Agreement pursuant to Section 12(a). 

 

10. Indemnification
and Contribution. 

 

		(a)	Company Indemnification. The Company will indemnify and hold harmless Canaccord and each person,
if any, who controls Canaccord against any losses, claims, damages or liabilities, joint or several, to which Canaccord or controlling
person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, the Prospectus, the Disclosure Package, or any Issuer Free Writing Prospectus or any “issuer information” filed
or required to be filed pursuant to Rule 433(d) under the Securities Act, or any amendment or supplement to the Registration Statement,
the Prospectus or the Disclosure Package, or in any application or other document executed by or on behalf of the Company or based on
written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Placement Shares under
the securities laws thereof or filed with the Commission, or arise out of or are based upon the omission or alleged omission to state
in the Registration Statement, the Prospectus, the Disclosure Package, or any Issuer Free Writing Prospectus or any “issuer information”
filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any amendment or supplement to the Registration Statement,
the Prospectus, or the Disclosure Package or in any application or other document executed by or on behalf of the Company or based on
written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Placement Shares under
the securities laws thereof or filed with the Commission a material fact required to be stated in it or necessary to make the statements
in it not misleading, and will reimburse Canaccord for any actual, reasonable and documented legal expenses of counsel for Canaccord and
one set of local counsel in each applicable jurisdiction for Canaccord, and for other actual, reasonable and documented expenses incurred
by Canaccord in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however,
that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus
or the Disclosure Package, or any such amendment or supplement thereto, in reliance upon and in conformity with written information furnished
to the Company by and through Canaccord expressly for use therein.

 

    18

     

    

 

		(b)	Canaccord Indemnification. Canaccord will indemnify and hold harmless the Company against any
losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or
supplement thereto), the Disclosure Package or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged
omission to state therein a material fact, in the case of the Registration Statement or any amendment thereto, required to be stated therein
or necessary to make the statements therein not misleading and, in the case of the Prospectus or any supplement thereto, the Disclosure
Package or the Issuer Free Writing Prospectus, necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement
thereto), the Disclosure Package, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished
to the Company by and through Canaccord expressly for use therein; and will reimburse the Company for any actual, reasonable and documented
legal or other expenses incurred by the Company in connection with investigating or defending any such action or claim as such expenses
are incurred. 

 

		(c)	Procedure. Promptly after receipt by an indemnified party under subsection (a) or (b) above of
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, promptly notify such indemnifying party in writing of the institution of such proceeding and such indemnifying
party shall assume the defense of such proceeding, including the employment of counsel reasonably satisfactory to such indemnified party
and payment of all actual, reasonable and documented fees and expenses; provided, however, that the failure to so notify such indemnifying
party shall not relieve such indemnifying party from any liability which such indemnifying party may have to any indemnified party or
otherwise. The indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of such indemnified party or parties unless the employment of such counsel shall have
been authorized in writing by the indemnifying party in connection with the defense of such proceeding or the indemnifying party shall
not have, within a reasonable period of time in light of the circumstances, employed counsel to defend such proceeding or such indemnified
party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional
to or in conflict with those available to such indemnifying party (in which case such indemnifying party shall not have the right to direct
the defense of such proceeding on behalf of the indemnified party or parties), in any of which events the actual, reasonable and documented
fees and expenses of such counsel shall be borne by such indemnifying party and paid as incurred (it being understood, however, that such
indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one
proceeding or series of related proceedings in the same jurisdiction representing the indemnified parties who are parties to such proceeding).
No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or
claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party. No indemnifying party shall be liable for any settlement of any action or claim affected without its written consent, which consent
shall not be unreasonably withheld.

  

    19

     

    

 

		(d)	Contribution. If the indemnification provided for in this Section 10 is unavailable to or insufficient
to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions
in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and Canaccord on the other from the offering of the Placement
Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified
party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid
or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the Company on the one hand and Canaccord on the other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and Canaccord on the other shall be deemed to be in the same proportion as the total
net proceeds from the offering (before deducting expenses) received by the Company, bear to the total underwriting discounts, commissions
and other fees received by Canaccord. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company on the one hand or Canaccord on the other and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and Canaccord agree that it would not be just and equitable if contributions
pursuant to this subsection (d) were determined by pro rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action or claim. Notwithstanding the provisions of this subsection (d), Canaccord shall not be required to contribute any amount
in excess of the amount by which the total price at which the Placement Shares distributed to the public by it were offered to the public
exceeds the amount of any damages which Canaccord has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

  

		(e)	Obligations. The obligations of the Company under this Section 10 shall be in addition
to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who
controls Canaccord within the meaning of the Securities Act; and the obligations of Canaccord under this Section 10 shall be in
addition to any liability which Canaccord may otherwise have and shall extend, upon the same terms and conditions, to each officer and
director of the Company and to each person, if any, who controls the Company within the meaning of the Securities Act. 

 

11. Representations
and Agreements to Survive Delivery. All representations and warranties of the Company herein or in certificates delivered pursuant
hereto shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of Canaccord, any
controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance
of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

 

    20

     

    

 

12. Termination.

 

		(a)	Canaccord shall have the right to terminate this Agreement at any time by giving notice as hereinafter
specified if (i) any Material Adverse Effect has occurred, or any development that is reasonably expected to cause a Material Adverse
Effect has occurred or any other event has occurred which, in the sole judgment of Canaccord, may materially impair Canaccord’s
ability to proceed with the offering to sell the Shares, (ii) the Company shall have failed, refused or been unable, at or prior to any
Settlement Date, to perform any agreement on its part to be performed hereunder, (iii) any other condition of Canaccord’s obligations
hereunder is not fulfilled, or (iv) any suspension or limitation of trading in the shares of Common Stock of the Company on the Principal
Trading Market shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions
of Section 7(i) (Expenses), Section 10 (Indemnification), Section 11 (Survival of Representations), Section 12(f)
(Termination), Section 17 (Applicable Law; Consent to Jurisdiction) and Section 18 (Waiver of Jury Trial) hereof shall remain
in full force and effect notwithstanding such termination. If Canaccord elects to terminate this Agreement as provided in this Section
12(a), Canaccord shall provide the required notice as specified in Section 13 (Notices).

 

		(b)	The Company shall have the right to terminate this Agreement in its sole discretion at any time by giving
three (3) days’ notice as hereinafter specified. Any such termination shall be without liability of any party to any other party
except that the provisions of Section 7(i), Section 10, Section 11, Section 12(f), Section 17 and Section
18 hereof shall remain in full force and effect notwithstanding such termination. 

 

		(c)	In addition to, and without limiting Canaccord’s rights under Section 12(a), Canaccord
shall have the right to terminate this Agreement in its sole discretion at any time after the date of this Agreement by giving three (3)
days’ notice as hereinafter specified. Any such termination shall be without liability of any party to any other party except that
the provisions of Section 7(i), Section 10, Section 11, Section 12(f), Section 17 and Section 18
hereof shall remain in full force and effect notwithstanding such termination. 

 

		(d)	This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a),
12(b) or 12(c) above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement
shall in all cases be deemed to provide that Section 7(i), Section 10, Section 11, Section 12(f), Section
17 and Section 18 shall remain in full force and effect. 

 

		(e)	Any termination of this Agreement shall be effective on the date specified in such notice of termination;
provided that such termination shall not be effective until the close of business on the date of receipt of such notice by Canaccord or
the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
Shares shall settle in accordance with the provisions of this Agreement. 

 

		(f)	In the event that the Company terminates this Agreement, as permitted under Section 12(b), the
Company shall be under no continuing obligation to utilize the services of Canaccord in connection with any sale of securities of the
Company or to pay any compensation to Canaccord other than compensation with respect to sales of Placement Shares subscribed on or before
the termination date and the Company shall be free to engage other placement agents and underwriters from and after the termination date
with no continuing obligation to Canaccord. 

 

    21

     

    

 

13. Notices.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement
shall be in writing and if sent to Canaccord, shall be delivered to: 

 

Canaccord Genuity LLC

99 High Street, Suite 1200

Boston, Massachusetts 02110

Attention: ECM, General Counsel

 

With a copy to:

 

Goodwin Procter LLP

The New York Times Building

620 Eighth Avenue

New York, New York 10018

Attention: Thomas S. Levato, Esq.

 

or if sent to the Company, shall be delivered to:

 

Arcimoto, Inc.

2034 West 2nd Avenue

Eugene, Oregon 97402

Attention: Chief Financial Officer

 

or if sent to the Company by the USPS, shall be delivered to:

 

Arcimoto, Inc.

P.O. Box 25658

Eugene, Oregon 97402

Attention: Chief Financial Officer

 

With a copy to:

 

Nelson Mullins Riley & Scarborough LLP

Glenlake One, Suite 200

4140 Parklake Avenue

Raleigh, North Carolina 27612

Attention: W. David Mannheim, Esq.

 

Each party to this Agreement may change such address for notices
by sending to the other party to this Agreement written notice of a new address for such purpose. Each such notice or other communication
shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before
4:30 p.m., eastern time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next
Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business Day actually received if deposited
in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), and (iv) if sent by email, on the Business
Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply. For purposes of this Agreement,
“Business Day” shall mean any day on which the Principal Trading Market and commercial banks in the city of New York
are open for business.

 

    22

     

    

 

14. Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and Canaccord and their respective successors
and the affiliates, controlling persons, officers and directors referred to in Section 10 hereof. References to any of either of
the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted
assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, provided,
however, that Canaccord may assign its rights and obligations hereunder to an affiliate of Canaccord without obtaining the Company’s
consent. 

 

15. 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. 

 

16. Entire
Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and placement 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 Canaccord. 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, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 

 

17. Applicable
Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State
of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-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 with any transaction contemplated hereby, 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 (certified
or registered mail, return receipt requested) to such party at the address in effect for 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. 

 

18. Waiver
of Jury Trial. The Company and Canaccord hereby irrevocably waive any right either may have to a trial by jury in respect of any claim
based upon or arising out of this agreement or any transaction contemplated hereby. 

 

19. Absence
of Fiduciary Duties. The parties acknowledge that they are sophisticated in business and financial matters and that each of them is
solely responsible for making its own independent investigation and analysis of the transactions contemplated by this Agreement. They
further acknowledge that Canaccord has not been engaged by the Company to provide, and has not provided, financial advisory services in
connection with the terms of the offering and sale of the Shares nor has Canaccord assumed at any time a fiduciary relationship to the
Company in connection with such offering and sale. The parties also acknowledge that the provisions of this Agreement fairly allocate
the risks of the transactions contemplated hereby among them in light of their respective knowledge of the Company and their respective
abilities to investigate its affairs and business in order to assure that full and adequate disclosure has been made in the Registration
Statement and the Prospectus (and any amendments and supplements thereto). The Company hereby waives, to the fullest extent permitted
by law, any claims it may have against Canaccord for breach of fiduciary duty or alleged breach of fiduciary duty and agrees Canaccord
shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting
a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of Company. 

 

20. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or email
transmission. 

 

[Signature page follows]

 

    23

     

    

 

If the foregoing accurately
reflects your understanding and agreement with respect to the matters described herein please indicate your agreement by countersigning
this Agreement in the space provided below.

 

	 	Very truly yours,
	 	 
	 	Arcimoto, Inc.

 

	 	By:	/s/ Douglas M. Campoli
	 	Name: 	Douglas M. Campoli
	 	Title:	CFO and Treasurer

 

	 	ACCEPTED as of the date first-above written:
	 	 
	 	CANACCORD GENUITY LLC

 

	 	By:	
    /s/ Jennifer Pardi

	 	Name: 	Jennifer Pardi
	 	Title:	Managing Director

 

[Signature page to Equity Distribution Agreement]

 

     

     

    

 

SCHEDULE 1 

 

The Authorized Representatives of the Company are as follows:

 

	Name
    and Office / Title	 	E-mail
    Address	 	Telephone
    Numbers	 	Fax
    Number
	Mark Frohnmayer /

President and Chief Executive Officer	 	 	 	 	 	 
	Douglas M. Campoli /

Chief Financial Officer and Treasurer	 	 	 	 	 	 

 

The Authorized Representatives of Canaccord are as follows:

 

	Name
    and Office / Title	 	E-mail
    Address	 	Telephone
    Numbers	 	Fax
    Number
	
    Jennifer Pardi /

    Head of U.S. Equity Capital Markets
	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT A 

 

OFFICER’S CERTIFICATE

 

I, [name of executive
officer], the [title of executive officer] of Arcimoto, Inc. (“Company”), an Oregon corporation,
do hereby certify in such capacity and on behalf of the Company pursuant to Section 7(p) of the Equity Distribution Agreement dated January
[__], 2022 (the “Distribution Agreement”) between the Company and Canaccord Genuity LLC, to the best of my knowledge
that:

 

		(i)	The representations and warranties of the Company in Section 6 of the Distribution Agreement (A) to
the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality
or Material Adverse Effect, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and
as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and
correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions,
are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect
as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date
and which were true and correct as of such date; and 

 

		(ii)	The Company has complied with all agreements and satisfied all conditions on its part to be performed
or satisfied pursuant to the Distribution Agreement at or prior to the date hereof. 

 

	Date:	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:

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